Core Insights - The continuous high gold prices have stimulated the growth of gold recycling businesses, particularly in Shenzhen, where "smart gold stores" have been established, allowing consumers to conduct gold recycling transactions similarly to using an ATM [1][19] - The monthly recycling volume at the main "smart gold stores" in Shenzhen has exceeded 1 kilogram, indicating a strong market demand [2][19] Group 1: Smart Gold Store Operations - The "smart gold store" operates like an ATM, providing a user-friendly interface for gold recycling, with real-time display of international gold prices [2][6] - The machines can recycle gold with a purity of over 50% and weights ranging from 3 grams to 1000 grams, while also offering lightweight gold products for sale [2][6] - The gold recycling process is efficient, allowing users to complete a transaction in about 1 minute for ordering and 3 minutes for automatic detection, with payment processed in as little as 30 minutes [6][11] Group 2: Market Performance and Expansion - In the past month, key stores in the Futian area have recycled approximately 1 kilogram of gold, with some stores like Shanghai Global Harbor reporting over 19,000 grams in September [11][19] - The "smart gold store" has expanded its operations to nearly 100 core cities across China and has established partnerships with over 50 banks, serving more than 300,000 users [19][20] - The international version of the "smart gold store" has successfully launched in regions such as Hong Kong, Macau, and New York, with plans for further expansion into Europe and the United States [19][20] Group 3: Corporate Developments - The parent company, Jinya Fu Group, reported revenues of approximately 60 billion yuan in 2023 and 51.5 billion yuan in 2022, reflecting strong financial performance [19] - The group has acquired a 75% stake in Tokyo Central Auction, now renamed "Shangshan Gold International Holdings," to enhance its global footprint in the gold market [20][21] - The establishment of Hong Kong Shangshan Technology Co., Ltd. aims to support the global expansion of gold smart terminals and related businesses [20][24]