经济观察报记者 邹永勤 刘颖 近日，位列中国企业500强、深耕黄金产业链二十多年的深圳金雅福控股集团有限公司（下称"金雅福控 股"），因旗下黄金理财产品延期兑付引发了市场的广泛关注。 截至目前，对于此次"金雅福爆雷"事件涉及的资金规模有多大以及资金的去向仍没有一个明确的说法。 12月28日至29日，记者来到水贝黄金珠宝商圈进行实地探访，试图了解一下圈内人士是如何看待此 次"金雅福爆雷"事件的。 调查结果显示，圈内人士普遍对此事件态度淡然。其中，在田贝地铁站附近拥有一家金银饰品商铺的何 老板对记者表示，在深圳黄金珠宝商圈，每年都会有这样的爆雷跑路事件，大家对此早已司空见惯了， 只不过此次"金雅福爆雷"涉及的资金较多，所以闹得动静有点大而已。 当记者问及，为何金价持续上涨仍会出现爆雷跑路事件时，何老板表示，这类黄金理财平台，很多都是 把投资者的钱另作它用而不是真正的买黄金，当他们投资的项目不行了，那就只能爆雷跑路。"比如金 雅福的黄老板，这几年搞了那么多房地产项目，谁能保证没有挪用理财平台的钱？" 公开信息显示，金雅福控股近年来确实在大举进军房地产领域，比如在深圳市内，它先是主导改造了坂 田 深澳文化产业园，然后 ...

Core Insights - The price of gold has been fluctuating at high levels since 2025, leading to a surge in the gold recycling market as consumers seek to cash in at peak prices [1] - The rise in gold recycling demand has exposed issues within the traditional gold recycling market, including hidden clauses behind high recycling prices and weight discrepancies during assessments [1][8] - Smart gold trading terminals, which emphasize digitalization and transparency, are gaining traction in major shopping centers, potentially creating new operational models in the gold recycling industry [1][6] Group 1: Market Trends - As of this week, New York gold futures reached a peak of $3,451 per ounce, while the Shanghai Gold Exchange price hit a maximum of 788 yuan per gram [1] - The total recycling volume of Jin Yafu's smart gold recycling terminals increased by 589% year-on-year in the first half of 2025 [1][6] Group 2: Consumer Experience - Consumers are increasingly opting for self-service gold recycling machines due to their convenience and transparency, with reports of long queues at locations like Shanghai's Global Harbor [2][7] - The entire recycling process takes about 20 minutes, with initial testing taking around 3 minutes, followed by a longer melting process to separate impurities [5] Group 3: Industry Structure - The smart gold recycling terminal developed by Jin Yafu Group is designed to recycle gold products with a purity of over 50% and weights between 3 grams and 1,000 grams, charging a service fee of 18 yuan per gram [6][9] - Jin Yafu Group, established in 2006, has expanded its smart gold stores to nearly 100 major cities across China, with revenues of approximately 600 billion yuan in 2023 [6][10] Group 4: Challenges and Opportunities - The gold recycling industry faces challenges due to a lack of standardization, leading to consumer distrust in certain recycling channels [8][9] - The emergence of smart gold stores addresses pain points in the recycling sector, providing a more transparent pricing mechanism and reducing the risk of discrepancies during the recycling process [9][10] Group 5: Future Growth Potential - The demand for gold recycling is closely tied to gold price fluctuations, and Jin Yafu aims to maintain profitability even during price declines by diversifying into the sales of standardized investment gold bars and creative gold products [10][15] - The concept of "golden grains," which combines gold's financial attributes with popular culture elements, is seen as a potential growth avenue to attract younger consumers [15][16]

