根据其对老铺黄金在SKP购物中心门市调查，预计其11月促销期间的同店销售增长率超过200%，与今 年8月及上半年表现相似，并相信这持续的增长动能，可预示明年农历新年期间的需求看好，亦认为老 铺的同店销售增长率尚有进一步增长空间。 智通财经APP获悉，花旗发布研报称，予老铺黄金(06181)"买入"评级，并基于2025年预测36倍市盈率， 予目标价1119港元，以对应预测2026年26.4倍市盈率。 花旗又预计，老铺今年在SKP的销售额将达到50亿元人民币，2026年销售额将成长8%至11%，主要受惠 于客单价的提升。花旗又指，尽管该股自2024年6月首次公开募股以来，股价已大幅上涨，但认为其强 劲的基本面将支持其估值进一步上升。 花旗表示，老铺在10月26日涨价前一周，客流量较8月涨价前有所增长，但提价后，日均销售额约为8月 涨价后的三分之一。鉴于提价前的销售活动比以往的促销活动更能吸引消费者的购买力;更大的销售规 模延长了补货周期，花旗预计，此次提价后的冷静期将比以往10至15天更长。 ...

Market Overview - US stock indices rebounded overnight, with Hong Kong stocks slightly fluctuating and closing up 0.07% [1] - The economic outlook remains cautious, with half of the Federal Reserve districts reporting decreased hiring intentions, indicating potential interest rate cuts in December [2] International Relations - Trump urged Japanese Prime Minister Kishi to avoid escalating tensions regarding Taiwan, reflecting a more restrained stance from Japan [1] - French President Macron is set to visit China from December 3, aiming to improve Sino-French relations, which could benefit European relations as well [1] Consumer Sector - Pop Mart (09992) is expected to benefit from the upcoming holiday season, with a nearly 7% increase in stock price [3] - The automotive sector is seeing growth, with the Ministry of Commerce promoting reforms to boost consumption, leading to significant stock price increases for companies like Yongda Automobile (03669) [2] Technology and Innovation - Alibaba's Quark AI glasses were launched, with significant pre-sale success, leading to a 4% increase in stock price for related companies [4] - TCL Electronics is also entering the AI glasses market, contributing to a 6% rise in its stock price [4] Pharmaceutical Industry - Hansoh Pharmaceutical (03692) is advancing its innovative drug pipeline, with significant revenue growth and a strong project reserve [7] - The company reported a 22.1% year-on-year increase in sales revenue for its innovative drugs in the first half of 2025 [7] Gold Market - Deutsche Bank has raised its gold price forecast for 2026, indicating a structural bull market driven by official purchases rather than consumer demand [6] - The potential shift of cryptocurrency funds into physical gold could further boost prices, impacting related stocks [6] Clinical Trials and Drug Approvals - Hansoh Pharmaceutical has over 40 innovative drug candidates in clinical trials, with several new drugs entering Phase III trials [9] - The company has secured international partnerships for its ADC products, highlighting its growing recognition in the global market [9]

消息面上，11月23日，老铺黄金北京王府中环店焕新启幕，店铺位置由原先二层中岛升级为边店，面积 同步扩大。中信建投（601066）发布研报称，在10月末大幅提价后，看到王府中环等高奢商场在活动下 表现更优，更好适应调价后新的价格体系。 野村近日发布研报称，老铺黄金管理层对2026年销售及盈利保持信心。尽管老铺10月进行第三次提价， 近数周仍有顾客在部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%， 野村估算或致毛利率或收窄3至4个百分点。但野村认为实际毛利率影响较小，因老铺早前提价及在较低 成本时累积黄金库存。 老铺黄金(06181)午后涨超4%，截至发稿，涨4.37%，报669港元，成交额4.72亿港元。 ...

