金价上涨行业分化：老铺黄金净利增超2倍 周大生营收腰斩

Core Viewpoint - International gold prices continue to rise, with spot gold prices surpassing $3,500 per ounce on September 2 and closing at $3,560.48 per ounce on September 3. Despite the rising gold prices, the performance of gold jewelry companies shows significant divergence [1]. Company Performance - Lao Pu Gold reported substantial growth in the first half of the year, with revenue and net profit increasing by 251.0% and 285.8%, respectively, although its gross margin slightly decreased to 38.1% [1]. - In contrast, several brands such as Lao Feng Xiang, Zhou Da Sheng, and Zhou Sheng Sheng experienced revenue declines. Zhou Da Sheng's revenue fell by 43.9% year-on-year, with a slight net profit decrease of 1.3%. Lao Feng Xiang's revenue and net profit decreased by 16.5% and 13.1%, respectively [1]. - Chao Hong Ji and Zhou Liu Fu, however, saw growth, with Chao Hong Ji's revenue reaching 4.102 billion yuan, a 19.54% increase, and net profit growing by 44.34%. Zhou Liu Fu's revenue was 3.15 billion yuan, up 5.2%, with net profit increasing by 11.9%, and its online sales accounted for 52% of total revenue [1]. Market Trends - The number of franchise stores for several companies has decreased, with Lao Feng Xiang, Zhou Liu Fu, and Zhou Da Sheng reducing their store counts by 279, 274, and 344, respectively. Online sales and overseas expansion are emerging as new growth points [1]. - The consumption structure in the industry is shifting, with national gold jewelry consumption volume declining by 26% year-on-year, while investment demand for gold bars and coins increased by 23.69%. Consumer preferences are moving towards lighter, high-value products, putting pressure on leading brands and prompting the industry to transition towards product innovation and refined self-operated channel management [1].