Core Viewpoint - The introduction of gold ATM machines by Jinyafu Group represents a significant innovation in the gold recycling market, providing convenient and transparent services for consumers [1][5][24]. Group 1: Company Overview - Jinyafu Group, established in 2006 and headquartered in Shenzhen, has developed into a comprehensive service provider in the gold and jewelry industry, offering services such as creative research and development, smart manufacturing, personalized customization, and gold recycling [4]. - The gold ATM machines are part of Jinyafu's strategy to expand its "smart gold store" concept, leveraging the growing demand for gold recycling amid rising gold prices [5][30]. Group 2: Gold ATM Functionality - The gold ATM machines offer multiple functions, including free gold content testing, real-time recycling, and retail product purchases, with a recycling fee of 18 yuan per gram based on the real-time gold price from the Shanghai Gold Exchange [3][10]. - The machines can process gold items weighing from 3 grams to 1000 grams, and the initial testing results can be viewed by consumers, ensuring transparency in the recycling process [12][15]. Group 3: Market Context and Competition - The global gold recycling market is experiencing growth, with a reported 11% increase in recycled gold volume in 2024, reaching 1370 tons [5]. - Compared to traditional gold recycling channels, the gold ATM's fee structure is competitive, as it does not include hidden costs or depreciation fees, which are common in other recycling methods [23][24]. Group 4: Consumer Experience and Concerns - Consumers have expressed curiosity and convenience regarding the gold ATM machines, but concerns remain about the safety and reliability of the testing process and the reasonableness of the fees [6][18]. - The gold ATM machines provide a transparent pricing model, with no additional costs for wear and tear, which is a significant advantage over traditional gold recycling options [23][24]. Group 5: Industry Trends and Future Outlook - The gold jewelry industry is urged to transition towards smart, digital, and green practices to meet the preferences of a new generation of consumers [28]. - Jinyafu's smart gold stores have expanded to nearly 100 cities across China, collaborating with 50 banks to enhance the accessibility of gold recycling services [30].

Core Viewpoint - The introduction of gold ATM machines by Jinyafu Group represents a significant innovation in the gold recycling market, providing convenience and transparency for consumers [2][3][10]. Company Overview - Jinyafu Group, founded in 2006 and headquartered in Shenzhen, has developed into a comprehensive service provider in the gold and jewelry industry, offering services such as creative research and development, intelligent manufacturing, personalized customization, smart retail, gold recycling, refining, and logistics [2][3]. Product Features - The gold ATM machines offer multiple functions including free gold content testing, real-time recycling, and retail product purchases. The recycling price is linked to the real-time gold price from the Shanghai Gold Exchange, with a service fee of 18 yuan per gram [2][10]. - The machines can recycle gold products weighing between 3 grams and 1000 grams, with a purity of over 50%. Initial testing is free and takes about 3 minutes [10][11]. Market Context - The global gold recycling market is experiencing growth, with a reported 11% increase in recycled gold volume in 2024, totaling 1370 tons. This trend has attracted various players, including small merchants and online platforms, into the gold recycling sector [3][10]. - The gold ATM machines are positioned to compete with traditional gold shops and banks, which often have higher fees and less transparency in their pricing [13][15]. Consumer Experience - Consumers can expect a straightforward process with the gold ATM machines, including real-time weight and purity detection, and the ability to see the gold melting process through a glass screen. Payments are processed within 30 to 60 minutes after verification [10][11]. - The machines aim to address consumer concerns regarding the safety and reliability of the testing process, as well as the fairness of the service fees [3][10]. Competitive Advantage - Jinyafu's gold ATM machines emphasize transparency and market-based pricing, avoiding hidden fees associated with traditional recycling channels. The fixed service fee of 18 yuan per gram is presented clearly to consumers [13][15]. - The operational model of the smart gold stores is designed to reduce costs significantly, requiring less space and fewer staff compared to traditional gold retail outlets [16][18]. Industry Trends - The gold jewelry industry is undergoing a transformation towards smart, digital, and sustainable practices, driven by changing consumer preferences. Jinyafu's smart gold stores are positioned to meet these evolving demands [19][20]. - As of May 2025, Jinyafu's smart gold stores have expanded to nearly 100 cities across China, collaborating with 50 banks to deploy self-service gold recycling devices [19][20].