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Chinese gold jewelry retailer operating under the state-owned China National Gold Group.
Chinese gold jewelry retailer operating under the state-owned China National Gold Group.
Sells most of its jewelry wholesale to franchised stores and counters that carry its brand, earning a margin over the gold price rather than a full retail markup. The gold content is priced to the market, so the design and processing premium is where profit sits. Its state-owned parent gives it access to supply.
In one line: A China-based state-linked gold jewelry retail chain.
Moat: narrow (brand, distribution). State-backed gold brand with a wide franchise retail network.
Headquarters: Beijing, China · Employees: 1,324
Size China National Gold Group Gold Jewellery (600916.SS) is a China Consumer Discretionary company (Other Consumer Specialties) with a market value of $1.80B, the 1392nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.14 on 6 Nov 2026.
Performance Over six months the shares fell 20.1%, against +0.9% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue fell 8.6% over the last twelve months (peer median +20.0%); the operating margin is 0.2% (peer median 12.1%).
Valuation It trades at 28.6× forward earnings against a peer median of 20.6× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points below its cost of capital (7.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥54.5B | CN¥69.8B | CN¥60.4B | CN¥56.3B | CN¥47.1B |
| Revenue growth | — | +15% | +7% | +20% | — |
| Gross profit | CN¥1.48B | CN¥2.17B | CN¥2.50B | CN¥2.17B | CN¥1.70B |
| EBITDA | n/a | CN¥1.55B | CN¥1.89B | CN¥1.57B | CN¥1.20B |
| Net income | CN¥276M | CN¥275M | CN¥818M | CN¥973M | CN¥765M |
| Free cash flow | CN¥223M | CN¥470M | CN¥1.58B | CN¥1.52B | CN¥1.15B |
| Capital expenditure | CN¥36.9M | CN¥31.9M | CN¥76.8M | CN¥60.1M | CN¥40.7M |
| Total debt | CN¥428M | CN¥340M | CN¥375M | CN¥217M | CN¥261M |
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| Measure | 600916.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -0.3% | 11th highest of 21 |
| 6-month return | -20.1% | +0.9% | 4th lowest of 20 |
| Distance from 52-week high | -51.9% | -25.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | -8.6% | +20.0% | 2nd lowest of 21 |
| Operating margin | 0.2% | 12.1% | 2nd lowest of 21 |
| Forward P/E | 28.6× | 20.6× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 24.2% | 25.1% | 6th least demanding of 13 |
| Growth delivered (Del g) | +15.6% | +22.0% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +8.6 pp | -12.2 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -2.7 pp | +3.0 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Gold Group Gold Jewellery 600916.SS | China | $1.80B | -20% | -9% | 0% | 28.6× | 24.2% | +15.6% |
| PC Jeweller PCJEWELLER.NS | India | $1.63B | +67% | +29% | 24% | n/a | n/a | n/a |
| Lao Feng Xiang 600612.SS | China | $2.04B | -17% | -40% | 6% | 17.2× | -16.9% | +0.4% |
| 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 |
| Samsonite 1910.HK | Hong Kong | $2.52B | -6% | +1% | 15% | 10.3× | -12.2% | +18.0% |
| 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% |
| Timex Group India TIMEX.NS | India | $750M | +90% | +42% | 15% | 60.5× | 25.7% | +41.7% |
| Seiko 8050.T | Japan | $4.71B | +54% | +16% | 11% | 21.0× | 24.4% | +10.6% |
| 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 |
| 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% |
| Goldiam International GOLDIAM.NS | India | $505M | +1% | +27% | 20% | n/a | 35.6% | +19.2% |