EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 六福集團（國際）有限公司 | | 股份代號 | 00590 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年3月31日止年度之末期股息 | | 公告日期 | 2025年6月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年3月31日 | | 宣派股息的報告期末 | 2025年3月31日 | | 宣派股息 | 每 股 0.55 HKD | | 股東批准日期 | 2025年8月21日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.55 HKD | | 匯率 | 1 HKD ...

Financial Performance - The group's revenue for the fiscal year ending March 31, 2025, was HKD 13.34 billion, a decrease of 12.9% compared to the previous year[4] - Net profit for the year decreased by 39.3% to HKD 1.07 billion, primarily due to increased gold hedging losses of HKD 493 million and a comparison with one-time gains from the previous year's acquisition[4] - Operating profit decreased by 33.3% to HKD 1.41 billion, with an operating margin of 10.6%, down 3.2 percentage points[4] - The company reported a total comprehensive income of HKD 976.88 million for the year, down from HKD 1.38 billion in the previous year[6] - Total revenue for the year ended March 31, 2025, reached HKD 13,341,295, an increase from the previous year's HKD 15,325,962[19] - The net profit attributable to equity holders of the company for the year was HKD 1,099,864, down from HKD 1,767,305 in the prior year, indicating a decline of about 38%[19] - The company reported external customer sales of HKD 12,436,940, which is a decrease from HKD 14,291,496 in the previous year, representing a decline of approximately 13%[18] - Total revenue decreased by 12.9% to HKD 13,341,295,000 compared to HKD 15,325,962,000 in 2024[36] - Operating profit fell by 33.3% to HKD 1,412,051,000, with an operating margin decline of 3.2 percentage points to 10.6%[36] - Profit attributable to equity holders decreased by 37.8% to HKD 1,099,864,000, resulting in basic earnings per share dropping by 37.9% to HKD 1.87[29][36] Dividends - The proposed final dividend is HKD 0.55 per share, with a total annual dividend of HKD 1.10 per share, resulting in a payout ratio of 59%[4] - The board of directors proposed a final dividend of HKD 0.55 per share for the year ending March 31, 2025, totaling HKD 645,818,000 in annual dividends[85] - The total dividend for the year, including interim dividends, amounts to HKD 1.10 per share, compared to HKD 1.41 per share in the previous year[85] Store Operations - The company closed 296 stores during the fiscal year[3] - The total number of global stores decreased by 296 to 3,287, including a net decrease of 312 "Lukfook" stores[37] - The number of stores in Mainland China decreased to 3,179, down from 3,490, with a net reduction of 329 "Luk Fook" brand stores[64] - The group opened 10 new overseas stores, increasing the total to 31, including 5 in the USA and Australia each[55] - The company plans to open 50 new stores in the mainland market by the fiscal year 2025/26, reflecting a cautious optimism about long-term business prospects in the region[80] - The company aims to increase its overseas store count by approximately 20 stores in the current fiscal year, targeting significant growth potential in international markets[80] Revenue Breakdown - Retail revenue decreased by 13.5% to HKD 11,031 million, accounting for 82.7% of total revenue[42] - Wholesale revenue declined by 8.8% to HKD 1,406 million, representing 10.5% of total revenue[43] - Brand business revenue fell by 12.6% to HKD 904 million, contributing 6.8% to total revenue[44] - Gold and platinum sales dropped by 15.0% to HKD 8,822 million, making up 70.9% of total sales[46] - The overall revenue from the mainland market decreased by 0.2% to HKD 5,273 million, representing 39.5% of the group's total revenue[69] Profit Margins - Gross profit increased by 5.8% to HKD 4.42 billion, with a gross margin improvement of 5.9 percentage points to 33.1%[4] - The gross profit for gold and platinum products increased by 16.2% to HKD 2,325 million, with a gross margin of 26.4%[47] - The adjusted segment profit for retail was HKD 1,418 million, up 8.4% when excluding gold hedging losses[42] - The overall segment profit decreased by 22.6% to HKD 1,666,000,000, with a profit margin of 12.5%[51] Financial Position - Total assets as of March 31, 2025, amounted to HKD 17.90 billion, an increase from HKD 16.85 billion in the previous year[7] - The company’s total liabilities were reported at HKD 4,755,533, indicating a significant financial obligation[20] - The group’s net debt increased to HKD 205 million, with a debt-to-equity ratio of 36.0%[71] - Inventory increased by 12.2% to HKD 10,739 million, with an average inventory turnover days of 427 days[73] Strategic Initiatives - The company plans to focus on expanding its brand and service fee income, which reached HKD 785,487 for the year[18] - A new three-year corporate strategy starting from the fiscal year 2025/26 will focus on "overseas market expansion," "market-oriented products," and "operational efficiency optimization" to drive future growth[80] - The company is committed to enhancing its e-commerce business and optimizing its platform to boost sales, particularly targeting the young consumer market with its light luxury jewelry offerings[82] - The company will continue to develop market-oriented products, extending its offerings to both high-end and light luxury segments, while utilizing market data for targeted product development[83] - Operational efficiency will be improved through supply chain management, automation, big data analytics, and the application of artificial intelligence technologies[84] Corporate Governance - The company has maintained good corporate governance practices, adhering to the principles of the corporate governance code as per the Hong Kong Stock Exchange[87] - No purchases, sales, or redemptions of the company's listed securities were conducted by the company or its subsidiaries during the review year[89] - The group has confirmed that the preliminary performance announcement aligns with the draft consolidated financial statements for the year ending March 31, 2025[91] - The full-year performance announcement is available on the Hong Kong Stock Exchange website and the company's website[92] Market Performance - Same-store sales improved significantly, with nearly 20% growth in mainland China and stable performance in Hong Kong and Macau from April 1 to June 21, 2025[3] - Overall same-store sales declined by 25.1%, with gold and platinum products down by 28.5% and priced jewelry products down by 14.1%[48] - Retail revenue in Hong Kong dropped by 20.0% to HKD 5,087,290,000, while revenue from Macau fell by 28.5% to HKD 2,068,985,000[54] - Revenue from Hong Kong, Macau, and overseas markets decreased by 19.6% to HKD 8,067,968,000, accounting for 60.5% of total group revenue[59] - Retail revenue in mainland China increased by 10.4% to HKD 3,160,312,000, representing 59.9% of mainland market revenue[62]

