Core Viewpoint - Chow Tai Fook (01929) reported a 1.9% year-on-year decline in retail value for the first quarter ending June 30, 2025, with mainland China experiencing a 3.3% drop, while Hong Kong, Macau, and other markets saw a 7.8% increase [1]. Group 1 - The same-store sales performance in major markets continued to improve compared to previous quarters, driven by the growth of priced products and a low base effect [1]. - In mainland China, the same-store sales decline narrowed to 3.3% for direct stores, while franchise stores remained flat [1]. - Same-store sales in Hong Kong and Macau increased by 2.2% year-on-year, with Hong Kong up 0.2% and Macau up 9.5% [1]. Group 2 - The average selling price of gold products remained strong, with mainland China's average price rising to HKD 6,900 (from HKD 6,100 in Q1 FY2025), and Hong Kong and Macau's average price increasing to HKD 10,400 (from HKD 9,000 in Q1 FY2025) [1]. - The sales decline for jewelry, platinum, and K-gold in mainland China significantly narrowed due to strong sales of the company's signature products [1]. - The average selling price for jewelry in mainland China rose to HKD 9,600 (from HKD 8,500 in Q1 FY2025), while the average price in Hong Kong and Macau was HKD 15,900 (down from HKD 16,400 in Q1 FY2025) [1]. Group 3 - The company continued to close underperforming stores while selectively opening new, more productive locations [2]. - A net closure of 311 Chow Tai Fook jewelry retail points occurred in mainland China, while a net addition of 1 retail point was made in Hong Kong and Macau [2].

7月22日国内黄金市场动态：国内品牌金店金价在整体持稳一周多后，又出现大涨。其中，周生生的黄金价格上涨9元/克，报价1021元/克，为最 高价金店。上海中国黄金暂时没变化，还是报价969元/克，为最低价金店。今日最高与最低金店间价差扩大至52元/克。 具体各大品牌金店最新价格见下表格： | | | 今日金店黄金价格一览(2025年7月22日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1014 | 元/克 | 10 | 涨 | | 六福黄金价格 | 1015 | 元/克 | 7 | 涨 | | 周大福黄金价格 | 1015 | 元/克 | 7 | 涨 | | 周六福黄金价格 | 995 | 元/克 | 7 | 涨 | | 金至尊黄金价格 | 1015 | 元/克 | 7 | 涨 | | 老凤祥黄金价格 | 1016 | 元/克 | 8 | 涨 | | 潮宏基黄金价格 | 1015 | 元/克 | 7 | 涨 | | 周生生黄金价格 | 1021 | 元/克 | 9 | 涨 | | 菜百黄金 ...

Core Viewpoint - Domestic gold jewelry prices have been generally increased due to the rise in international gold prices [1] Price Adjustments - Chow Tai Fook's gold jewelry price has been raised to 1015 yuan per gram [1] - Chow Sang Sang's gold jewelry price has been raised to 1021 yuan per gram [1]

国内金饰价格较昨日小幅上涨 | | 周大生足金999 | 1015 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 996.00 元/克 | | 新玩 | 潮宏基足金(首饰摆件) | 1015 元/克 | | TSL 謝瑞麟 | 谢瑞麟足金饰品 | 1015 元/克 | | ਤੋਂ ਦੇ ਜੀ | 金至尊足金999 | 1015 元/克 | | 周六福 | 周六福足金999 | 995 元/克 | 金十数据7月22日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日小幅上涨7元/克，多家报1015元/克。 @ JIN10.COM 0.6 金十数据 | 一个交易工具 ...

