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Jewelry sales are slowing down, Lao Feng Xiang closed 185 stores in the first quarter.
Recently, the latest statistics from the China Gold Association show that in the first quarter of 2026, China’s gold consumption was 303.292 tons, a year-on-year increase of 4.41%. Among them, gold jewelry consumption was 84.620 tons, a decrease of 37.10% year-on-year; gold bars and coins consumption was 202.062 tons, a year-on-year increase of 46.40%.
The performance of some downstream jewelry companies has also been affected. Lao Fengxiang’s revenue and net profit both declined in the first quarter of last year and this year. In 2025, Lao Fengxiang achieved operating revenue of 52.82B yuan, a decrease of 6.99% year-on-year; net profit attributable to the parent was 1.76B yuan, a decrease of 9.99% year-on-year.
As a result, Lao Fengxiang’s performance has declined for two consecutive years, with revenue dropping from 71.44B yuan to 52.82B yuan, and net profit falling from 2.21B yuan to 1.76B yuan.
In the first quarter of 2026, Lao Fengxiang’s performance continued its downward trend, with operating revenue of 13.74B yuan, a decrease of 21.57% year-on-year; net profit attributable to the parent was 547 million yuan, a decrease of 10.76% year-on-year.
In addition to performance pressure, the number of stores has also shrunk. As of the end of March 2026, Lao Fengxiang had a total of 5,170 chain marketing outlets, a net decrease of 185 stores compared to the end of 2025, indicating that the channel entry structure is in an optimization period.