1. 成立 1.1 根據本公司於 2011 年 11 月 28 日召開之董事會（「董事會」）會議，董事會決 議成立一個董事會轄下的委員會，稱為提名委員會（「委員會」）。 (「本公司」) 提名委員會 - 職權範圍書 2. 成員 3. 秘書 4. 法定人數 4.1 法定人數須為三名成員，當中包括兩名獨立非執行董事及一名執行董事。經 適當地召集及有法定人數出席之委員會會議，可充份地行使全部或任何賦予 委員會或其可行使之職權、權力及酌情權。 第1頁, 共4頁 2.1 委員會的成員（「成員」）須由董事會委任。委員會須由至少五位成員組成， 而至少一名成員為不同性別。 2.2 委員會主席將會由董事會主席或獨立非執行董事（「獨立非執行董事」）擔任， 成員須由獨立非執行董事佔大多數。 2.3 如委員會主席及／或被委任之代表缺席時，其餘出席的成員須推選其中一位 成員主持會議。惟當處理有關主席繼任人事宜時，董事會主席不能出任委員 會主席。 2.4 只有成員方有權出席委員會會議。但若有適當需要，其他人士如行政總裁、 人力資源部主管及外界顧問可獲邀出席所有或部份會議。 3.1 公司秘書或其代理人須作為委員會秘書。 3.2 委員會可不時 ...

