Group 1 - The luxury jewelry market in China is experiencing a downturn, with expectations that performance in 2025 will remain flat compared to 2024 [7] - Young consumers are increasingly prioritizing comfort and personal fulfillment over traditional romantic pursuits, reflecting a shift in relationship dynamics [4][5] - Brands are adapting their identities to resonate more with local culture, as seen with Bulgari's successful integration of traditional Chinese elements in their marketing strategies [15][18] Group 2 - Old Puhuang has successfully expanded its market by emphasizing cultural value in gold products, projecting a net profit of approximately RMB 14-15 billion for 2024, a significant increase from RMB 4.16 billion in 2023 [23] - The industry is witnessing a clear divide, with some brands focusing on traditional craftsmanship while others chase trends through collaborations with popular IPs [24][28] - The emotional and cultural significance of jewelry is becoming a key driver of consumer purchasing decisions, leading brands to innovate in product offerings and marketing strategies [37]