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金价受限 加盟分利:老庙黄金的“好运文化”失灵了?

李斌 2026-10-14 11:43
李斌 2026/10/14 11:43

邦小白快读

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总:对普通读者,这篇文章最大的提醒是:买黄金首饰别只认为“一口价”省心,工费和品牌溢价可能远超想象;金价波动越大,按克计价的首饰保值性越弱。

1. 老庙黄金一款8.47克古韵金手链售价21058元,按当日金价折算,工费占售价超过50%,比以高工费著称的老铺黄金(工费占比约47.55%)还要贵。店员说“带钻的、工艺复杂的按件卖,素金按克卖”,消费者买前要先分清按件计价和按克计价的差别。

2. 一口价产品如果店员讲不清贵在哪,就要警惕。老庙柜台被追问一口价溢价来源时,店员回避问题转而推荐按克产品,说明部分高价产品的溢价缺乏清晰支撑。

3. 从行业数据看,2026年上半年黄金首饰消费量同比下降33.88%,金条金币消费量同比增长28.42%。金价波动大时,首饰的消费属性让位于金融属性,想保值更应关注金条金币,而非高工费饰品。

4. 老庙黄金的“好运”故事在加盟店损耗严重,店员只讲“王楚然同款”“雕刻精细”,消费者不能把广告语等同于产品真实价值。

总:老庙黄金案例说明,品牌溢价由渠道掌控力、终端叙事和产品定价共同决定,缺一不可。

1. 品牌营销:老庙启用王楚然和郭麒麟双代言人,但古韵金在加盟店只能讲出“王楚然同款”“鱼雕刻精细”,一口价溢价说不清。品牌故事必须变成店员能讲、消费者能懂的话术。

2. 渠道建设:老庙以加盟为主,豫园珠宝板块加盟店3705家、占比超93%,加盟商重周转和利润,把文化故事简化成“按件买更划算”。对比老铺黄金45家全直营、毛利率37.6%,莱绅通灵直营占比近七成能讲清品牌来源,渠道结构决定品牌溢价兑现能力。

3. 定价与竞争:老庙一款8.47克手链工费占售价超50%,超过老铺黄金,但上半年毛利率仅8.6%,仍处行业下半段。高工费不等于高毛利,定价需要产品力和渠道力支撑。

4. 消费趋势与用户行为:金价波动下首饰消费量同比下降33.88%,金条金币增长28.42%,消费者观望情绪重。老庙用工艺、IP、轻量产品线试图脱离克重计价,方向正确,但加盟模式让文化溢价在终端损耗。

5. 产品研发:一串好运销售额破1.5亿元,天官赐福联名礼盒天猫首发日破百万元,轻量化和IP联名是可参考的方向。

总:对黄金珠宝卖家,老庙黄金案例既有风险提示,也有可学习点:金价波动改变消费结构,一口价产品有毛利但需要会讲,加盟网络正被品牌方优化。

1. 风险提示:2026年金价高位剧烈震荡,由1256元/克回落至860元/克,消费者持续观望。黄金首饰消费量同比下降33.88%,金条金币增长28.42%,按克计价首饰越来越难卖。老庙2026上半年已主动优化超400家低效门店,加盟店可能面临被关闭的风险。

2. 机会提示:按件计价产品销售额同比上涨66%,一串好运销售额突破1.5亿元,天官赐福联名礼盒天猫首发日销售破百万元。轻量化和IP联名产品是当前能拉动销售的增长点。

3. 可学习点:莱绅通灵店员能把竹子和鸢尾的故事讲到比利时国花和典藏系列,溢价说得清;老庙店员只能讲明星同款,追问一口价就退回到按克卖。卖家应培训店员讲清工艺和品牌来源,否则高溢价产品卖不动。

4. 应对措施:品牌方正在强化直营标杆和加盟标准化运营,加盟商需主动提升终端形象、店员话术和运营规范,避免被优化;同时算清一口价产品与按克产品的利润结构,不要只被高工费吸引。

