Haitong International released a research report stating that during the 2025 Golden Week period, gold jewelry terminal store sales performance exceeded expectations, primarily because sample stores were concentrated in core Yangtze River Delta regions (Shanghai, Suzhou-Wuxi-Changzhou) and parts of Anhui and Shandong provinces. These regions have relatively developed economies, stronger customer purchasing power, and higher acceptance of fixed-price gold jewelry. Guangdong Chj Industry Co.,Ltd. (002345.SZ) achieved approximately 30% year-over-year growth, showing the most impressive performance among the four major brands; Lao Feng Xiang Co.,Ltd. (600612.SH) and China National Gold Group Gold Jewellery Co.,Ltd. (600916.SH) maintained steady growth with approximately 15% year-over-year growth rates; CHOW TAI FOOK (01929) is in a structural adjustment phase, achieving moderate growth of about 5%. Overall, total sales during Golden Week achieved positive year-over-year growth, with rising average transaction value being the main driving factor, while sales volume remained relatively stable.

Haitong International's main viewpoints are as follows:

Event: On October 8, 2025, Haitong International held a gold jewelry industry expert conference, inviting multi-brand agency company executives from East China to share channel sales performance, brand strategy dynamics, and industry trends. The expert companies primarily represent four major brands: CHOW TAI FOOK, Guangdong Chj Industry Co.,Ltd., Lao Feng Xiang Co.,Ltd., and China National Gold Group Gold Jewellery Co.,Ltd.

Golden Week Sales Pace Exceeds Expectations, Guangdong Chj Industry Leading Growth

Experts indicated that during the 2025 Golden Week period, terminal store sales performance exceeded expectations, primarily because sample stores were concentrated in core Yangtze River Delta regions (Shanghai, Suzhou-Wuxi-Changzhou) and parts of Anhui and Shandong provinces. These regions have relatively developed economies, stronger customer purchasing power, and higher acceptance of fixed-price gold jewelry. According to expert sample data, Guangdong Chj Industry Co.,Ltd. achieved approximately 30% year-over-year growth, showing the most impressive performance among the four major brands, mainly benefiting from its youthful and innovative design style and flexible marketing strategies; Lao Feng Xiang Co.,Ltd. and China National Gold Group Gold Jewellery Co.,Ltd. maintained steady growth with approximately 15% year-over-year growth rates; CHOW TAI FOOK is in a structural adjustment phase, achieving moderate growth of about 5%. Overall, total sales during Golden Week achieved positive year-over-year growth, with experts noting that rising average transaction value was the main driving factor, while sales volume remained relatively stable.

Fixed-Price Product Proportion Continues to Rise, Brand Strategy Differentiation Accelerates

In 2025, against the backdrop of high gold price volatility, all brands generally increased the proportion of fixed-price products to balance gross margin pressure and optimize profit structure. According to expert samples, Guangdong Chj Industry Co.,Ltd. currently has fixed-price products accounting for about 60-70% of sales, Lao Feng Xiang Co.,Ltd. and China National Gold Group Gold Jewellery Co.,Ltd. account for about half, while CHOW TAI FOOK is gradually increasing to 30-40%. Experts noted that the fixed-price model helps increase average transaction value and profit margins, but customers accustomed to traditional weight-based pricing show varying degrees of acceptance. CHOW TAI FOOK previously led the industry with its weight-based product scale advantage, but has shifted toward profit orientation in recent years; the expert company plans to close some inefficient stores (about 10) and strengthen fixed-price product structure, which may cause customer loss in the short term but will help profit recovery in the medium to long term. Guangdong Chj Industry Co.,Ltd. continues its expansion pace, with the expert company expecting to add 10-20 new stores, focusing on shopping centers and young customer groups. Lao Feng Xiang Co.,Ltd. and China National Gold Group Gold Jewellery Co.,Ltd. maintain steady strategies, relying on their existing customer base and regional protection policies to maintain stable revenue, with no plans for new store additions.

Different Store Volumes Among Brands, Variations in Inventory Control and Channel Management

In the expert sample, Lao Feng Xiang Co.,Ltd. has an average store volume of about 18 million yuan, leading among sample brands; CHOW TAI FOOK stores have annual sales of about 15 million yuan or more, with experts indicating that stores with sales below 10 million yuan will be gradually closed; China National Gold Group Gold Jewellery Co.,Ltd. and Guangdong Chj Industry Co.,Ltd. have similar store scales of about 13 million yuan. In terms of inventory management, Guangdong Chj Industry Co.,Ltd. implements a refined replenishment mechanism, systematically tracking single-product sales data from the top 50 franchisees nationwide to support purchasing decisions, and implements proportional allocation for some co-branded products, achieving high inventory turnover efficiency; CHOW TAI FOOK mainly uses a consignment system, implements mandatory allocation for some series, and manages inventory transfer based on store sales performance, with inventory structure more dominated by the brand; in comparison, Lao Feng Xiang Co.,Ltd. and China National Gold Group Gold Jewellery Co.,Ltd. use relatively traditional models, where franchisees obtain goods from wholesale companies and then hang brand labels, with continuous purchasing tasks from the brand.

Looking Ahead to Q4 and 2026, Industry Structural Differentiation May Continue

According to expert samples, sales changes in Q1-Q3 2025 were approximately 10%/-5%/15%. Experts expect Q4 traditional brand sales to be stable with slight increases, with growth rates among brands continuing to differentiate. Looking ahead to 2026, experts expect Guangdong Chj Industry Co.,Ltd. to accelerate expansion and strengthen shopping center channel penetration; CHOW TAI FOOK will continue focusing on profit recovery and structural optimization; industry competition will further focus on product innovation, brand rejuvenation, and channel efficiency improvement.

Risk Warnings: Macroeconomic and consumer confidence fluctuations; significant gold price increases compressing terminal profits; industry inventory accumulation risks; brand expansion speed and new store profitability falling short of expectations.