Source: 36 氪
TheExpress information international gold price has recently refreshing a record high in history. Under the mentality of buying up, not buying and falling, young people have a high mood to buy gold.Big aunt.Gold's tradition and hidden industry, which link can be collected"True gold".
Source ｜Leopard change (ID: baobiannews)
Gold prices reached a new high.
On December 4, New York COMEX Futures Gold's Golden Discovers exceeded US $ 2150 to refresh the high price record in May this year.The price of domestic gold futures to retail gold jewelry has also risen.
On December 3rd, the price of foot gold on the day of Liufu Jewelery and Zhou Shengsheng was about 620 yuan per gram, and the price of Zhou Dafu's foot gold was 625/g.New high within the year.
Although the international gold price has fallen, it is still at a high level. Under the mentality of buying up and not buying, the staged shock continues to stir up consumers' hearts.Some people throw a question, "Will the New Year be more expensive?"
Under the rising price of gold, not only did consumption enthusiasm rise, but the gold jewelry brands also took the opportunity to launch a listing impact.On September 28, the "old -fashioned" gold jewelry retailer Mengjin Garden sprinted in Hong Kong stocks; on November 10, the old shop gold founded in 7 years disclosed the IPO prospectus in the Hong Kong Stock Exchange.Although the industry is hot, the brand's launch road is not smooth. Previously, these two brands have encountered a loss of A -share listing, and now they are fighting Hong Kong stocks.
Under the "Gold Rush" boom, which link can be found "real gold"?
Young people are busy "Nuggets"
"The rise and plummeted within the past two days, I don't know if I can refund it."
Holding the more fragrant mentality, Wang Qing started a high gold bracelet at 496 yuan per gram at the high point on December 4.Unexpectedly, the international gold price fell sharply the next day, and the domestic gold price dropped to 473 yuan per gram, and Wang Qing's mood was ups and downs.
Wang Qing, who entered the pit this year, said that he "accurately avoided all lows". After experiencing an impulse consumption in the brand store, Wang Qing began to use the price of "heavy weight+work consumption" in Shenzhen.Starting rationally, but buying at a high point several times.
Li Xin, who has been watching the 95th, also regretted that "when the price of gold is 452, I hate myself without buying more", and now I bought the gold "more sad than the man runs."For the continuous rise in gold prices, there are not a few people like Li Xin for the purpose of investment and continuous watching.
On Xiaohongshu,There are more post -95s and post -00s joining the "Nuggets" team, and some people have initiated a discussion of "saving money or buying gold".
Xiaoning, who is keen to buy gold, calculated a account. In November last year, she bought 20g gold at 402 yuan/g.High yield reaches 14%Essence"According to 1.5%interest rates, 10,000 deposit interest is 150 yuan per year."According to her statistics, she spent at least 150,000 yuan to buy gold, "this is also part of personal assets."
The international gold price has continued to rise since this year. Although it has fallen in October, it has risen more than 10%throughout the year.Under the gold rush, the participation of young consumers is getting higher and higher.In the data of the National Bureau of Statistics, the retail sales of gold and silver jewelry products in the first ten months of this year led other category products.
Even the purchasing agents of Shenzhen Shuibei rolled to the level of "no money".As the largest distribution center in China's gold, Shenzhen Shuibei is known as the "barometer" of the gold market.Here, nearly 10,000 gold jewelry merchants have gathered.
A merchant in Shenzhen Shuibei told "Leopard Change", "In the past, the old purchasing was full-time, and the profit mainly came from working expenses, and it made 10-20 yuan per gram. Many new purchases now are part-time.In order to pull the traffic and even run the legs for free. "
Data from the China Gold Association show that in the first three quarters of 2023, gold jewelry in gold consumption in the country increased by 5.72%year -on -year; gold bars and gold coins increased by 15.98%year -on -year.
In the consumption of gold jewelry, upgraded products such as hard -footed gold and ancient money have still increased rapidly.
