记者丨 高江虹 编辑丨黄剑 图/21世纪经济报道 高江虹 摄 这一场景与8月初形成鲜明对比。8月2日傍晚，虽然是周末，老铺黄金在北京SKP的这两个门店却人流寥寥。 带动排队潮的一大重要原因是，8月25日起，老铺黄金再次提价了。 SKP门店工作人员表示，这一次多款产品涨价幅度在10%~12%。而今年2 月的那一轮提价，涨幅5%~12%。 越涨消费者反而越买单？老铺黄金的涨价逻辑是什么？消费者和市场又是否买单？ 8月25日下午，北京SKP B1层老铺黄金门店又出现排队，门口有十余名消费者在等待。 工作人员表示，预计要等20~30分钟才能进场。同一时 间，SKP一层的老铺黄金专柜虽然没出现排队现象，但也有一些消费者正在购物。 老铺黄金的涨价举动在一定程度上引起了消费者的关注，成功吸引一些消费者的购物热情。8月23、24日，恰值周末，北京SKP老铺黄金门店 再现排队长龙，小红书上也有消费者分享其他城市的老铺门店排队情况。 一位不愿具名的消费者坦诚，赶在涨价前下手买了两件金饰，确实是冲着老铺涨价和保值的目的而来。她表示，去年花4万多元买了一款八宝 随身金佛，8月25日涨到5万5，涨了一万多，顿时觉得很值，要早点下手。 ...

8月，以"潮梦想出发"为主题的第十五届中国国际影视动漫版权保护和贸易博览会（以下简称"中国国际 动漫博览会"）在广东东莞举办，国内外知名IP和品牌集中亮相，吸引近10万观众共赴这场多元文化交 融的动漫盛宴，参展企业意向合作金额达15.6亿元。 近年来，东莞潮玩产业蓬勃发展。从北京冬奥会吉祥物冰墩墩到风靡全球的泡泡玛特，中国近85%的潮 玩产品、全球1/4的动漫衍生品均产自东莞。东莞潮玩何以"圈粉"全球？记者近日深入这座制造与潮流 共生的城市进行探访。 一体两翼硬核"出圈" 中国国际动漫博览会上，观众将广东哈一代玩具股份有限公司的"本潮纲目中药铺"围得水泄不通，董事 长肖森林"变身"药铺老板，乐呵呵地抓取灵芝、鹿茸等萌趣可爱的中药材玩偶，为观众配制"十全大补 方"。"我们挖掘中医药传统文化，将《本草纲目》中数十种药材设计成玩偶，推出把脉、坐诊、煎药一 条龙的潮玩中药铺，让消费者沉浸式体验'望闻问切'、抓药称重，极大满足了情绪需求。"肖森林告诉 记者。 作为东莞本土潮玩品牌"出海"的代表，哈一代的成长路径折射出中国潮玩从"代工"向"原创品牌"转型的 探索。"1999年我就进入了东莞玩具行业，当时玩具已是东莞支柱产 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a century-old national jewelry brand that has established a strong cultural barrier and is leveraging high-end strategies to open up growth opportunities [2][14]. - The jewelry segment is the core business, expected to account for over 80% of revenue by 2024, with a dual business model that includes a focus on lithium salt [17][20]. - The company has shown impressive financial growth, with a projected CAGR of 20.4% for revenue and 65.6% for net profit from 2020 to 2024 [22]. Company Overview - The company, founded in 1895, has a rich history and has evolved into a comprehensive group enterprise involved in jewelry design, production, wholesale, retail, and franchising [14][15]. - The company has completed a change in actual control, leading to a stable management team that supports the ongoing development of the jewelry business [21]. Cultural and Product Strategy - The company emphasizes the integration of traditional craftsmanship and cultural elements, particularly through collaborations with cultural institutions like the Palace Museum [2][30]. - The brand has undergone a 2.0 upgrade, enhancing its high-end product matrix and focusing on a "low-key luxury" positioning [2][41]. - The company operates a solid channel strategy with a mix of direct sales and franchising, aiming to optimize store efficiency and expand its presence across major cities [2][43]. Industry Insights - The gold jewelry market is experiencing upward trends, with a notable resilience in high-end segments despite overall consumption declines [3][52]. - The younger generation is becoming the primary consumer group, showing a preference for unique and culturally infused jewelry designs [56][57]. - The market for traditional gold jewelry is expected to grow significantly, driven by cultural confidence and the rise of domestic brands [56][57]. Financial Projections - The company is projected to achieve revenues of 4.81 billion, 5.60 billion, and 6.66 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 249.27 million, 287.03 million, and 337.87 million yuan [5][4]. - The financial metrics indicate a strong improvement in profitability, with net profit margins expected to rise significantly [28].

