On August 25, 2025, Shanghai Yuyuan Tourist Mart(Group)Co.,Ltd. released its 2025 interim report. The company achieved operating revenue of 10.33 billion yuan in Q2, remaining flat compared to the same period last year, with revenue growth rate significantly improving quarter-over-quarter, showing signs of stabilization.
Notably, the core jewelry and fashion business segment recorded 2.1% year-over-year revenue growth in Q2, with structural adjustments beginning to show effectiveness. After a period of adjustment, Shanghai Yuyuan Tourist Mart has released positive signals.
The company is currently undergoing upgrades in "new industries, new business formats, and new business models," with breakthroughs emerging in several areas. With the introduction of relevant policies and the company's proactive transformation adjustments, returning to growth is only a matter of time.
**Jewelry and Fashion Business Stabilizes with Initial Results from Structural Adjustments**
The jewelry and fashion business serves as Shanghai Yuyuan Tourist Mart's core revenue source, accounting for 63.88% of total revenue in 2024 and acting as the company's performance anchor.
Previously affected by cyclical industry fluctuations, Shanghai Yuyuan Tourist Mart's revenue entered an adjustment phase. However, recovery signals emerged in Q2 this year, with the jewelry and fashion business achieving revenue of 7.612 billion yuan, ending the decline with 2.1% year-over-year growth. The stabilization and recovery of the core business was the main reason for the company's Q2 performance stabilization, marking the initial effectiveness of Shanghai Yuyuan Tourist Mart's structural adjustments.
In recent years, under the dual impact of high gold prices and weak external consumption, gold consumer demand has declined. According to China Gold Association statistics, domestic gold jewelry consumption in 2024 was 532.02 tons, down 24.69% year-over-year.
In response to this situation, Shanghai Yuyuan Tourist Mart initiated a strategic transformation from weight-based to piece-based pricing models. This adjustment involves channel optimization, customer structure adjustment, and franchise partner adjustments, requiring considerable time, but once successful, will become a strong driver of performance growth.
Shanghai Yuyuan Tourist Mart proposed the motto of "new models, new products, new retail." On one hand, the company strengthens terminal management, optimizes channel structure, and continuously improves channel operation quality. In H1 2025, Shanghai Yuyuan Tourist Mart adjusted jewelry retail outlets according to market conditions. As of June 2025, the "Laomiao" and "Yayi" brand chain outlets totaled 4,249, including 250 self-operated outlets. The company also deepens its presence on platforms like Douyin lifestyle services, continuously driving traffic to direct and franchise channels and expanding business increments. On the other hand, the company pursues product upgrades, increasing the sales proportion of piece-based products and transforming toward high-margin sales.
According to research views, during periods of high gold prices, weight-based gold category sales volume is expected to face pressure, while fixed-price and gold-set diamond categories will benefit. Research predicts that gold jewelry brands with higher proportions of terminal piece-based gold and investment gold sales are expected to show superior performance growth in 2025.
Shanghai Yuyuan Tourist Mart's transformation has achieved preliminary results. In H1 this year, the company's gross margin reached 15.09%, increasing by 1.79 percentage points year-over-year. According to the interim report, high-margin star products achieved significant results in H1: the Guyun series generated over 2.3 billion yuan in revenue, while the Yichuanhaoyun series has achieved over 150 million yuan in revenue since launch. Laomiao brand piece-based product sales increased 66% compared to the same period, and the jewelry and fashion business gross margin increased by 0.43 percentage points overall. Research forecasts indicate that the jewelry and fashion business will continue warming up in H2.
**New Consumer Sectors Beginning to Break Through**
Shanghai Yuyuan Tourist Mart is a platform-type consumer industry company with business layout covering jewelry and fashion, cultural dining, domestic trend watches, beauty and health, and multifunctional real estate sectors.
In the restaurant and dining sector, the company owns multiple century-old Chinese time-honored brands and intangible heritage brands, such as Songhelou, Nanxiang Mantou Dian, and Shanghai Laofandian. In the fashion watch sector, it owns well-known brands like "Seagull" and "Shanghai." In the beauty and health sector, it owns brands including Tonghan Chuntang, AHAVA, and WEI Blue Beauty.
It's well known that against the backdrop of weak demand, consumer companies have faced considerable pressure. In Q1 this year, over half of 130 A-share food and beverage companies saw revenue decline, and 7 out of 10 hotel and restaurant enterprises experienced revenue drops.
Addressing the current situation of weak consumer demand and confidence, the government has introduced multiple consumption-stimulating policies this year, including consumer goods trade-in programs, national subsidies, and consumer vouchers. Recently, consumer loan interest subsidy policies have once again attracted market attention.
With the introduction of relevant policies and improvement in economic fundamentals, consumer companies are expected to emerge from the trough and welcome a turning point. From the capital market perspective, optimistic expectations have begun materializing in some sub-sectors. Since the beginning of this year, Kuaijishan's stock price has risen over 100%, and Beingmate has also exceeded 70%.
For Shanghai Yuyuan Tourist Mart, its potential has yet to be unleashed. In recent years, the "three new" economy centered on "new industries, new business formats, and new business models" has performed impressively, becoming a new growth engine. According to National Bureau of Statistics data, China's "three new" economy added value was 24.29 trillion yuan in 2024, growing 6.7% year-over-year.
In the broader consumption sector, companies like Pop Mart, Mixue Bingcheng, and Laopuhuangjin have led this wave of new consumption trends, reaching larger consumer groups through new channels and products. As market demand further expands in the future, companies with scenario advantages and brand accumulation will fully benefit.
In terms of new business formats, Shanghai Yuyuan Tourist Mart actively promotes cross-industry integration between core businesses and emerging formats like two-dimensional culture, accelerating upgrades in jewelry and commercial retail sectors.
In H1, Laomiao Gold's product upgrade benefited to some extent from the company's breakthrough in new consumer sectors. The company's cross-industry collaboration with domestic animation IP "Heaven Official's Blessing" received positive market feedback this year. The Laomiao and "Heaven Official's Blessing" co-branded lucky gift box broke one million yuan in sales on its Tmall debut day in June, ranking TOP1 in the IP co-branded gold category. On July 15, Laomiao Gold and "Heaven Official's Blessing" co-branded new products officially launched offline, with new member registrations exceeding 25,000 on the launch day. Cross-industry integration precisely reached young consumer groups, bringing new incremental growth to Laomiao Gold.
Additionally, Shanghai Yuyuan Tourist Mart's Yuyuan Mall held the "Yuyuan Summer Fantasy Night - Domestic Universe Wandering Season" event during summer, with opening day foot traffic increasing by over 50%. The jewelry and fashion segment deepened its presence on new retail platforms like Douyin and Kuaishou, achieving cumulative GMV of 1.755 billion yuan in H1. In the dining sector, time-honored restaurant brands are experimenting with asset-light franchise development models. In the cosmetics sector, WEI Blue Beauty is advancing a new development model integrating "cultural tourism + cosmetics."
As a platform-type enterprise in the consumer sector, Shanghai Yuyuan Tourist Mart is accelerating its breakthrough through domestic trend product innovation and scenario reconstruction, with the stabilization of the jewelry and fashion business in Q2 already releasing positive signals. It's foreseeable that as the company's business integrates with the "three new" economy, it will further unleash growth potential in the future.
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