总:黄金珠宝代工厂可从老庙黄金的产品线和行业对比中看到三类机会:高工艺附加值、轻量化设计、IP联名。

1. 产品生产与设计需求:老庙古韵金系列强调古法工艺,一款8.47克手链工费占比超过50%,说明复杂工艺和镶嵌设计能支撑高工费;一串好运以轻量产品为特征,销售额破1.5亿元,说明小克重、设计感强的产品适合当前谨慎消费心理;天官赐福联名礼盒天猫首发日破百万元,说明IP联名产品需要快速响应能力。

2. 商业机会:老庙按件计价产品占比超18%,品牌计件产品销售额同比上涨66%,工厂可加大按件计价产品线开发。但需注意老庙毛利率仅8.6%,单纯高工费没有品牌力支撑也难赚钱,产品开发要兼顾工艺故事和成本控制。

3. 数字化和电商启示:联名礼盒线上首发能快速验证市场,工厂应配合品牌方小批量、快翻单的电商供应链;品牌方在优化加盟商、强化标准化运营,工厂可提供统一的陈列道具和工艺说明物料,帮助品牌终端讲清溢价。

4. 风险提示:金价波动导致首饰消费量同比下降33.88%,金条金币增长28.42%,工厂需评估首饰订单波动,可关注投资金条相关产品线。

总:老庙黄金案例暴露的行业痛点是:品牌有文化叙事,但加盟终端没有能力把溢价讲清楚。服务商可从终端赋能、标准化运营和数字化工具切入。

1. 行业趋势:黄金珠宝行业毛利率分层明显,老铺黄金、潮宏基、周大生毛利率高于30%,老庙只有8.6%。品牌要想突破低毛利,必须从按克卖转向按件卖,用工艺、IP和文化讲故事。

2. 客户痛点:老庙柜台店员对一口价产品只说“王楚然同款”“鱼雕刻精细”,被追问贵在哪就转头推荐按克产品;加盟商只算周转和利润,不讲文化故事。本质是品牌方对3000多家加盟店的控制力不足,培训和管理没有穿透到终端。

3. 解决方案:可提供加盟商标准化运营工具,包括统一话术、产品工艺卡、文化故事培训、神秘客巡检和数字化巡店;建立一口价产品的价值展示体系,让消费者能理解工费和品牌溢价;还可开发结合金价走势的销售助手,在观望行情下引导顾客理解按件或按克的选择。

4. 新场景:天官赐福联名礼盒天猫首发日销售破百万,说明IP联名加线上首发展览、直播讲解是拉新有效场景,服务商可帮助品牌搭建线上线下一体化内容体系。

5. 机会:老庙正强化直营标杆和加盟标准化运营,服务商可参与门店改造、员工培训和数字化系统建设。

总:从老庙黄金案例看,平台商可关注黄金珠宝品牌的新品首发机会,以及加盟体系数字化运营带来的服务需求。

1. 平台招商与新场景:老庙黄金与天官赐福联名礼盒在天猫首发当日销售破百万,说明IP联名加线上首发是黄金珠宝品牌拉新的有效打法。电商平台可争取此类联名新品首发资源,并把线上爆款引流到线下。

2. 品牌对平台的需求:老庙黄金正在优化加盟商体系、强化直营标杆和加盟标准化运营,但加盟店数量多、分散,店员对一口价产品讲不清溢价。平台可借助本地生活、会员贯通或数据工具帮助品牌提升终端掌控力。

3. 运营管理与风向规避:金价剧烈波动下,黄金首饰消费量同比下降33.88%,金条金币增长28.42%。平台在黄金类目运营上应顺应消费结构变化,增加金条金币和保值内容的曝光;对一口价产品,要警惕终端话术不清引发价格纠纷。

