金价飙升下营业额净利润双降，周生生2024年关闭122家门店

Core Viewpoint - Chow Sang Sang (00116.HK), known as Hong Kong's "first gold and jewelry stock," is closing 122 stores in 2024, resulting in a net reduction of 74 stores, primarily in mainland China, due to declining performance and economic uncertainty [2][8]. Financial Performance - For the fiscal year 2024, Chow Sang Sang reported a revenue of HKD 21.176 billion, a year-on-year decrease of 15% [2]. - The profit attributable to the company's owners was HKD 806 million, down 20% year-on-year, with net profit from continuing operations plummeting 27% to HKD 772 million [2]. - The company attributed the revenue decline to unclear economic conditions and record-high gold prices, which significantly pressured jewelry demand in mainland China, Hong Kong, and Macau [2][5]. Market Dynamics - The surge in gold prices has led to increased prices for gold jewelry, causing consumers to adopt a wait-and-see approach. Same-store sales growth for gold jewelry in mainland China and Hong Kong fell by 13% and 19%, respectively, while sales of embedded jewelry dropped by 38% and 24% [5][6]. - High gold prices are expected to continue, with Goldman Sachs raising its forecast for gold prices to a range of USD 3,250 to USD 3,520 [3]. Strategic Adjustments - Chow Sang Sang is reducing its physical store presence in lower-tier cities while expanding in high-end locations in major cities, implementing an omnichannel strategy to enhance customer experience [8]. - The company has opened 48 new stores while closing 122, indicating a strategic shift towards optimizing store locations and improving operational efficiency [8]. Industry Challenges - The jewelry retail industry is highly sensitive to economic conditions and gold price fluctuations, impacting profitability [6]. - Traditional jewelry brands like Chow Sang Sang face structural challenges in brand rejuvenation and digital transformation compared to emerging brands that leverage new media for marketing [8][9]. - To enhance resilience, the company needs to focus on channel strategies, brand building, and product innovation [6][9].