Chagee fell by more than seven points. The digestion of valuations after the new tea beverage company's IPO is still ongoing, and the story of store expansion can't support high expectations; Lao Pu Huang Jin (Old Shop Gold) fell slightly. The gold and jewelry sector is a different story from gold price and mining companies, relying more on brand premium and high-end customer groups😔
Both are the hottest new consumer trends in China in the past two years, but their pricing logic diverges—one is digesting its high IPO valuation, while the other is defending its brand moat.
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