Although the price of gold has been adjusted in the near future, it seems that the price of gold has been rising all the way this year. This wave of enthusiasm also made some gold companies that had been blocked from listing plan to try to rush to listing again.
On this Friday, gold and silver surged again, the price of gold rebounded to the historical high in April, and gold futures and spot prices both approached the historical high. At the weekend, many gold stores quickly raised the retail price of gold. At present, the price of gold jewelry of some leading domestic brands has approached 740 yuan/g.
Although the price of gold has been adjusted in the near future, it seems that the price of gold has been rising all the way this year. This wave of enthusiasm also made some gold companies that had been blocked from listing plan to try to rush to listing again.
For example, Laopu Gold. In June 2020, this Beijing company once rushed to the main board of Shenzhen Stock Exchange and planned to make its debut on April 22, 2021. However, on the day before the meeting, the audit was cancelled because the company still had relevant matters that needed further verification. Three months later, Laopu Gold will be rejected in the first round.
Recently, Laopu Gold moved to Hong Kong Stock Exchange. According to the latest prospectus submitted by Laopu Gold, the revenue from 2021 to 2023 will be 1.265 billion yuan, 1.294 billion yuan and 3.18 billion yuan respectively; Net profit was 114 million yuan, 95 million yuan and 416 million yuan.
In contrast, the scale of Laopu Gold is different from that of Chow Tai Fook, the industry leader. The latter's current revenue is nearly 100 billion yuan, with 8000 stores, while the revenue of Laopu Gold is only a fraction of that of Chow Tai Fook. However, in 2023, the revenue of Laopu Gold, which will reach nearly 3.2 billion yuan, will be created by more than 30 stores. On the channel side, unlike other gold and jewelry brands, which widely adopt the franchise mode, all stores of Laopu Gold are self operated. According to the data, as of December 31, 2023, there are 32 stores of Laopu Gold in 13 cities across the country, 2 stores have been closed, and 30 stores are still open. These stores are mainly distributed in the first tier and new first tier cities such as SKP, MIXC and other well-known high-end malls. According to the company, the location of high-end stores selects a group of consumers with low price sensitivity for Laopu Gold, which makes the price of Laopu Gold significantly higher than that of peers.
In the industry, Laopu gold jewelry is known as a luxury in the gold industry. After searching the Tmall store of Laopu Gold, the reporter found that the product price of Laopu Gold was relatively high. An ancient gold ring with a weight of 5 grams was selling at 4180 yuan (836 yuan/g), while a gold gourd pendant with a weight of 25.3 grams was selling at 22460 yuan (about 887 yuan/g). For some products with more complicated processes, the price is more expensive: a small, 50.3 g old method handmade dragon pendant costs 49460 yuan (983.3 yuan/g), and a 54.9 g silk eight treasure sachet pendant costs 58300 yuan (1061.93 yuan/g). The store customer service said that the brand's jewelry is priced by piece, and each gold article is priced according to its weight, processing technology and gem setting.
As the price is far higher than that of its peers, the gross profit rate of Laopu Gold is also at a high level in the industry, with the gross profit rate exceeding 40% in the past three years. In contrast, Lao Fengxiang 、 China Gold The gross profit margin of traditional brands such as; Even the leading company, Chow Tai Fook, has a gross profit rate of only 23%.
A gold industry practitioner told the reporter that the high gross profit rate of Laopu is due to its technology, and after several years of development, it has gained public praise in a certain circle, forming a certain brand premium.
Different from consumers who are heavier than gold price and weight, customers who buy gold from ancient France are not sensitive to price and are willing to pay for the "face value" of products. The aforementioned practitioners said that several major brands have been promoting the ancient process of gold, which is popular in recent years, because it can have a higher premium.
Frost Sullivan report shows that the market size of China's ancient French gold jewelry market will grow from about 13 billion yuan in 2018 to about 157.3 billion yuan in 2023 in terms of sales revenue, with a compound annual growth rate of 64.6%. It is expected that the market size will reach about 421.4 billion yuan by 2028, with a compound annual growth rate of 21.8%. With the main consumer group switching to the younger generation, the market's demand for gold and jewelry products with strong aesthetic attributes, significant brand cultural personality, and high-end and fashionable products is growing.
However, with the increasing popularity of ancient gold, the market has become a red sea.
The aforementioned person said that the craftsmanship of the old shop is not exclusive, and there is no shortage of skilled jewelry craftsmen in China. A leading enterprise like Chow Tai Fook has the same comprehensive technological strength as the old one.
According to the data of Huafu Securities, the Gufa gold products launched by the Chow Tai Fook brand in recent years have begun to show the characteristics of big pieces. As of the 2022 fiscal year, the "inheritance series" accounts for 42.1% of the revenue of Chow Tai Fook gold jewelry. In addition to Chow Tai Fook, other brands are also unwilling to lag behind and work hard on ancient gold. Laomiao Gold invited actor Guo Qilin to endorse its ancient gold series; Laibaize chose to launch Gufajin jointly with the Palace Museum for cultural creation; Also, Zhou Shengsheng and star Wang Jiaer launched a popular product of Golden Gourd.
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