Mokingran Jewellery Group (2585) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 5.1% to RMB20,709.6 million and gross profit rose 18.6% to RMB1,579.0 million, while net profit fell 45.2% to RMB109.9 million.

• Higher gold prices lifted revenue and gross margin, but increased losses on Au (T+D) contracts and gold loans weighed on profit.

Financial highlights

• Revenue was RMB20,709.6 million, up 5.1% YoY; cost of sales increased 4.1% to RMB19,130.6 million.

• Gross profit increased 18.6% to RMB1,579.0 million; gross margin was 7.6%, up from 6.8%.

• Profit before tax declined 40.5% to RMB160.5 million; net profit fell 45.2% to RMB109.9 million.

• Profit attributable to owners was RMB96.5 million versus RMB189.4 million; basic EPS was RMB0.36 versus RMB0.81.

• Other expenses and net losses rose 55.6% to RMB1,010.3 million, mainly reflecting higher losses on gold contracts and loans as gold prices rose.

Outlook and guidance

• 2026 priorities include globalization, youth-oriented offerings and digitalization, with product ranges targeting high-end, lightweight and value-focused demand.

• Strategic focus includes product innovation, brand building, digital operations and stronger supply-chain management amid industry restructuring and economic and geopolitical uncertainty.