We think Chow Tai Fook is well positioned to navigate the industry's shift from weight-based to fixed-price gold jewelry, given its scale, brand equity, and growing traction in design-led collections. This shift matters because fixed-price products carry higher margins than weight-based jewelry, which is priced largely off the prevailing gold price. The category is also being pulled forward by younger consumers, who increasingly value design, self-expression, and emotional appeal over gold content.