Core Viewpoint - The approval of H-share full circulation for Mengjinyuan marks a significant expansion of the company's financing channels, but it faces challenges in the consumer market due to quality issues and increased competition [2][22]. Company Performance - Mengjinyuan's revenue from 2021 to 2024 showed fluctuations: 168.71 billion, 157.24 billion, 202.09 billion, and 197.1 billion respectively, with a 2.5% decline in 2024 compared to the previous year [15]. - The net profit for the same period was 2.25 billion, 1.81 billion, 2.34 billion, and 1.89 billion respectively, indicating a 17.8% decrease in 2024 [16]. Consumer Complaints - Mengjinyuan has faced numerous consumer complaints regarding product quality, including issues of selling fake gold, concealing weight, and quality defects [4][6]. - Specific complaints include incidents where customers received less gold than promised during exchanges and issues with product durability, such as rings deforming and earrings discoloring shortly after purchase [11][13]. Market Challenges - The company is experiencing challenges in its primary market of lower-tier cities, where competitors like Chow Tai Fook and Chow Sang Sang are rapidly expanding their presence [17][18]. - Mengjinyuan's franchise store count has decreased, with a net reduction of 59 stores in 2024, contrasting with competitors' aggressive growth strategies [18]. Industry Dynamics - The rise of the "Shuibei model," which allows wholesalers to sell directly to consumers at lower prices, is eroding Mengjinyuan's competitive pricing advantage [19]. - Young consumers are increasingly favoring unique designs and brand culture, which Mengjinyuan's traditional product offerings do not adequately address [20][21]. Strategic Recommendations - To achieve its goal of becoming a century-old brand, Mengjinyuan must address product quality, improve sales service, and enhance after-sales support [22]. - The company should focus on product innovation and digital marketing strategies to better engage with younger consumers and adapt to changing market dynamics [22].