消息面上，11月23日，老铺黄金北京王府中环店焕新启幕，店铺位置由原先二层中岛升级为边店，面积 同步扩大。中信建投发布研报称，在10月末大幅提价后，看到王府中环等高奢商场在活动下表现更优， 更好适应调价后新的价格体系。 野村近日发布研报称，老铺黄金管理层对2026年销售及盈利保持信心。尽管老铺10月进行第三次提价， 近数周仍有顾客在部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%， 野村估算或致毛利率或收窄3至4个百分点。但野村认为实际毛利率影响较小，因老铺早前提价及在较低 成本时累积黄金库存。 智通财经APP获悉，老铺黄金(06181)午后涨超4%，截至发稿，涨4.37%，报669港元，成交额4.72亿港 元。 ...

证券之星消息，11月26日南向资金减持7.97万股老铺黄金（06181.HK）。近5个交易日中，获南向资金 减持的有4天，累计净减持19.06万股。近20个交易日中，获南向资金增持的有9天，累计净增持121.09万 股。截至目前，南向资金持有老铺黄金（06181.HK）1916.92万股，占公司已发行普通股的13.37%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-26 | 1916.92万 | -7.97万 | -0.41% | | 2025-11-25 | 1924.88万 | -3.64万 | -0.19% | | 2025-11-24 | 1928.52万 | 7.45万 | 0.39% | | 2025-11-21 | 1921.07万 | -4.92万 | -0.26% | | 2025-11-20 | 1925.99万 | -9.99万 | -0.52% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 老铺黄金股份有 ...

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (Ticker: 6181.HK) - **Industry**: General Consumer, specifically jewelry Key Points and Arguments Sales Performance - Laopu Gold's sales momentum remains strong, with sales on Tmall exceeding CNY 1 billion during the Double-Eleven period [1][2] - Despite a 25% increase in product prices in October, consumer demand remains robust, evidenced by long lines at boutiques [1][2] Impact of Tax Changes - A recent tax change on gold purchases is expected to increase Laopu's raw material costs by approximately 6%, potentially reducing gross margin by 3-4 percentage points [1] - However, the actual impact on gross profit margin (GPM) may be mitigated by prior price hikes and existing inventory acquired at lower costs [1][2] Store Expansion Strategy - Laopu does not plan to open more stores in mainland China in 2026, focusing instead on improving existing boutiques through relocation and expansion [1] - The company aims to penetrate top commercial areas in tier-2 cities like Chongqing and Changsha, with plans to open 3-4 new stores in non-mainland China markets [1] Management Confidence - Management maintains confidence in sales and earnings growth momentum for 2026, supported by recent sales performance and planned boutique openings in key commercial areas [1][3] Financial Projections - Revenue projections for FY25F and FY26F are CNY 26,743 million and CNY 34,058 million, respectively [4] - Reported net profit for FY25F and FY26F is projected at CNY 4,838 million and CNY 6,188 million, respectively [4] - Normalized EPS is expected to grow significantly, with a projected growth rate of 199.5% for FY25F and 26.3% for FY26F [4] Valuation and Target Price - The target price for Laopu Gold is set at HKD 1,160, representing a 75% upside from the current trading price of HKD 663.50 [3][5] - The valuation is based on a price-to-earnings (P/E) ratio of 30.0x for FY26F [3][13] Risks - Key risks that could impede achieving the target price include significant weakening of gold prices, higher-than-expected fashion risk, and a weaker macroeconomic environment [14][20] ESG Commitment - Laopu Gold is committed to sustainable mining practices, including eco-friendly extraction methods and community engagement through local job creation [15] Additional Important Information - Laopu Gold's market capitalization is approximately USD 15,061.7 million, with an average daily trading volume of USD 141 million [5][9] - The company has a strong return on equity (ROE) projected at 68.5% for FY25F, declining to 49.6% by FY27F [4][11] This summary encapsulates the key insights from the conference call, highlighting Laopu Gold's strong sales performance, strategic plans, financial outlook, and commitment to sustainability.

