Core Viewpoint - The article discusses the significant impact of rising gold prices on the watch market, particularly highlighting the contrasting performances of companies focusing on gold watches versus those in the traditional watch segment [6][7][22]. Market Trends - In 2025, international gold prices increased by over 70%, with the Shanghai Gold Exchange's Au9999 closing price rising from 614.00 yuan per gram at the beginning of the year to 974.90 yuan per gram by year-end, marking a 58.78% increase [9]. - The demand for gold bars and coins surpassed that for gold jewelry for the first time, indicating a shift in consumer preferences towards investment and asset allocation rather than traditional decorative uses [10]. Company Performance - Xipuni (西普尼) reported a revenue of approximately 611 million yuan in 2025, a year-on-year increase of 33.8%, with a profit surge of 106.5% to about 102 million yuan, benefiting from its focus on gold watches and accessories [14][16]. - In contrast, Feiya (飞亚达) experienced a revenue decline of 10.96% to about 3.508 billion yuan and a net profit drop of 60.37% to approximately 87.3 million yuan, reflecting the broader challenges faced by the traditional watch market [18][19]. Consumer Behavior - The rising gold prices have led to a heightened interest in gold-related wearable products, with gold watches becoming more appealing due to their combination of wearability, gifting potential, and intrinsic gold value [10][12]. - The retail sales of gold and jewelry increased by 12.8% year-on-year, contrasting with the overall retail market's growth of only 3.7%, indicating a significant divergence in consumer spending patterns [10]. Industry Dynamics - The watch industry is experiencing a clear divide between the performance of gold-related products and traditional watches, with the latter facing a more challenging market environment [22]. - The overall revenue of the domestic watch industry declined by 9.70%, and Swiss watch exports to China fell by 12.1%, highlighting the pressures on the traditional watch sector [19]. Future Outlook - As of 2026, gold prices have seen a significant pullback, raising questions about the sustainability of the gold watch market's performance and whether it can maintain its previous momentum [22].