Core Insights - The price of spot gold has been continuously rising, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram at the end of September before the National Day holiday [2][3] Industry Summary - The surge in gold prices has benefited certain retail brands, such as Laopai Gold, which reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [3] - However, the rising gold prices have not positively impacted most other gold brands, leading to a divergence within the industry. Companies like Chow Sang Sang, China Gold, and Chow Tai Fook have faced significant revenue declines, with China Gold's revenue dropping over 10%, Chow Tai Fook's down over 20%, and Chow Sang Sang's down over 40% [3] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption volume for the first half of 2025, indicating that while gold prices have attracted attention, they have also suppressed consumer spending and increased operational pressures for gold retailers [3][4] Market Dynamics - According to Dongxing Securities, the differentiation in the downstream jewelry brand market is attributed to weakened channel-driven growth, with brand and product design becoming core competitive advantages. The pace of store expansion has slowed, and some companies have even seen a decrease in the number of stores, indicating that reliance on channel expansion for growth is no longer sustainable [4] - The World Gold Council noted that the continued weakness in gold jewelry consumption has led to a reduction in the scale of retail sales outlets, further constraining consumer purchasing channels and exacerbating the sluggish retail gold jewelry market. However, this trend may ultimately benefit the market's healthy development by eliminating underperforming stores, leading to a shift from aggressive price competition to a focus on the emotional value and design of gold jewelry [4]
节前买金的都感觉“赚到了” ，金饰金价半个月涨100元/克