1, product line: Lao Fengxiang's product line is relatively rich, including gold, platinum, diamonds, jade and other jewelry, as well as watches, glasses and other high-end jewelry, while Hongyi's product line is mainly gold and diamonds and other jewelry, which is relatively limited.

2. Market positioning: Lao Fengxiang's products have a wide range of positioning, from ordinary jewelry to high-end luxury goods, while Hongyi is only positioned in the middle and high-end jewelry market.