一场“足金不纯”风波，线下销售“遇冷”，周生生承受变数

Core Viewpoint - The company Chow Sang Sang is facing a crisis regarding the purity of its gold jewelry, which has raised consumer concerns and could impact sales during the peak season leading up to the Spring Festival [2][3]. Group 1: Incident Overview - On February 2, reports emerged that a gold pendant sold by Chow Sang Sang in Qingyuan, Guangdong, was found to contain iron, silver, and palladium, with purity discrepancies exceeding 35% [3][4]. - Chow Sang Sang's response included a statement on February 3, asserting that the affected batch met national quality standards, but this did not alleviate public skepticism [4]. - A follow-up statement on February 5 confirmed that third-party testing indicated the product was indeed pure gold, aligning with regulatory standards [4][5]. Group 2: Sales Impact - The incident has coincided with a period of high gold prices, which previously pressured the jewelry industry but had recently shown signs of recovery [2][5]. - Observations from store visits indicated a lack of customer traffic at Chow Sang Sang locations compared to competitors like Chow Tai Fook and Luk Fook Jewelry, suggesting a potential decline in consumer confidence [3][5]. - The company's financial performance has shown mixed results, with a projected revenue decline in 2024 and a slight decrease in same-store sales by 5% in the first half of 2025 [5][6]. Group 3: Market Position and Strategy - Chow Sang Sang operates a direct sales model with 883 stores as of June 30, 2025, a net decrease of 75 stores from the previous year [6]. - The company is adjusting its pricing strategy, with 62% of revenue from gold jewelry based on weight and market price, while 34% comes from fixed-price items, reflecting a shift in consumer purchasing behavior [6]. - The ongoing crisis may damage the brand's premium perception, as consumer trust is crucial in the high-end jewelry market, potentially placing Chow Sang Sang at a competitive disadvantage [5][6].