中國(guó)珠寶市場(chǎng)發(fā)展報(bào)告（2019-2024）（中英）-中國(guó)珠寶玉石首飾行業(yè)協(xié)會(huì)-

China’sJewelryMarketDevelopmentReport(2019-2024)中國(guó)珠寶玉石首飾行業(yè)協(xié)會(huì)Gems&JewelryTradeAssociationo2024.121CompilationUnit:Gems&JewelryTradeAssociationofChi編制目的：本報(bào)告是中國(guó)珠寶玉石首飾行業(yè)協(xié)會(huì)對(duì)過(guò)去5年中國(guó)珠寶行業(yè)經(jīng)濟(jì)運(yùn)行情況進(jìn)行系統(tǒng)調(diào)研分析之結(jié)果，用于本協(xié)會(huì)會(huì)員CompilationObjectives:ThereportistheresultofGAC’ssystematicsurveysandanalysesoftheeconomicoperationsofChina’sjewelryindustryinthepacommunicationsamongtheassociationmembersainsiders,andnotforpublicpublicationordistribution.據(jù)2）編制單位通過(guò)調(diào)研自行采集的行業(yè)企業(yè)或相關(guān)單位的信息3）編制單位自有數(shù)據(jù)庫(kù)歷史資料。鑒于相關(guān)原始數(shù)據(jù)采集、統(tǒng)計(jì)和測(cè)算方法及其他因素1）本報(bào)告一些數(shù)據(jù)或觀點(diǎn)、結(jié)論可能與業(yè)者個(gè)體實(shí)際感受存在某種程度的偏差2）編制單位無(wú)法承諾本報(bào)告中所有數(shù)據(jù)信息均能一一回溯并與市場(chǎng)個(gè)體的相關(guān)指標(biāo)互相驗(yàn)證3）在報(bào)告編纂過(guò)程中，基于實(shí)際情況，編者可能會(huì)對(duì)援引的某professionalinstitutions;(2)indu2units’informationcollectedbythecompilationunitthroughsurveys;(3)historicalinformationfromthedatabasesoftheInviewofrelevantrawdatacollectidegreeofdeviationbetweensomedata,viewsorconclusionsofunitcouldn’tpromisethatallthedatainformacanbebacktrackedandmutuallyverifiedbyrelevantparametersofthemarketentities;(3)duringthecompilacompilermayhaverevisedsomequotedhistoricaldatabasedonactualsituations.關(guān)于版權(quán)：本報(bào)告版權(quán)歸其編制單位中國(guó)珠寶玉石首飾行業(yè)協(xié)會(huì)所有。未經(jīng)版權(quán)所有者書(shū)面同意，任何單位或個(gè)人不得復(fù)制本報(bào)告用于公開(kāi)出版或其他商業(yè)目的。只有基于評(píng)論或報(bào)道宣傳之目的，可以部分引用本報(bào)告內(nèi)容和數(shù)據(jù)圖表，但必須注明引GAC.Withoutthewrittenpermissionofcopyrighunitsorindividualsareallowedtoduplicatethereportforpublicpublicationorothercommercialpurposes.Onlyforthepurposesofcommentingorreportingcanonequotepartofthecontentanddatafiguresofthereport,andthesourceofcitationaswellasitscopyrightownersshouldbeindicated.3說(shuō)明1）本報(bào)告中所提到的增長(zhǎng)率均為年均復(fù)合增長(zhǎng)率2）本報(bào)告中未特別注明來(lái)源的數(shù)據(jù)，均來(lái)自中國(guó)珠寶玉石首飾Explanation:(1)Allthegrowthratesmentionedinthisreportarethecompoundannualgrowthrate(CAGR);(2specified,allthedatainthi致謝：上海鉆石交易所、上海黃金交易所、世界黃金協(xié)會(huì)、國(guó)際鉑金投資協(xié)會(huì)、中國(guó)黃金協(xié)會(huì)等專(zhuān)業(yè)機(jī)構(gòu)為本報(bào)告提供了數(shù)據(jù)Acknowledgements:Professiodouncil,WorldPlatinudAssociation,haveprovideddatasupportfortherep4一、2019-2023年中國(guó)珠寶市場(chǎng)的發(fā)展?fàn)顩r 6（一）零售市場(chǎng)：增速領(lǐng)先結(jié)構(gòu)性調(diào)整步伐加快 6（二）進(jìn)出口：對(duì)歐美貿(mào)易額大幅增長(zhǎng) （三）網(wǎng)上銷(xiāo)售：增速處于領(lǐng)跑位置 21（四）上市公司：營(yíng)收、利潤(rùn)增速可觀 22（五）頭部品牌：引發(fā)珠寶市場(chǎng)馬太效應(yīng) 27（六）零售終端：渠道布局加速下沉三四線(xiàn)城市 27二、2024年前三季度珠寶市場(chǎng)的主要表現(xiàn) 33三、對(duì)未來(lái)的幾點(diǎn)觀察 37CONTENTSI.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023 62.Importsandexports:Largeincreaseintrad 27II.TheperformanceofChina’sjewelrymarketinthefirstquartersof2024 33III.Insightstothe 375《中國(guó)珠寶市場(chǎng)發(fā)展報(bào)告（2019-2024）》重點(diǎn)是對(duì)過(guò)去5年間中國(guó)珠寶零售市場(chǎng)增長(zhǎng)態(tài)勢(shì)、進(jìn)出口、主要品類(lèi)市場(chǎng)、上市公司業(yè)績(jī)、線(xiàn)上銷(xiāo)售、終端渠道建設(shè)等6個(gè)方面，進(jìn)行事件回溯與數(shù)據(jù)整理，力圖以更大的視野觀察中國(guó)珠寶市場(chǎng)發(fā)展的歷史經(jīng)緯和競(jìng)爭(zhēng)格局的演變，希望能對(duì)中外珠寶業(yè)者對(duì)過(guò)去五年中國(guó)珠寶市場(chǎng)發(fā)展的總體情況、演進(jìn)態(tài)勢(shì)、變革動(dòng)力等方面進(jìn)一步加深認(rèn)識(shí)，為中外珠寶品牌布局中國(guó)市場(chǎng)提供有價(jià)值、有意義的參考。