Lao Fengxiang(600612.SH): Net profit of 1.755 billion yuan in 2025, down 9.99% year-on-year

Gelonghui, March 6 — Lao Feng Xiang (600612.SH) announced its 2025 annual performance brief report. During the reporting period, the company achieved operating revenue of 52.823 billion yuan, a decrease of 6.99% year-over-year; net profit attributable to shareholders of the listed company was 1.755 billion yuan, down 9.99% year-over-year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 1.588 billion yuan, down 11.92% year-over-year; basic earnings per share were 3.3548 yuan, a decrease of 9.99%. The main reasons for the company’s performance changes during the reporting period are:

In 2025, due to multiple factors such as insufficient growth momentum in consumption, continuous record-high increases in gold prices, and the implementation of new gold tax policies, domestic gold jewelry consumption remained weak, and consumption structure experienced a phased shift. According to statistics from the China Gold Association, China’s gold consumption in 2025 was 950.096 tons, a decrease of 3.57% year-over-year, with gold jewelry consumption at 363.836 tons, down 31.61% year-over-year. During this reporting period, the company’s revenue and net profit from gold jewelry sales declined accordingly.

The company actively promoted market expansion by establishing regional subsidiaries and opening regional direct stores to stabilize existing market share and expand market growth, enhancing the market layout of “Cang Bao Jin” and “Feng Xiang Xi Shi” themed stores. However, due to the ongoing downturn in the gold jewelry industry and the sharp fluctuations in gold prices suppressing consumer demand, the company’s store expansion did not meet expectations. As of the end of 2025, the company operated a total of 5,355 marketing outlets domestically and internationally, including 213 direct stores (including 17 overseas direct stores), a net increase of 16 stores from the beginning of the period; and 5,142 franchise stores, a net decrease of 499 stores from the beginning of the period.