老铺黄金的“平替”，要IPO了

Core Viewpoint - The article discusses the rising prominence of the gold jewelry brand "Chao Hong Ji" in the context of the booming gold market and its strategic positioning against traditional luxury brands like "LVMH" and "Old Pu Gold" [6][18]. Group 1: Market Dynamics - The gold price has reached historical highs, surpassing $3,600 and $3,700 per ounce, driven by rising expectations of interest rate cuts by the Federal Reserve [6]. - The overlap in consumer demographics between "Old Pu Gold" and international luxury brands is significant, with a 77.3% overlap noted [6][8]. - The gold jewelry market is experiencing a surge, with companies like "Chao Hong Ji" planning dual listings to capitalize on this trend [6][20]. Group 2: Company Overview - Chao Hong Ji - "Chao Hong Ji" is recognized as the "King of K Gold" and has shifted its focus from primarily K gold products to a more diversified jewelry offering, with 93.6% of its revenue coming from jewelry business as of the first half of 2025 [10][11]. - The company has seen a stock price increase of over 160% since 2025, with a current market capitalization around 13.2 billion yuan [6]. - "Chao Hong Ji" has a market share of 1.4% in the fashion jewelry sector, ranking first in sales revenue [8]. Group 3: Strategic Positioning - The brand targets younger consumers with affordable pricing, offering products priced between 1,000 to 10,000 yuan, contrasting with "Old Pu Gold," which focuses on high-end products priced above 10,000 yuan [9]. - The company has embraced IP collaborations since 2010, launching over 400 SKUs to enhance its appeal among younger demographics [9]. - "Chao Hong Ji" has expanded its product line to include high-end custom series, indicating a strategy to elevate its brand image in the luxury market [11]. Group 4: Growth and Expansion - As of mid-2025, "Chao Hong Ji" operates 1,542 stores, with a significant portion being franchise stores, reflecting a shift towards a franchise model for rapid market penetration [16]. - The company has reported continuous revenue growth, with figures of 4.364 billion yuan in 2022, 5.837 billion yuan in 2023, and 6.452 billion yuan in 2024 [16]. - The brand is pursuing international expansion, with plans to open 20 self-operated stores overseas by the end of 2028, having already established a presence in Malaysia, Thailand, and Cambodia [20].