In the first half of 2025, the gold jewelry industry presented a polarized performance landscape against the backdrop of historically soaring gold prices. Upstream gold mining companies collectively benefited from the "Davis Double Play" of rising gold production volumes and prices, while downstream consumer segments were generally under pressure due to gold price impacts.
As of August 31, 2025, A-share listed companies in the jewelry industry have completed their 2025 half-year report disclosures. We selected 12 representative listed companies for comparative performance analysis. Among the 12 jewelry companies selected, only 6 companies achieved double growth in revenue and net profit, 1 company saw revenue growth without profit increase, and 5 companies experienced double decline in both revenue and net profit. Among the selected listed companies, only Ming Pai Jewelry was a loss-making enterprise, with losses of 78 million yuan in the first half of 2025.
In the first half of 2025, jewelry industry companies showed mixed performance results. Among the 12 jewelry companies we selected, only 6 companies achieved double growth in revenue and net profit, 1 company had revenue growth without profit increase, and 5 companies experienced double decline in both revenue and net profit.
The 6 companies with double growth in revenue and net profit were Caibai Corporation, Mencarow, Chow Tai Fook Jewellery, Cuihua Jewelry, Rebecca, and D'Long Holdings.
Laishen Tongling showed revenue growth without profit increase. In the first half of 2025, the company's revenue was 870 million yuan, up 37% year-on-year, but the company's 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 double decline in both revenue and net profit attributable to shareholders: China National Gold Group Gold Jewellery Co.,Ltd., Fiyta, Lao Feng Xiang, Ming Pai Jewelry, and Xinhua Jin.
Among them, China National Gold Group Gold Jewellery Co.,Ltd. achieved total 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 total 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 achieved total 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; Ming Pai Jewelry achieved total revenue of 1.939 billion yuan, down 20.31% year-on-year, with net profit attributable to shareholders at a loss of 78 million yuan, down 646.62% year-on-year; Xinhua Jin achieved total 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, sharply down 24.92% year-on-year; net profit attributable to shareholders of 12.8672 million yuan, down 39.45% year-on-year; non-recurring net profit of 5.3099 million yuan, plummeting 73.61% year-on-year.
For Lao Feng Xiang, the company's performance faced significant pressure. In the first half of 2025, Lao Feng Xiang's revenue sharply declined to 6.603 billion yuan (-16.52% year-on-year), and net profit dropped 13.07% to 1.22 billion yuan. Additionally, 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 franchise store count decreased by 279 stores.
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 82.4455 million yuan, sharply down 43.97% year-on-year. Behind the double decline in performance, the company's two pillar businesses retreated across the board: watch service business revenue accounted for 75.36%, with income of 1.345 billion yuan, down 11.9% year-on-year, and gross margin of 27.06% declining another 1.69 percentage points, suffering from the dual squeeze of weak high-end consumption and rising channel costs. Own watch brand (Fiyta, etc.) revenue was 315 million yuan, plummeting 18.07% year-on-year, significantly higher than the overall decline, reflecting continued weakening of brand competitiveness. Against the backdrop of cooling luxury consumption (Swiss watch exports to China plummeted 18.7%).
In addition, the company's inventory pressure increased. As of the first half of 2025, the company's inventory book value was 1.845 billion yuan, with inventory accounting for 47.56% of total assets, and inventory turnover efficiency continued to decline.
For China National Gold Group Gold Jewellery Co.,Ltd., in the first half of 2025, the company experienced double decline in performance, with revenue down 11.54% year-on-year to 31.098 billion yuan, and net profit attributable to shareholders down 46.35% year-on-year to 319 million yuan. Additionally, in the first half of the year, the company closed a large number of franchise stores. According to the company's operating report, a total of 593 franchise stores were closed during the reporting period.
(Source: Company operating reports)
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