HIKING(SH:600735) Xin Lang Zheng Quan·2025-09-04 09:17Core Viewpoint - The gold and jewelry industry experienced a mixed performance in the first half of 2025, with upstream mining companies benefiting from rising gold prices, while downstream consumption faced pressure due to the same price increases [1]. Group 1: Performance Overview - Among the 12 selected jewelry companies, only 6 achieved both revenue and net profit growth, 1 company saw revenue growth without profit increase, and 5 companies experienced declines in both metrics [1]. - The companies with both revenue and net profit growth include Caibai Co., Mankalon, Chaohongji, Cuihua Jewelry, Ruibeka, and Dia Co. [1]. Group 2: Companies with Revenue and Profit Growth - Caibai Co. reported revenue of 152.48 million, a year-on-year increase of 38.75%, and a net profit of 4.59 million, up 14.75% [2]. - Mankalon achieved revenue of 15.56 million, a 26.79% increase, with a net profit of 0.77 million, rising 35.18% [2]. - Chaohongji's revenue reached 41.02 million, up 19.54%, with a net profit of 3.31 million, an increase of 44.34% [2]. - Cuihua Jewelry reported revenue of 22.43 million, a 7.08% increase, and a net profit of 1.11 million, up 34.40% [2]. - Ruibeka had revenue of 5.98 million, a 4.20% increase, with a net profit of 0.09 million, rising 15.31% [2]. - Dia Co. reported revenue of 7.86 million, a slight increase of 0.97%, and a net profit of 0.76 million, a significant rise of 131.61% [2]. Group 3: Companies with Revenue and Profit Decline - Five companies reported declines in both revenue and net profit: China Gold, Feiyada, Laofengxiang, Mingpai Jewelry, and Xinhua Jin [3]. - China Gold's revenue was 310.98 million, down 11.54%, with a net profit of 3.19 million, a decrease of 46.35% [3]. - Feiyada reported revenue of 17.84 million, down 14.08%, and a net profit of 0.82 million, down 43.97% [3]. - Laofengxiang's revenue fell to 333.56 million, a decrease of 16.52%, with a net profit of 12.20 million, down 13.07% [3]. - Mingpai Jewelry had revenue of 19.39 million, down 20.31%, and reported a net loss of 0.78 million, a decline of 646.62% [3]. - Xinhua Jin's revenue was 6.69 million, down 24.92%, with a net profit of 0.13 million, down 39.45% [3]. Group 4: Specific Company Challenges - Laofengxiang faced significant pressure, with a revenue drop to 66.03 million and a net profit decline of 13.07% to 12.20 million, alongside a reduction of 279 franchise stores [4]. - Feiyada's revenue and profit both shrank, with a revenue of 17.84 million and a net profit of 0.82 million, as its two main business segments struggled [5]. - China Gold's performance was impacted by the closure of 593 franchise stores during the reporting period [6].