老凤祥三季度营利双降，金价大涨为何不挣钱？

Core Viewpoint - The rising gold prices are significantly impacting the gold consumption market, leading to a decline in both revenue and profit for Lao Feng Xiang, despite promotional efforts. The company's decision to invest heavily in a luxury brand raises questions about its strategic direction and potential risks [1][4]. Financial Performance - In the first three quarters of 2025, Lao Feng Xiang reported a revenue of 48.001 billion yuan, a year-on-year decrease of 8.71% [2] - The net profit attributable to shareholders was 1.438 billion yuan, down 19.05% year-on-year, with a significant drop of 41.61% in the third quarter net profit to 217 million yuan [2][3] - The company experienced a dramatic increase in accounts receivable, rising 1541% to 3.725 billion yuan, indicating deteriorating sales collection capabilities [3] Market Conditions - The continuous rise in gold prices has suppressed gold jewelry consumption, with China's gold consumption in the first half of 2025 at 505.205 tons, a decline of 3.54% year-on-year, particularly in gold jewelry which saw a 26% drop [4] - Despite promotional strategies like a discount of 120 yuan per gram, customer traffic remains low, reflecting broader sales pressures in the jewelry market [5][7] Strategic Decisions - Lao Feng Xiang has decided to invest 24 million USD in the yet-to-open Maybach luxury brand company, which raises concerns due to the investment size being equivalent to 80% of its third-quarter net profit [7][9] - This strategic shift aims to develop the high-end luxury market in the Asia-Pacific region, similar to the successful differentiation strategy of "Old Shop Gold" in the gold jewelry sector [9]