In 2024, international gold prices repeatedly hit new highs, with the year-on-year increase exceeding 20%. Domestically, retail gold prices climbed from 620 yuan per gram at the beginning of the year to 750 yuan per gram. Since 2025, gold prices have continued to rise steadily, breaking through the 880-yuan-per-gram mark. The high gold prices have dampened end-consumer demand. According to statistics from the China Gold Association, in 2024, China’s consumption of gold jewelry totaled 532.02 tons, a year-on-year decrease of 24.69%. According to an early earnings report released by Laofengxiang, the company’s total operating revenue in 2024 reached 56.79 billion yuan, down 20.5% year-on-year; its net profit was 1.95 billion yuan, a year-on-year decline of 11.95%. Moreover, industry giants such as Chow Tai Fook and Chow Sang Sang have also faced pressure on their financial performance.