Especially as young people are planted by new Chinese aesthetics, the "ancient legal funds" products created by the process of inlaid and enamel under the popularity of the national tide are good.
In the small red book, the number of notes of ancient gold gold exceeded 840,000.While young people complained about the "high price" of ancient Fa money, they could not help but sigh "buying Cartia is worse than buying ancient laws".In the Observation Report from January to July, the "Douyin E-commerce Gold Jewelry Industry", the market share of ancient law in the new process has remained above 65%.
Consumers are keen to buy gold, and there seems to be "gold" everywhere in the gold industry chain.
Is it better to sell box lunches as it is opened?
Consumers take out "True Gold and Silver" from their pockets to buy gold, so is the golden industry chain very huge profiteering?In fact, this may not be the case.
Looking at the cutting in Shenzhen with a large passenger flow, this is the wholesale source of many golden jewelry shops across the country.Even so, many watershed merchants laughed at "opening a gold shop than selling box lunches."
Unlike the gold brands such as Chow Tai Fook and Zhou Shengsheng, the price of the gold jewelry of Shuibei is based on the international gold price of the day and adopts the "(gold price+labor expenses)*gram heavy" model.Among them, the price of gold is uniform, and most of the working expenses ranging from 10-30 yuan per gram.In this pricing mode,The gold price gap between Shuibei's merchants is not large, and it can only earn profits by taking the amount.
Taking the price of 450 yuan on the day as an example, the production and processing work consumption is 10 yuan per gram,The gross profit margin is often only 2%EssenceAnd such a low gross profit margin is also built on some gray areas. For example, water shelling has no small votes and no consumption tax is required.
A merchant of Shui Bian told "Leopard Change": "There are many manufacturers behind the jewelry industrial zone of Shuibei; but some small merchants cannot take into account the factory, because the cost is higher, it is not stocking. Basically, it is purchased that day.Plate, ordering from the factory, because the profit is relatively thin, it can only be relying on high turnover. "
Looking at the industrial chain of the gold jewelry industry, the raw material supplier is in the upstream. The middle reaches is a processing factory responsible for production, processing, and design. The downstream is a wholesaler and retailer for consumers.
A boss who has been in jewelry gold factory for many years told "Leopard Change": "Golden precious metals are national control, and regular gold bars are from banks. As a factory end, we generally go to the inverted film factory at the international gold price;It is from the bank to get golden plates, and then pour golden plates into semi -finished products. We bring semi -finished products back to the factory. "
"Everyone in the industry knows that there are more gold factories than the counter of Shuibei." Some factories have developed, produced, and sold themselves, and they also contract retail investors; one is specifically supplied to brands such as Shuibei wholesale market and Chow Tai Fook.
The large -scale gold processing plant with R & D design capabilities has high order stability and strong risk control capabilities.
On the one hand, the R & D fee is high, a ordinary style, the design and development cost is about 500-1000 yuan; in addition, it can be fast-forward and fast out, with fast capital turnover and low risk."The order is returned, the factory arrangements are made, and the shipment is delivered to Party A; Party A settled on the spot, and the labor consumption is generally monthly." In order to avoid the cost pressure brought by the fluctuation of the price of gold, the wholesaler and the factory generally do not conclude cash.Instead, choose a settlement gold material.
However, it is understood that the gross profit margin of some gold processing plants is only 2%, which belongs to the domestic thinness. "The gold jewelry industry, the most profitable is brand retailers."
Compared with the pricing rules of Shuibei, the brand retail stores are about 100 yuan higher than the water shellfish, and the cost of working expenses is a one -price price."Because of the brand's premium, their gold prices and labor consumption are higher. They need to flatten the costs of rent and labor cost, but the overall gross profit margin is also high." An industry insider revealed.
Retail brands are tie ipo, and there are concerns about the capital market
Consumers' awareness of the gold jewelry industry is from these brand retailers. In various shopping malls, they can always see large and small gold brand stores.It has already landed in the capital market.
