1 在周期波动中锚定品牌信任 坚守、进化、连接，破除瓶颈 过去的一年，受多重要素影响，黄金珠宝行业热潮涌动，在成本与价格成为主流叙事的趋势下，周生生则转向了更深层的命题：当材质价值被过度放大， 品牌如何构建超越金属本身、更具韧性的长期价值体系？ 周嘉颖的答案是"坚守、进化与连接"，这是周生生对2025年的三个总结词，也是其在周期中锚定百年的方法论。 2025年，在行业的波动起伏中，中国黄金珠宝品牌用工艺、文化、审美，将世界目光聚集于东方。 当符号表达被品牌价值取代，情感体验跃升为消费的关键词，在价格波动、消费需求迭代、行业竞争重塑的背景下，中国黄金珠宝品牌们站在了穿越市场 周期，迈向高质量发展的关键节点上。 本期《看见2026》系列访谈邀请了周生生首席品牌长周嘉颖，从从业者的视角出发，解读一家有着长达九十余年发展史的珠宝品牌，如何秉持"周而复 始，生生不息"的核心理念，穿越时代变化的洪流，构建长期主义发展的护城河。 不断"进化"产品，是周生生适配行业变革、贴合消费者需求的关键。周嘉颖敏锐洞察到，当前中国黄金珠宝消费已发生深刻转变，消费者对珠宝的认知， 正在从"价格及材质敏感"转向"价值综合判断"。品牌价值的构 ...

Core Viewpoint - The stock price of Lao Pu Gold (06181.HK) experienced a decline of 3.97% on February 13, 2026, amid broader market corrections in the gold sector and concerns over profit quality due to expected margin declines [1][2]. Group 1: Stock Performance - On February 13, 2026, Lao Pu Gold closed at 738.50 HKD, with a daily trading volume of approximately 843 million HKD and a price fluctuation of 6.76% [1]. - The overall gold sector in Hong Kong saw a pullback, with companies like Zijin Mining (601899) dropping over 7%, while the Hang Seng Index fell by 1.72% [1]. Group 2: Reasons for Stock Price Movement - Concerns over gross margin led to a downgrade in target price by Bank of America from 958 HKD to 860 HKD, citing a projected gross margin of 37.1% for the second half of 2025, a decrease of 4 percentage points year-on-year and 1 percentage point quarter-on-quarter [2]. - The international gold price has also seen a downturn, with domestic gold jewelry prices dropping approximately 70 HKD per gram on February 7, 2026, compounded by new regulations from Shenzhen that restrict pre-priced gold and leveraged trading [2]. Group 3: Company Fundamentals - Lao Pu Gold's sales are heavily reliant on consumer expectations of rising gold prices, with plans for three price increases in 2025. However, if gold prices decline, the brand's ability to maintain high pricing and customer loyalty may be challenged [3]. - The luxury goods market in China is expected to shrink in 2025, with consumers increasingly focused on the practicality of high-priced items, posing a risk to Lao Pu Gold's growth as it balances cultural attributes of traditional gold items with everyday wearability [3]. Group 4: Financial and Technical Analysis - On February 13, 2026, there was a net inflow of 30.51 million HKD from institutional investors, but retail investors showed a net outflow of approximately 384 million HKD, indicating selling pressure primarily from retail [4]. - Technically, the stock price fell below the 5-day moving average of 763.4 HKD, and the MACD histogram turned negative at -10.614, suggesting weak short-term momentum [4].

Core Insights - Fuzhou Laomiao Gold Co., Ltd. was established in 1982 and is recognized as the first gold retail point approved by the State Council after the resumption of gold jewelry sales in China [2] - The company has experienced significant growth, with registered capital increasing from 360,000 yuan in the early 1990s to 85 million yuan currently [2] - Fuzhou Laomiao Gold has total assets of 560 million yuan and cumulative profits of 360 million yuan, with tax contributions exceeding 400 million yuan [2] Company Development - The company has expanded from a two-counter setup to owning multiple facilities, including gold and platinum production plants, a diamond company, and over 500 chain outlets nationwide [2] - In 2005, the company ranked among the top three in the industry, with a brand value of 1.96 billion yuan [2] - Sales have increased by 100 times, profits by 200 times, and net assets by 400 times over the past seventeen years, with intangible assets growing by a thousand times [2]

Group 1 - Chow Tai Fook Jewelry Group has opened a flagship store on Guangdong Road in Hong Kong, marking a significant milestone in its brand transformation, which is nearing its two-year anniversary [1] - The flagship store spans nearly 1,000 square meters and features various product lines, including iconic collections, high-end jewelry, an IP series, and a new luxury home goods series, along with interactive experience areas [1] - The company plans to open two new concept stores in Shanghai by 2025, with one store achieving an average monthly sales of over 17 million yuan from January to September 2025 [1] Group 2 - Over the past year, Chow Tai Fook has engaged in cross-industry collaborations, including a blind box series with Hong Kong Disneyland and a product line with Huawei [2] - The company is set to expand internationally, with new stores opening in Singapore and Thailand in late 2025 and early 2026, respectively, to strengthen its position in the global jewelry market [2] - By 2026, Chow Tai Fook plans to introduce more diverse jewelry products and aims to enter the Australian market by mid-2026, along with additional stores in Canada and plans to enter the Middle East within two years [2]

今日国内黄金饰品价格对比显示，金饰价格较昨日回落约20元/克，多家金饰价格落在1524-1529元/克区 间，老凤祥足金饰品报1538元/克。 ...

