Industry Overview - China's gold consumption in the first three quarters of 2025 reached 682.73 tons, a year-on-year decrease of 7.95%. Gold jewelry consumption fell by 32.5% to 270.036 tons, while demand for gold bars and coins increased by 24.55% to 352.116 tons, indicating a shift towards gold as a safe-haven asset amid economic uncertainty [2] - The ancient method gold market is experiencing significant growth, with its market size expected to reach 4.214 trillion yuan by 2028, up from 157.3 billion yuan in 2023, accounting for 35.3% of annual gold jewelry consumption [5][6] E-commerce Performance - During the recent shopping events, sales of embedded gold jewelry on JD.com increased by over 200% year-on-year. On Douyin, gold product sales rose by 22.81% compared to the previous month [4][5] - The Tmall Double 11 event saw record-breaking sales for brands like Laopu Gold, which achieved over 3 billion yuan in sales within the first 10 minutes, marking an increase of over 848 times year-on-year [5] Brand Developments - Linchao Jewelry, a brand rooted in the internet, has gained significant traction with 1.3 million followers on Douyin and a sales figure exceeding 500 million yuan in 2025, recently securing a strategic investment of over 100 million yuan [8][12] - Baolan Jewelry, focusing on ancient techniques, completed a Series A funding round exceeding 100 million yuan, with investments from notable firms including Challenger Capital and Kering Group [14][16] Market Trends - The trend towards high-craftsmanship gold and IP gold has been established on platforms like Tmall, with brands like Laopu, Junpei, Linchao, and Baolan leading the charge. The marketing strategy emphasizes the cultural value and craftsmanship of these products, appealing particularly to middle-class consumers [6] - The ancient gold jewelry market is reshaping consumer preferences, transitioning from traditional wedding items and investment tools to fashionable accessories and collectibles [5][6] Sales Projections - Citigroup's report anticipates that Laopu Gold's same-store sales growth will exceed 200% during the November promotional period, with projected sales of 5 billion yuan at SKP in 2025, increasing by 8% to 11% in 2026 [18]
奢侈品巨头、雷军押注，“古法黄金四姐妹”进入资本蜜月期