Laofengxiang's holding subsidiary plans to set up a gold refining subsidiary with an investment of 50 million.

Lao Fengxiang announced that its subsidiary holding company, Lao Fengxiang Jewelry Research Institute, plans to jointly invest 50 million yuan with Cui Lv Corporation and Shanghai Xinpai to establish Shanghai Lao Fengxiang Fine Materials Technology Development Co., Ltd., with respective shareholdings of 70%, 15%, and 15%. The total investment in the project is expected to not exceed 215 million yuan, with some of the funds being raised through debt financing. The company stated that this project will help improve the gold industry chain, enhance product added value, and strengthen the autonomy of the supply chain. However, the project still needs to complete registration, pass environmental impact assessments and safety assessments, and faces risks such as market and policy uncertainties, which may have uncertain effects on performance.