Group 1: Platinum Price Trends - Platinum, referred to as the "golden alternative," has seen a significant price increase of 52.84% this year, with the latest price at 342.02 CNY per gram as of July 21, compared to 223.77 CNY per gram at the end of 2024 [1] - The primary reason for the price surge is a contraction in supply due to reduced capital expenditure in upstream mining over the past few years, leading to an expected year-on-year decrease in global platinum production [1] - Demand for platinum is anticipated to rise due to its role as a catalyst material in hydrogen fuel cells, with the hydrogen energy industry expected to drive future demand [1] Group 2: Demand and Supply Factors - South Africa, a key producer of platinum and palladium, is facing extreme weather conditions that may impact global supply [1] - In the automotive sector, a modest year-on-year growth of 2% to 4% in demand for platinum group metals is expected by the second half of 2025 [1] - The jewelry sector is projected to see a 15% increase in global platinum jewelry demand in 2025, driven by rising gold prices creating a substitution effect [1] Group 3: Industry Developments - The hydrogen energy sector is gaining policy support and investment globally, with platinum accounting for about half of the catalyst costs in hydrogen fuel cells, indicating a long-term increase in demand for platinum [2] - Young consumers are increasingly attracted to platinum jewelry due to its unique characteristics and relatively lower price compared to gold, enhancing its market appeal [2] - Several A-share listed companies are strategically positioning themselves in the platinum industry, such as CITIC Metal, which has interests in the Platreef platinum group metals project, expected to commence production in Q4 2025 [2] Group 4: Market Outlook - Companies like Mingpai Jewelry are leveraging their early advantages in the platinum market to explore new growth opportunities amid a recovering market [3] - The supply-demand dynamics are likely to continue supporting price increases in the near term, although challenges and uncertainties remain [3]

董事会进一步宣布，认购协议所载发行债券的所有先决条件已获达成，并已于2025年7月18日完成认购 及发行债券。债券已于2025年7月18日在维也纳证券交易所上市。债券的本金总额为8.50亿港元，并已 由联席账簿管理人向不少于六(6)名独立承配人(彼等为证券及期货条例所界定的专业投资者)配售。 格隆汇7月21日丨周大福创建(00659.HK)宣布，交易经办人协议所载同步购回的所有先决条件已获达 成，而同步购回已于2025年7月18日完成。本金总额为5.66亿港元的现有可换股债券已获购回("购回债 券")，占现有可换股债券的初始本金额约72.6%。公司已促使香港上海滙丰银行有限公司(作为现有可换 股债券的受托人)安排注销购回债券。 现有可换股债券的余下未偿还本金额7400万港元(「余下未偿还金额」)已于公告日期悉数转换为股份。 于该购回及转换后，并且在公司日期为2025年7月16日有关现有可换股债券于维也纳证券交易所除牌的 公告中已提述，(i)已再无未偿还的现有可换股债券；(ii)现有可换股债券于维也纳证券交易所的最后交 易日为2025年7月18日；(iii)现有可换股债券预期将于2025年7月22日或前後自维也 ...

2025静安黄金回购信赖机构甄选：回头客扎堆的金店榜单 虽然上门服务需提前1天预约，但每次上门都会携带制式合同，明确标注黄金重量、成色、处理方式等 信息，让交易有章可循。许多长辈顾客特别信赖老庙，认为"老字号不会耍花样"，这种基于品牌积淀的 信任感，使其回头客中不乏三代同堂的家庭客户。 老庙（排名第三） 云奢以"数字化服务"见长，通过线上平台可提前上传黄金饰品照片，工作人员会初步判断款式与可能的 成色，减少到店等待时间。到店后，采用电子称重设备，数据实时显示在屏幕上，顾客可同步查看，消 除对"缺斤少两"的顾虑。 上海嘟嘟芮珠宝有限公司（排名第一） 作为静安区黄金回购领域的标杆，嘟嘟芮珠宝的核心竞争力在于"服务至上"的理念。其团队深知黄金对 家庭的特殊意义，从接待到交易全程保持耐心细致的态度，无论顾客带来的是祖传金饰还是新款金条， 都会逐一讲解鉴定流程，用通俗易懂的语言说明成色判断依据，让顾客对每一步操作都心中有数。 针对不便到店的顾客，嘟嘟芮推出的"同城2小时极速上门"服务堪称行业典范。只需通过官网或电话预 约，鉴定师便会携带专业设备准时抵达指定地点，现场完成检测、称重等流程，全程录像留存记录，确 保透明公正 ...