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company, Yuyuan Group, is a platform-type consumer industry company with a diversified business layout, including jewelry fashion, cultural dining, national trend watches, beauty and health, and composite functional real estate. The company aims to create a happy life for global family customers and is actively embracing consumption structure adjustments and new trends in national trends [5][15] - The jewelry fashion business is positioned to lead the consumption trend, with the company leveraging its multi-brand and all-channel strategy to build competitive barriers [7][14] - The report provides a profit forecast for the company, estimating net profits attributable to the parent company for 2025, 2026, and 2027 to be 463 million, 1.259 billion, and 2.07 billion yuan respectively, with corresponding P/E ratios of 48.9X, 18.0X, and 10.9X [8][10] Summary by Sections Company Overview - Yuyuan Group is actively adjusting its business layout and deepening its "Oriental Lifestyle Aesthetics" strategy, focusing on family consumption and adapting to market changes [15][19] - The company has experienced significant fluctuations in operating performance, with revenue and profit growth from 2018 to 2022, but facing pressure in 2023 and 2024 due to external factors [15][19] Jewelry Fashion Business - The jewelry business, primarily under the brands "Laomiao" and "Yayi," has a strong market presence with 4,615 retail outlets by the end of 2024. The company employs a franchise model for rapid market expansion while enhancing brand image through direct stores [7][14] - The report notes a shift in consumer demand towards self-purchase and cultural significance in gold jewelry, with the company innovating in product design and marketing strategies [6][7] Other Consumer Segments - The report discusses the company's restaurant management and service sector, emphasizing the importance of traditional Chinese brands and a focus on light asset expansion [8] - The food, department store, and craft sectors are expected to transition from traditional craftsmanship to modern industrialization, with a focus on pre-prepared meals and health supplements [8] - The fashion watch segment shows stable revenue with improving profitability, while the property development and sales segment is anticipated to contribute positively in the future due to a solid project reserve [8][19] Financial Forecast and Investment Rating - The financial forecast indicates a recovery in net profit from 2025 onwards, with significant growth expected in subsequent years. The report assigns a "Buy" rating based on the company's strategic positioning and market potential [8][10][14]

Core Viewpoint - Laopuhuang plans to increase product prices on August 25, leading to heightened consumer interest and sales activity [8][9][12]. Price Adjustment Announcement - On August 15, Laopuhuang officially announced a price adjustment, stating that the details would be based on actual prices in online and offline stores [8][9]. - Following the announcement, Laopuhuang's stock price rose, with an intraday increase of nearly 5% [5]. Sales Strategy and Consumer Behavior - Laopuhuang's customer service confirmed the price increase but did not specify which product categories would be affected or the extent of the price changes [9]. - Sales personnel are actively encouraging potential buyers to purchase before the price increase, especially with the upcoming Qixi Festival on August 29 [9][12]. - Historically, Laopuhuang has implemented 2 to 3 price adjustments annually, with a notable increase occurring in February, which led to a buying frenzy [9][14]. Historical Context of Price Changes - In February, Laopuhuang's price increase ranged from 5% to 12%, with a limit on purchases to prevent stockpiling [15]. - There were reports of a "buying rush" during previous price hikes, indicating strong consumer demand [15]. Financial Performance and Market Position - Laopuhuang expects to achieve sales revenue of approximately 138 billion to 143 billion yuan for the first half of 2025, representing a year-on-year growth of about 240% to 252% [16]. - The adjusted net profit is projected to be around 23 billion to 23.6 billion yuan, reflecting a year-on-year increase of approximately 282% to 292% [16]. - The brand's market advantage is attributed to its expanding influence and continuous product optimization [16]. Market Trends and Consumer Preferences - The international gold price has been rising, with COMEX gold prices recently reaching around 3,390 USD per ounce [19]. - Despite a slight decline, gold jewelry prices remain above 1,000 yuan per gram, indicating a high market value [20]. - In the first half of 2025, China's gold consumption decreased by 3.54%, with gold jewelry consumption dropping by 26% [22]. - However, products with strong design and high added value continue to attract consumer interest, supporting profitability for retailers [22].

