CHJ(SZ:002345) 远川研究所·2025-10-28 13:08Core Viewpoint - The article discusses the rise of "small weight gold jewelry" as a new trend in the jewelry market, particularly focusing on the company Chao Hong Ji, which has successfully capitalized on this trend to increase its market share and profitability. Group 1: Company Overview - Chao Hong Ji was founded in 1997 by Liao Chuang Bin and his father, initially focusing on gold processing and later establishing a brand that symbolizes the prosperity of the Chaoshan region [10]. - The company initially followed a Swarovski-like model, emphasizing high-margin fashion jewelry, but faced challenges from competitors and market shifts [12][18]. - In 2023, Chao Hong Ji pivoted to "small weight gold," which significantly increased its revenue from classic gold products from 20.24% in 2020 to 44.6% in the first half of 2023 [15]. Group 2: Market Dynamics - The jewelry market is characterized by low profit margins for traditional gold sales, with most gold retailers having gross margins below 10% [18]. - The introduction of small weight gold jewelry allows for lower price points, making gold more accessible to younger consumers with limited budgets [9][30]. - The small weight gold jewelry strategy blurs the cost structure of gold, allowing for higher profit margins by incorporating design and emotional value into the products [21][30]. Group 3: Consumer Behavior - The small weight gold jewelry appeals to consumers by lowering the purchase threshold, making it easier for them to buy gold as a gift or for personal use without significant financial pain [30]. - Chao Hong Ji's marketing strategy includes leveraging IP collaborations to create new pricing opportunities, enhancing the perceived value of their products [31]. - The company has also introduced services like free stringing for gold beads, which increases customer retention and reinforces the product's consumer-oriented attributes [35].