“金条遭疯抢，饰金卖不动”，老凤祥有烦恼：金价越涨，生意越愁

Core Viewpoint - The article highlights the contrasting trends in the gold market, where international gold prices have surged to historical highs, yet the performance of gold jewelry companies, particularly traditional brands like Lao Feng Xiang, has significantly declined [4][10]. Group 1: Gold Price Trends - International gold prices have reached a record high, surpassing $4500 per ounce, with a year-to-date increase of over $1860, representing a 70% rise [6]. - Domestic retail prices for gold jewelry have also increased, with prices for 24K gold jewelry approaching 1400 RMB per gram [6][8]. Group 2: Consumer Behavior Changes - There is a noticeable decrease in consumer demand for gold jewelry, with many opting for "old-for-new" exchanges instead of purchasing new pieces [8]. - Investment gold bars are experiencing high sales, with many stores reporting low inventory or being sold out [8][10]. Group 3: Company Performance - Lao Feng Xiang's financial performance has deteriorated, with a reported revenue decline of 8.71% to 48 billion RMB and a net profit drop of 19.05% to 1.44 billion RMB for the first three quarters of 2025 [10][12]. - The company's gross profit margin has decreased to 8.17%, and its cash flow from operating activities has fallen by 63.86% [12]. Group 4: Structural Issues - Lao Feng Xiang's reliance on traditional gold jewelry, which is highly sensitive to gold price fluctuations, has contributed to its profit decline [11][13]. - The company's sales network heavily depends on franchisees, and the slowdown in consumer demand has led to reduced replenishment willingness among these franchisees, further pressuring wholesale revenues [13].