審核委員會 - 職權範圍書 1. 成立 1.1 根據六福集團（國際）有限公司（「本公司」）於 1999 年 2 月 1 日召開之董 事會會議，董事會（「董事會」）決議成立一個董事會轄下的委員會，稱為 審核委員會（「委員會」）。 2. 成員 6. 會議通告 第2頁, 共7頁 3.1 委員會秘書須由本公司之公司秘書擔任。 3.2 委員會可不時委任其他任何具備恰當資格及經驗之人士為委員會之秘書。 5.1 每年應於公佈中期及末期業績前舉行不少於兩次會議。委員會主席、任何 成員或本公司之外聘核數師可在其認為有需要時要求召開會議。 5.2 會議可由成員親身出席、透過電話或視像會議之方式舉行。成員可透過會 議電話或類似通訊設備（所有與會人士均能夠透過該設備聆聽對方）參與 會議。 5.3 於任何會議提呈之委員會決議案，須由出席成員以大多數票數通過。 5.4 委員會全體成員簽署的書面決議應當與在適當召開並舉行的委員會會議上 通過的決議一樣有效和具有效力。 第1頁, 共7頁 2.1 委員會成員（「成員」）須由董事會委任，且委員會必須由至少三名成員 組成。 2.2 成員須限為非執行董事，其中大部分成員須為獨立非執行董事及至少一名 ...

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

本公告乃六福集團（國際）有限公司（「本公司」）及其附屬公司（「本集團」）根據香港 聯合交易所有限公司證券上市規則（「上市規則」）第 13.09 條及香港法例第 571 章證券 及期貨條例第 XIVA 部項下內幕消息條文（定義見上市規則）而發出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對本集 團截至 2025 年 3 月 31 日止年度（「2025 財年」）之未經審核綜合管理賬目草稿進行的 初步審閱為基準，集團預期 2025 財年的年內溢利較去年同期下跌約四成，主要由於金 價飆升導致的黃金對沖損失擴大，以及去年因收購金至尊集團(國際)有限公司（連同其 附屬公司統稱為「金至尊集團」）而錄得的一次性相關收益造成的高基數效應所致。若 撇除黃金對沖損失的影響，經調整後之溢利跌幅會收窄至少於兩成；若再扣除去年收購 金至尊集團所錄得的一次性相關收益作對比，溢利跌幅會進一步收窄至少於一成。 於 2025 年 4 月至 5 月期間，在有效的品牌推廣及產品差異化策略下，集團同店銷售持 續改善，內地市場的同店銷售達雙位數字升幅，而港澳市場同店銷售亦大致持平。隨著 定價首飾產品組合不斷優化及內地市 ...

董事會會議日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 承董事會命 六福集團（國際）有限公司 公司秘書 陳素娟 香港，2025 年 6 月 6 日 於本公告日期，本公司的執行董事為黃偉常先生 ( 主席兼行政總裁 ) 、黃浩龍先生 ( 副主席 ) 、黃蘭詩女士、 王巧陽女士及陳素娟博士；非執行董事為謝滿全先生、許照中太平紳士及李漢雄 BBS, MH 太平紳士； 獨立非執行董事為葉澍堃 GBS 太平紳士、麥永森先生、黃汝璞太平紳士及許競威先生。 六福集團(國際)有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司將於 2025 年 6 月 26 日（星期四）舉行董事會會議，藉以批准（其中包括）本公司及其附屬公司 截至 2025 年 3 月 31 日止年度的全年業績及其發佈，以及考慮建議派付末期股息（如有）。 ...

截至5月29日收盘，六福集团（00590.HK）报18.620港元，较上个交易日上涨0.21%，当日盘中最高价 触及18.800港元，创近一年新高。 资金流向方面，当日主力流入570.766万港元，流出553.584万港元，净流入17.18万港元。 六福集团(国际)有限公司('本公司')及其附属公司(统称'本集团')由一班资深的珠宝专才创办,是香港及内 地主要零售商之一。首间六福珠宝店铺于1991年在香港北角开业,一直秉持'匠心独运、服务为本、以客 为先'的服务宗旨。1997年5月,本集团在香港联合交易所有限公司('联交所')主板上市(股份代号:0590)。 本集团主要从事各类黄铂金首饰及珠宝首饰产品之采购、设计、批发、商标授权及零售业务,现时在中 国内地、中国香港、中国澳门、马来西亚、柬埔寨、菲律宾、老挝、泰国、美国、加拿大及澳洲共11个 国家和地区拥有逾3,470个零售点,本集团将继续于国际市场物色新商机,积极拓展中国及海外市场,以配 合'香港品牌国际演绎'之企业愿景。2024年1月12日,本集团成功取得香港资源控股有限公司('香港资源') (服份代号:2882)的控股权,使其成为本公司的附属公司。这不仅 ...

Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]