China’sJewelryMarketDevelopmentReport(2019-2024)focusesonthefollowingsixaspects:China’sjewelryretailmarket’sgrowthtrends,importsandexports,majorsegmentmarkets,listedcompanies’performances,onlinesales,andterminalchannelconstructionduringthepastfiveyears.Througheventbacktrackinganddatasorting,thereportendeavorstoobservethehistoricalcontextandcompetitionlandscapeofChina’sjewelrymarketdevelopmentinbroaderperspectives.Ithopestoprovidevaluableandmeaningfulreferencesfordomesticandoverseasjewelrypractitionerstodeepentheirunderstandingsoftheoverallsituation,evolutiontrendsandchangedynamicsofChina’sjewelrymarketdevelopmentinthepastfiveyears,andfordomesticandoverseasjewelrybrandstotapintotheChinesemarket.本《報(bào)告》分三個(gè)部分：一是2019年至2023年中國(guó)珠寶市場(chǎng)的發(fā)展?fàn)顩r，二是2024年前三季度市場(chǎng)的主要變化和特點(diǎn)，三是對(duì)未來(lái)發(fā)展趨勢(shì)的展望。6Thereportconsistsofthreeparts.ThefirstpartcoversthedevelopmentstatusofChina’sjewelrymarketfrom2019to2023.ThesecondparttalksaboutthemajorchangesandcharacteristicsofChina’sjewelrymarketinthefirstthreequartersof2024.Thethirdpartisabouttheoutlookofthemarket’sfuturedevelopmenttrends.一、2019-2023年中國(guó)珠寶市場(chǎng)的發(fā)展?fàn)顩rI.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023過(guò)去的五年，世紀(jì)疫情的沖擊，全球政治經(jīng)濟(jì)格局加速演進(jìn)，中國(guó)經(jīng)濟(jì)調(diào)結(jié)構(gòu)、轉(zhuǎn)方式進(jìn)入深水區(qū)。身處其中的中國(guó)的珠寶產(chǎn)業(yè)展現(xiàn)出了應(yīng)對(duì)挑戰(zhàn)的強(qiáng)大韌性、頂住壓力向上生長(zhǎng)的充足后勁。Inthepastfiveyears,impactedbytheCovid-19pandemic,theglobalpoliticalandeconomiclandscapewitnessedacceleratedchanges.China’seconomicstructuraladjustmentandgrowthmodeltransformationisenteringadeep-waterzone.Againstthisbackground,China’sjewelryindustryhasdemonstratedgreatresilienceinresponsetochallengesandsufficientgrowthmomentumunderpressure.一是，零售市場(chǎng)波動(dòng)加劇，但增速仍高于社會(huì)消費(fèi)品平均First,despitegreaterfluctuations,thegrowthrateoftheretailmarketisstillhigherthantheaveragelevelofsocialconsumergoods.7二是，市場(chǎng)規(guī)模持續(xù)擴(kuò)大，玉石、翡翠、珍珠等品類(lèi)的強(qiáng)勁增長(zhǎng)有力促進(jìn)了市場(chǎng)整體的穩(wěn)健增長(zhǎng)。Second,themarketsizecontinuestoexpand.Therobustgrowthinsegmentssuchasjades,Feicuiandpearlhaseffectivelycontributedtothesteadygrowthoftheoverallmarket.三是，線(xiàn)上零售增勢(shì)迅猛，對(duì)沖了線(xiàn)下銷(xiāo)售的乏力。Third,onlineretailgrowsrapidly,whichoffsetsthesluggishgrowthofofflinesales.四是，進(jìn)出口活躍，對(duì)歐美等傳統(tǒng)市場(chǎng)的貿(mào)易增長(zhǎng)強(qiáng)勁。Fourth,theimportandexportactivitiesarerobust,withstrongtradegrowthwithtraditionalmarketsinEuropeandAmerica.五是，渠道下沉戰(zhàn)略持續(xù)推進(jìn)，三線(xiàn)及以下城市積極貢獻(xiàn)Fifth,aschannelsinkingstrategiesgainfurthertraction,thethird-tierandlower-tiercitieshavemadeapositivecontributiontotheincrementalincrease.（一）零售市場(chǎng)：增速領(lǐng)先結(jié)構(gòu)性調(diào)整步伐加快1.Retailmarket:Leadingingrowth,andacceleratinginstructuraladjustment中國(guó)珠寶零售市場(chǎng)在經(jīng)歷了2020年疫情沖擊后，于2021年實(shí)現(xiàn)強(qiáng)勁回升，限額以上單位金銀珠寶類(lèi)零售額突破3000億元整數(shù)大關(guān)，并于2023年再攀歷史新高，達(dá)到3310億元，同比增幅13.3%。過(guò)去五年（2019年-2023年）的年均復(fù)合增為6.2%，遠(yuǎn)高于社會(huì)消費(fèi)品零售總額3.7%的平均水平。