Group 1 - The core point of the article is that the price of Chaohongji gold reached 1550.0 yuan per gram on February 12, 2026, marking a 4.00% increase from the beginning of the month when it was 1489.0 yuan per gram [1][1][1] Group 2 - On February 12, 2026, the daily price of Chaohongji gold was 1550.0 yuan per gram, with a daily change of 0.00% [1][1][1] - The highest price recorded during the period was 1566.0 yuan per gram, while the lowest was 1482.0 yuan per gram, indicating a price range of 84.0 yuan [1][1][1] - The average price during the period from February 2 to February 12, 2026, was 1533.90 yuan per gram [1][1][1]

Group 1 - The core viewpoint of the article indicates that Lao Pu Gold (06181) is experiencing a decline in stock price, currently down 5.14% to HKD 729.5, with a trading volume of HKD 238 million [1] - Bank of America Securities reports that Lao Pu Gold benefits from rising gold prices and ongoing brand penetration, predicting a strong revenue growth of 165% year-on-year to RMB 13.2 billion for the second half of last year [1] - Adjusted net profit for the second half is expected to reach RMB 2.4 billion, reflecting a year-on-year increase of 169%, while the full-year adjusted net profit forecast is revised down by 5% to RMB 4.8 billion, indicating a year-on-year growth of 218% [1] Group 2 - Despite the positive revenue and profit growth, Bank of America anticipates pressure on Lao Pu Gold's gross margin due to an increase in the proportion of low-margin products, higher discount frequency, and inventory management challenges [1] - The expected gross margin for the second half of last year is projected to be 37.1%, which represents a year-on-year decline of 4 percentage points and a decrease of 1 percentage point compared to the first half [1] - The target price for Lao Pu Gold has been adjusted down from HKD 958 to HKD 860 by Bank of America [1]

美银证券发布研报称，老铺黄金受惠于金价上涨与品牌持续渗透，预计公司去年下半年收入增长强劲， 同比升165%至132亿元人民币；经调整纯利达24亿元人民币，同比增169%。全年经调整纯利预测则下 调5%至48亿元人民币，即同比增长218%。 然而，美银认为，由于老铺黄金的低毛利商品占比提升，加上折扣频率增加及面对库存管理挑战，预计 老铺黄金的毛利率仍然受压，料公司去年下半年的毛利率为37.1%，按年跌4个百分点，并较上半年降1 个百分点。该行将老铺黄金目标价由958港元调降至860港元。 智通财经APP获悉，老铺黄金(06181)现跌超5%，截至发稿，跌5.14%，报729.5港元，成交额2.38亿港 元。 ...

SKP商城跟踪、# 老铺黄金动销靓丽，看好高基数上再创佳绩 动销分析 #我们预计SKP体系1月以来销售同比增速在40%以上，2月活动开始后日均销售增速明显提速；接来下如果公司官 宣提价，2月底之前有望再次激发终端销售，则1-2月高基数阶段有望取得50%以上增长，支撑上修全年同店增速预 期。 （短期高频数据有波动属正常现象，或有误差，望谨慎参考） 投资观点 #现在的老铺或是元旦前后的菜百，菜百受益于金价上行叠加税改，业绩持续上修，本轮菜百行情从排队中来；而 老铺新品叠加+调价预期，全国各个商圈均出现排队长龙，业绩上修可能性极大。 从体系内多家商场整体来看，25年逐季度营业额均保持相对稳健增速；#分品类看（体系内某家头部商场样 本），1）男装女装在25年呈现较明显的回暖趋势，上半年负增长，Q4已恢复至低个位数增长；2）运动户外全年 基本保持较快增长，势头强劲；3）美妆逐季度基本还是同比下滑，但降幅在收窄，Q4仅低个位下滑；4）奢侈品 （不含珠宝）整体恢复明显，上半年双位数 SKP商城跟踪、# 老铺黄金动销靓丽，看好高基数上再创佳绩 商场整体&品类表现 从体系内多家商场整体来看，25年逐季度营业额均保持相对稳健增速 ...

责任编辑：杨赐 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 据介绍，广东道旗舰店是周大福珠宝在港澳地区最大的门店，集团投资数千万元首次开设品牌旗舰店， 历经一年多时间全面筹备。该店也是集团品牌转型之旅的重要里程碑，将进一步提升品牌形象，优化营 运模式，以全球中国奢侈品品牌定位，展现品牌转型的新理念。 郑志雯表示："马年新春之际，我们非常欢迎全球和中国内地游客来到广东道旗舰店，还可以在购物之 余参观品牌历史展示区了解周大福珠宝在广州发源、在香港发迹、在全国发展，在国际立足的近百年历 史。" 广东道旗舰店面积近千平米，突破传统珠宝店经营模式。该店以更宽敞的空间展 ...