Lao Feng Xiang Co., Ltd.
600612.SS · SHH
Company research
Lao Feng Xiang Co., Ltd. (600612.SS) is one of China's oldest and most prestigious jewelry brands, founded in 1848 in Shanghai and recognized as a leading player in the global luxury goods sector. The company designs, produces, and retails an extensive range of fine jewelry including gold, silver, platinum, diamonds, jade, pearls, and colored gemstones, complemented by K gold eyewear, watches, and artisanal souvenirs, operating through three core segments: Gold and Silver Jewelry, Arts and Crafts, and Pencil (stationery). With over 4,000 stores worldwide spanning nearly every province in mainland China as well as international flagship locations in New York City, Sydney, and Vancouver, Lao Feng Xiang has built a formidable global retail footprint. The company has been consistently recognized among the "Global Top 100 Luxury Goods Companies" and "China's 500 Most Valuable Brands" for over a decade, with a brand value reaching RMB 31.3 billion in 2019 and annual revenues exceeding CNY 70 billion in fiscal year 2023.
Research reports
The report argues that 2025 results were pressured by high gold prices and weaker demand, but highlights margin improvement, strong operating cash flow and deliberate channel restructuring, positioning 2026 as a key strategic adjustment year with forecast revenue and profit recovery and a maintained buy rating, while flagging risks from gold price volatility, consumption softness and execution of store optimization.
Guosen Securities · April 27, 2026老凤祥（600612.SH）一季度扣非归母净利润实现增长，强化自营渠道建设This Q1 2026 review notes that revenue declined but non-recurring net profit grew year-on-year, driven by higher margins and product upgrades, and emphasizes strengthening self-operated stores, online expansion and “fashion/younger/high-end” positioning; the analysts slightly lower profit forecasts but maintain an “outperform the market” rating, citing risks around store expansion, gold price swings and product innovation.
Futunn Research Article (summarizing Brokerage Analysis) · April 27, 2026老鳳祥(600612)2025年報及2026年一季報點評：金價高企需求承壓 持續推進提質增效This article reviews the 2025 annual and 2026 Q1 results, highlighting that high gold prices and tax-policy changes are suppressing demand and wholesale bar sales while the company is shrinking low-margin businesses, expanding self-operated stores and online channels, improving margins, and still earning a “strong recommendation” rating with a target price of 51.67 CNY; key risks cited include competition, demand recovery and gold price volatility.
Dongwu Securities · April 26, 2026老凤祥（600612）2025 年及2026Q1 点评：26Q1 盈利能力改善，看好黄金珠宝需求回暖Dongwu’s note stresses that while 2025 revenue and profit fell due to high gold prices and weaker franchise demand, Q4 2025 and Q1 2026 show clear profit and margin improvement helped by product mix upgrades, higher-margin categories and cost control, and it reiterates a buy rating with double‑digit earnings growth forecasts, while warning on gold-price volatility, store-opening pace and terminal demand weakness.
Guosen Securities · November 1, 2025老凤祥（600612.SH）三季度收入稳健增长，扣非利润降幅收窄This Q3 2025 report highlights 16% year-on-year revenue growth and a sharp narrowing of the decline in non-recurring net profit, attributing improvement to better channel and product structure despite continued pressure from high gold prices and marketing costs, and maintains an “outperform” rating with trimmed profit estimates and standard risks around store expansion, gold price movements and reform execution.
Guosen Securities · August 29, 2025老凤祥（600612.SH）金价高位下业绩仍有承压，积极推进渠道优化及产品转型This H1/Q2 2025 analysis notes that high gold prices and softer jewelry demand are weighing on revenue and margins, with earnings partly supported by government subsidies, but emphasizes ongoing store optimization, non-heritage craft and IP-linked product innovation, and steady cash generation; the team reduces profit forecasts yet keeps an “outperform” stance, stressing risks from gold-price volatility, store rollout and organizational reform.