In the first half of 2025, the gold and jewelry industry presented a tale of two cities amid historically soaring gold prices. While upstream gold mining companies collectively benefited from the "Davis Double Play" of rising gold production volumes and prices, downstream consumer-facing businesses generally faced pressure from elevated gold prices.
As of August 31, 2025, A-share listed companies in the jewelry sector have completed disclosure of their 2025 half-year reports. We selected 12 representative listed companies for comparative performance analysis. Among the 12 jewelry companies selected, only 6 achieved growth in both revenue and net profit, 1 company recorded revenue growth but profit decline, and 5 companies experienced declines in both revenue and net profit. Among the selected listed companies, only Mingpai Jewelry reported losses, with a loss of 78 million yuan in the first half of 2025.
The performance of jewelry industry companies in the first half of 2025 was mixed. Among the 12 jewelry companies we selected, only 6 achieved growth in both revenue and net profit, 1 company increased revenue but not profit, and 5 companies saw declines in both revenue and net profit.
The six companies with dual growth in revenue and net profit were Caibai Co., Menrad, Chow Tai Fook Jewellery, Cuihua Gold, Rebecca, and Dia股份.
Laishen Tongling achieved revenue growth but profit decline. In the first half of 2025, the company's revenue was 870 million yuan, up 37% year-on-year, but its net profit attributable to shareholders was only 61 million yuan, down 263.52% year-on-year.
Additionally, among the 12 jewelry industry listed companies we selected, 5 listed companies experienced declines in both revenue and net profit attributable to shareholders: China Gold, Fiyta, Lao Feng Xiang Co.,Ltd., Mingpai Jewelry, and Xinhua Jin.
China Gold achieved revenue of 31.098 billion yuan, down 11.54% year-on-year, and net profit attributable to shareholders of 319 million yuan, down 46.35% year-on-year. Fiyta achieved revenue of 1.784 billion yuan, down 14.08% year-on-year, and net profit attributable to shareholders of 82 million yuan, down 43.97% year-on-year. Lao Feng Xiang Co.,Ltd. achieved revenue of 33.356 billion yuan, down 16.52% year-on-year, and net profit attributable to shareholders of 1.22 billion yuan, down 13.07% year-on-year. Mingpai Jewelry achieved revenue of 1.939 billion yuan, down 20.31% year-on-year, with net profit attributable to shareholders showing a loss of 78 million yuan, down 646.62% year-on-year. Xinhua Jin achieved revenue of 669 million yuan, down 24.92% year-on-year, and net profit attributable to shareholders of 13 million yuan, down 39.45% year-on-year.
For Xinhua Jin, in the first half of 2025, the company's core financial indicators showed systematic decline: operating revenue of 669 million yuan, down sharply by 24.92% year-on-year; net profit attributable to shareholders of 12.87 million yuan, down 39.45% year-on-year; non-recurring net profit of 5.31 million yuan, plummeting 73.61% year-on-year.
For Lao Feng Xiang Co.,Ltd., the company's performance came under significant pressure. In the first half of 2025, Lao Feng Xiang Co.,Ltd.'s revenue declined sharply to 6.603 billion yuan (-16.52%), and net profit fell 13.07% to 1.220 billion yuan. Moreover, as a jewelry giant with over 5,600 outlets, franchise expansion is shifting from being an engine to a burden: in the first half of 2025, the company's number of franchise stores decreased by 279.
For Fiyta, in the first half of 2025, the company's revenue and profit contracted simultaneously. During the reporting period, the company's revenue was 1.784 billion yuan, down 14.08% year-on-year; net profit attributable to shareholders was 82.45 million yuan, down sharply by 43.97% year-on-year. Behind the dual decline in performance, the company's two pillar businesses retreated across the board: the watch service business accounted for 75.36% of revenue, generating income of 1.345 billion yuan, down 11.9% year-on-year, with gross margin of 27.06% falling another 1.69 percentage points, suffering from the dual pressures of weak high-end consumption and rising channel costs. The company's own watch brands (including Fiyta) generated revenue of 315 million yuan, plummeting 18.07% year-on-year, far exceeding the overall decline rate, reflecting continued weakening of brand competitiveness amid cooling luxury consumption (Swiss watch exports to China plunged 18.7%).
Additionally, the company's inventory pressure has increased. As of the first half of 2025, the company's inventory book value was 1.845 billion yuan, accounting for 47.56% of total assets, with inventory turnover efficiency continuing to decline.
For China Gold, in the first half of 2025, the company experienced dual declines in performance, with revenue falling 11.54% year-on-year to 31.098 billion yuan and net profit attributable to shareholders declining 46.35% year-on-year to 319 million yuan. Additionally, in the first half, the company closed a large number of franchise stores, with a total of 593 franchise stores closed during the reporting period according to the company's operating report.
(Source: Company operating reports)
Comments