Lao Feng Xiang's 2024 profits decline amid weak demand

Lao Feng Xiang Co., Ltd. (SSE:600612) announced a 20.50% year-over-year decrease in total operating revenue, amounting to 5,679.29 million RMB, according to its preliminary 2024 financial results. Net profit attributable to shareholders decreased by 11.95% to 194.98 million RMB. The decline is attributed to sluggish gold and jewelry consumption, with the China Gold Association reporting a 24.69% drop in national gold jewelry consumption. Basic earnings per share also fell by 11.95% to 3.7273 RMB. While the company continued store expansion efforts, net outlet growth fell short of expectations. Total assets decreased slightly by 6.59% to 2,273.11 million RMB, while net assets attributable to shareholders increased by 7.98% to 1,249.81 million RMB.