4. 渠道调整信号:老庙主动优化超400家低效门店,线下渠道正在收缩调整,平台可承接品牌方的线上增长和年轻化营销需求,降低对单一线下加盟体系的依赖。

总:老庙黄金案例提供了一个典型研究样本:黄金珠宝品牌的溢价叙事与加盟渠道结构之间的张力,以及金价波动对消费结构的冲击。

1. 产业新动向:黄金首饰消费量同比下降33.88%,金条金币增长28.42%,金价剧烈波动时黄金金融属性压倒消费属性。品牌试图用古法工艺、IP联名、轻量化产品将首饰从克重计价转向按件计价,但老庙按件产品占比超18%却只有8.6%毛利率,说明一口价模式并不天然带来高毛利。

2. 商业模式比较:老铺黄金45家全直营、毛利率37.6%,老庙以加盟为主、毛利率处行业下半段。同样卖黄金饰品,渠道结构决定品牌故事能否兑现。加盟模式用他人资本快速扩张,但加盟商只关心周转和利润,文化叙事在柜台被简化为“按件买更划算”。

3. 新问题:品牌方对终端失控是高溢价策略的软肋。老庙工费已超过老铺黄金,但毛利率困在下半段;在店铺员讲不清一口价溢价来源。背后是品牌资产归品牌方、终端服务由独立加盟商提供的委托代理问题。

4. 管理启示:老庙主动优化超400家低效门店、强化直营标杆和加盟标准化运营,说明品牌在纠偏。可进一步研究一口价产品价格透明度、消费者知情权,以及加盟商标准化培训和督导机制的效果。

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我是 品牌商 卖家 工厂 服务商 平台商 研究者 帮我再读一遍。

Quick Summary

Overall: For general readers, the key takeaway is not to assume that fixed-price (per-piece) gold jewelry is worry-free: labor fees and brand premiums can be far higher than expected, and the greater the gold price volatility, the weaker the value-retention of gram-priced jewelry.

1. At Laomiao Gold, an 8.47g "Ancient Charm" bracelet was priced at 21,058 yuan. Calculated at that day's gold price, labor fees accounted for more than 50% of the selling price, higher than Laopu Gold's approximately 47.55% share—even though Laopu is known for high labor fees. A sales associate said, "diamond-set and intricately designed pieces are sold by the piece; plain gold is sold by the gram." Consumers need to understand the difference between per-piece and per-gram pricing before buying.

2. If a sales associate cannot clearly explain why a fixed-price piece costs more, consumers should be wary. When pressed on the source of the fixed-price premium, Laomiao staff deflected and instead recommended gram-priced products—a sign that some high-priced products lack clear support for their premium.

3. Industry data shows that in the first half of 2026, gold jewelry consumption fell 33.88% year-on-year while gold bar and coin consumption rose 28.42%. When gold prices are highly volatile, the financial attribute of gold overrides the consumer attribute of jewelry. For wealth retention, gold bars and coins are a better focus than high-labor-fee ornaments.

4. Laomiao's "good fortune" narrative is diluted at franchise stores: staff only mention "Wang Churan's same style" and "exquisite fish carving." Consumers should not equate advertising slogans with real product value.

Overall: The Laomiao case shows that brand premium is jointly determined by channel control, in-store narrative, and product pricing—none can be missing.

1. Brand marketing: Laomiao has dual endorsers Wang Churan and Guo Qilin, yet at franchise stores the Ancient Charm collection can only be described as "Wang Churan's same style" or "exquisite fish carving," with no clear rationale for the fixed-price premium. A brand story must become language that salespeople can actually use and consumers can actually understand.

2. Channel structure: Laomiao is franchise-heavy; Yuyuan Jewelry's franchise network has 3,705 stores, over 93% of its total. Franchisees prioritize turnover and profit, simplifying the cultural narrative into "buying by the piece is better value." By contrast, Laopu Gold operates 45 fully direct-owned stores with a 37.6% gross margin, and Leysen's roughly 70% direct-operated ratio allows it to explain its brand origin. Channel structure determines whether a brand premium can actually be realized.

3. Pricing and competition: An 8.47g Laomiao bracelet carries labor fees exceeding 50% of the selling price—above Laopu—yet Laomiao's first-half gross margin was only 8.6%, still in the lower half of the industry. High labor fees do not equal high gross margin; pricing must be supported by product strength and channel strength.