8AftergoingthroughtheimpactofCovid-19pandemicin2020,China’sjewelryretailmarketwitnessedastrongreboundin2021,withtheretailsalesofgold,silverandjewelryfromtheunitsabovedesignatedsizesurpassing300billionRMB.In2023,thefigurereached331billionRMB,ahistorichigh,up13.3percentyear-on-year.Duringthelastfiveyears(2019-2023),itscompoundannualgrowthrate(CAGR)is6.2percent,muchhigherthanthe3.7percentaveragegrowthrateofthetotalretailsalesofsocialconsumergoods.Figure1:Theretailsalesandgrowthratesofgold,silverandjewelryoftheunitsabovedesignated（數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局）(Source:NationalBureauofStatisticsofChina(NBS))9Figure2:Theyear-on-yeargrowthrateofthetotalretailsalesofsocialconsumergoodsandtheretailsalesofgold,silver,jewelryoftheunitsabovedesignatedsizeduring2019-2023（數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局）(Source:NBS)從市場(chǎng)總規(guī)模來(lái)看，根據(jù)中寶協(xié)的統(tǒng)計(jì)，過(guò)去五年，中國(guó)珠寶玉石首飾市場(chǎng)規(guī)模從2019年的6100億元增長(zhǎng)至2023年的8200億元，年均增速達(dá)7.68%。Fromtheperspectiveoftotalmarketsize,statisticsfromtheGems&JewelryTradeAssociationofChina(GAC)showthatinthepastfiveyears,China’sgemsandjewelrymarketsizehasincreasedfrom610billionRMBin2019to820billionRMBin2023,withaCAGRof7.68percent.Figure3:Themarketsizeandyear-on-yeargrowthrateofChina’sgemsandjewelryindustry從市場(chǎng)品類(lèi)結(jié)構(gòu)看，過(guò)去五年，黃金、鉆石、翡翠玉石、彩寶、珍珠、鉑金等幾大品類(lèi)的市場(chǎng)份額此消彼長(zhǎng)，正在重塑中國(guó)珠寶市場(chǎng)的消費(fèi)格局。具體看：Fromtheperspectiveofmarketsegments,duringthepastfiveyears,themarketsizesofmajorsegmentssuchasgold,diamond,Feicuiandjades,coloredgemstones,pearl,andplatinumhavewaxedandwaned,reshapingtheconsumptionlandscapeofChina’sjewelrymarket.Tobemorespecific:黃金消費(fèi)穩(wěn)中有增，是珠寶市場(chǎng)的“壓艙石”。過(guò)去中國(guó)市場(chǎng)的黃金消費(fèi)量從2019年的1002.78噸增至2023年的1089.69噸，年均增長(zhǎng)2.1%，所占市場(chǎng)份額為60%左右。Goldconsumptionhasachievedsteadygrowth,whichisthebedrockofthejewelrymarket.Inthepastfiveyears,goldconsumptioninChinahasincreasedfrom1,002.78tonnesin2019to1,089.69tonnesin2023,withaCAGRof2.1percent,takingabout60percentofthemarketshare.Figure4:China’sgoldconsumptionduring2019-2023(Unit(數(shù)據(jù)來(lái)源：中國(guó)黃金協(xié)會(huì))(Source:ChinaGoldAssociation)世界黃金協(xié)會(huì)報(bào)告顯示，2023年中國(guó)市場(chǎng)在全球金飾總需求中占比超過(guò)30%，30多年來(lái)，中國(guó)的年度黃金消費(fèi)已增長(zhǎng)五倍之多。同時(shí)，中國(guó)央行的官方黃金儲(chǔ)備由2019年的1948.31噸增至2023年的2235.39噸，年均增速3.5%。AccordingtoareportfromtheWorldGoldCouncil,theChinesemarketaccountedformorethan30percentoftheglobalgoldjewelrydemandin2023.China’sannualgoldconsumptionhasrisenfive-foldoverthepastmorethan30years.Meanwhile,goldreservesatChina’scentralbankhaveincreasedfrom1948.31tonnesin2019to2235.39tonnesin2023,withaCAGRof3.5percent.Figure5:Globalgolddemandduring2019-2023(（數(shù)據(jù)來(lái)源：世界黃金協(xié)會(huì)）(Source:WorldGoldCouncil)鉆石市場(chǎng)或?qū)⒅祝e蓄復(fù)蘇力量。2023年中國(guó)鉆石市場(chǎng)規(guī)模約600億元，同比下降22.0%；上海鉆石交易所鉆石交易總額31.09億美元，同比下降29.7%，過(guò)去五年年均降幅為7.4%。隨著庫(kù)存的逐漸出清和市場(chǎng)推廣策略的調(diào)整和加強(qiáng)，鉆石市場(chǎng)有望加快筑底，市場(chǎng)或?qū)鬟f出更多的復(fù)蘇信號(hào)。Astherecoverymomentumisbuildingup,thediamondmarketislikelytobottomout.In2023,China’sdiamondmarketsizewasabout60billionRMB,down22.0percentyear-on-year.In2023,thediamondtransactionsontheShanghaiDiamondExchange(SDE)totaled3.109billionUSD,down29.7percentyear-on-year,withanaverageannualdeclinerateof7.4percentinthepastfiveyears.Astheinventoryisgraduallydepletedandthemarketingstrategiesareadjustedandstrengthened,thediamondmarketisexpectedtoacceleratethebottomingoutprocessandseemorerecoverysignals.Figure6:Thetotaldiamondtransactionva（數(shù)據(jù)來(lái)源：上海鉆石交易所）(Source:ShanghaiDiamondExchange)培育鉆石產(chǎn)能大幅提高。