(Yicai Global) Aug. 28 -- Lao Feng Xiang Co. [SHA:600612], China's leading jewelry firm, has actively promoted structural changes to adapt to industry development and changing consumption patterns and grow income and profits by 10 percent in the first half.

The company had operating income of CNY22.9 billion (USD3.4 billion) in the period, up 13 percent from a year earlier as net profit jumped 11 percent to CNY583 million (USD87 million),  it said in its interim report on Aug. 27.

China's jewelry industry entered a cyclical adjustment in the first six months while consumption changes slowed the market. In response, Lao Feng Xiang added new products, such as coral, arts and craft souvenirs and gold products inlaid with jade, to its existing range of gold, diamonds and jade. The firm also opened up 70 new stores to take its total to 3,058, the report said. It also has nine stores overseas.

Lao Feng Xiang also optimized its industrial structure and improved its industrial chain. It set up special companies to participate in product development and production and improved its clock and watch business to enhance profitability.

The jewelry brand was set up in 1948 and has a complete industrial chain, from research and development right through to sales. It has been named among the Fortune 500 and a list of China's 500 most valuable brands for 13 straight years. In 2017, its brand value amounted to CNY26 billion, its website shows.