4. Consumer trends and behavior: With gold price volatility, jewelry consumption fell 33.88% year-on-year while gold bars and coins rose 28.42%. Consumers are staying on the sidelines. Laomiao is trying to move beyond gram-based pricing through craftsmanship, IP, and lightweight product lines—the direction is right, but the franchise model causes cultural premium to be lost at the point of sale.

5. Product development: The "A String of Good Fortune" product surpassed 150 million yuan in sales, and the Tian Guan Ci Fu co-branded gift box exceeded one million yuan on its Tmall launch day. Lightweight design and IP collaboration are reference-worthy approaches.

Overall: For gold and jewelry sellers, the Laomiao case offers both risk warnings and lessons: gold price volatility changes the consumption mix, fixed-price products have margin but must be explained well, and the franchise network is being optimized by the brand.

1. Risk warnings: In 2026, gold prices swung sharply, falling from 1,256 yuan/gram to 860 yuan/gram, keeping consumers cautious. Gold jewelry consumption fell 33.88% year-on-year while gold bars and coins rose 28.42%; gram-priced jewelry is becoming harder to sell. In the first half of 2026, Laomiao proactively phased out more than 400 underperforming stores, so franchisees may face closure risk.

2. Opportunities: Sales of piece-priced products rose 66% year-on-year; "A String of Good Fortune" exceeded 150 million yuan in sales; the Tian Guan Ci Fu co-branded gift box surpassed one million yuan on Tmall's launch day. Lightweight products and IP collaborations are current sales growth drivers.

3. Lessons: At Leysen, store staff can tell the story of bamboo and iris all the way to the Belgian national flower and the collection's heritage, making the premium comprehensible. At Laomiao, staff can only mention celebrity tie-ins; when asked about fixed-price premiums, they retreat to gram-based selling. Sellers should train staff to clearly explain craftsmanship and brand origin; otherwise high-premium products will not sell.

4. What to do: The brand is strengthening direct-operated benchmarks and standardized franchise operations. Franchisees need to proactively improve store image, staff messaging, and operating standards to avoid being cut; they should also analyze the profit structure of fixed-price versus gram-priced products rather than being attracted simply by high labor fees.

Overall: Gold jewelry contract manufacturers can identify three opportunities from Laomiao's product line and industry comparisons: high value-add craftsmanship, lightweight design, and IP collaboration.

1. Product production and design needs: The Ancient Charm series emphasizes traditional craft; labor fees account for over 50% of the selling price of an 8.47g bracelet, showing that complex workmanship and settings can support high labor fees. "A String of Good Fortune" is characterized by lightweight pieces and surpassed 150 million yuan in sales, indicating that small-gram, design-forward products fit current cautious consumer psychology. The Tian Guan Ci Fu co-branded gift box exceeded one million yuan on Tmall launch day, indicating IP co-branding requires fast response capability.

2. Business opportunity: Piece-priced products account for more than 18% of Laomiao's offering, and sales of its brand piece-priced products rose 66% year-on-year. Factories can increase development of piece-priced product lines. But note that Laomiao's gross margin is only 8.6%; without brand support, high labor fees alone will not make money. Product development must balance craft storytelling and cost control.

3. Digital and e-commerce implications: Online launching of co-branded gift boxes can quickly test the market. Factories should work with brands on small-batch, fast-reorder e-commerce supply chains. As brands optimize franchisees and strengthen standardized operations, factories can provide unified display props and craft explanation materials to help the brand explain premiums at the point of sale.

4. Risk warnings: Gold price volatility has caused jewelry consumption to fall 33.88% year-on-year while gold bars and coins rose 28.42%. Factories should assess fluctuations in jewelry orders and could pay attention to investment gold bar product lines.

Overall: The Laomiao case reveals an industry pain point: the brand has a cultural narrative, but franchise points of sale lack the ability to explain its premium. Service providers can start with store-level enablement, standardized operations, and digital tools.

