The year 2025 was one of significant divergence for China's jewelry and accessories sector. Amid persistently high gold prices, structural shifts in consumer demand, and intense channel competition, the A-share jewelry segment delivered a performance marked by stark contrasts. Some companies achieved doubled profits through strong brand moats and operational efficiency improvements, while some traditional leaders saw their profitability erode amidst scale expansion. Others fell into substantial losses, with some even failing to disclose their annual reports on time. By April 30, 2026, A-share listed companies in the accessories industry had completed the disclosure of their 2025 annual reports. We have selected 12 representative listed firms for a comparative performance analysis. Among them, some companies showed improved results, such as Caibai Co., Ltd., MCL (S.Z.) Co., Ltd., CHJ Jewellery Co., Ltd., and DR Corp. Ltd. reporting growth in both revenue and profit, while Leshine Lingni Co., Ltd. returned to profitability in terms of net income attributable to shareholders. However, the picture was not uniformly positive. Several companies in the sector reported results far below market expectations, with some even facing financial distress. As the company with the largest revenue scale in the industry, China National Gold Group Gold Jewellery Co.,Ltd. reported revenue of 69.822 billion yuan for 2025, but its net profit attributable to shareholders plummeted by 66.34% year-on-year to just 275 million yuan, indicating a sharp deterioration in profitability. Ming Jewelry Co., Ltd. saw revenue decline by 16.62% to 3.28 billion yuan, with net profit attributable to shareholders turning to a loss of -360 million yuan, a dramatic year-on-year decrease of 2099.76%, making it the worst loss-making case among the disclosed reports. Fiyta Precision Technology Co.,Ltd. reported revenue of 3.508 billion yuan, down 10.96% year-on-year, with net profit attributable to shareholders falling 60.37% to 87 million yuan. Henan Rebecca Hair Products Co.,Ltd. and Xinhuajin Co., Ltd. continued to report losses, with the former losing 81.9 million yuan and the latter losing 127 million yuan. The most extreme case is that of Cuihua Gold Jewelry Co., Ltd., which has failed to disclose its 2025 annual report on schedule, becoming the only stock in the sector with a "delayed annual report." Historical information indicates that Cuihua Gold Jewelry has long-standing governance issues, including fund occupation by major shareholders and违规担保. It faced multiple inquiries from the exchange in 2024. Failure to disclose an annual report on time typically suggests that auditors are unable to issue an unqualified opinion and may even trigger delistings risk warnings. For investors, Cuihua Gold Jewelry has lost fundamental transparency, indicating significant operational risks. The 2025 performance of the jewelry and accessories industry clearly demonstrates that rising gold prices do not automatically translate into profit growth. What truly differentiates companies is their comprehensive management capability regarding costs, channels, inventory, and brand positioning. For companies experiencing revenue growth but collapsing profits (such as China National Gold Group Gold Jewellery Co.,Ltd.) or those with declining revenue and worsening losses (such as Ming Jewelry Co., Ltd.), investors should be highly vigilant about potential underlying issues like inventory backlog,失控的费用, or financial irregularities. Cases like Cuihua Gold Jewelry Co., Ltd., with its "delayed" annual report, should be viewed as major risk signals. Amid ongoing consumer stratification and industry consolidation, the investment logic for the jewelry and accessories sector is shifting from "focusing on scale" to "prioritizing efficiency." Only companies capable of consistently converting revenue into profit and demonstrating resilience across cycles are worthy of long-term investment.
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