A bull run in the global gold market has pushed the precious metal to successive new highs, boosting just about everyone along the food chain, from miners to jewelry sellers. Yet retailer Mokingran Jewellery Group Ltd. (2585.HK) bucked that trend on Feb. 27 by warning of a major profit decline last year, setting the stage for an anticlimactic annual earnings report set for release later this month.
Mokingran said it expects to report revenue between 19.7 billion yuan ($2.85 billion) and 22.77 billion yuan for 2025, representing flat to year-on-year growth of up to 16%. But its profit moved decidedly downward, plummeting 50% to 59% to between 77 million yuan and 94 million yuan last year.
While gold has climbed with barely a pause, repeatedly shattering new records, Mokingran has yet to profit from the gains. Its profits have dropped steadily since its late-2024 listing, including a 17.8% slump in 2024 to 189 million yuan. It fell into the red with a loss of 70 million yuan in the first half of 2025, which is now dragging on its full-year profit.