1. Industry trends: The gold jewelry industry has clear segmentation in gross margins: brands such as Laopu Gold, CHJ Jewelry, and Chow Tai Seng have gross margins above 30%, while Laomiao is only 8.6%. To break out of low margins, brands must shift from gram-based selling to piece-based selling, using craftsmanship, IP, and culture to tell a story.

2. Client pain point: At Laomiao counters, sales staff describe fixed-price products only as "Wang Churan's same style" or "fine fish carving"; when pressed on where the premium comes from, they switch to recommending gram-priced products. Franchisees only care about turnover and profit, not the cultural story. The root cause is the brand's insufficient control over more than 3,000 franchise stores; its training and management do not reach the front line.

3. Solutions: Provide franchisees with standardized operating tools, including unified sales scripts, product craftsmanship cards, cultural-story training, mystery shopper inspections, and digital store walk-throughs. Build a value-display system for fixed-price products so consumers can understand the labor fee and brand premium. Also develop sales-assist tools that incorporate gold price trends to help customers understand the choice between piece-priced and gram-priced products in a wait-and-see market.

4. New scenarios: The Tian Guan Ci Fu co-branded gift box sold over one million yuan on Tmall's launch day, showing that IP collaboration plus online launch events and livestream explanations is an effective customer-acquisition scenario. Service providers can help brands build integrated online-offline content systems.

5. Opportunity: Laomiao is strengthening direct-operated benchmarks and standardized franchise operations; service providers can participate in store renovation, employee training, and digital system development.

Overall: For e-commerce and platform operators, the Laomiao case highlights new-product launch opportunities for gold jewelry brands and service demand generated by the digitalization of franchise systems.

1. Platform recruitment and new scenarios: Laomiao's Tian Guan Ci Fu co-branded gift box sold over one million yuan on its Tmall launch day, proving that IP co-branding plus online launch is an effective way for gold jewelry brands to acquire customers. Platforms can compete for such co-branded new-product launch resources and route online hits to offline stores.

2. What brands need from platforms: Laomiao is optimizing its franchise system and strengthening direct-operated benchmarks and standardized franchise operations, but its franchise network is large and fragmented, and store staff struggle to explain fixed-price premiums. Platforms can use local-life services, membership integration, or data tools to help brands improve terminal control.

3. Operations and risk avoidance: With sharp gold price volatility, gold jewelry consumption fell 33.88% year-on-year while gold bars and coins rose 28.42%. Platforms should adjust gold category operations to match the structural shift, increasing exposure for gold bars, coins, and wealth-preservation content. For fixed-price products, platforms should be wary of price disputes caused by unclear store scripts.

4. Channel adjustment signal: Laomiao has proactively phased out more than 400 underperforming stores. The offline channel is contracting and adjusting. Platforms can meet brands' demands for online growth and youth marketing, reducing dependence on a single offline franchise system.

Overall: The Laomiao case offers a typical research sample: the tension between a gold jewelry brand's premium narrative and its franchise channel structure, as well as the impact of gold price volatility on the consumption mix.

1. New industry dynamics: Gold jewelry consumption fell 33.88% year-on-year while gold bars and coins rose 28.42%. When gold prices swing sharply, the financial attribute of gold overwhelms the consumer attribute of jewelry. Brands are trying to shift jewelry from gram-based to piece-based pricing through traditional craftsmanship, IP co-branding, and lightweight products. But Laomiao's piece-priced products account for over 18% of sales while its gross margin is only 8.6%, showing that the fixed-price model does not automatically generate high margins.

2. Business model comparison: Laopu Gold has 45 fully direct-owned stores and a 37.6% gross margin, while Laomiao relies mainly on franchising and is in the lower half of the industry on gross margin. Both sell gold accessories, but channel structure determines whether a brand story can be converted into profit. The franchise model uses other people's capital to expand quickly, but franchisees only care about turnover and profit, so the cultural narrative is reduced at the counter to "buying by piece is more cost-effective."