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (6181.HK) - **Industry**: China/Hong Kong Consumer - **Current Stock Price**: HK$642.00 (as of November 20, 2025) - **Market Capitalization**: RMB 91,358.3 million - **Price Target**: HK$1,010.00, implying a 57% upside potential [6][6][6] Key Industry Insights - **Total Addressable Market**: Laopu Gold currently has 660,000 members, with a target market of over 6 million high-net-worth (HNW) households in China, alongside a larger entry-level consumer market [3][3][3] - **Store Expansion Plans**: The company aims to establish a presence in 50 high-end shopping malls in China, currently operating in 33 [3][3][3] Core Business Strategies - **Brand Positioning**: Laopu Gold is working to enhance its high-end brand image, moving away from the perception of being a "value-for-money" option. A price increase of over 25% was implemented in late October, which was higher than the increase in gold prices [4][4][4] - **Target Market**: The company is focusing on high-net-worth individuals (HNWIs) for product offerings, store expansion, customer service, and membership management [4][4][4] - **Sales Dynamics**: Approximately 50% of sales occur during marketing activities, indicating a strong reliance on promotional events [8][8][8] Financial Performance - **Growth Momentum**: Continued high growth momentum in the second half of 2025, driven by store openings and shopping festivals [8][8][8] - **Gross Profit Margin (GPM)**: Currently above 40%, despite higher VAT and pressure in the second half compared to the first half of the year [8][8][8] - **Future Projections**: Revenue is projected to grow from RMB 8,506 million in 2024 to RMB 45,409 million by 2027, with EPS increasing from RMB 9.47 to RMB 49.62 over the same period [6][6][6] Valuation and Risks - **Valuation Methodology**: The company is valued using a P/E-based methodology, with a target P/E of 23x for 2026, reflecting a lower-than-average PEG ratio due to expected growth deceleration [9][9][9] - **Risks**: - **Upside Risks**: Proactive consumption-related policy support, faster same-store sales growth, and a rally in gold prices [11][11][11] - **Downside Risks**: Delays in policy support, weaker demand trends due to gold price corrections, and potential sales growth slowdowns [11][11][11] Additional Insights - **Market Positioning**: Laopu Gold is transitioning from a product-driven to a brand-driven approach, aiming to capture demand from both entry-level consumers and HNWIs [8][8][8] - **Store Upgrades**: Plans to open or upgrade five stores in China and 3-4 stores outside China in 2026 [8][8][8] This summary encapsulates the key points from the Laopu Gold conference call, highlighting the company's strategic direction, market positioning, financial outlook, and associated risks.

Core Viewpoint - Southbound funds reduced their holdings in Laopu Gold (06181.HK) by 65,200 shares on November 19, 2025, indicating a slight decrease in investor confidence in the short term [1]. Group 1: Shareholding Changes - Over the past five trading days, there were two days of net increases in holdings by southbound funds, totaling an increase of 322,800 shares [1]. - In the last twenty trading days, there were eleven days of net increases, with a total increase of 1,636,500 shares [1]. - As of now, southbound funds hold 19,359,800 shares of Laopu Gold, accounting for 13.51% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On November 19, 2025, the total number of shares held was 19,359,800, reflecting a decrease of 65,200 shares, or 0.34% [2]. - On November 18, 2025, the total number of shares held was 19,425,000, with a decrease of 23,600 shares, or 0.12% [2]. - On November 17, 2025, the total number of shares held was 19,448,600, with a decrease of 12,100 shares, or 0.06% [2]. - On November 14, 2025, the total number of shares held was 19,460,700, with an increase of 154,700 shares, or 0.80% [2]. - On November 13, 2025, the total number of shares held was 19,306,000, with an increase of 269,000 shares, or 1.41% [2]. Group 3: Company Overview - Laopu Gold Co., Ltd. is engaged in the research, production, and sale of gold jewelry in China [2]. - The company offers product manufacturing and maintenance services, focusing on pure gold products and gold-inlaid products [2]. - Pure gold products are crafted using traditional handcraft techniques and include various daily wear accessories and larger decorative items [2].

Group 1 - The stock of Laopu Gold (06181.HK) has experienced a decline of over 3%, currently trading at 647 HKD with a trading volume of 1.05 billion HKD [2] - The stock price showed a decrease of 3.07% at the time of reporting [2] - The intraday trading chart indicates fluctuations with a peak at 654 HKD and a low around 639.50 HKD [1]

Group 1 - The company, Lao Pu Gold (06181), announced a mid-term dividend of HKD 10.52 per share to be distributed on January 15, 2026 [1]