Sou Hu Cai Jing·2025-09-03 15:27Core Viewpoint - The gold jewelry market is experiencing a significant divide in performance among companies, driven by high gold prices and changing consumer preferences, leading to both growth and decline in revenues and profits across the industry [5][7]. Group 1: Gold Price Impact - As of September 1, gold prices rose to 800.56 yuan per gram, with several brands' gold jewelry prices exceeding 1,000 yuan per gram [4]. - The high gold prices have led to a cautious consumer approach, with a notable decline in gold consumption, particularly in jewelry, which saw a 26% drop [5][6]. Group 2: Company Performance - Companies like Lao Pu Gold reported explosive growth, with revenue increasing by 251% to 123.54 billion yuan and net profit rising by 285.8% [8][13]. - In contrast, traditional giants like Lao Feng Xiang and Zhou Da Sheng faced revenue declines of 16.52% and 43.92%, respectively, with Zhou Da Sheng's revenue from gold products dropping by 50.94% [7][8]. Group 3: Market Trends and Strategies - The industry is witnessing a shift towards high-value, design-oriented jewelry, with brands increasingly entering the "ancient method" gold segment to differentiate themselves [5][10]. - Many companies are closing underperforming stores to optimize retail networks, with Zhou Da Sheng reducing its store count by 290 in the first half of the year [9][10]. Group 4: Competitive Landscape - The market for "ancient method" gold is becoming crowded, with multiple brands launching similar products, leading to intensified competition [12][13]. - Lao Pu Gold aims to position itself as the "Hermès of gold," but faces risks from increased competition and potential consumer fatigue from price hikes [13].