3. New problem: The brand's loss of control over the point of sale is the Achilles' heel of a high-premium strategy. Laomiao's labor fees have exceeded those of Laopu, but its gross margin remains stuck in the lower half; in-store staff cannot explain the source of fixed-price premiums. This is essentially a principal-agent problem: brand assets belong to the brand, while store service is provided by independent franchisees.

4. Management implications: Laomiao's proactive phasing out of more than 400 underperforming stores, reinforcement of direct-operated benchmarks, and standardization of franchise operations indicate the brand is correcting course. Future research could examine the price transparency of fixed-price products, consumer rights to know, and the effectiveness of standardized franchise training and supervision mechanisms.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

2026年9月16日,王楚然与郭麒麟成为老庙黄金史上首对“双代言人”,品牌同期发布古韵金作系列新品。一个讲东方气韵,一个讲生活感,指向很明确:让年轻人重新看见老庙的“好运”。

但品牌的焦虑,不在海报上,在财报里。

「创业最前线」走访发现,老庙黄金古韵金系列一款8.47克手链,工费占售价超过50%,加价力度甚至已超过了素来以高工费、高品牌溢价闻名的老铺黄金。

而2026年上半年,老庙黄金按件计价产品(即“一口价”产品,不按黄金克重计价,而是直接标定一个固定售价)占比超18%,毛利率却只有8.6%,仍在行业下半段。

工费向老铺看齐,毛利率却迟迟上不去。

老庙黄金的门店以加盟店为主,而品牌方想讲的“好运”故事,到了终端却是“按件买更划算”。双代言人能拉来流量,但流量落到三千多家加盟店的柜台上,“好运”故事的损耗率将依旧写在财务报表里。

老庙黄金的“好运”,究竟卡在哪一环?

01 工费向老铺看齐,毛利率却困在行业下半段

创始于1906年的老庙黄金,诞生在上海城隍庙这个数百年来百姓祈福的地方。“老庙给您带来好运气”——一句广告语把“好运”写进了品牌基因,也让老庙黄金在中国黄金珠宝行业里占据了独特的心智。

这种文化心智,在产品端被拆成三条线。2025年第二季度,以古法工艺为特征的“古韵金”系列贡献了超23亿元营收、以轻量产品为特征的“一串好运”系列销售额突破1.5亿元,品牌计件产品销售额同比上涨66%;与《天官赐福》的联名礼盒在天猫首发当日销售破百万。

三条线的共同逻辑在于:让黄金超越克重计价,把工艺、IP与文化都装进溢价里。

这个逻辑在终端执行得相当彻底。

「创业最前线」在9月底走访了北京朝阳区某老庙黄金门店,古韵金作系列被摆在进门最显眼的位置。据介绍,一款8.47克的古韵金作镶嵌手链采用一口价计价的方式,单件售价21058元;另一款12.12克的黄金手串采用克重计价的方式,单件售价16700元。

按当日1195元/克金价折算,该款古韵系列手链工费占售价比例超过50%,而老铺黄金手工费占售价的比例约为47.55%,老庙黄金这款产品的工费加价力度,已经超过了以高工费著称的老铺黄金。

当「创业最前线」提出对古韵金作产品定价的不解时,销售表示:“带钻的、工艺复杂的按件卖,素金按克卖。”

但文化的桂冠没能掩盖商业模式的现实。公开信息显示,2026年上半年老庙黄金按件计价产品占比超过18%,老庙黄金所属的豫园股份珠宝时尚板块毛利率回升至8.6%。但放进行业里仍是尴尬的数字。

招商证券的研报把黄金珠宝企业的毛利率排成了一条清晰的阶梯:老铺黄金、潮宏基、周大生历史平均毛利率高于30%,周大福在20%—30%之间,菜百、老凤祥为5%—15%。老庙黄金约8.6%的毛利率,处于这条阶梯的下半段。

