在深圳水贝，黄金批发市场人潮涌动，消费者挤满柜台，只为以接近原料价的成本购入"按克计价"的素金首饰；在高端领域，对标奢侈品的老铺黄金门店 外大排长龙、追求极致工艺与设计的琳朝珠宝金饰供不应求。而曾经占据市场主流的综合性黄金珠宝品牌，却在两极的夹击下节节败退：消费者要么选 择"极致性价比"的保值金饰，要么为"极致工艺文化溢价"的收藏级艺术品买单，那些既缺乏价格优势、又讲不出动人故事的"中间产品"，正在被市场无情 抛弃。 深圳水贝黄金批发市场人潮涌动 01 黄金商品属性的崩塌与重生 当1克黄金的价格超过普通人日薪时，消费者对黄金饰品的需求必然从"装饰性消费"转向"投资性囤积"。这种转变让过去依靠品牌溢价、加工设计赚取差 价的商业模式愈发脆弱。一位黄金柜台销售曾经向记者抱怨："现在顾客进店第一句话就是'金价多少钱，工费多少钱'，只要觉得贵了，扭头就走。" 在此背景下，黄金的"商品属性"正以极端的方式重生。在水贝市场，商家将成本压缩到极致：工厂直营、按克计价、工费透明，甚至开发出"金包银"等擦 边黄金的产品，用技术手段降低消费者的佩戴成本。这种"去品牌化"的生存策略，实际上是将黄金彻底还原为"标准化投资品"，用供应链 ...

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it provides insights into the company's performance and expectations for future profitability [4][8]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong/Macao markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][9]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products by optimizing its product mix and adjusting pricing, leading to an increase in same-store average selling price (ASP) [1][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from HK$5,600 in FY24, while in Hong Kong and Macau, it rose to HK$8,600, a 14.7% increase from HK$7,500 [1][9]. Summary by Sections Retail Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, which accounted for 19% of total RSV in FY25, exceeding the initial target of 15%. This proportion is expected to increase to 20%-23% in FY26 [3][11]. - The RSV share of priced products in the gold jewelry category rose from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY25, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it discusses expectations for gross profit margin and operating profit margin improvements, indicating a positive outlook for the company [1][9][11]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong, Macau, and other markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][10]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products through product mix optimization and flexible pricing adjustments, leading to an increase in same-store average selling price (ASP) [1][9][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from the previous year, while in Hong Kong and Macau, it increased to HK$8,600, a 14.7% rise [1][9]. Summary by Sections Retail Sales Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, achieving a 19% share of total RSV in FY2025, exceeding the initial target of 15%. This share is expected to rise to 20%-23% in FY2026 [3][11]. - The RSV share of set-price products in the gold jewelry category increased from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY2025, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 但在更多人眼中，老铺黄金的火热或许会让人有些摸不着头脑。 线下门店大排长龙，逆势提价养活一众黄牛，代购日进斗金、收入过万。 在一线城市的金饰门店门可罗雀之时，门庭若市的老铺黄金几乎成为了一种消费"神话"。 资本市场上，上市前的公开认购中，老铺黄金的孖展倍数一度达到了300倍。 随着金价越来越高，黄金概念股也迎来了疯狂爆炒。 尽管近年来金价持续飙涨黄金珠宝品牌却出现普遍营收承压的怪状，但在这个寒冬，老铺黄金（06181）却逆势而上。 今日收盘，老铺黄金的股价以飙涨11.73%收市， 达到了600港元，一举超越股王腾讯，成为港股市场股价最高的"一哥"。 而相比2024年6月上市时40.5港元的发行价，上市仅8个月，老铺黄金股价已上涨超13倍，市值也一举突破到了千亿港元，超过周大福，成为港 股黄金珠宝领域的龙头，堪称本轮金价大涨红利以来最大的赢家。 如此飙涨的老铺黄金，到底有多少含"金"量？ 01 在追捧老铺黄金的人眼中，"黄金的尽头是老铺"。 如今上市八个月，老铺黄金的股价已然翻了13倍，成为港股罕见的十倍股。 狂奔的股价背后，是老铺 ...