让我们将视线聚焦于这场风暴的中心——上海。上海豫园商圈的老庙黄金率先打响价格战，直接推 出"克减100元"的优惠活动，使得实际到手价仅为902元/克，力度空前。周大福也不甘示弱，传承系列 手链直降600元至5400元，创下年内最大折扣幅度。七夕节前夕，上海各大金店柜台人头攒动，顾客蜂 拥而至。老庙黄金门前排队的人群甚至蜿蜒至商场中庭，场面火爆。周大福店员频繁补货，几乎每小时 三次，但仍旧供不应求。一位顾客为了抢购一条"小象呼禄"手链，心甘情愿排队六小时。单店日均销售 额轻松突破50万元，爆款单品日销量更是高达2000件以上。 其他品牌也纷纷加入这场促销大战。老凤祥推出"克减40元 满1000送60元券"的活动，单件商品最高可 省1200元。豫园某门店更是针对婚庆刚需人群，推出"三金 对戒"套餐，直降3000元。这些精准的营销 策略，有效地刺激了消费者的购买欲望。 在七夕"中国情人节"的消费浪潮中，国内黄金市场正经历一场由上海引爆并席卷全国的狂欢。各大金店 摩拳擦掌，祭出连环折扣，力图在这场节日盛宴中分得一杯羹。然而，在这场看似皆大欢喜的促销盛况 背后，品牌、消费者和市场都面临着各自的挑战与机遇。 社交媒体在这 ...

以下文章来源于深氪新消费 ，作者朱末 深氪新消费 . 深氪新消费成立于2016年，聚焦新经济，关注新消费、新零售等领域的商业进化。 本文来自微信公众号： 深氪新消费 ，作者：朱末，原文标题：《边疯涨边倒闭，千家门店关门停 业：每克突破1000元，金店老板们却扛不住了》，头图来自：AI生成 "黄金的价格增长就像座活火山，一旦爆发，增幅不只是百分之几，而是几倍。" 在2020年的一场研讨会上，中泰国际首席经济学家李迅雷如此形容黄金上涨的历史趋势，强调这座 活火山已进入活跃期，会喷发一下再停停，停了之后马上又会喷发，没想到一语成谶。 国内金价的飙涨，已经不是创纪录那么简单，而是达到了前所未有的疯狂。2022年初，全球黄金价 格还稳定在每盎司1800美元左右，到2022年底，金价已突破2000美元大关。 进入2023年，金价进一步推高，到当年9月突破2500美元；2024年底，黄金价格突破2700美元； 2025年3月，继国际金价突破3000美元大关之后，国内金价随即迎来了"千元时代"，多家黄金珠宝品 牌金价突破每克1000元，站上新的整数大关。 | | 金至尊今天黄金价格多少一克 金至尊金店铂金价格(2025年4月 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 12.354 billion RMB, a year-on-year growth of 251.0%, and net profit of 2.268 billion RMB, up 285.8% [1] - The board proposed an interim dividend of 9.59 RMB per share, with a payout ratio of 73% [1] Revenue Performance - Same-store sales showed strong performance, contributing to explosive revenue growth [1] - The company’s loyal membership base grew to approximately 480,000, an increase of 130,000 from the end of 2024 [1] - Online sales surged by 313.3% to 1.618 billion RMB, accounting for 13.1% of total revenue [1] Store Expansion - Five new stores were opened in the first half of 2025, including locations in major high-end shopping centers [2] - As of June 30, 2025, the company operated 41 self-owned stores across 16 cities [2] - Revenue from the domestic market reached 10.758 billion RMB, a year-on-year increase of 232.8%, while international revenue grew by 455.2% to 1.597 billion RMB [2] Profitability and Cost Management - The gross profit margin decreased by 3.2 percentage points to 38.1% due to delayed price adjustments amid rising gold prices [3] - The company benefited from economies of scale, with selling and administrative expense ratios decreasing to 11.9% and 1.7%, respectively [3] - Adjusted net profit margin improved by 1.9 percentage points to 19.0% [3] Inventory and Cash Flow - Inventory increased to 8.685 billion RMB to support store optimization and expansion [3] - Inventory turnover days improved from 195 days at the end of 2024 to 150 days [3] - The net cash flow from operating activities was -2.215 billion RMB, primarily due to increased inventory for business growth [3] Future Outlook - The company plans to continue its brand internationalization and market globalization strategy, with a new store opening in Shanghai expected in October 2025 [4] - Revenue projections for 2025-2027 are set at 25.453 billion RMB, 34.151 billion RMB, and 45.897 billion RMB, with year-on-year growth rates of 199.3%, 34.2%, and 34.4% respectively [4] - Expected net profits for the same period are 4.576 billion RMB, 6.429 billion RMB, and 8.949 billion RMB, with growth rates of 210.6%, 40.5%, and 39.2% respectively [4]

