Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for Laopu Gold (06181) at 26.8 HKD, raises the 2026 EPS forecast by 3% to 36.9 HKD, and introduces a 2027 EPS forecast of 46.4 HKD, with the current stock price corresponding to 17/13 times the 2026/27 P/E ratio, maintaining an outperform rating for the industry [1] Company Status - Since the beginning of 2026, Laopu Gold has continued to demonstrate strong brand momentum and sales performance. With the arrival of peak seasons such as the Spring Festival and Valentine's Day, combined with expectations of price increases in the gold jewelry industry, the company is expected to maintain good terminal performance [2] Brand Momentum and Margin Pressure - The brand momentum of Laopu Gold remains strong, with active customer traffic in multiple stores. The company continues to optimize and upgrade stores in key shopping districts, enhancing brand influence and channel quality. Despite two price increases in August and October 2025, the rapid rise in gold prices and sales pace may still exert pressure on the company's gross margin in the second half of 2025 [3] Excellent Sales Performance - In early 2026, Laopu Gold launched the new "Wuma" series, effectively combining traditional Chinese cultural elements with exquisite craftsmanship. The company is expected to achieve double-digit and triple-digit year-on-year growth in same-store and overall sales during the New Year period. For the full year, the company is expected to focus on store optimization domestically, while there is still room for expansion in overseas markets such as Japan and Singapore [4] Positive Outlook on Brand Strength - In the context of rising gold prices, the further price increases of gold jewelry brands are expected to enhance the value and attractiveness of gold jewelry, leading to increased consumer attention and spending. With the arrival of the first quarter's peak season, there is continued optimism regarding the consumer preference for gold jewelry products, and Laopu Gold is expected to benefit from its scarce brand premium [5]

Company Dynamics - The company, Laopu Gold, has maintained strong brand momentum and sales performance since early 2026, with expectations for continued strong terminal performance due to upcoming peak seasons like the Spring Festival and Valentine's Day, alongside anticipated price increases in the gold jewelry industry [1] - Laopu Gold is actively optimizing and upgrading its stores in key shopping districts such as Hong Kong IFC, Shanghai Hang Lung Plaza, and Shenzhen Bay MixC, which enhances brand influence and channel quality, contributing to a sustained increase in brand prestige [1] - Despite two price increases in August and October 2025, the company anticipates pressure on gross margins due to rapid gold price increases, with spot prices for AU9999 rising by 24% and 28% in the first and second halves of 2025, respectively [1] Sales Performance - Laopu Gold launched a new product series, the "Wuma" series, effectively integrating traditional Chinese cultural elements with exquisite craftsmanship, leading to excellent sales performance during the New Year period, with expectations for double-digit and triple-digit year-on-year growth in same-store and overall sales, respectively [1] - The company is expected to focus on store optimization domestically in 2026, while also exploring expansion opportunities in overseas markets such as Japan and Singapore [1] - Management capabilities have improved following the fluctuations in gold prices and changes in the operating environment during 2024-2025, with expectations for further recovery in gross margins in 2026 [1] Industry Outlook - The upward trend in gold prices is expected to enhance the perceived value and attractiveness of gold jewelry, with price increases likely to boost consumer interest and spending [2] - The company maintains a positive outlook on consumer preferences for gold jewelry products, particularly for the premium brand Laopu Gold, which is expected to benefit from the scarcity and high-end appeal of its offerings [2] Earnings Forecast and Valuation - The company's EPS forecast for 2025 remains at 26.8, with a 3% increase in the 2026 EPS forecast to 36.9, and a new forecast for 2027 EPS at 46.4 [2] - The current stock price corresponds to 17 and 13 times the 2026 and 2027 earnings multiples, respectively, maintaining an outperform rating relative to the industry [2] - The target price remains unchanged at 1079.06 HKD, reflecting a 58% upside potential based on 26 and 20 times the 2026 and 2027 earnings multiples [2]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Investment Rating - The investment rating for the company is "Buy" [2][9]. Core Viewpoints - The report emphasizes that the company, Laopu Gold, has established itself as a high-end brand in traditional Chinese gold, with strong competitive barriers and a focus on high-end positioning. The company is expected to benefit from the rising trend of gold prices and the growing domestic high-end consumption market, leading to further expansion and profitability [5][14]. Summary by Relevant Sections Target Market - Laopu Gold aims to create a world-leading gold brand that embodies cultural heritage and international competitiveness. The brand focuses on high-end gold products, with a growing awareness among consumers regarding gold's value, driven by rising gold prices and product upgrades [5][15]. Brand Building Path - The brand-building strategy of Laopu Gold focuses on two main aspects: establishing a brand image significantly above competitors and amplifying brand presence with minimal channel scale. The company has made progress in cultural empowerment and craftsmanship but faces challenges in talent acquisition and competing with established international luxury brands [6][16]. Domestic Market Growth Potential - The company's growth is driven by an expanding customer base, with significant room for increasing the penetration of high-net-worth members and expanding its store presence. There are potential locations for over 56 new stores in shopping centers, primarily in second-tier cities and regions like Hong Kong and Macau [7][17]. Overseas Market Prospects - The report analyzes the overseas market potential, identifying East Asia, South Asia, and the Middle East as mature markets for gold consumption. Southeast Asia is seen as a high-potential market, while the U.S. and Europe are less mature in gold consumption. The company can leverage its brand strategy in these regions, but must adapt to local cultural and aesthetic values [8][18]. Financial Forecast - The projected net profits for Laopu Gold from 2025 to 2027 are estimated at 46.9 billion, 68.9 billion, and 89.5 billion yuan, respectively, with corresponding P/E ratios of 23.5X, 16.0X, and 12.3X. The company is expected to enjoy a valuation premium due to its unique brand positioning and growth potential [9][10].