Core Viewpoint - The Chinese gold jewelry industry is attracting investor attention due to its unique positioning within the global luxury market, with leading brands like Chow Tai Fook and Lao Pu Gold emerging as industry focal points despite moderate overall growth rates [2][3]. Market Size - By 2024, the retail scale of China's gold jewelry market is expected to reach $114 billion, accounting for 31% of the global market, which is equivalent to the combined markets of the US and Europe [3]. - The growth drivers include rising gold prices (11% CAGR), product innovation, and store expansion, with per capita annual consumption in China at $81, higher than the global average of $45 but significantly lower than Hong Kong ($663) and Taiwan ($236) [3]. Competitive Landscape - The industry is experiencing accelerated concentration, with the top 10 brands capturing 38% of the market share, an increase of 14 percentage points since 2019. Chow Tai Fook holds a 10% market share, while Lao Pu Gold, with a 1.2% share, is rapidly growing as a "national trend dark horse" [5]. Product Innovation - The industry is characterized by three major trends: - The rise of national trends, with Lao Pu Gold leveraging "culture + craftsmanship" to create high-margin products [7]. - IP collaborations attracting younger consumers, with Chow Tai Fook's partnerships leading to significant online sales growth [7]. - Emotional value driving consumption, as products symbolizing protection and prosperity become popular [7]. Channel Transformation - Online sales are becoming a key growth engine, with Chow Tai Fook's online sales expected to reach 20% by 2024, and Lao Pu Gold achieving a 287% year-on-year increase in online sales [8]. - Both companies are exploring overseas markets, particularly in Southeast Asia, with tailored products for local cultures [8]. Investment Perspective - Chow Tai Fook's profitability is driven by product popularity and same-store sales growth, while Lao Pu Gold is entering a new product/profit cycle with strong same-store sales growth and network expansion [9][10]. - Chow Tai Fook is expected to achieve positive same-store sales growth through store optimization and product upgrades, with a projected 30% profit growth in 2026 [11]. - Lao Pu Gold is anticipated to have a compound profit growth rate of 110% from 2024 to 2026, with a favorable risk-reward ratio following recent stock price adjustments [12]. Future Outlook - The core opportunity in the Chinese gold jewelry industry lies in leveraging culture to expand market share, with leading brands capturing high-end markets through national trend designs and IP innovations [13].

Core Viewpoint - The Chinese gold and jewelry industry is attracting investor attention due to its unique position in the global luxury market, with leading brands like Chow Tai Fook and Lao Poo Gold reshaping the industry landscape through product innovation and cultural empowerment [1][13]. Market Size - By 2024, the retail scale of China's gold and jewelry market is expected to reach $114 billion, accounting for 31% of the global market, equivalent to the combined markets of the US and Europe [2]. - The growth drivers include rising gold prices (11% CAGR), product innovation, and store expansion, with per capita annual consumption in China at $81, higher than the global average of $45 but still lower than Hong Kong ($663) and Taiwan ($236) [2]. Competitive Landscape - The industry is experiencing accelerated concentration, with the top 10 brands capturing 38% of the market share, an increase of 14 percentage points since 2019 [4]. - Domestic brands are performing well, with an 8.7 percentage point increase in market share; Chow Tai Fook holds a 10% share, while Lao Poo Gold, despite a smaller 1.2% share, is rapidly growing [4]. Product Innovation - The industry is characterized by three major trends: - The rise of "Guochao" (national trend) with Lao Poo Gold leveraging cultural and craftsmanship elements, achieving gross margins of 40%-50% [6]. - IP collaborations attracting younger consumers, with Chow Tai Fook's online sales significantly increasing through partnerships with popular IPs [6]. - Emotional value driving consumption, with products symbolizing protection and prosperity becoming bestsellers [6]. Channel Transformation - Online sales are becoming a key growth engine, with Chow Tai Fook's online sales expected to reach 20% by 2024, and Lao Poo Gold's online sales increasing by 287% year-on-year [7]. - Both brands are exploring overseas markets, particularly in Southeast Asia, with tailored products for local cultures [7]. Investment Perspective - Chow Tai Fook's growth is driven by product innovation and same-store sales growth, with a focus on new product launches to regain momentum [8]. - Lao Poo Gold is entering a new product/profit cycle, with strong same-store sales growth and an expanding sales network [9]. Future Outlook - The core opportunity in the Chinese gold and jewelry industry lies in cultural empowerment, with leading brands capturing high-end markets through innovative designs and global expansion [12][13].

