According to a research report by Tianfeng Securities, in 2025, the consumption of gold bars and coins in China will surpass that of gold jewelry for the first time, marking a phased shift in the consumption structure of the gold market. It is expected that jewelry companies' gross profit margins may benefit and increase due to rising gold prices, but the overall market size and subsequent sales expectations may weaken relatively. With the overall upward trend in gold prices since 2026, annual

Tianfeng Securities' research report indicates that in 2025, the consumption of gold bars and coins in China will surpass that of gold jewelry for the first time, marking a phased shift in the consumption structure of the gold market. It is expected that gold jewelry companies' gross profit margins may benefit and increase due to rising gold prices, but the overall market size and subsequent sales expectations may relatively weaken. With the overall upward trend in gold prices since 2026, investment in gold bars and coins throughout the year may continue to improve. This trend may benefit: gold jewelry companies with a high proportion of gold bars and strong competitiveness; gold jewelry companies with brand and product advantages.