金价高企，行业龙头营业额却下滑了

Group 1 - The core viewpoint is that high gold prices have negatively impacted consumer willingness to purchase gold jewelry, leading to a decline in sales for major jewelry companies [1][5] - Chow Tai Fook's revenue for the fiscal year 2025 decreased by 17.5% year-on-year to HKD 89.656 billion, reflecting the broader trend in the industry [3][5] - Despite the challenges posed by high gold prices, major companies in the industry have shown resilience, maintaining stable operations [2][6] Group 2 - Chow Tai Fook's operating profit increased by 9.8% year-on-year, indicating operational strength despite revenue decline [6][7] - The company launched pricing gold products that saw a revenue increase of 105.5% year-on-year, contributing positively to its product mix [6] - Other major companies like Lao Feng Xiang and China Gold also reported revenue declines, with Lao Feng Xiang's revenue down 20.5% and China Gold's down 39.71% in Q1 2025 [5][6] Group 3 - The overall jewelry industry has experienced a significant drop in gold jewelry consumption, with a reported 24.69% decrease in consumption volume in 2024 [5] - The ongoing geopolitical tensions and central bank gold purchases are expected to support gold's strategic value in the long term [2][9] - Analysts suggest that gold prices are likely to remain in a bullish cycle, driven by factors such as U.S. economic data and geopolitical risks [8][9]