The founder was revealed to have run away due to unpaid wages, and another jewelry giant was exposed.

As soon as the news came out, the stock price began to plummet.

連續4Stock price plummeted on trading day88%，截止9月15The daily closing market value is only1500Around 10,000 yuan, compared with the peak market value縮水99%以上。

要知道，千葉珠寶曾Occupy the first floor of the shopping mall and rely on design to get ahead, please passhollywood superstar安妮·Hathaway’s endorsement has driven nearly all over the country300Home direct-operated store,2017年營收13.57billion, stock price25元、市值27.6100 million yuan, it is one of the most prosperous jewelry stocks on the New Third Board.

Who would have thought that the NEEQ jewelry star, who was once famous, would now lose contact with its actual controller and the board of directors is almost paralyzed.；Official flagship store products on online platforms such as Tmall and JD.com have been basically removed from the shelves; direct-operated stores that were once everywhere have almost all been closed; multiple employees revealed that their wages have been owed for months or even a year and a half, and there are more than 60 people in the rights protection group; at the front desk of the headquarters, notices of early expiration of loans are scattered.

Chiba’s financial report shows,2026Company revenue in the first half of the year2.13billion, a year-on-year decrease26.07%；截至6月末，總資產15.89billion, but inventory accounts for15.35billion yuan, accounting for96.56%；The company’s monetary funds are only93.37Ten thousand yuan, most of which has been frozen, and there is insufficient available funds.40Ten thousand; total liabilities2.9billion, short-term borrowings are as high as1.33億。

More than a billion gold inventories are on the books, but they can’t save the company.,Why?

Because the turnover days of this batch of inventory are as high as1500Oh my God, it takes four years to clear out one shipment. Gold is lying in a warehouse and cannot be used directly to pay wages or repay loans.

Profit is just a book number, cash flow is the blood of a company’s survival.

An even more absurd scene is yet to come: falling to0.14元/股After that, the stock was9At the end of the month, it was pulled back by funds.0.3元上方。A shell where the actual controller has lost contact, the board of directors is paralyzed, employees are in arbitration, and there are still people betting on restructuring.

還有更離譜的，The more plummeting and thunderous the situation in Chiba becomes, the crazier the people grabbing gold offline become.

Many people are holding“撿漏”“絕版收藏”People gathered together and entered the store, and someone took it all at once.30There are many pieces of gold jewelry, and the sales of a single store in a single day exceed one million, which is called a magical scene.

估計The “lost contact” couple Lin Mingjie and Gao Xiaosong would not have thought that they would betaThey “abandon”of Chiba Jewelry,Will actually comeTwo Heavens of Ice and Fire的局面。

02

千葉珠寶, is a typical entrepreneurial couple story.

Lin Mingjie is from Putian, Fujian.1990The years went north,2001Nian and his wife Gao Xiaosong founded Qianye Century Jewelry in Beijing. Both of them graduated from China University of Geosciences – in an era when the jewelry industry relied on experience and blood inheritance, it was rare to have a professional background in making jewelry.

The couple took a path rarely traveled together.taWe have seen through the involution of the traditional golden track very early, and actively avoided the red ocean of pricing based on gram weight, focusing onKGold and diamond inlaid jewelry put premium on design, craftsmanship and brand.

The Xing Fei, Burning Snow, and Time series tell stories with the aesthetics of starry sky and snowflakes; the store is designed by a German team, and pink arcs create garden-style counters, specializing in designer jewelry that urban young women can afford.

It must be said that in the golden age of shopping mall counters, this style of play was very popular.

2015年5month, company store240家，其中233Self-operated, covering more than 40 cities across the country. sameIn 2019, Chiba listed on the New OTC Market。

2016年1In March, the company officially announced that it had signed a contract with Hollywood著名影星安妮·Hathaway also worked with the organizers of New York Fashion WeekIMGReach cooperation. A New Third Board company has brought its brand reputation to Hollywood.

2017年，Chiba reaches the top，全年營收13.57billion, close to direct sales counters across the country300家。7月，The stock price hit its highest closing price in history25元/股，市值27.6billion. The shares held by the couple that year correspond to the market value約10.9億。

The early story of Chiba is very tempting, and the founder couple are also very spiritual, attractingCapital is pouring in。

According to statistics, Chiba前後共經歷8A round of financing, Hejun Capital, Tianxing Capital, Northeast Securities and other institutions all participated. Northeast Securities4800Ten thousand people subscribed for shares, but now the market value of this investment is only a few hundred thousand, and there is a floating loss.99%。

ta們讓所有投資人Everyone thought that this design jewelry brand would successfully launchA股。

2017In 2016, it submitted GEM guidance materials and later changed its route to the Beijing Stock Exchange.結果After five years of hard work, the listing plan finally came to nothing.

