老铺黄金的“平替”，要IPO了

Group 1: LVMH and Old Poo Gold - Bernard Arnault, CEO of LVMH, visited Old Poo Gold in Shanghai, indicating the brand's appeal to high-end consumers in China [1] - Old Poo Gold's consumer overlap with luxury brands like LV and Cartier is 77.3%, showcasing its strong market position [1] - Gold prices have reached historical highs, exceeding $3,600 and $3,700 per ounce, driven by rising expectations of interest rate cuts by the Federal Reserve [1][10] Group 2: Chao Hong Ji's Market Position - Chao Hong Ji, known as "Little Old Poo Gold," plans a dual listing in Hong Kong and A-shares, benefiting from the rising gold market [2] - The company has seen a stock price increase of over 160% since 2025, with a current market capitalization of approximately 13.2 billion yuan [2] - Chao Hong Ji ranks first in the fashion jewelry market by sales revenue, with a market share of 1.4% [3] Group 3: Product Differentiation and Target Audience - Chao Hong Ji's products emphasize Eastern aesthetics and heritage craftsmanship, appealing to a younger demographic with more affordable pricing [4] - The brand targets consumers under 45, contrasting with Old Poo Gold's focus on high-net-worth individuals [4] - Chao Hong Ji has established brand influence among young consumers through over 400 SKUs and collaborations with popular IPs [4] Group 4: Business Evolution and Revenue Structure - Chao Hong Ji's revenue structure has shifted, with jewelry contributing 93.6% of income in the first half of 2025, reflecting a diversification beyond K-gold [6] - The classic gold jewelry segment has shown a compound annual growth rate of 43.4% from 2022 to 2024, indicating a growing interest in traditional gold products [7] - The company has launched a high-end custom series to enhance its brand image in the premium market [7] Group 5: Expansion and International Strategy - Chao Hong Ji has shifted to a franchise model since 2018, resulting in a rapid increase in store numbers, totaling 1,542 by mid-2025 [9] - The company plans to use funds from its IPO to expand internationally, with a goal of opening 20 self-operated stores overseas by the end of 2028 [12] - Chao Hong Ji has already opened stores in Malaysia, Thailand, and Cambodia as part of its international growth strategy [13]