2020年中國(guó)培育鉆石產(chǎn)量約300萬(wàn)克拉，至2023年增長(zhǎng)至2200萬(wàn)克拉，四年平均增長(zhǎng)率為94.3%。2023年，中國(guó)培育鉆石毛坯出口量為比下降48.6%，過(guò)去五年出口量年均增長(zhǎng)5.3%；培育鉆石成品為31.4%。Theproductioncapacityoflab-growndiamondhasincreasedsignificantly.China’slab-growndiamondproductionoutputhasincreasedfromabout3millioncaratsin2020to22millioncaratsin2023,withaCAGRof94.3percentduringthepastfouryears.In2023,Chinaexported746,300caratsoflab-grownroughdiamond,down48.6percentyear-on-year,withaCAGRof5.3percentinthepastfiveyears.In2023,theexportoflab-grownpolisheddiamondreached268,960carats,down94.7percentyear-on-year,withaCAGRof31.4percentinthepastfiveyears.Figure7:Theexportvolumeoflab-growndiamondduring2019-2023（數(shù)據(jù)來(lái)源：海關(guān)總署）(Source:GeneralAdministrationofCustomsofthePeople’sRepublicofChina(GACC))玉石翡翠市場(chǎng)持續(xù)強(qiáng)勁增長(zhǎng)。過(guò)去五年，翡翠和田玉的市場(chǎng)規(guī)模持續(xù)高速增長(zhǎng)，2023年市場(chǎng)規(guī)模約為1500億元，同比增長(zhǎng)2%，過(guò)去五年的年均復(fù)合增長(zhǎng)率達(dá)25.7%；市場(chǎng)份額在20%上下，是僅次于黃金的第二大品類(lèi)市場(chǎng)。ThejadeandFeicuimarkethassustainedstronggrowth.Inthepastfiveyears,China’sFeicuiandHetianYumarkethasseencontinuousrapidgrowth.In2023,itsmarketsizereached150billionRMB,up2percentyear-on-year,withaCAGRof25.7percentinthepastfiveyears,takingabout20percentofthemarketshare,secondonlytothatofgold.Figure8:China’sjadeandFeicuimarkets價(jià)格上漲成為彩色寶石市場(chǎng)的主導(dǎo)因素。2023年，中國(guó)彩色寶石市場(chǎng)規(guī)模約為310億元，過(guò)去五年年均增長(zhǎng)0.4%，主要是因?yàn)?022年的銷(xiāo)售額下挫了11.11%，整體拉低了彩寶市場(chǎng)的增長(zhǎng)率。過(guò)去五年，國(guó)內(nèi)彩色寶石價(jià)格整體持續(xù)上漲，尤其是2023年，高品質(zhì)紅、藍(lán)寶石價(jià)格大幅上漲。Priceriseshavebecomeadominantfactorinthecoloredgemstonemarket.In2023,China’scoloredgemstonemarketsizereachedabout31billionRMB,withaCAGRof0.4percentinthepastfiveyears.In2022,itssalesvolumefell11.11percent,draggingdowntheoverallgrowthrateduring2019-2023.Inthepastfiveyears,pricesofcoloredgemstoneshavecontinuedtoriseinthedomesticmarket,particularlyin2023,whenthepricesofhigh-qualityrubiesandsapphiressawsignificantincreases.Figure9:China’scoloredg珍珠市場(chǎng)一路高歌猛進(jìn)。2023年，中國(guó)珍珠市場(chǎng)的銷(xiāo)售額達(dá)350億元，同比增長(zhǎng)45.83%。過(guò)去五年，中國(guó)珍珠市場(chǎng)年均增長(zhǎng)18.09%，表現(xiàn)出了強(qiáng)勁的增長(zhǎng)勢(shì)頭。Thepearlmarkethasseenremarkablegrowth.In2023,thesalesvolumeofChina’spearlmarketreached35billionRMB,up45.83percentyear-on-year.Inthepastfiveyears,China’spearlmarketrecordedaCAGRof18.09percent,showingarobustgrowthtrend.鉑金首飾市場(chǎng)持續(xù)萎縮。中國(guó)市場(chǎng)的鉑金首飾需求量從2019年的27.1噸降至2023年的12.7噸，比也從41%下降至22%。Theplatinumjewelrymarkethasexperiencedcontinuousshrinking.TheplatinumjewelrydemandintheChinesemarkethasdroppedfrom2.71billiontonnesin2019to1.27billiontonnesin2023,downby53percent.Itsshareintheglobalmarkethasfallenfrom41percentin2019to22percentin2023.Figure11:GlobalandChina’splatinumjewelryde（數(shù)據(jù)來(lái)源：國(guó)際鉑金投資協(xié)會(huì)）(Source:WorldPlatinumInvestmentCouncil)（二）進(jìn)出口：對(duì)歐美貿(mào)易額大幅增長(zhǎng)2.Importsandexports:LargeincreaseintradewithEuropeandAmerica2019-2023年，中國(guó)珠寶類(lèi)商品進(jìn)口和出口的年均增長(zhǎng)率均保持在雙位數(shù)水平。其中，進(jìn)口額年均增長(zhǎng)17%，高于出口年均增長(zhǎng)率6個(gè)百分點(diǎn)。從具體商品類(lèi)別看，寶石或半寶石、鑲嵌首飾和黃金制品在過(guò)去5年的進(jìn)口額年均增幅均超過(guò)20%。