The peak is the turning point, and the storm is quietly brewing from then on.

03

從2018年開始，千葉的Performance continues to decline.

鑽石、KThe demand for gold has declined, and consumer preferences have undergone a huge shift. People no longer pay for inlaid jewelry, but instead chase gold.

Chiba was forced to turn the ship around,all in黃金。

2023In 2018, Chiba’s gold jewelry revenue increased year-on-year.15.24%至4.93billion, but non-gold jewelry revenue fell38.46%至1.66億元。到2025Year, gold accounted for total revenue95.45%。

Brands that once relied on design premiums have completely lost their core advantages and plunged into the golden track of highly transparent prices.

可是，The gold business looks prosperous, but it is a hard job with low profits.

The price of gold is open and transparent, making it extremely easy for consumers to compare prices. All the brand can earn is a meager labor fee. Chiba’s gross profit margin increased from22.55%一路跌到15.47%。

很多人會There is a misunderstanding: if the price of gold rises sharply, those who sell gold will make a fortune.

事實卻Quite the opposite. The rise in gold prices will benefit the upstream mines; the jewelry brands caught in the middle will be squeezed from both sides.。

Midstream brands have no bargaining power at both ends, and what they essentially earn are processing fees and distribution fees. Shenzhen Shuibei unfolded this logic: the market price of gold plus a few yuan labor costs for shipment, there is no brand premium. As long as consumers regard gold as a commodity, the brand story will become invalid instantly.

Gold jewelry is a capital-heavy business. Every piece of gold on the counter and in the warehouse must be purchased with real money in advance.

Chiba’s fatal problem is the paralysis of inventory turnover.

Lao Fengxiang’s one-year turnover4times, Zhou Dasheng’s first year1There are many times, only one year in Chiba0.23This time, it takes four years to clear the goods. More than one billion funds are locked in the warehouse. The book assets look good, but the cash has been drained.

Inventory appreciation is just wealth on paper. The higher the gold price, the more funds are needed for replenishment; once the gold price drops, inventory will face the risk of impairment. The more goods we stock up, the less cash we have.

04

When cash flow is tight, the departments that spend money are the first to be cut. Chiba’s several self-rescues were reasonable every time, and each time they were laying a trap.

爲了To save himself, Chiba bets on live streaming.2024Cooperated with leading anchors for a single game every yearGMVIt exceeded 100 million, and e-commerce revenue accounted for nearly 70% of total revenue.

Liushui looks lively, but there is almost no profit. low price+High pit fees和Commission, a busy job only makes sales, and the net operating cash flow is negative722.26Ten thousand. The increase in net profit that year was not made by selling goods, but by frantically reducing sales and administrative expenses, cutting more than 60 million yuan in expenses.

This is drinking poison to quench thirst.

2025In 2018, the company urgently stopped its Dabo business, and its e-commerce revenue was cut in half.

同年8In March, the management made a highly controversial decision: to increase prices across the board.10%-20%. At that time, the retail price of pure gold had exceeded 1,000 yuan./Gram, price increases directly dissuade consumers.9Monthly sales dropped rapidly, just before Double Eleven, and the morale of the e-commerce team collapsed.

The house leaked and it rained all night.2025年10In March, international gold prices plummeted, the largest decline in many years. The wait-and-see sentiment spreads, and consumers postpone gold purchases; the new gold tax policy is superimposed, and the industry is under pressure.

2025全年營收4.38billion, a sharp year-on-year drop42.95%；2026The decline continued in the first half of the year, with e-commerce revenue plummeting nearly90%。

Chiba Online failed to save itself.The basic offline disk is also lost.

Hundreds of directly-operated stores are closed year by year.2024年末僅剩1self-operated store. Rent, wages, and daily operations are all transferred to the franchisees.“千葉“The binding force of these two words on the store is only a supply contract.

當Brand loses terminal control, is the beginning of its explosion。

Franchisees can change their signs at any time, and anchors can change their products at any time. When all channels for reaching consumers are outsourced, Chiba is left with gold inventory piled in warehouses that cannot be sold.

There are also shortcomings in family governance.

The actual controller, Lin Mingjie, holds the four positions of chairman, president, secretary and financial controller; all three seats on the board of directors are occupied by his family. Power is highly centralized, with no checks and balances and no backup decision-making team. Once the core personnel lose contact, the entire company will be shut down directly, and no one will be able to tell the truth.

所以說，The sharp rise in gold prices was not the cause of the thunderstorm in Chiba. It just exposes Chiba’s already fragile model to public awareness.

只是，No one expected一家賣了25年jewelry business，卻倒In the most expensive year for gold.

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