In the first half of 2025, the gold and jewelry industry experienced a tale of two cities amid historic gold price surges. 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 their 2025 interim report disclosures. We have selected 12 representative listed companies for comparative performance analysis. Based on H1 2025 growth rates, the top three companies by revenue growth were Caibai Co., Laishen Tongling, and Mankaron, with growth rates of 38.75%, 37%, and 26.79% respectively. The bottom three performers in revenue growth were Shandong Hiking International Co.,Ltd., Zhejiang Ming Jewelry Co.,Ltd., and Lao Feng Xiang, posting declines of -24.92%, -20.31%, and -16.52% respectively.
For net profit attributable to parent company, the top three performers were Diya Co., Chow Tai Fook Jewellery, and Mankaron, with growth rates of 131.61%, 44.34%, and 35.18% respectively. The bottom three performers in net profit growth were Zhejiang Ming Jewelry Co.,Ltd., Laishen Tongling, and China Gold, recording declines of -646.62%, -263.52%, and -46.35% respectively.
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