价值研究所｜老凤祥的“黄金局”

Core Viewpoint - The gold and jewelry industry is under pressure, prompting Lao Feng Xiang to embark on a high-end transformation journey amidst declining performance in traditional gold brands [2][5]. Group 1: Industry Challenges - Rising gold prices have suppressed consumer demand, and the franchise model is facing growth bottlenecks, making the situation difficult for domestic gold and jewelry companies this year [2]. - Traditional gold brands are experiencing a decline in both revenue and net profit, while Lao Pu Gold has seen a remarkable increase, with revenue and net profit growth exceeding 200% year-on-year in the first half of the year [2][5]. Group 2: Lao Feng Xiang's High-End Strategy - Lao Feng Xiang is adopting a dual-track approach by entering the luxury goods market through "equity investment + brand agency" [2]. - In September, Lao Feng Xiang invested 50 million yuan to establish Shanghai Lao Feng Xiang Zhenpin Trading Co., focusing on high-end products [5]. - In October, Lao Feng Xiang acquired a 20% stake in Maybach Luxury Goods Asia-Pacific Company (MAP) for 24 million USD, expanding its reach into luxury lifestyle products [5]. Group 3: Financial Performance - In 2024, Lao Feng Xiang's revenue decreased by 20.5% to 56.793 billion yuan, and net profit fell by 11.95% to 1.95 billion yuan [6]. - The downward trend continued into the first half of 2025, with revenue down 16.52% to 33.4 billion yuan and net profit down 13.07% to 1.22 billion yuan [6]. Group 4: Business Model Concerns - Lao Feng Xiang's franchise system may conflict with high-end brand operations, as 96% of its stores are franchises, limiting control over brand image and customer experience [7][8]. - In contrast, competitors like Lao Pu Gold operate a direct sales model, emphasizing brand experience and exclusivity [8]. Group 5: Market Perspectives - The market is divided on the high-end positioning of brands, with some analysts suggesting that not all local brands are suited for high-end transformation [9]. - The success of Lao Feng Xiang's high-end journey will test its strategic determination and operational capabilities, serving as a significant case study for the transformation of traditional Chinese brands [10].