Core Viewpoint - The company is focusing on enhancing the cultural value of its "Yue Wang" brand through the development of diverse cultural and creative products that integrate historical elements and modern aesthetics [1] Group 1: Product Development - The company is leveraging its "Yue Wang" brand to create ancient gold products that reflect the trend of national culture from a fashion perspective [1] - Future cultural and creative products will aim to empower the Yue Wang brand and showcase new cultural values [1] Group 2: Design Philosophy - The core design philosophy involves deep exploration of historical heritage, integration of intangible cultural heritage techniques, and alignment with modern aesthetics [1] - The company plans to select representative cultural relics related to the Yue Wang brand from museums to extract core elements for design inspiration [1] Group 3: Collaborative Elements - The design will incorporate elements from significant historical scenes to launch a series of IP cultural and creative products [1]

Core Insights - The Dragon Boat Festival is experiencing a surge in cultural and economic activities, with innovative consumption scenarios being created to enhance the festive atmosphere and stimulate consumer spending [1][6][9] Group 1: Dragon Boat Races - Various regions are hosting dragon boat races, with significant participation from local and international teams, showcasing the sport's popularity and cultural significance [2][3] - The 18th Furong River Dragon Boat Championship in Chongqing attracted 21 teams and over 570 participants, highlighting the competitive spirit and community engagement [1][2] Group 2: Cultural Activities and Community Engagement - Educational and experiential activities related to dragon boat culture, such as workshops and food preparation, are being organized to immerse participants in traditional customs [3][4] - Community events in places like Changsha and Wuhan are incorporating traditional games and cultural displays, enhancing local engagement and cultural appreciation [4][5] Group 3: Market Trends and Consumer Behavior - The consumption trend during the Dragon Boat Festival reflects a strong "Guochao" (national trend) atmosphere, with a blend of traditional and modern products driving sales [6][7] - Sales of traditional items like salted duck eggs and艾草 (mugwort) are surging, with logistics networks facilitating nationwide distribution [7][8] Group 4: Tourism and Travel - The upcoming holiday is expected to boost tourism, with increased bookings for accommodations and a rise in interest for cultural and nature-themed travel experiences [8][9] - Various cultural and tourism activities are being organized in cities like Beijing, aiming to attract visitors and enhance their experience of traditional customs [9]

Group 1: Policy Initiatives - Dongguan plans to allocate 120 million yuan in industrial support funds to promote the high-quality development of the trendy toy and animation industry through five key areas: industrial ecology, market expansion, content creation, animation industry, and factor assurance [1] - The policy aims to enhance the original design capabilities of trendy toy and animation companies, encourage the creation of cultural landmarks, develop "trendy toy+" industrial tourism, and support the production of top-quality original animation [1][3] - Dongguan is actively inviting global leading trendy toy and animation companies, well-known IPs, and platform giants to establish headquarters, regional centers, and R&D bases in the city, with a maximum subsidy of 5 million yuan [1] Group 2: Industry Overview - Dongguan hosts over 4,000 toy manufacturing companies and nearly 1,500 upstream and downstream supporting enterprises, making it the largest toy export base in China [2] - Approximately 85% of trendy toy products in China are produced in Dongguan, which accounts for about 20% of the global trendy toy market value [2] - Dongguan's trendy toy industry is primarily focused on OEM production, with a low value-added structure, contributing only 10% to 20% of the overall industry value [2][3] Group 3: Development Challenges - The industry still relies heavily on production capabilities, with significant gaps in creative R&D and IP incubation [3] - There is a structural mismatch between the supply of design and sales talent and the industry's demand, highlighting the need for better talent attraction platforms [2][3] - Dongguan has previously introduced policies to strengthen original IP development and enhance original design capabilities, indicating ongoing efforts to address these challenges [3]