去年金价屡创新高 老凤祥却营利双降

Core Viewpoint - In 2024, despite rising gold prices, the revenue and net profit of Lao Feng Xiang have declined significantly, indicating challenges in the retail jewelry market and the company's performance [1][2]. Group 1: Financial Performance - Lao Feng Xiang reported a revenue of 56.793 billion yuan in 2024, a year-on-year decrease of 20.50% [1] - The company's net profit attributable to shareholders was 1.950 billion yuan, down 11.95% year-on-year [1] - In Q4 2024, the company achieved a revenue of 4.212 billion yuan and a net profit of 174 million yuan, representing decreases of 55.05% and 30.4% respectively compared to the same period last year [1] Group 2: Market Environment - The decline in performance is attributed to a combination of a challenging market environment and rising gold prices, which have led to weak consumer demand for gold jewelry [2] - In 2024, China's gold jewelry consumption was 532.02 tons, a decrease of 24.69% year-on-year [2] - The third quarter of 2024 marked a turning point for Lao Feng Xiang, with revenue and net profit dropping by 41.89% and 46.20% respectively compared to the previous year [2] Group 3: Sales Strategy and Challenges - The slowdown in retail sales has affected the enthusiasm of franchisees and distributors to purchase products during ordering sessions, prompting the company to implement promotional discounts [3] - The company experienced a net decrease of 166 franchise stores, indicating challenges in maintaining its retail network [5] - Lao Feng Xiang's product structure, primarily focused on gold jewelry, has made it more vulnerable to the impacts of rising gold prices compared to competitors with different sales strategies [3] Group 4: Future Outlook and Initiatives - The company is actively seeking to improve its operational quality by learning from successful competitors and enhancing its market presence through themed stores [4] - Despite plans to upgrade retail store themes and expand market reach, the company has faced difficulties due to weak gold jewelry consumption [4]