During2019-2023,boththeimportandexportvalueofChina’sjewelrygoodshavemaintainedadoubledigitCAGR,amongwhichtheCAGRofimportsreached17percent,sixpercenthigherthanthatofexports.Fromtheperspectiveofcommoditycategories,theimportvalueofpreciousorsemi-preciousstones,inlayjewelry,andgoldproductshaveallregisteredaCAGRofmorethan20percentinthepastfiveyears.Figure12:China’simportandexportvaluesofjewelry（數(shù)據(jù)來(lái)源：海關(guān)總署）(Source:GACC)Table1:ImportvaluesbyjewePreciousorsemi-pr2InlayjewelryImitationjewelryVariouspreciousmetal（數(shù)據(jù)來(lái)源：海關(guān)總署）(Source:GACC)從貿(mào)易對(duì)象來(lái)看，過(guò)去五年中國(guó)與美洲和歐盟的珠寶進(jìn)出口貿(mào)易更為活躍，進(jìn)出口總額年均增幅分別為24.15%和20.58%，遠(yuǎn)高于其他地區(qū)。Fromtheperspectiveoftradepartners,inthepastfiveyears,theimportandexporttradebetweenChinaandAmericaandEUismoreactive,withaCAGRof24.15percentand20.58percentrespectively,muchhigherthanotherregions.表2.2019-2023中國(guó)-部分國(guó)家地區(qū)珠寶行業(yè)進(jìn)出口數(shù)據(jù)統(tǒng)計(jì)（單位：億美元）Table2:ImportandexportvaluesofjewelryindustrybetweenChinaandsomecountriesorregionsduring2019-2023(Unit:100millionUSD)（數(shù)據(jù)來(lái)源：海關(guān)總署）(Source:GACC)（三）網(wǎng)上銷(xiāo)售：增速處于領(lǐng)跑位置3.Onlinesales:Leadingingrowthrate過(guò)去五年，珠寶類(lèi)實(shí)物商品網(wǎng)上零售額年均增幅達(dá)22%，在商務(wù)部監(jiān)測(cè)的18類(lèi)商品中連續(xù)五年增速位居第一，其中，2023年的增速高出網(wǎng)上實(shí)物總類(lèi)31.9個(gè)百分點(diǎn)，按絕對(duì)值計(jì)算為3397億元；在網(wǎng)上實(shí)物類(lèi)商品中的占比也由2020年的1.59%升至2023年2.61%。Inthepastfiveyears,theonlineretailjewelrysalesinphysicalgoodshaveloggedaCAGRof22percent,rankingfirstforfiveconsecutiveyearsamongthe18typesofgoodsmonitoredbytheMinistryofCommerce(MOFCOM).In2023,itsgrowthratewas31.9percenthigherthanthatofallcategoriesofphysicalgoods,itsvaluereached339.7billionRMBbyabsolutevalue,anditsmarketshareinonlinephysicalgoodshasincreasedto2.61percentfrom1.59percentin2020.Figure13:TheYoYchangesofonlineretailsalescategoriesofphysicalgoodsduring2019-2023（數(shù)據(jù)來(lái)源：商務(wù)部）(Source:MOFCOM)（四）上市公司：營(yíng)收、利潤(rùn)增速可觀4.Listedcompanies:ConsiderablegrowthrateinrevenueandprofitA股珠寶上市公司營(yíng)收穩(wěn)步增長(zhǎng)。A股上市的處于穩(wěn)定經(jīng)營(yíng)狀態(tài)的12家珠寶公司，到2023年總營(yíng)業(yè)收入達(dá)到了2500億元，實(shí)現(xiàn)了年均10.61%的增長(zhǎng)；而歸屬于上市公司股東的凈利潤(rùn)雖在2021年高位回落，但總體仍在上行區(qū)間，5年間年均增速3.40%。TherevenuesofjewelrycompanieslistedontheA-sharemarkethaveachievedsteadygrowth.Thereare12A-sharelistedjewelrycompaniesinstableoperation.In2023,theiroperatingrevenuestotaled250billionRMB.Inthepastfiveyears,theyhaveloggedaCAGRof10.61percent.Althoughthenetprofitsattributabletoshareholdersofthelistedcompanieshasdeclinedfromrecenthighsin2021,itisstillintheupwardrangeonthewhole,withaCAGRof3.40percentinthepastfiveyears.圖14.A股珠寶上市公司2019年-2023年?duì)I業(yè)收入（Figure14:TheoperatingrevenuesofA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（數(shù)據(jù)來(lái)源：上市公司年報(bào)）(Source:Annualreportsoflistedcompanies)Figure15:Thetotaloperatingrevenuesofthe12A-sharelistedjewelr圖16.A股珠寶上市公司2019年-2023年歸屬于上市公司股東的凈利潤(rùn)（單位：億元）Figure16:ThenetprofitsattributabletoshareholdersoftheA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（數(shù)據(jù)來(lái)源：上市公司年報(bào)）(Source:Annualreportsoflistedcompanies)Figure17:Thetotalprofitsattributabletoshareholdersofthe港股珠寶上市公司利潤(rùn)大增。周大福、六福、周生生等三家港資品牌在過(guò)去五年?duì)I收總額一路上揚(yáng)至1400多億港元，年均增速達(dá)14.83%；其股東應(yīng)占溢利年均增長(zhǎng)率則高達(dá)20.43%。