Core Insights - The surge in gold prices has not translated into increased business for gold retailers, particularly in lower-tier cities, where the reality is more challenging than the headlines suggest [1] Company Summary - Chow Tai Fook's retail points in mainland China increased from 4,452 in 2021 to 7,407 in 2024, but the company plans to close 905 stores in 2025, reducing the total to 6,501 [1] - The average number of store closures is 2.5 per day, marking the end of a period of continuous expansion for the company [1]