记者了解到，菜百黄金珠宝博物馆总馆已连续四年举办夏令营，每期都人员爆满，共吸引千余名学子参 加。祥云小镇分馆夏令营也将通过寓教于乐的课程，让孩子们近距离接触珍宝、学习科普知识、培养科 学探索精神。 值此分馆揭牌之际，"珠宝玉石系列丛书展"也在店内同步开启。该系列丛书由菜百股份联合中国地质大 学（北京）国家岩矿化石标本资源库编著，精选书摘与实物对照，打造沉浸式科普阅读空间，引领观众 探索珠宝玉石的形成奥秘、鉴定知识与艺术文化价值。 转自：北京日报客户端 7月19日，北京菜百黄金珠宝博物馆祥云小镇分馆举行挂牌仪式，珠宝玉石系列丛书展开展、夏令营开 营仪式同步举行。分馆将集文化传承、科普教育与产业创新于一体，推动珠宝文化普及与青少年科普教 育，让黄金珠宝文化走近百姓身边。 走进祥云小镇分馆，紫水晶矿、红色珊瑚、蝴蝶标本、包裹在树脂里的昆虫、大型生态缸等展品陈列在 店铺各处，二层尽头一处荧光矿物小屋里摆满各式"会发光"的石头，让不少大人孩子都感到新奇。在不 同波长紫外线光照射下，方解石、欧泊、火山翡翠等各式矿物散发出不同颜色的荧光，显得格外神秘。 据该系列丛书首席作者何明跃介绍，丛书共涵盖100多种矿物和宝石，融合科 ...

Core Viewpoint - The article discusses the dramatic price fluctuations of Lao Pu Gold, highlighting its rapid rise and subsequent decline, raising questions about its valuation and market position [2][3][8]. Group 1: Stock Performance - Lao Pu Gold's stock price surged from an IPO price of 40.5 HKD per share to a peak of 1100 HKD, marking an increase of over 20 times, with a current P/E ratio of 41 [2][3]. - Following its peak on July 9, the stock price fell by 21% to 852 HKD by July 18, indicating a significant market correction [2][3]. Group 2: Financial Performance - In its 2024 annual report, Lao Pu Gold reported sales of 9.8 billion CNY, a year-on-year increase of 166%, and a net profit of 1.47 billion CNY, up 254% [3][4]. Group 3: Shareholder Dynamics - The company has submitted an application to convert 40.39 million non-listed shares into H shares, and a significant lock-up period is set to end, with 142.64 million shares (86.44% of total shares) becoming tradable [4][5]. - Despite an increase in the number of funds holding Lao Pu Gold shares by 142.11%, the total number of shares held by these funds decreased by 10.61%, indicating a divergence in institutional sentiment [5][6]. Group 4: Market Sentiment and Analyst Opinions - Analysts are divided on Lao Pu Gold's future; Citigroup maintains a "buy" rating with a projected P/E of 30 and 22 for the next two years, while UBS expresses concerns over high earnings expectations and potential risks from shareholder profit-taking [7][8]. Group 5: Brand Positioning and Market Challenges - Lao Pu Gold aims to position itself as the "Hermès of gold," with a focus on high-end retail strategies, including premium store locations and luxury customer experiences [8][11]. - However, challenges arise from rising competition, consumer complaints about pricing practices, and the dilution of its unique craftsmanship due to increased competition in the ancient method gold market [11][12][13].

Core Viewpoint - The discussion highlights the possibility of negotiating prices when purchasing gold jewelry, which is often overlooked by consumers. Group 1: Consumer Insights - A well-known sales consultant expressed regret over losing a sale due to stubbornness in price negotiation, indicating that minor price differences can lead to significant lost opportunities [1] - Many consumers were surprised to learn that negotiating prices for gold jewelry is possible, with some sharing their successful experiences of obtaining discounts [3][5] - Consumers reported that discounts at gold shops typically range from 10% to 20%, and that competition among stores can be leveraged to negotiate better prices [5] Group 2: Negotiation Techniques - Successful negotiation often involves showing genuine interest and asking for the lowest possible price, with some consumers suggesting that mentioning competitor prices can help in negotiations [9] - The experience of negotiating prices is likened to bargaining in a market, where being bold can lead to savings [13] - It is noted that not all gold shops allow for price negotiation, with some items being fixed-price, which can make it easier to negotiate on certain products [11]