LFX(SH:600612) Xin Lang Zheng Quan·2025-09-04 09:40Core Viewpoint - The gold and jewelry industry is experiencing a mixed performance in the first half of 2025, with upstream mining companies benefiting from rising gold prices, while downstream consumption is under pressure due to the same price increases [1] Group 1: Industry Performance - In the first half of 2025, among 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 revenue and net profit [1] - The only loss-making company among the selected firms is Mingpai Jewelry, which reported a loss of 78 million yuan in the first half of 2025 [1] Group 2: Companies with Revenue and Profit Growth - The companies that achieved both revenue and net profit growth include: - Caibai Co., with revenue of 152.48 million yuan (up 38.75%) and net profit of 4.59 million yuan (up 14.75%) [2] - Mankalon, with revenue of 15.56 million yuan (up 26.79%) and net profit of 0.77 million yuan (up 35.18%) [2] - Chaohongji, with revenue of 41.02 million yuan (up 19.54%) and net profit of 3.31 million yuan (up 44.34%) [2] - Cuihua Jewelry, with revenue of 22.43 million yuan (up 7.08%) and net profit of 1.11 million yuan (up 34.40%) [2] - Ruibeka, with revenue of 5.98 million yuan (up 4.20%) and net profit of 0.09 million yuan (up 15.31%) [2] - Dia Co., with revenue of 7.86 million yuan (up 0.97%) and net profit of 0.76 million yuan (up 131.61%) [2] Group 3: Companies with Revenue and Profit Decline - The companies that experienced declines in both revenue and net profit include: - China Gold, with revenue of 31.098 billion yuan (down 11.54%) and net profit of 319 million yuan (down 46.35%) [3] - Feiyada, with revenue of 1.784 billion yuan (down 14.08%) and net profit of 82.44 million yuan (down 43.97%) [3] - Laofengxiang, with revenue of 33.356 billion yuan (down 16.52%) and net profit of 1.22 billion yuan (down 13.07%) [3] - Mingpai Jewelry, with revenue of 1.939 billion yuan (down 20.31%) and a net loss of 78 million yuan (down 646.62%) [3] - Xinhua Jin, with revenue of 669 million yuan (down 24.92%) and net profit of 1.286 million yuan (down 39.45%) [3] Group 4: Specific Company Challenges - Laofengxiang faced significant pressure, with a revenue drop to 6.603 billion yuan (down 16.52%) and a net profit decline to 1.22 billion yuan (down 13.07%), alongside a reduction of 279 franchise stores [5] - Feiyada's revenue was 1.784 billion yuan (down 14.08%), with a net profit of 82.44 million yuan (down 43.97%), impacted by declining performance in its core businesses and increased inventory pressure [5] - China Gold reported a revenue decline to 31.098 billion yuan (down 11.54%) and a net profit of 319 million yuan (down 46.35%), with 593 franchise stores closed during the reporting period [6]