TheprofitsofHongKonglistedcompanieshaveregisteredasharpincrease.Inthepastfiveyears,thetotaloperatingrevenuesofthethreeHongKongbrandsincludingChowTaiFook,Lukfook,andChowSangSanghasincreasedtomorethan140billionHKD,loggingaCAGRof14.83percent.TheprofitsattributabletoshareholdershaveachievedaCAGRof20.43percent.Figure18:ThetotaloperatingrevenuesoftheChowTaiFook,thefinancialyearsof2019/2020-2023/2024,andChowSang圖19.周大福、六福集團(tuán)2019/2020-2023/2024財(cái)年、周生生2019-2023年股東應(yīng)占溢利總額（單位：億港元）Figure19:ThetotalprofitsattributabletoshareholdersoftheChowTaiFook,andLukFookHoldingsduringthefinancialyearsof2019/2020-2023/2024,andChowSangSangduring2019-2023(Unit:100millionHKD)5.Topbrands:CausingMatthewEffect根據(jù)中寶協(xié)品牌價(jià)值與品牌強(qiáng)度評(píng)價(jià)體系的數(shù)據(jù)，截至2023年，中國(guó)前八大珠寶零售品牌占據(jù)了國(guó)內(nèi)市場(chǎng)40.71%的份額。從品牌零售門(mén)店覆蓋率來(lái)看，珠寶上市公司前五大品牌共開(kāi)設(shè)28119家零售店，占上市珠寶公司品牌門(mén)店總量的76%。StatisticsfromtheGACshowthatby2023,thetopeightjewelryretailbrandshadaccountedfor40.71percentofdomesticmarketshare.Fromtheperspectiveofbrandretailstorecoverage,thetopfivebrandsofthelistedjewelrycompanieshadopened28,119retailedstores,accountingfor76percentofthetotalbrandstoresofthelistedjewelrycompanies.（六）零售終端：渠道布局加速下沉三四線(xiàn)城市6.Retailterminal:Channeldistributionsspeedinguppenetratingintothird-tierandfourth-tiercities從區(qū)域分布上看，截至2023年，A股和港股上市珠寶公司（下同）門(mén)店主要集中在華東、華中、華北地區(qū)，依次為14523 Fromtheperspectiveofregionaldistributions,by2023,thestoresofA-sharelistedandHongKonglistedjewelrycompanies(thesamehereinafter)hadbeenprimarilycenteredintheeast,centralandnorthChina,wherethenumberofstoresamountedto14,523stores,5,368stores,and4,769storesrespectively,accountingfor39.4percent,14.6percentand12.9percentofthetotalrespectively.Figure20:StoredistributionsofA-sharelistedandHongKonglistedjewelrycompaniesin從一線(xiàn)、新一線(xiàn)等城市線(xiàn)級(jí)分布上看，上市珠寶公司在北在成都、重慶、杭州、南京等新一線(xiàn)城市共有7566家，占比Fromtheperspectiveofcity-tierdistributions,suchasfirst-tierandnewfirst-tiercities,thelistedjewelrycompanieshavesetup3,392storesinthefirst-tiercitesincludingBeijing,Shanghai,GuangzhouandShenzhen,accountingfor9.2percentofthetotal.Theyhad7,566storesinthenewfirst-tiercities,suchasChengdu,Chongqing,HangzhouandNanjing,accountingfor20.5percentofthetotal.Theypossessed7,002stores,9,053stores,and6,231storesinthesecond-tiercities,third-tiercities,andfourthandlower-tiercitiesrespectively,accountingfor19.0percent,24.6percent,and16.9percentrespectively.Figure21:Brandstoredistributionsoflistedjewelrycompaniesintieredcities從省份分布上看，江蘇省有3697家上市珠寶公司品牌門(mén)店，家，占比7.8%，山東省2869家，占比7.8%，浙江省2占比7.6%。Fromtheperspectiveofprovincialdistributions,Jiangsuprovincehosts3,697storesofthelistedjewelrycompanies,accountingfor10percentofthetotalandrankingfirstinthecountry.Guangdong,ShandongandZhejiangprovinceshost2,881stores,2,869storesand2,817storesofthelistedjewelrycompaniesrespectively,accountingfor7.8percent,7.8percent,and7.6percentofthetotalrespectively.圖22.各省上市珠寶品牌門(mén)店分布情況Figure22:Brandstoredistributionsofthelistedjewelrycompaniesinprovinces結(jié)論：縱觀過(guò)去五年中國(guó)珠寶市場(chǎng)的發(fā)展軌跡，我們不難發(fā)現(xiàn)，正是多個(gè)層面的持續(xù)穩(wěn)健增長(zhǎng)與綜合發(fā)力，推動(dòng)了市場(chǎng)總體積極向好的態(tài)勢(shì)不斷鞏固和加強(qiáng)，更為行業(yè)應(yīng)對(duì)未來(lái)各種不確定性風(fēng)險(xiǎn)沖擊夯實(shí)了基礎(chǔ)、提高了能力、充實(shí)了底氣、豐富了工具箱。