本报记者 贺王娟 基于对未来金价走高的预测，机构纷纷调高对黄金矿业的业绩预期。中邮证券认为，尽管2025年黄金已 经取得较大涨幅，但本轮上涨尚未结束。黄金作为大类资产配置中的重要品种，在地缘政治持续扰动和 关税政策起伏的背景下，走牛仍存在较大可能性。随着金价中枢稳健上移，黄金矿企黄金产销量稳中有 升，预计未来黄金矿企业绩有望进一步提升。 今年上半年，黄金价格走高。伦敦现货黄金价格上半年累计涨幅达25.84%，并在4月下旬一度触及3500 美元/盎司的历史高位。受金价强劲走势影响，上半年，金矿上市公司业绩持续高增，整体发展态势向 好；与此同时，下游多家黄金饰品上市公司业绩表现亮眼。 苏商银行特约研究员武泽伟在接受《证券日报》记者采访时表示，从中长期来看，支撑金价上涨的因素 依然坚实，市场预测，未来一年半内金价可能挑战3700美元/盎司甚至4000美元/盎司的关口，金价有望 进一步走高。 对于下游金饰企业而言，武泽伟认为，金饰企业若能持续深化产品差异化与品牌价值建设，提升品牌溢 价能力，减少对原材料价格波动的依赖，并加强产品创新，其业绩有望持续保持韧性。 金矿企业业绩向好 今年上半年，多家金矿企业业绩实现增长。 ...

（8月22日上午10:10的老铺黄金深圳万象城店/第一财经记者摄） 作者 | 第一财经 王方然 尽管老铺黄金宣布将于8月25日提价，往年涨价前门店大排长龙、热门款"一货难求"的景象却并未重现。 8月15日，老铺黄金宣布将在8月25日进行产品提价调整，虽然具体涨幅尚未公布，但依据以往惯例，业内预计幅度在7%至15%之间。 涨价是老铺黄金的"传统"， 该品牌分别在2024年3月、2024年9月，2025年2月进行过三次涨价，每次调价前，都会提前预告，引来一波"排队潮"。 然而，与前几轮涨价形成反差的是，这一次的市场反应明显趋于冷静。 距离涨价还有最后3天，8月22日上午10点，第一财经记者走访了位于深圳市罗湖区的老铺黄金深圳万象城店。这一门店为深圳市优惠力度较大的店铺，享 受满1000元减50元活动，同时购买可多倍返商场积分。 门店店员称，该店铺的最早营业时间为10点，但直到10点10分，该店铺门口并无人排队，店内也暂无客户。第一财经记者在此处停留约半小时，店内陆续 来了2～3名顾客，完全无需排队。 门店店员告诉记者，工作日一般在11点后会陆续开始排队。当日11点30分，第一财经记者在现场注意到，店内虽有多名顾客 ...

2025.08. 22 本文字数：1268，阅读时长大约3分钟 尽管老铺黄金宣布将于8月25日提价，往年涨价前门店大排长龙、热门款"一货难求"的景象却并未 重现。 8月15日，老铺黄金宣布将在8月25日进行产品提价调整，虽然具体涨幅尚未公布，但依据以往惯 例，业内预计幅度在7%至15%之间。 涨价是老铺黄金的"传统"， 该品牌分别在2024年3月、2024年9月，2025年2月进行过三次涨价， 每次调价前，都会提前预告，引来一波"排队潮"。 然而，与前几轮涨价形成反差的是，这一次的市场反应明显趋于冷静。 距离涨价还有最后3天，8月22日上午10点，第一财经记者走访了位于深圳市罗湖区的老铺黄金深圳 万象城店。这一门店为深圳市优惠力度较大的店铺，享受满1000元减50元活动，同时购买可多倍返 商场积分。 （8月22日上午10:10的老铺黄金深圳万象城店/第一财经记者摄） （老铺黄金门店优惠/第一财经记者摄） 门店店员称，该店铺的最早营业时间为10点，但直到10点10分，该店铺门口并无人排队，店内也暂 无客户。第一财经记者在此处停留约半小时，店内陆续来了2～3名顾客，完全无需排队。 作者 | 第一财经 王方然 （店 ...

