潮新闻客户端 记者 陈颖 黄金价格继续狂飙。 10月15日，黄金价格再次刷新历史新高。截至当天下午3点，COMEX黄金突破4200美元/盎司大关，伦敦现货黄金首次突破4190美元关口，最高触及4193美 元/盎司，最高涨幅1.24%。年内累计上涨超1500美元，涨幅近60%。 受国际金价影响，珠宝品牌足金首饰价格也随之上涨。15日，周大福足金饰品价格已调整为1235/克，较昨日价格上涨20元/克。老凤祥足金饰品价格1233元/ 克，同样上涨迅猛。 "没想到黄金成奢侈品了，我一个卖黄金的也被推向了奢侈品行业。"看着屡破新高的金价，杭州一家六福珠宝品牌的工作人员不禁感叹。 这波金价以"破纪录"的姿态接连上冲也让不少买金人感觉"赚到了"。 记者 陈颖 摄 日赚近6000元 周大福涨价前，顾客突击买入的金镯子。记者 陈颖 摄 多个品牌黄金再度调价 不少人赶在涨价前突击购买 买金人感叹几分钟就要涨"数字" "黄金价格就像坐上了火箭，昨天一天，手里的黄金就浮盈近6000元。"杭州市民章女士向潮新闻记者晒出了收益账单，账单显示10月14日一天，国际金价每 克上涨20多元，她多年囤积的262克黄金，一天之内就多出了近6000 ...

Core Viewpoint - The Hong Kong gold and jewelry stocks have shown significant gains, indicating a positive market sentiment in this sector [1] Group 1: Stock Performance - Lao Pu Gold (06181.HK) increased by 10.39%, reaching 765 HKD [1] - Chow Sang Sang (00116.HK) rose by 7.21%, trading at 14.58 HKD [1] - Chow Tai Fook (01929.HK) saw a gain of 5.13%, priced at 15.36 HKD [1] - Luk Fook Holdings (00590.HK) experienced a 3.35% increase, with shares at 25.28 HKD [1]

智通财经APP获悉，黄金珠宝股涨幅居前，截至发稿，老铺黄金(06181)涨10.39%，报765港元；周生生 (00116)涨7.21%，报14.58港元；周大福(01929)涨5.13%，报15.36港元；六福集团(00590)涨3.35%，报 25.28港元。 消息面上，据上证报报道，10月15日，国际国内金价再创新高。当日，多家黄金珠宝品牌公布的境内足 金饰品价格也水涨船高，其中较高的已突破1235元/克关口。具体而言，10月15日，周大福足金（饰 品、工艺品类）、六福珠宝足金999/足金、谢瑞麟足金饰品、潮宏基足金（首饰摆件）境内价格以及老 庙黄金上海区域足金饰品价格为1235元/克，周生生足金首饰境内价格为1233元/克，单克均较10月1日 上涨超100元。 ...

Core Viewpoint - The gold and jewelry stocks have seen significant price increases, driven by new highs in international and domestic gold prices, with several brands reporting substantial price hikes for gold jewelry [1] Group 1: Stock Performance - Lao Pu Gold (06181) increased by 10.39%, reaching 765 HKD [1] - Chow Sang Sang (00116) rose by 7.21%, reaching 14.58 HKD [1] - Chow Tai Fook (01929) saw a 5.13% increase, reaching 15.36 HKD [1] - Luk Fook Holdings (00590) grew by 3.35%, reaching 25.28 HKD [1] Group 2: Gold Price Trends - On October 15, international and domestic gold prices reached new highs, with domestic gold jewelry prices also rising significantly [1] - The price of gold jewelry from various brands exceeded 1235 CNY per gram, with specific prices reported as follows: - Chow Tai Fook gold jewelry at 1235 CNY/gram - Luk Fook gold jewelry at 1235 CNY/gram - Xie Rui Lin gold jewelry at 1235 CNY/gram - Chao Hong Ji gold jewelry at 1235 CNY/gram - Lao Miao Gold in Shanghai at 1235 CNY/gram - Chow Sang Sang gold jewelry at 1233 CNY/gram [1] - The price per gram has increased by over 100 CNY since October 1 [1]

