Core Insights - The international gold market is experiencing high demand, with prices reaching new highs, leading to a "high-price era" in the domestic gold jewelry market [1] - The traditional model of attracting consumers solely through gold price fluctuations is becoming unsustainable, prompting jewelry companies to adapt by focusing on "emotional consumption" [1][2] - Companies are increasingly emphasizing product innovation and brand storytelling to enhance their competitiveness and appeal to younger consumers [2][3] Industry Trends - The rise of "emotional consumption" is shifting gold jewelry purchases from functional needs to personal expression and cultural identity [2] - Major jewelry companies are increasing product innovation, with "IP collaborations" becoming a key strategy to engage younger consumers [2][3] - High-end branding is gaining traction, with companies like Lao Pu Gold and Zhou Dafu focusing on premium product offerings and unique brand narratives to attract high-net-worth individuals [3][4] Consumer Behavior - Younger consumers are prioritizing personal satisfaction and cultural resonance in their purchasing decisions, leading to a decline in traditional wedding-related gold purchases [2] - High-end products are appealing to affluent consumers who value design, craftsmanship, and brand prestige, showing a higher tolerance for gold price fluctuations [5]

Core Viewpoint - The article discusses the challenges faced by Niu Technologies in maintaining its high-end positioning and pricing strategy in the increasingly competitive electric two-wheeler market, particularly as smart features become more common and subscription service costs rise [2][10][12]. Group 1: Smart Service Pricing - Niu's subscription service fees have increased significantly over the years, from 38 yuan per year in 2015 to 69 yuan per year currently, with three-year packages rising from 129 yuan to 159 yuan [4][10][11]. - Users are questioning the value of Niu's smart services, perceiving them as overpriced compared to competitors [6][10]. - The increase in subscription fees has led to dissatisfaction among long-term users, with some opting not to renew after the free service period [6][10]. Group 2: Competitive Landscape - The electric two-wheeler market has seen a rise in competitors offering similar smart features at lower prices, diminishing Niu's unique selling proposition [11][12][15]. - Niu's smart service fees are the highest in the market, compared to competitors like Ninebot and Yadea, which offer lower annual fees [11][12]. - The gap in technology and features among brands is narrowing, making it harder for Niu to justify its premium pricing [12][15]. Group 3: Financial Performance and R&D Investment - Niu's R&D investment from 2019 to 2024 totaled 764 million yuan, significantly lower than Ninebot's 826 million yuan in 2024 alone [18]. - Despite a temporary increase in sales due to favorable policies, Niu has not demonstrated the profitability expected from a high-end brand [17][21]. - Niu's average selling price has decreased from 4,928 yuan in 2019 to 3,203 yuan in 2024, indicating a shift towards a more price-sensitive market strategy [17][21]. Group 4: Future Strategies - Niu is exploring international markets and higher-end electric motorcycle segments to sustain growth and maintain its high-end narrative [18][19]. - The company faces intense competition from both traditional motorcycle manufacturers and emerging electric brands, necessitating a strong product offering to convince consumers [19][21].