Sou Hu Cai Jing·2025-05-18 13:25Industry Overview - In 2024, international gold prices continue to rise, while consumer demand is suppressed, leading to significant challenges for the gold and jewelry industry. More than half of the listed companies in this sector reported declines in revenue and net profit, with major brands like Chow Tai Fook and Chow Sang Sang also experiencing store closures [1][3] - According to the China Gold Association, gold consumption in China for the first quarter of this year was approximately 290 tons, a year-on-year decrease of 5.96%. Gold jewelry consumption was about 135 tons, down 26.85% year-on-year, indicating a dual pressure from high costs and weak terminal sales [1] Company Performance - Despite the overall industry pressure, three companies—Lao Pu Gold, Caibai Co., and Mankalon—have achieved growth through differentiated strategic positioning and precise market demand capture [3] - Lao Pu Gold has successfully transitioned gold from an investment product to a luxury item by combining traditional culture, craftsmanship, and modern design. In 2024, its revenue from gold products reached 9.787 billion yuan, accounting for 99.9% of total revenue, with a significant gross profit increase of 162.9% to 3.501 billion yuan [5] - Caibai Co. has seen a 45.28% year-on-year increase in revenue from precious metal investment products, reaching 12.906 billion yuan, which constitutes 63.8% of total revenue. The company has also enhanced product value through cultural IP, with cultural product sales growing by 40.87% [8] - Mankalon's online revenue reached 1.293 billion yuan in 2024, accounting for 54.83% of total revenue, with a year-on-year growth of 40.76%. The company has adopted a fast-fashion model, focusing on lightweight and affordable designs that appeal to the younger generation [9] Market Trends - The consumption attributes of gold and jewelry are undergoing a fundamental shift, moving from traditional wedding and value preservation needs to self-consumption, cultural consumption, and investment preservation. This shift allows companies to target specific market segments effectively [10] - The integration of channels and digital capabilities is becoming a key competitive advantage. While Lao Pu Gold focuses on offline sales, it achieved significant online sales during major shopping events, indicating the importance of both online and offline channels [10][11] - Companies are also upgrading their supply chain and organizational capabilities to ensure product innovation and operational efficiency. Lao Pu Gold relies on a strong R&D team, while Mankalon utilizes a flexible supply chain for rapid product iteration [11] Future Directions - The gold and jewelry industry is expected to face increased differentiation by 2025. Companies should focus on enhancing brand value by shifting from selling material to selling culture, integrating products with narratives that resonate with younger consumers [12] - Building a comprehensive channel ecosystem is essential, transforming offline stores into experience centers while leveraging online platforms for customer engagement and sales growth [12] - Companies need to balance investment and consumer demand by dynamically adjusting product structures, promoting investment products during price increases, and exploring value-added services to enhance customer loyalty [12][13]