Core Viewpoint - International and domestic gold prices have reached new highs, with domestic gold jewelry brands increasing their prices significantly, surpassing 1235 CNY per gram [1] Price Changes - On October 15, 2023, several brands reported their domestic gold prices, with notable prices including: - Chow Tai Fook gold jewelry at 1235 CNY/gram - Luk Fook Jewelry gold at 1235 CNY/gram - Xie Ruilin gold jewelry at 1235 CNY/gram - Chao Hong Ji gold at 1235 CNY/gram - Lao Miao gold in Shanghai at 1235 CNY/gram - Chow Sang Sang gold jewelry at 1233 CNY/gram - These prices reflect an increase of over 100 CNY per gram compared to October 1, 2023 [1]

Core Viewpoint - The spot gold price has continued its strong upward trend, reaching a new historical high of $4168.82 per ounce, with a year-to-date increase of nearly 60%, translating to a rise of over $1500 per ounce [1] Group 1: Gold Market Performance - Spot gold has seen a significant increase, with the price hitting $4168.82 per ounce, marking a new all-time high [1] - Year-to-date, spot gold has risen by nearly 60%, which is equivalent to an increase of over $1500 per ounce [1] Group 2: Domestic Jewelry Prices - Domestic gold jewelry prices have also increased, with most brands experiencing daily price rises exceeding 2% [1] - Lao Miao gold jewelry is priced at 1218 yuan per gram, up by 29 yuan from the previous day [1] - Liufu Jewelry and Chow Tai Fook gold jewelry prices are at 1215 yuan per gram, with an increase of 25 yuan [1] - Chow Sang Sang and Lao Feng Xiang gold jewelry are priced at 1213 yuan and 1206 yuan per gram, respectively [1]

Group 1: 85 Degrees C Bakery Brand - The bakery chain "85 Degrees C" has closed multiple stores in cities like Nanjing and Hangzhou, with some locations seeing a reduction in store count by half [1] - The brand has not disclosed the exact number of closures or reasons, but industry analysis suggests declining same-store sales and competition as primary factors [1] - The brand's rapid expansion was driven by its "coffee + bread" model, peaking at over 1,000 stores nationwide, indicating a potential adjustment period for traditional bakery models [1] Group 2: Gold Jewelry Price Increase - On October 14, spot gold prices surpassed 1,210 yuan per gram, marking an increase of approximately 400 yuan per gram for the year [2] - Brands like Chow Tai Fook and Chow Sang Sang announced price hikes for their "one-price" gold jewelry, with increases ranging from 10% to 35% starting mid-October [2] - Many styles of gold rings and bracelets from established brands are sold out, indicating a supply-demand imbalance driven by rising gold prices [2] Group 3: Regulation on Low-Price Competition - The newly revised Anti-Unfair Competition Law prohibits platform operators from forcing sellers to sell below cost, aiming to curb disruptive low-price competition [3] - This regulation is expected to limit the aggressive pricing strategies of leading brands, potentially alleviating operational pressure on smaller businesses [3] - The law may help restore the pricing system and promote quality competition in the industry, highlighting the importance of compliance and product differentiation for brands [3] Group 4: "Yujian Xiaomian" IPO Application - "Yujian Xiaomian" has received approval from the China Securities Regulatory Commission for its overseas listing application, planning to issue up to 235 million shares [4] - The company aims to convert 613 million shares held by 11 shareholders into shares for overseas listing on the Hong Kong Stock Exchange [4] - A successful IPO could enable the company to accelerate store openings and upgrade its supply chain, positively impacting the restaurant sector's sentiment [4]

