As of August 31, 2025, listed jewelry companies have completed their disclosure of first-half 2025 financial reports. We selected 12 representative listed companies for performance comparison and analysis. Among various financial indicators, gross profit margin and net profit margin, as two core profitability assessment metrics, have attracted significant attention from market investors.
During the reporting period, the profitability of the jewelry and accessories industry was generally concerning, manifesting in two main aspects: First, in the gold jewelry sector, high sales costs resulted in most subsector listed companies having gross profit margins below 20% (China Gold's gross profit margin was only 4.4%, ranking last), while net profit margins were at even lower levels, generally below 10%.
The gold jewelry and diamond jewelry subsectors showed not only significant performance differentiation but also vastly different profitability capabilities. From the gross profit margin perspective alone, diamond jewelry achieved relatively high gross profit margins due to higher premiums.
In terms of gross profit margins, Dia Co., Rebecca, and Fiyta ranked in the top three, with gross profit margins of 63.42%, 36.93%, and 34.99% respectively in the first half of 2025. Only four companies had gross profit margins below 10%: China Gold, Beijing Caishikou Department Store Co.,Ltd., Mingpai Jewelry, and Lao Feng Xiang, with gross profit margins of 4.4%, 6.3%, 6.9%, and 7.77% respectively in the first half of 2025. Notably, the four listed companies with gross profit margins below 10% were primarily engaged in gold jewelry sales.
The overall low gross profit margin level corresponded to relatively low industry net profit margins. In the first half of 2025, only one company in the industry, Dia Co., had a net profit margin exceeding 10% at 10.16%, while Mingpai Jewelry's net profit margin was negative due to losses.
By ranking, Dia Co., Chow Tai Seng, and Laisen Sterling ranked in the top three for net profit margins at 10.16%, 8.22%, and 7.13% respectively, while Rebecca, China Gold, and Mingpai Jewelry had lower net profit margins, ranking in the bottom three at 1.59%, 1.04%, and -4.05% respectively.
Looking dynamically at gross profit margins and net profit margins, only Cuihua Jewelry, Xinhua Jin, Laisen Sterling, and Rebecca showed simultaneous improvements in both margins. Fiyta, Beijing Caishikou Department Store Co.,Ltd., and Mingpai Jewelry all experienced simultaneous declines in both gross profit margins and net profit margins. Specifically, Fiyta's gross profit margin declined by 1.81 percentage points and net profit margin declined by 2.47 percentage points; Beijing Caishikou Department Store Co.,Ltd.'s gross profit margin declined by 1.59 percentage points and net profit margin declined by 0.6 percentage points; Mingpai Jewelry's gross profit margin declined by 1.05 percentage points and net profit margin declined by 4.72 percentage points.
For Beijing Caishikou Department Store Co.,Ltd., both gross profit margins and net profit margins have continuously declined over the past three half-year reporting periods. In H1 2023, H1 2024, and H1 2025, the company's gross profit margins were 11.49%, 9.07%, and 7.15% respectively, while net profit margins were 4.96%, 3.66%, and 3.08% respectively, showing a persistent downward trend.
Comments