In 2025, as gold prices soar, CHJ Jewelry doubles its profits by selling "pain gold."

Beyond Lao Pu Gold, the gold jewelry industry appears to have even more diversified growth paths. Chow Tai Seng’s recently released 2025 performance forecast shows that its net profit attributable to shareholders is expected to reach between 436 million and 533 million yuan, a year-on-year increase of 125% to 175%. This performance is especially notable in the current gold jewelry consumption sector. By comparison, Chow Tai Fook’s revenue for the six months ending September 30, 2025, decreased slightly by 1%, with profits remaining flat; Lao Feng Xiang and Chow Sang Sang saw their revenue in the first three quarters drop by 8.7% and 37% respectively year-on-year. Over the past year, persistently high gold prices have put overall pressure on industry consumption, but have also increased consumer attention toward gold jewelry. Low total prices and low purchasing barriers have made small-weight gold pieces especially popular. At the same time, small-weight gold jewelry has created new premium spaces through extensive IP licensing collaborations, further meeting the demands of “self-pleasing consumption.” Chow Tai Seng is targeting young women aged 25–35 and refined mothers, collaborating with Sanrio, Minions, Crayon Shin-chan, as well as recent popular IPs such as “Line Dog” and “Butter Bear.” Jian Yu, an analyst with Guojin Securities, points out that Chow Tai Seng’s IP co-branded products have a higher premium rate compared to regular price-per-gram products, reaching 151.8%, and mostly use 5D hard gold technology, providing greater gross margin advantage. Compared to major brands that have already completed their franchise expansion, Chow Tai Seng is currently in the growth phase of store numbers driven by the franchising model. As of the end of 2025, Chow Tai Seng’s total number of jewelry stores has reached 1,668, with a net increase of 163 stores within the year, including a net increase of 128 stores in the second half of the year, showing a significant acceleration in store expansion. Securities personnel from Chow Tai Seng told Xin Feng that this increment was mainly contributed by franchise stores. While accelerating its domestic layout, Chow Tai Seng is also aiming overseas by advancing an A+H listing. The above-mentioned personnel stated that as of the end of 2025, Chow Tai Seng has established 11 overseas stores in Malaysia, Cambodia, Singapore, and Thailand. By 2028, it plans to open at least 20 jewelry stores overseas and to set up a Hong Kong headquarters to coordinate operations. In the future, its overseas business will not only serve Chinese communities but also plans to develop localized products, with related international expansion plans currently being steadily implemented. Risk Warning and Disclaimer The market carries risks, and investing requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions presented herein are suitable for their specific circumstances. Investment decisions made based on this article are at the user’s own risk.