工费已经向老铺黄金看齐,毛利率为何迟迟上不去?问题不在定价,而在模式。老庙黄金这门生意,首先受金价牵制,其次被加盟网络分利。

02 一门受金价牵制的生意

黄金首饰是一门价格透明的生意。上海黄金交易所每个交易日的报价,就是全行业的成本标尺。任何素金产品都逃不出“金价×克重+加工费”的定价公式,这意味着传统金店的本质是一门高流水、低毛利、靠规模走量的生意。

薄利,就必须走量。因此,早年崛起的黄金品牌不约而同选择了加盟作为扩张模式,加盟商自带资金、自担租金与人工,品牌方输出品牌和货品,就能在最短时间内把网点铺开。

老庙黄金便是这一策略的践行者。

据豫园股份财报,截至2025年底,豫园股份珠宝时尚板块(含“老庙”和“亚一”两个连锁品牌)连锁网点达到3952家,其中,加盟店3705家,占比超过93%。同时,老庙黄金也同步保持着加盟店为主的渠道结构。这曾是最优解:用别人的资本,把自己的招牌挂满全国。

但金价走势打破了这门生意的平衡。

黄金行情的棘手之处在于,价格由外部市场主导,品牌没有定价权。金价多数时候震荡,品牌尚能靠工费维持体面;可一旦走出单边行情,无论上涨还是下跌,都会突破品牌定价的价格笼子。

金价一旦大幅波动,消费者的损失就被直接量化:今天花两万买一条金手镯,明天金价跌了,同一个手镯账面只值一万八。于是,金价变动幅度越大,按克计价的首饰越卖不动。

这种消费转向,在终端表现为普遍的观望情绪。

张林(化名)对「创业最前线」表示,自己从2025年就开始看黄金手镯,老铺黄金、周大福等看了个遍,当时金店金价800元/克左右,还没决定买哪只,金价就开始狂飙,一度翻倍,导致迟迟没有下手。

今年金价回调,张林又开始留意,但“还没跌到我当初看的时候的价格”,所以仍在观望,觉得还能再跌跌。

从上海黄金交易所的走势看,2026年金价在高位剧烈震荡,并经历了一轮深度回调,由1256元/克回落至860元/克低点,如今仍在此水平附近震荡。

这种行情直接改变了消费结构。

根据中国黄金协会统计数据,2026年上半年,我国黄金消费量51.14万吨,同比增长1.23%。其中黄金首饰13.21万吨,同比下降33.88%;金条及金币33.93万吨,同比增长28.42%。

当金价波动加大、品牌溢价难以保值时,首饰的消费属性便让位于黄金的金融属性。

需求塌方之下,品牌们使尽浑身解数让黄金首饰定价脱离金价。老铺黄金讲的是工艺;潮宏基讲的是轻量与单件计价,把产品做小做精致,用设计而非克重来定价;老庙黄金则选择全都要,工艺、IP、轻量,装进一个篮子。

方向没有错,但老庙黄金的篮子有个洞:加盟。它成就了老庙黄金的规模,也拖了老庙黄金的后腿。

03 成也加盟、困也加盟

加盟让老庙黄金跑得快,也让老庙黄金赚得薄。

截至2025年底,老凤祥5355家网点中,加盟店5142家,占比96%;老铺黄金45家门店全为自营,只进SKP、万象城等高端商场;莱绅通灵直营217家、加盟99家,直营占比近七成。

再看老庙黄金渠道结构更接近老凤祥,品牌调性却想向老铺看齐,这就是老庙黄金的中间路线。

渠道结构的不同,在柜台前的呈现也截然不同。

「创业最前线」走访时发现,不同品牌店员介绍产品的方式,直接决定了品牌故事能否在终端落地。

莱绅通灵的店员介绍一款竹子手链,会从品牌来自比利时讲起,落点是中比建交55周年同期发布的典藏系列;介绍另一款手链,则讲鸢尾是比利时国花,象征财富、幸福与高雅。被问及一口价里包含哪些溢价,店员能具体到点钻工艺、织金工艺。