歸納總結(jié)為以下幾點(diǎn)：Conclusion:FromthedevelopmenttrajectoriesofChina’sjewelrymarketinthepastfiveyears,it’snothardtoseethatdrivenbysustainedsteadygrowthandconcertedeffortsfrommultiplefacets,theoverallpositivemomentumofimprovementhasbeencontinuouslyconsolidatedandstrengthened.Withenhancedcapacities,boostedconfidenceandenrichedtoolkits,ithaslaidasolidfoundationfortheindustrytocopewithfuturerepercussionsofuncertainties.Insummary:在消費(fèi)端，經(jīng)濟(jì)動(dòng)蕩加劇和不確定性風(fēng)險(xiǎn)抬升的時(shí)代，黃金珠寶產(chǎn)品較強(qiáng)的保值、對(duì)沖風(fēng)險(xiǎn)、守護(hù)居民財(cái)富安全的投資屬性在過(guò)去幾年間得到大幅回歸。Ontheconsumptionside,thepropertiesofvalue-retaining,risk-hedgingandinvestmentforwealthinsuranceofgoldjewelryproductshasseenstrongreboundinthepastfewyears.在供給側(cè)，以古法金、3D硬金、國(guó)潮國(guó)風(fēng)為代表的工藝、材料、文化創(chuàng)新已蔚然成風(fēng)，并在低迷的市場(chǎng)環(huán)境中頻頻引燃消費(fèi)熱點(diǎn)，開(kāi)辟了新增長(zhǎng)點(diǎn)。Onthesupplyside,theburgeoninginnovationintheprocesses,materials,andculture,whichisrepresentedbyancientgoldcraftsmanship,3Dhardgold,andChina-chic,haschartednewavenuesforgrowth,frequentlyignitingtheenthusiasmofconsumersinalacklustermarketenvironment.在海外市場(chǎng)方向，面對(duì)日趨緊張的國(guó)際貿(mào)易關(guān)系，在跨境電商的加持下，一方面穩(wěn)定與傳統(tǒng)貿(mào)易國(guó)的關(guān)系，鞏固其市場(chǎng)份額，另一方面積極開(kāi)拓新興市場(chǎng)，推進(jìn)進(jìn)出口貿(mào)易渠道更加多元化。中國(guó)珠寶產(chǎn)業(yè)完整、緊密、通暢、門(mén)類(lèi)豐富、配套齊全的產(chǎn)業(yè)鏈和可靠、高效、具有韌性的供應(yīng)鏈的優(yōu)勢(shì)得以彰顯。Fromtheperspectiveofoverseasmarkets,facedwithincreasinglytensetraderelations,andboostedbycross-bordere-commerce,effortsarebeingmadetostabilizerelationswithtraditionaltradepartnersandconsolidateitsmarketshare.Effortsarealsobeingmadetoactivelytapintoemergingmarkets,andadvancethediversificationofimportandexportchannels.Withacomplete,close,smooth,andfull-fledgedindustrialchain,andareliable,efficientandresilientsupplychain,China’sjewelryindustryhasdemonstrateditsadvantages.在市場(chǎng)建設(shè)上，多元化的消費(fèi)需求、多層次的市場(chǎng)結(jié)構(gòu)，特別是海南自貿(mào)港的巨大潛力，加之不斷擴(kuò)大的中產(chǎn)階層和持續(xù)推進(jìn)的城鎮(zhèn)化，為珠寶行業(yè)的穩(wěn)健發(fā)展和國(guó)際合作提供了廣闊空間和戰(zhàn)略縱深。Intermsofmarketconstruction,thediversifiedconsumptiondemands,themulti-levelmarketstructure,especiallytheimmensepotentialofHainanFreeTradePort,theexpansionofmiddleclassandthecontinuousurbanizationprovidebroadspaceandstrategicdepthforthesounddevelopmentandinternationalcooperationofChina’sjewelryindustry.二、2024年前三季度珠寶市場(chǎng)的主要表現(xiàn)II.TheperformanceofChina’sjewelrymarketinthefirstthreequartersof2024今年前三季度，中國(guó)限額以上單位社會(huì)消費(fèi)品零售總額同比上漲3.3%，其中，金銀珠寶類(lèi)商品零售額達(dá)2454億元，同比下降3.1%，但其絕對(duì)值依舊高于過(guò)去五年2106億元的平均數(shù)。Inthefirstthreequartersof2024,thetotalretailsalesofsocialconsumergoodsfromtheunitsabovedesignatedsizesawayear-on-yeargrowthof3.3percent,amongwhichtheretailsalesofgold,silverandjewelryreached245.4billionRMB,down3.1percentyear-on-year,butitsabsolutevalueisstillhigherthanitsaveragenumberinthepastfiveyears,thatis,210.6billionRMB.Figure23:Theretailsalesandgrowthratesofgold,silverandjewelryfromtheunitsabovedesignatedsizeduringthefirstthreequartersof2019-2024從珠寶市場(chǎng)主力產(chǎn)品——黃金的消費(fèi)情況看，前三季度，全國(guó)黃金消費(fèi)量741.732噸，同比下降11.18%。其中：黃金首飾400.038噸，同比下降27.53%；金條及金幣282.721噸，同比增長(zhǎng)27.14%。Fromtheperspectiveofgoldconsumption,amajorsegmentinthejewelrymarket,inthefirstthreequartersof2024,thenationwidegoldconsumptionstoodat74.1732billiontonnes,down11.18percentyear-on-year,amongwhichtheconsumptionofgoldjewelrywas40.0038billiontonnes,down27.53percentyear-on-year,andthatofgoldbarsandcoinswas28.2721billiontonnes,up27.14percentyear-on-year.