周大生豪赌流量，专家：饮鸩止渴

Core Viewpoint - The article discusses the recent surge in gold prices and its impact on the jewelry industry, particularly focusing on the challenges faced by Zhou Dashing, a prominent jewelry brand, as it shifts strategies to cope with declining sales and increasing competition in the market [1][2]. Group 1: Gold Price Trends - Since late April, gold prices have broken out of a prolonged stagnation, reaching a record high of $3,657.59 per ounce on September 9, 2025, with a year-to-date increase of $976, representing a 37% rise [1][4]. - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption for the first half of 2025, indicating a significant drop in demand despite rising prices [1]. Group 2: Zhou Dashing's Financial Performance - Zhou Dashing's consolidated revenue for the first half of 2025 was 4.597 billion yuan, a decrease of 43.93% compared to the same period in 2024, while net profit remained relatively stable at 594 million yuan, down 1.11% [2]. - The company's inventory balance as of June 30, 2025, was 4.558 billion yuan, a 6.75% increase from the beginning of the year, indicating a high inventory level that occupies significant liquidity [4]. Group 3: Strategic Shifts and Challenges - Zhou Dashing announced plans to establish a joint venture with Wuyou Media Group and others to enhance online sales through live streaming and short videos, reflecting the increasing pressure on traditional sales channels [1][5]. - Analysts suggest that while this strategy may provide a temporary boost in sales, it risks diluting the brand's high-end image and could lead to a loss of brand value in the long term [1][5][7]. Group 4: Industry Trends and Consumer Behavior - The jewelry industry is experiencing a shift towards online sales, with younger consumers (under 35) now making up 55% of the market, prompting brands to adapt their strategies [6][7]. - Competitors like Zhou Dafu and Zhou Liufu are also closing physical stores and pivoting to online channels, indicating a broader trend of consolidation and adaptation within the industry [5][6].