Although the price of gold has been fluctuated recently, it seems that gold this yearLovebingoThe price is on the rise all the way. Rubbing against this heat has also made some gold companies that have been blocked from listing plan to try to sprint for listing again.
On Friday, gold and silver soared again, gold prices returned to an all-time high in April, gold futures and spot prices are both close to all-time highs. At the weekend, a number of gold stores quickly raised the retail price of gold. At present, the price of gold jewelry of some leading brands in China has approached 740 yuan / g.
Although the price of gold has been fluctuated recently, it seems that the price of gold has been rising all the time this year. Rubbing against this heat has also made some gold companies that have been blocked from listing plan to try to sprint for listing again.
Such as the old shop gold. The Beijing company made a sprint on the main board of the Shenzhen Stock Exchange in June 2020 and plans to launch the Shanghai meeting on April 22, 2021. However, the day before the meeting, the audit was cancelled because the company still had related matters that needed further verification. 3 months later, the old shop gold will not be on the first issue.
Recently, the old shop gold moved to the Hong Kong Stock Exchange. According to the latest prospectus submitted by Lao Bao Gold, the revenue from 2021 to 2023 was 12.Lovebingo.65 billion yuan, 12Lovebingo94 million yuan and 3.18 billion yuan; net profit was 114 million yuan, 95 million yuan and 416 million yuan.
By comparison, the scale of the old shop gold cannot be compared with that of the industry leader, Chow Tai Fook, who currently has nearly 100 billion in revenue and has 8000 stores, while the revenue of the old shop is only a fraction of that of Chow Tai Fook. But gold, the old store, earned nearly 3.2 billion of its revenue in 2023 from more than 30 stores. On the channel side, different from itLovebingoHis gold jewelry brand widely uses the joining model, and all the old gold stores are self-owned. Data show that as of December 31, 2023, there were 32 old gold stores in 13 cities across the country, 2 of which were closed, and 30 are currently open. These stores are mainly located in first-tier and new first-tier cities such as SKP, Vientiane City and other well-known high-end shopping malls. According to the company, the location of high-end stores screened out a group of less price-sensitive consumers for the old shop gold, which made the price of the old shop gold significantly higher than that of its peers.
In the industry, the gold ornaments of the old shop are known as luxury goods in the gold world. After searching the Tmall store of the old gold store, the reporter found that the price of the gold product of the old shop is higher, and the price of a Gufa gold ring with 5 grams is 4180 yuan (836 yuan / g). The price of a plain gold gourd pendant weighing 25.3g is 22460 yuan (about 887 yuan / g). If the process is more complex, the price is even more expensive: a small handmade dragon pendant weighing about 50.3g costs 49460 yuan (983.3 yuan / g) and a 54.9g silk Babao sachet pendant costs 58300 yuan (1061.93 yuan / g). The shop customer service said that the brand accessories are priced by pieces, and each piece of gold is priced according to the weight of the gold ware, processing technology and inlaid gems.
Because the price is much higher than that of its peers, Lao Bu Gold's gross profit margin is also at a higher level in the industry, with a gross profit margin of more than 40% in the past three years. By comparison, the gross profit margin of traditional brands such as Lao Fengxiang and Chinese gold is no more than 10%; even the leader Chow Tai Fook's gross profit margin is only 23%.
Some practitioners in the gold industry told reporters that the gross profit margin of the old shop is high because of its technology, and after several years of development, it has gained a reputation in a certain circle and formed a certain brand premium.
Unlike consumers who are heavier than gold, customers who buy ancient gold are less sensitive to price and are willing to pay for the "appearance" of the product. The practitioner said that several major brands have been promoting the ancient gold craftsmanship that has been popular in recent years because there can be a higher premium.
According to the Frost Sullivan report, the size of China's ancient gold jewelry market has increased from about 13 billion yuan in 2018 to about 157.3 billion yuan in 2023, with a compound annual growth rate of 64.6%. The market size is expected to reach about 421.4 billion yuan by 2028, with a compound annual growth rate of 21.8%. With the main consumers switching to the younger generation, the market has a growing demand for gold jewelry products with strong aesthetic attributes, significant brand cultural personality and high-level sense of fashion.
However, with the increasing popularity of ancient gold, the market is already a red sea.
The aforementioned person said that the craftsmanship of the old shop is not exclusive, and there is no shortage of good jewelry craftsmen in China. For a head enterprise like Chow Tai Fook, the comprehensive strength of the process will not be worse than that of the old shop.
According to Huafu Securities data, in recent years, the Gufa gold products launched by the Chow Tai Fook brand have first seen the characteristics of large individual products. As of fiscal year 2022, the "inheritance series" accounted for 42.1 per cent of Zhou Dafu gold jewelry revenue. In addition to Chow Tai Fook, other brands are not willing to lag behind. The old temple gold invited actor Guo Qilin to endorse its ancient law gold series; Lai Bai chose to launch Gufa gold jointly with the Imperial Palace; and Zhou Shengsheng previously launched a popular style product of Golden Gourd together with star Wang Jiaer.