Summary of the Conference Call on the Gold and Jewelry Industry Industry Overview - The gold and jewelry industry is experiencing significant changes due to rising gold prices, which have increased by approximately 50% year-on-year during the 2025 Golden Week, impacting retail sales positively despite a slight decline in weight sold [1][2][21]. Key Points and Arguments Sales Performance - Overall sales growth during the 2025 Golden Week was 5.7%, with individual brand performances varying: - Lao Feng Xiang: +6.3% - Zhou Da Sheng: -1.4% - Lao Miao: +1.8% - Chao Hong Ji: +18% - Zhou Da Fu: +7.8% - China Gold: -7.3% [2][21]. Pricing and Profitability - The average transaction price for Lao Feng Xiang increased from 80-120 RMB to 170-180 RMB due to rising gold prices, while profit per gram for stores dropped from 120-150 RMB to 50-80 RMB [1][5][6]. - Gross margins have decreased by 3-4 percentage points, with fine jewelry products at approximately 22%-25% and general products at 15%-18%, leading to an overall margin of about 18%-20% [7][8]. Brand Strategies - Zhou Da Fu has adjusted its product structure, increasing the proportion of fixed-price products from 10% to over 25%, significantly improving its gross margin [3][12]. - Chao Hong Ji has successfully attracted younger consumers through IP updates, achieving a national sales increase of 52% [1][4]. Store Management and Market Dynamics - Major brands are in a phase of store closures, with Zhou Da Sheng closing 78 stores, Lao Feng Xiang 48, and Zhou Da Fu reducing from over 7,000 to 5,600 stores. Chao Hong Ji is the only brand expanding its store count [10][11]. - The management of franchisees has become more relaxed, leading to widespread discounting practices among franchisees to remain competitive [10]. Future Outlook - The industry anticipates a growth rate of 10% to 20% in 2026, driven by wedding demand and expectations of continued gold price increases [22][25]. - Current inventory levels have risen, with stores holding 17-18 kg compared to 12 kg previously, complicating predictions for when consumption will normalize [23]. Taxation and Compliance Issues - Hong Kong brands face frequent tax audits due to full invoicing practices, leading to significant tax liabilities for franchisees [26][27]. - Domestic brands utilize strategies to minimize tax burdens, such as reducing invoicing amounts [29]. Consumer Behavior - The sensitivity of consumers to high prices is increasing, prompting brands to optimize their market presence and inventory management [18][19]. Additional Important Insights - The proportion of old-for-new exchanges is around 20%, contributing significantly to sales revenue as gold prices rise [30]. - The industry is expected to undergo cyclical changes, with potential new product trends emerging that could lead to a new store opening cycle in the future [20].

Core Insights - The price of spot gold has been rising continuously, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram before the National Day holiday [1] Group 1: Company Performance - Laopuhuang (老铺黄金, 06181.HK) reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [2] - Other traditional gold jewelry brands such as Chow Sang Sang (周生生, 00116.HK), China Gold (中国黄金, 600916.SH), Chow Tai Fook (周大福, 01929.HK), and Zhou Dasheng (周大生, 002867.SZ) faced performance pressures, with revenue declines of over 10% for China Gold, over 20% for Chow Tai Fook, and over 40% for Zhou Dasheng [2] Group 2: Market Trends - The rising gold prices have created a divide in the industry, with some brands benefiting while others struggle, leading to increased operational pressures for gold retailers [2] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption in the first half of 2025, indicating a weakening demand in the market [2] - The World Gold Council noted that the ongoing weakness in gold jewelry consumption has led to a reduction in retail outlets, further constraining consumer purchasing channels and exacerbating the low demand for gold jewelry [3] - Despite short-term challenges, the closure of underperforming stores may benefit the market's long-term health, shifting focus from price competition to emotional value and design in gold jewelry [3]

Group 1 - The spot gold price reached a historical high of $4,100 per ounce on October 13 and continued to rise, reaching $4,158.06 per ounce on October 14, marking a 1.19% increase [1][3] - Domestic jewelry brands in China have seen significant increases in the price of 24K gold jewelry, with prices for brands like Laomiao Gold reaching 1,218 RMB per gram, and other brands like Chow Tai Fook and Luk Fook also increasing to around 1,215 RMB per gram [1][3] - The year-to-date increase in the price of domestic 24K gold jewelry is nearly 50%, with the average price at the beginning of the year being approximately 810 RMB per gram [3] Group 2 - There has been a noticeable increase in consumer inquiries about gold prices in physical jewelry stores, although actual transactions are primarily driven by wedding and essential needs due to high prices, leading to a slowdown in investment purchases [3] - Analysts suggest that global geopolitical uncertainties and monetary policy expectations from major economies continue to support gold prices, but caution that the current high prices may require consumers to approach purchases with a rational mindset to avoid impulsive buying [3]