進(jìn)出口方面：前三季度，中國(guó)珠寶首飾類(lèi)商品的進(jìn)出口總億美元，同比增長(zhǎng)11.03%，進(jìn)口額為879.59億美元，同比增長(zhǎng)0.12%。Fromtheperspectivesofimportsandexports,inthefirstthreequartersof2024,theimportandexportvaluesofChina’sjewelryproductsreached113.266billionUSD,up2.37percentyear-on-year,amongwhichtheexportandimportvalueswere25.307billionUSDand87.959billionUSDrespectively,up11.03percentand0.12percentyear-on-yearrespectively.圖24.近五年前三季度中國(guó)珠寶行業(yè)進(jìn)出口數(shù)據(jù)（單位：億美元）Figure24:TheimportandexportvaluesofChina’sjewelryindustryduringthefirstthreequartersoftherecentfiveyears(Unit:100millionUSD)網(wǎng)上零售方面：按絕對(duì)值計(jì)算，今年前三季度中國(guó)金銀珠寶類(lèi)商品網(wǎng)上零售額達(dá)2095.66億元，增速同比下降9.8個(gè)百分點(diǎn)至25%，但依然是商務(wù)部監(jiān)測(cè)的18類(lèi)商品中增長(zhǎng)最快的品Fromtheperspectivesofonlinesales,calculatedbyabsolutevalues,theonlineretailsalesofgold,silverandjewelrygoodsinthefirstthreequartersof2024reached209.566billionRMB,anditsyear-on-yeargrowthratedroppedto25percent,downby9.8percent,butitisstillthefastestgrowingcategoryamongthe18typesofgoodsmonitoredbytheMOFCOM.圖25.近五年前三季度金銀珠寶類(lèi)實(shí)物商品網(wǎng)上零售額數(shù)據(jù)Figure25:Theonlineretailsalesofgold,silverandjewelryinphysicalgoodsduringthefirstthreequartersoftherecentfiveyears（數(shù)據(jù)來(lái)源：商務(wù)部）(Source:MOFCOM)上市公司方面：前三季度，12家A股上市公司的總營(yíng)收同比出現(xiàn)2.22%的小幅下滑，總利潤(rùn)降幅較大，有21.51%的下降。而港股三大珠寶上市公司上半財(cái)年?duì)I收和凈溢利都出現(xiàn)雙位數(shù)的下降。值得注意的是，今年6月剛上市的老鋪黃金上半年?duì)I業(yè)收入約35.2億元，同比增長(zhǎng)148.3%；凈利比增長(zhǎng)198.8%。Fromtheperspectiveoflistedcompanies,inthefirstthreequartersof2024,thetotalrevenuesofthe12A-sharelistedcompaniessawasmalldropof2.22percentyear-on-yearandthetotalprofitsexperiencedalargerdropof21.51percentyear-on-year.TheoperatingrevenuesandnetprofitsofthethreeHongKonglistedcompaniesallloggedadouble-digityear-on-yeardeclineinthefirsthalfofthisfinnancialyear.OfparticularnoteisthattherevenueandnetprofitofLaopuGold,newlylistedinHongKonginJune,reached3.52billionRMBand588millionRMBrespectivelyinthefirsthalfof2024,up148.3percentand198.8percentyear-on-yearrespectively.三、對(duì)未來(lái)的幾點(diǎn)觀察III.Insightstothefuture即將過(guò)去的2024年和即將到來(lái)的2025年，可能是中國(guó)珠寶市場(chǎng)發(fā)展的一個(gè)重要分水嶺。相比過(guò)去5年，當(dāng)前乃至未來(lái)一段時(shí)期，珠寶行業(yè)發(fā)展的內(nèi)外部環(huán)境因素更加錯(cuò)綜復(fù)雜，這不僅導(dǎo)致今年市場(chǎng)的一些指標(biāo)表現(xiàn)不佳，全行業(yè)更是普遍面臨著比過(guò)去更大的增長(zhǎng)壓力。Thesoon-to-end2024andsoon-to-begin2025maybeanimportantwatershedperiodinthedevelopmentofChina’sjewelrymarket.Comparedwiththepastfiveyears,theinternalandexternaldevelopmentenvironmentofChina’sjewelryindustryismorecomplexatpresentandevenforsometimetocome,resultinginnotonlytheunderperformancesofsomeindicators,butalsogreaterpressureforthewholeindustryingeneral.但另一方面，我們也看到，過(guò)去幾年市場(chǎng)下行壓力正倒逼珠寶行業(yè)加速過(guò)剩產(chǎn)能出清；更加重視對(duì)存量市場(chǎng)的精耕細(xì)作和再開(kāi)發(fā)；更加重視通過(guò)系統(tǒng)性創(chuàng)新開(kāi)拓新增長(zhǎng)點(diǎn)；更加重視對(duì)細(xì)分市場(chǎng)的深耕厚植，以鞏固、強(qiáng)化其在某一垂直領(lǐng)域的核心優(yōu)勢(shì)；更加追求穩(wěn)健、成本效益比更高、更有質(zhì)量的可持續(xù)However,ontheotherhand,wehaveseenthatoverthepastfewyears,themarketdownwardpressurehasforcedtheacceleratedclearingofexcesscapacity.Meanwhile,moreattentionhasbeenpaidtocarefullyexploitingandredevelopingofthestockmarket,persistentlyexploringnewgrowthopportunitiesthroughsystematicinnovation,andpainstakinglycultivatingmarketsegmentssoastosolidifyand