周大福又涨价了

Core Viewpoint - The new gold tax policy has led to fluctuations in gold prices, impacting consumer behavior and prompting major jewelry brands like Chow Tai Fook to adjust their pricing strategies in response to increased costs associated with gold procurement and production [2][3]. Group 1: Tax Policy Impact - The new tax policy exempts individuals from value-added tax when selling used items, including gold jewelry, but frequent and large-scale sales may be classified as "business sales" by tax authorities [2]. - Chow Tai Fook confirmed that the recent tax policy has resulted in additional costs for gold procurement and production, leading to price adjustments for certain gold products starting November 3 [2]. Group 2: Price Adjustments - Chow Tai Fook raised retail prices for gold products by 12% to 18% last month, following an earlier price increase of 10% to 20% in the first half of the year [3]. - Other major gold retailers, including Lao Miao and Chow Sang Sang, also increased prices significantly, with some experiencing daily price hikes exceeding 5% [2]. Group 3: Sales Performance - Chow Tai Fook reported a 43.7% year-on-year increase in retail value growth for priced gold products in the third quarter, benefiting from strong demand and improved sales trends in mainland China, Hong Kong, and Macau [3]. - The company emphasizes the importance of product design, service quality, and customer relationships in maintaining its market position and profitability [3]. Group 4: Risk Management and Consumer Sentiment - Chow Tai Fook utilizes financial tools to hedge risks and maintains stable gold inventory levels aligned with production and sales needs, rather than focusing solely on the appreciation of gold prices [3]. - The company highlights that the emotional value of jewelry should be prioritized, suggesting that consumers should focus on the joy of purchasing rather than being overly concerned with gold price fluctuations [3].