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Chinese gold and jewelry retailer, one of the country's oldest and most recognized jewelry brands.
Chinese gold and jewelry retailer, one of the country's oldest and most recognized jewelry brands.
Sells gold jewellery priced mostly at the gold price plus a processing fee, so revenue moves with the gold price as much as with pieces sold. Franchisees buy from it for their own stores, so much of its income is wholesale.
In one line: A China-based Tiffany/Zales-style jewelry retailer, skewed toward gold.
Moat: narrow (brand, distribution). Century-old heritage jewelry brand with an extensive franchise/retail network.
Headquarters: Shanghai, China · Employees: 2,985
Size Lao Feng Xiang (600612.SS) is a China Consumer Discretionary company (Other Consumer Specialties) with a market value of $2.04B, the 1238th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥32.65 on 6 Nov 2026.
Performance Over six months the shares fell 17.1%, against -5.8% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue fell 39.8% over the last twelve months (peer median +20.0%); the operating margin is 6.2% (peer median 12.1%).
Valuation It trades at 17.2× forward earnings against a peer median of 20.8× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥31.4B | CN¥52.7B | CN¥56.5B | CN¥71.2B | CN¥62.8B |
| Revenue growth | — | -7% | -21% | +13% | — |
| Gross profit | CN¥3.69B | CN¥4.39B | CN¥4.58B | CN¥5.48B | CN¥4.35B |
| EBITDA | n/a | CN¥3.17B | CN¥3.55B | CN¥4.25B | CN¥3.49B |
| Net income | CN¥909M | CN¥1.75B | CN¥1.95B | CN¥2.21B | CN¥1.70B |
| Free cash flow | CN¥2.07B | CN¥5.80B | CN¥2.86B | CN¥7.17B | CN¥898M |
| Capital expenditure | CN¥106M | CN¥171M | CN¥92.9M | CN¥149M | CN¥74.7M |
| Total debt | CN¥5.40B | CN¥3.06B | CN¥5.09B | CN¥7.13B | CN¥9.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lao Feng Xiang 600612.SS | $2.04B | -17% | -40% | 6% | 17.2× | -16.9% |
| Chow Tai Fook 1929.HK | $15.0B | +3% | +5% | 19% | 11.3× | -8.1% |
| Laopu Gold 6181.HK | $6.84B | -48% | +109% | 27% | 6.9× | n/a |
| Luk Fook Holdings (International) 0590.HK | $1.58B | -9% | +29% | 20% | 6.1× | n/a |
| Shanghai Yuyuan Tourist Mart 600655.SS | $2.70B | -6% | -21% | -3% | 77.3× | 15.9% |
| Beijing Caishikou Department Store 605599.SS | $1.71B | -23% | +37% | 4% | 13.3× | -17.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600612.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | -1.4% | 5th highest of 21 |
| 6-month return | -17.1% | -5.8% | 9th lowest of 20 |
| Distance from 52-week high | -37.4% | -30.4% | 10th lowest of 21 |
| Revenue growth (TTM) | -39.8% | +20.0% | lowest of 21 |
| Operating margin | 6.2% | 12.1% | 5th lowest of 21 |
| Forward P/E | 17.2× | 20.8× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -16.9% | 24.4% | least demanding of 12 |
| Growth delivered (Del g) | +0.4% | +23.2% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -17.3 pp | -11.5 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +7.3 pp | +3.0 pp | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lao Feng Xiang 600612.SS | China | $2.04B | -17% | -40% | 6% | 17.2× | -16.9% | +0.4% |
| China National Gold Group Gold Jewellery 600916.SS | China | $1.80B | -20% | -9% | 0% | 28.6× | 24.2% | +15.6% |
| Samsonite 1910.HK | Hong Kong | $2.52B | -6% | +1% | 15% | 10.3× | -12.2% | +18.0% |
| PC Jeweller PCJEWELLER.NS | India | $1.63B | +67% | +29% | 24% | n/a | n/a | n/a |
| Sky Gold and Diamonds SKYGOLD.NS | India | $1.56B | +92% | +73% | 7% | 31.5× | n/a | n/a |
| Savaria SIS.TO | Canada | $1.53B | +3% | +7% | 14% | 19.9× | 9.3% | +20.8% |
| Thangamayil Jewellery THANGAMAYL.NS | India | $1.37B | +1% | +78% | 6% | 29.4× | 28.5% | +36.1% |
| Mokingran Jewellery 2585.HK | Hong Kong | $1.37B | +118% | +5% | 4% | 29.7× | n/a | n/a |
| DR Corporation Limited Class A 301177.SZ | China | $1.29B | -26% | -4% | -6% | 124.3× | n/a | n/a |
| Gens Aurea OROX.MI | Italy | $1.27B | n/a | +95% | 11% | n/a | n/a | n/a |
| Mitsubishi Pencil 7976.T | Japan | $1.16B | +52% | +6% | 13% | 20.6× | n/a | n/a |
| Guangdong CHJ Industry 002345.SZ | China | $1.11B | -19% | +14% | 13% | 10.8× | -11.5% | +23.9% |
| Beijing Kingee Culture Development 002721.SZ | China | $965M | -21% | +45% | 15% | n/a | 26.5% | -25.9% |
| Wiselink 8932.TWO | Taiwan | $941M | -19% | +24% | 47% | n/a | 10.0% | +23.2% |
| Seiko 8050.T | Japan | $4.71B | +54% | +16% | 11% | 21.0× | 24.4% | +10.6% |
| Timex Group India TIMEX.NS | India | $750M | +90% | +42% | 15% | 60.5× | 25.7% | +41.7% |
| Safari Industries (India) SAFARI.NS | India | $651M | -18% | +14% | 9% | 32.9× | 31.3% | +44.2% |
| Zhou Liu Fu Jewellery 6168.HK | Hong Kong | $632M | -42% | +2% | 19% | 5.0× | n/a | n/a |
| Laopu Gold 6181.HK | Hong Kong | $6.84B | -48% | +109% | 27% | 6.9× | n/a | n/a |
| Senco Gold SENCO.NS | India | $556M | -7% | +42% | 9% | 13.6× | n/a | n/a |
| KDDL KDDL.NS | India | $518M | +64% | +32% | 9% | 17.8× | 33.2% | +31.5% |