Lao Feng Xiang Co.,Ltd. (600612.SH) announced that in accordance with the company's overall development strategy, its subsidiary Lao Feng Xiang Jewelry Research Institute intends to apply to become a certified refining enterprise recognized by the Shanghai Gold Exchange to conduct old gold recycling and refining operations.
According to the "Shanghai Gold Exchange Certified Refining Enterprise Management Measures" newly released by the Shanghai Gold Exchange on July 10, 2025, refining enterprises must maintain registered capital and net assets of no less than 50 million RMB. Additionally, refining enterprises are required to operate gold bar refining facilities that comply with Shanghai Gold Exchange certification standards and qualify for gold delivery business.
To further improve the company's gold industry chain, expand its gold business operations, obtain qualification for gold delivery business to the Shanghai Gold Exchange, and achieve a closed-loop precious metals industry chain, the company's subsidiary Lao Feng Xiang Jewelry Research Institute plans to jointly invest with Cui Lv Shares and Shanghai Xinpai, both of which possess professional technical advantages and market scale, to establish Lao Feng Xiang Jingcai Company. The venture will construct a modernized refinery and supporting testing laboratory in Jinshan District, Shanghai, meeting national environmental standards and Shanghai Gold Exchange certification requirements.
Lao Feng Xiang Jingcai Company will primarily produce gold bars that meet Shanghai Gold Exchange certification standards and qualify for gold delivery business, while conducting related precious metals testing services. The company subsequently plans to gradually expand into refining operations for platinum, palladium, rhodium, silver, titanium, and other precious metals, creating new production capacity and entering new industrial sectors.
Through this project, the company aims to establish a precious and rare metals research, development, and production processing base within Shanghai, continuously driving breakthroughs in new materials and processes, filling current gaps in Shanghai's precious metals industry in this field. The initiative will simultaneously expand the company's gold business operations, provide critical material support for jewelry manufacturing, enhance supply chain autonomy and controllability along with product added value, and lay the foundation for future provision of high-end metal materials to multiple industries, achieving mutual benefit and sustainable development for all three parties.