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CTF and LF's latest sales results looks healthy:
https://www1.hkexnews.hk/listedco/listco...200527.pdf
https://www1.hkexnews.hk/listedco/listco...500667.pdf
So it seems like the consumption recovery in China, and in its gold jewellrey industry, is still doing well.
CSS' sales shouldn't be too far from either competitors, so it is likely that FY21 will be a relatively better year for them.
The industry is still fragmented with many branded players and many neighbourhood goldsmith shops. The largest player CTF has only about 8% of total sales in China, and for CSS it is only about 2%. So there is probably still some way to go for the industry to mature and consolidate.
It will be interesting to see if China's gold jewellrey sales will continue to grow in 2022 above its previous high.
https://www1.hkexnews.hk/listedco/listco...200527.pdf
https://www1.hkexnews.hk/listedco/listco...500667.pdf
So it seems like the consumption recovery in China, and in its gold jewellrey industry, is still doing well.
CSS' sales shouldn't be too far from either competitors, so it is likely that FY21 will be a relatively better year for them.
The industry is still fragmented with many branded players and many neighbourhood goldsmith shops. The largest player CTF has only about 8% of total sales in China, and for CSS it is only about 2%. So there is probably still some way to go for the industry to mature and consolidate.
It will be interesting to see if China's gold jewellrey sales will continue to grow in 2022 above its previous high.