YYTM(SH:600655) Xin Lang Cai Jing·2026-02-26 09:24Core Viewpoint - The controversy surrounding the "one-price" sales model of Laomiao Gold has raised significant public scrutiny, particularly regarding consumer experiences of substantial losses during gold exchanges [2][3][5]. Group 1: Consumer Complaints - Multiple consumers have reported dissatisfaction with Laomiao Gold's "one-price" exchange policy, claiming they received significantly less gold than expected. For instance, a consumer exchanged a 5.5-gram ring and received only 2 grams in return, resulting in a loss of several thousand yuan [3][5]. - Another consumer exchanged approximately 50 grams of gold jewelry but received a new piece weighing only 29 grams, despite paying an additional 4,000 yuan. This has led to accusations of misleading sales practices [5][19]. - The cumulative complaint volume against Laomiao Gold on the Black Cat Complaints platform reached 1,764, with many complaints related to the "one-price" exchange issue, indicating a pattern of consumer dissatisfaction [19]. Group 2: Company Performance and Challenges - Laomiao Gold is part of the Shanghai Yuyuan Jewelry Fashion Group, which is facing significant financial difficulties. The company is projected to incur a net loss of approximately 4.8 billion yuan in 2025, marking its first annual loss since its listing in 1992 [8][11][23]. - The jewelry fashion business, including Laomiao Gold, experienced a revenue decline of 31.86% in the first three quarters of 2025, primarily due to structural changes in consumer behavior and fluctuations in international gold prices [11][23]. - The number of retail outlets for Laomiao Gold has decreased from 4,615 at the end of 2024 to 4,249 by mid-2025, reflecting a contraction in its market presence [11][23].