产品叙事有来源、有符号、有工艺,溢价说得清。

老庙黄金的柜台则是另一种场景。店员介绍古韵金产品时,话术停留在“王楚然同款”“鱼的雕刻很精细”。一旦追问价格,尤其是一口价到底贵在哪,店员便开始回避,说不清溢价来自哪里,转而推荐克重计价产品。

品牌方想讲的古法工艺和“好运”文化,到了柜台上,变成了明星同款和外观描述;一口价没讲通,又退回了按克卖。

这或许不是店员的问题,而是加盟体系下的必然结果。

品牌方的培训手册里可以写满文化话术,但加盟商的账本只算两件事:周转和利润。当一件古法金手链的工费加价率超过100%,加盟商的选择就是把它简化成“按件买更划算”,文化故事讲不讲不重要,货能卖出去才重要。

挑战之下,老庙黄金开始优化加盟商体系,强化标准化运营。在回答投资者问时,老庙黄金介绍,2026年上半年已主动优化超400家低效门店,深耕核心城市,强化直营标杆和加盟标准化运营。

换句话说,老庙黄金一边关掉讲不好故事的加盟店,一边试图把剩下的门店重新拉回品牌方的叙事体系。但关店容易,重建终端控制力难。

老铺黄金的直营体系,撑起了37.6%的毛利率和210天的存货周转。但直营为主,意味着公司将不可避免地进入重资产运营模式。公开资料显示,2025年5月至2026年6月,老铺黄金就花掉8.37亿港元用于新老店面运营、员工招聘与培训等。

而老庙黄金母公司豫园股份2025年由盈转亏,销售费用与期间费用随营收同步收缩,钱在变少,要养的门店却要变重。老庙黄金强化直营模式的路,并不好走。

老庙黄金的“好运”失灵,不在故事本身,而在讲故事的方式。

加盟让老庙黄金跑得快,也让它失去了对终端的控制。工费可以看齐老铺黄金,毛利率却困在下半段。没有渠道掌控力,再好的文化叙事,也会消解在三千多家柜台的转述里。

注:文/李斌,文章来源:创业最前线(公众号ID:chuangyezuiqianxian),本文为作者独立观点,不代表亿邦动力立场。

文章来源:创业最前线

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FAQ回顾

黄金品牌加盟和直营模式有什么不同?

加盟模式由加盟商出资开店,品牌方输出品牌和货品,扩张快但利润被分、终端控制力弱;直营模式门店自有,能完整传递品牌叙事,毛利率高但资产重。老庙黄金加盟店占比超93%,毛利率8.6%;老铺黄金全直营,毛利率37.6%,两者差距直观体现了模式差异。

老庙黄金的毛利率为什么低于同行?

主要受模式拖累。老庙黄金虽用一口价推高单品工费,古韵金手链工费占比超50%,但加盟商更在意周转和利润,常把一口价简化成“按件买更划算”,溢价故事讲不透。2026年上半年按件计价产品占比超18%,毛利率仅8.6%,处于行业下半段。

一口价黄金为什么这么贵?值得买吗?

一口价产品不按克重计价,直接标固定售价,工艺、IP、文化等溢价都计入价格。老庙古韵金一款8.47克手链售价21058元,按金价折算工费占比超50%。是否值得买,要看溢价是否透明;加盟柜台常只说“明星同款”“工艺精细”,说不清溢价来源,购买时要谨慎比较。

金价波动对黄金首饰消费有什么影响?

中国黄金协会数据显示,2026年上半年黄金首饰消费量同比降33.88%,金条及金币消费同比增28.42%。金价高位剧烈震荡、深度回调时,消费者观望情绪浓,按克计价首饰难卖;首饰的消费属性让位于黄金的金融属性,品牌转向一口价、轻量化、IP联名等方式,让定价脱离金价。

黄金品牌为什么要优化加盟店?

加盟店占比过高会拉薄利润、稀释品牌叙事。老庙黄金2026年上半年主动优化超400家低效门店,并强化直营标杆和加盟标准化运营,目的是重建终端控制力;因为加盟商只算周转和利润,可能不传达品牌文化,高工费产品卖不出溢价,最终毛利率被拖累。

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