Core Insights - The rising gold prices have created a mixed impact on the jewelry market, benefiting some brands while putting pressure on others [1][3] Group 1: Gold Price Trends - The spot gold price has been continuously increasing, with domestic gold jewelry prices surpassing 1210 RMB per gram, up over 20 RMB from the previous day [1] - Compared to late September, gold jewelry prices were around 1100 RMB per gram, indicating a significant price increase [1] Group 2: Brand Performance - Old Poo Gold (老铺黄金) reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [3] - In contrast, traditional gold jewelry brands like Chow Sang Sang (周生生), China Gold (中国黄金), Chow Tai Fook (周大福), and Zhou Dazheng (周大生) faced performance pressures, with revenue declines of over 10% to 40% [3] Group 3: Market Dynamics - The continuous rise in gold prices has led to a decline in gold jewelry consumption, with a reported 26% decrease in consumption volume in the first half of 2025 [3][5] - The jewelry market is experiencing a split, where brand and product design are becoming core competitive advantages, as the growth model based on channel expansion is proving unsustainable [4] Group 4: Retail Landscape - The World Gold Council noted that the ongoing weakness in gold jewelry consumption is leading to a reduction in retail outlets, further constraining consumer purchasing channels [5] - Despite short-term challenges, the elimination of underperforming stores is expected to benefit the market's long-term health, shifting focus from price competition to emotional value and design [5]