8月15日，老铺黄金宣布将在8月25日进行产品提价调整，虽然具体涨幅尚未公布，但依据以往惯例，业内预计幅度在7%至15%之间。 股价连续大跌 尽管老铺黄金宣布将于8月25日提价，往年涨价前门店大排长龙、热门款"一货难求"的景象却并未重现。8月22日上午10点，老铺黄金深圳万象城店无人排 队，半小时内仅零星顾客进店。与此同时，尽管中期净利猛增251%，其股价却持续下跌，自7月8日以来累计跌幅近30%。 曾被称作"黄金界爱马仕"的老铺黄金，正随着金价震荡陷入低迷。有业内人士指出，老铺黄金的市场热度始终与金价走势紧密关联，这一逻辑本质上与传统 奢侈品的价值体系存在偏离—。真正的奢侈品品牌往往超越原材料定价，而老铺黄金仍困于"黄金本位"。一旦金价支撑动摇，其所构建的"奢侈幻象"，便难 以持续。 提价前难见排队潮 涨价是老铺黄金的"传统"， 该品牌分别在2024年3月、2024年9月，2025年2月进行过三次涨价，每次调价前，都会提前预告，引来一波"排队潮"。 而这一策略，也助推老铺黄金在2024年实现41.2%的毛利率，远高于同业水平。 然而，与前几轮涨价形成反差的是，市场反应明显趋于冷静。 （8月22日上午10:1 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a century-old national jewelry brand that has established a strong cultural barrier and is leveraging high-end strategies to open up growth opportunities [2][14]. - The jewelry segment is the core business, expected to account for over 80% of revenue by 2024, with a dual business model that includes a focus on lithium salt [17][20]. - The company has shown impressive financial growth, with a projected CAGR of 20.4% for revenue and 65.6% for net profit from 2020 to 2024 [22]. Company Overview - The company, founded in 1895, has a rich history and has evolved into a comprehensive group enterprise involved in jewelry design, production, wholesale, retail, and franchising [14][15]. - The company has completed a change in actual control, leading to a stable management team that supports the ongoing development of the jewelry business [21]. Cultural and Product Strategy - The company emphasizes the integration of traditional craftsmanship and cultural elements, particularly through collaborations with cultural institutions like the Palace Museum [2][30]. - The brand has undergone a 2.0 upgrade, enhancing its high-end product matrix and focusing on a "low-key luxury" positioning [2][41]. - The company operates a solid channel strategy with a mix of direct sales and franchising, aiming to optimize store efficiency and expand its presence across major cities [2][43]. Industry Insights - The gold jewelry market is experiencing upward trends, with a notable resilience in high-end segments despite overall consumption declines [3][52]. - The younger generation is becoming the primary consumer group, showing a preference for unique and culturally infused jewelry designs [56][57]. - The market for traditional gold jewelry is expected to grow significantly, driven by cultural confidence and the rise of domestic brands [56][57]. Financial Projections - The company is projected to achieve revenues of 4.81 billion, 5.60 billion, and 6.66 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 249.27 million, 287.03 million, and 337.87 million yuan [5][4]. - The financial metrics indicate a strong improvement in profitability, with net profit margins expected to rise significantly [28].

Group 1 - The "Guzi Economy" is transforming from mere emotional consumption to deeper value co-creation, connecting young consumers' emotional needs with cultural industry economic benefits [1] - Successful IPs like "The King's Avatar 2" have not only achieved box office and critical success but also stimulated fan enthusiasm for peripheral products such as figurines and blind boxes, showcasing strong cultural identity and consumption motivation [1] - Beijing's recent action plan supports the development of the "Guzi Economy," encouraging quality animation creation and the establishment of hubs for the second dimension and new generation trendy toys, while also supporting domestic brands' overseas expansion [1] Group 2 - Innovations in the "Guzi Economy" include the rise of "pain gold" phenomena, where traditional fast-moving consumer goods are upgraded to cultural assets with both emotional and investment value [2] - The emergence of virtual idols and digital IPs is expanding the "Guzi Economy," as these virtual IPs have strong cross-media capabilities, long lifecycles, and high fan loyalty, allowing for deep integration of physical and virtual products [2] - The business model is shifting from a single "IP licensing + derivative product sales" approach to "user co-creation + scene embedding," enhancing user engagement and loyalty through participatory design and experiential activities [2] Group 3 - To address challenges, businesses need to diversify content by introducing more niche and potential second-dimensional IPs, enhancing community engagement through offline activities like themed events and IP experience exhibitions [3] - For sustainable development, the "Guzi Economy" must continuously innovate in content and operational models, balancing copyright protection with market vitality, and ensuring the collaborative development of gold jewelry, trendy toys, digital collectibles, and offline experiences [3] - The new gameplay of the "Guzi Economy" is reshaping the cultural consumption ecosystem, and addressing key issues such as copyright, content, operations, and user experience is essential to unlock its long-term potential and promote a healthy, innovative, and prosperous industry [3]

Group 1 - The ten-year U.S. Treasury yield has slightly increased, leading to a rise in the U.S. dollar index and a decline in international gold prices, which have reached their lowest level in over two weeks [1] - As of the close, the December gold futures price on the New York Commodity Exchange settled at $3358.7 per ounce, reflecting a decrease of 0.57% [1] - Domestic gold jewelry prices have also dropped, with certain brands reporting a price of 979 RMB per gram for 999 gold [1] Group 2 - The price of 999 gold jewelry is reported at 979 RMB per gram, while 999.9 gold is priced at 989 RMB per gram [2][3] - Platinum jewelry is priced at 470 RMB per gram, and various gold investment products are listed at lower prices, such as 874 RMB per gram for investment gold bars [2][3] - International oil prices have decreased, with light crude oil futures for September closing at $62.35 per barrel, down 1.69%, and Brent crude for October at $65.79 per barrel, down 1.22% [3]