金价狂飙，金表也不好卖了

Core Viewpoint - The article discusses the challenges faced by Xipuni, a leading gold watch brand in China, as it attempts to go public in Hong Kong while other consumer brands thrive. Despite the rising gold prices and a growing market for gold consumption, Xipuni's sales and revenue have stagnated, highlighting the need for a shift in its business strategy to adapt to changing consumer preferences and market conditions [1][6][15]. Group 1: Company Overview - Xipuni was founded in 2013 in Shenzhen, known as China's watch capital, by Hu Shaohua and Li Yongzhong, who have backgrounds in the watch and jewelry industries respectively [2]. - The company developed a breakthrough technology in 2014, launching China's first mass-produced gold watch [3]. - Xipuni has established itself as the largest gold watch brand in China, with a market share of 24.98% in the gold watch segment and 35.83% in the pure gold watch segment [4]. Group 2: Sales and Revenue Performance - Xipuni's sales of traditional gold watches have fluctuated from 189,000 units in 2021 to 140,000 units in 2024, indicating a decline in demand [7]. - The average price of Xipuni's watches increased from around 2,000 RMB in 2021 to over 2,800 RMB in 2023, before dropping to 2,500 RMB in 2024 due to market conditions [8]. - The company's revenue remained relatively flat over the years, with figures of 450 million RMB in 2021, 324 million RMB in 2022, 445 million RMB in 2023, and 457 million RMB in 2024 [9]. Group 3: Market Trends and Consumer Behavior - The overall gold consumption in China saw a rise in 2023, with a total of 1,089.69 tons consumed, marking an 8.78% increase year-on-year. However, in 2024, gold consumption dropped by 9.58% to 985.31 tons [11][14]. - The demand for gold jewelry specifically fell by 24.69% in 2024, indicating a shift in consumer sentiment as gold prices surged [14]. - Xipuni's reliance on traditional gold watch sales has become a liability, as the market shifts towards more innovative and emotionally driven products [15]. Group 4: Strategic Recommendations - To remain competitive, Xipuni must consider moving away from traditional gold watch concepts and embrace new valuation logic, focusing on emotional value consumption [15]. - The introduction of smart gold watches, such as the dual-wear smart gold watch, represents an attempt to innovate, but it raises questions about market positioning and consumer interest [15][16]. - The company faces a challenge in balancing the collectible nature of gold watches with the technological advancements required for smart devices, which may lead to a conflict in consumer expectations [16].