还没被二次元开发的谷子种类已经不多了。 凭借不断攀升的价格，Labubu们吹响了"塑料茅台"的号角。但事实上，对二次元爱好者而言，信仰并不一定是胶，不一定是吧唧，也可以是比茅台还贵的 黄金。 今年5月，老凤祥继去年88万的"黄金高达"之后，再次瞄准中年老宅男的钱包，推出了标价88万、重达666克的"黄金圣斗士"，全球限量30件。而在那之 前，黑神话悟空、蜡笔小新、三丽鸥、迪士尼、原神、鬼灭之刃等热门二次元IP都和黄金品牌推出过联名产品。 老凤祥推出《圣斗士星矢》联名产品。（图/视觉中国） 越来越多的年轻人，将目光投向了这类二次元的黄金制品。毕竟，和一枚原料为马口铁、售价为四位数的限量版吧唧（徽章）相比，黄金产品才是年轻人 眼里最保值的谷子。 再说了，黄金在旁人眼中的"不值得"，可能在真爱党眼里和塑料并无区别，只是一些必须拿下的谷子。 今年3月，香港周大福和Chiikawa联名的金饰开卖。 其中，一款挂绳款的金章形似二次元收藏的吧唧，就连介绍中也写着"方便人们随身携带和展示"。黄金品牌的IP联名，从设计时，已经开始迎合二次元爱 好者的口味。 周大福和Chiikawa的联名产品。（图/周大福） 但如果按单价来说， ...

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it discusses expectations for gross profit margin and operating profit margin improvements, indicating a positive outlook for the company [1][9][11]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong, Macau, and other markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][10]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products through product mix optimization and flexible pricing adjustments, leading to an increase in same-store average selling price (ASP) [1][9][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from the previous year, while in Hong Kong and Macau, it increased to HK$8,600, a 14.7% rise [1][9]. Summary by Sections Retail Sales Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, achieving a 19% share of total RSV in FY2025, exceeding the initial target of 15%. This share is expected to rise to 20%-23% in FY2026 [3][11]. - The RSV share of set-price products in the gold jewelry category increased from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY2025, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].