Today's gold consumption frenzy has also continuously promoted a new wave of gold brands to try to enter the door of the exchange.
For example, the old shop gold was submitted to the Shenzhen Stock Exchange's listing of the Shenzhen Stock Exchange in June 2020, and was rejected later. In November 2023, it began to impact the Hong Kong Stock Exchange.In 2021, the Dream Gold Garden of the Shenzhen Stock Exchange was submitted to the Hong Kong Stock Exchange again in September 2023.On Saturday, it took the initiative to withdraw an IPO application in November this year, announcing the end of the third IPO road.
In particular, young people are obsessed with ancient Fa money, so that the old shop gold that focuses on the concept of "ancient law gold" is a bit of a taste.However, looking back at the reasons for its previous rejection, you can also find the capital market's concerns about the valuation and long -term profitability of these brands.
As a brand specializing in ancient Faqin, 40%of the gross profit margin of Laopu Gold has attracted attention.The Securities Regulatory Commission requires the old shop gold to explain the rationality of a significant high gross profit margin.
According to the prospectus data, from 2020 to the first half of 2023, the golden gross profit margin of the old shop was 43.1%, 41.2%, 41.9%, and 41.7%, respectively.Compared with Mengjin Garden, which is applying for listing, the company's gross profit margins of the core business of the core business of the core business of the first six months from 2020-2023 are 4.4%, 2.2%, 3.9%, and 4.9%, respectively.
From the perspective of these golden jewelry companies listed, the gross profit margins of Zhou Dafu, Chow Tai Sheng, Liufu Group, and Chaohongji in 2022 are generally in the range of 20%-30%.The gross profit margin of Lao Fengxiang and China's gold is low, with 7.6%and 3.9%, respectively.
The explanation of this golden market gold is that high -end brand positioning can charge higher gross profit margins and has higher pricing.
On the one hand, due to the characteristics of more complex craftsmanship and gold diamonds, the profit margins are higher. This is why brands have entered the game in recent years.
From a price point of view, the brand's ancient gold gold is generally sold according to pieces. In Shenzhen Shuibei and other domestic gold markets, the ancient legal funds adopt (gold price+labor expenses)*gram -heavy+inlay surcharge model.The ancient law funds are higher in work consumption, and the setting costs depends on the style, which is often a expensive price.
In addition, the old shop gold intends to take the high -end route.In the 7 years since its establishment, Laopu Gold has only 29 self -operated stores, but more than half of the stores are located in first -tier cities. It is mainly opened in high -end shopping malls such as SKP and Vientiane City. Only the monthly sales of two stores in SKP in Beijing reached 427,000 per square meter monthly sales reached 427,000Essence
Although the revenue of Laopu Gold ranked first among all jewelry brands in 2022, the overall market share and income scale are small.In 2021 and 20122, the revenue of the old shop gold achieved revenue of 1.265 billion yuan and 1.294 billion yuan, respectively. In contrast, the annual revenue of head brands such as Chow Tai Fook and Zhou Shengsheng has already exceeded the 10 billion mark.At the same time, Laopu Gold also faces questions from the concentration of suppliers and high inventory.
From the perspective of retail, the business of gold is obviously not easy to do.The profit margin is okay, the market size is small; the market share is high, and the profit margin is not high.According to the 2023 report data, the net interest rate of Chow Tai Fook and Chaohong was 7%, Lao Fengxiang was 4%, and Chinese gold was less than 2%.
Because there is no high -end image and premium capacity of international jewelry brands such as Van Cleef & Strip and Cartier, most of the domestic retail gold jewelry brands are mostly in the roll price stage.
With the awakening of the younger generation of gold consumption awareness, brand owners continue to move closer to young people through joint models and new processes.Under the rising price of gold, the seemingly fiery gold jewelry industry did not get a golden jacket.
(At the request of the interviewee, the text is a pseudonym in the text)
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