Investment Rating - The report gives a "Buy" rating for Laopu Gold (6181.HK) for the first time [1][6]. Core Views - Laopu Gold has established a significant brand advantage in the ancient gold industry over the past decade, maintaining a high-end brand positioning and building a differentiated competitive advantage through "brand, product, channel, and customer service" [3][9]. - The company aims for "brand internationalization and market globalization," actively expanding its market presence and creating a world-class gold brand with cultural heritage value [6][62]. Summary by Sections Company Overview - Laopu Gold is recognized as the first brand of ancient hand-crafted gold in China, leveraging its first-mover advantage to build a strong brand influence since its establishment in 2009 [9]. - The company's major shareholder is Beijing Hongqiao Jinji Consulting Co., Ltd., holding 32.49% of shares, with a total market capitalization of 108.68 billion yuan [1][14]. Product Positioning - The company focuses on high-end gold products, with a loyal membership base of approximately 480,000 as of June 30, 2025, reflecting a growth of 130,000 members from December 31, 2024 [5][16]. - Gold products account for over 99.5% of total revenue, with significant growth in sales of both pure gold and gold-inlaid products [5][17]. Revenue and Profit Forecast - The projected revenue for Laopu Gold from 2025 to 2027 is 26.2 billion yuan, 35.4 billion yuan, and 43.5 billion yuan, representing year-on-year growth of 208.0%, 35.0%, and 23.0% respectively [4][58]. - The forecasted net profit for the same period is 3.82 billion yuan, 5.09 billion yuan, and 6.28 billion yuan, with year-on-year growth of 159.1%, 33.3%, and 23.3% respectively [4][58]. Channel Structure - Laopu Gold employs an integrated online and offline retail channel strategy, with a strong focus on high-end shopping centers in major cities [36][42]. - As of June 30, 2025, the company operates 41 self-owned stores across 16 cities, primarily located in prestigious commercial centers [37][39]. Product Technology - The company emphasizes the use of ancient craftsmanship and innovation in product development, maintaining a rigorous quality control system to ensure product competitiveness [28][32]. - Laopu Gold has created over 2,100 original designs and holds more than 1,500 copyrights, showcasing its commitment to continuous innovation [23][32]. Investment Recommendation - The report highlights Laopu Gold's commitment to brand positioning and market expansion, projecting strong revenue and profit growth driven by product innovation and market strategies [6][62].

Group 1 - The core viewpoint of the news highlights a surge in demand for Laopu Gold as the holiday season approaches, with significant queues reported in major cities like Shanghai, Beijing, and Hangzhou [1] - Citigroup predicts strong demand and same-store sales growth for the upcoming Spring Festival, indicating a positive outlook for Laopu Gold's sales performance [1] - According to Goldman Sachs, Laopu Gold experienced long queues during the New Year's period, with growth rates exceeding three digits [1] Group 2 - Following a price increase in October last year, Laopu Gold's gross margin has recovered to over 40% [1] - Citigroup forecasts a 224% increase in net profit for Laopu Gold by 2025, projecting net profits to reach 4.8 billion yuan [1] - The gross margin and net profit are expected to continue improving in 2026 [1]

Laopu Gold Co., Ltd. 罈 ꎦ ꆄ肅⟧剣ꣳⰖ （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6181） 董事會戰略委員會工作細則 第一章 總 則 第二章 人員組成 – 1 – 第一條 為適應老鋪 黃 金股份有限公司（以 下 簡 稱「公 司」）戰 略 發 展 需 要， 增 強 公 司 核 心 競 爭 力 和 可 持 續 發 展 能 力，健 全 投 資 決 策 程 序，加 強 決 策 科 學 性，提 高 投 資 決 策 的 效 益 和 質 量，並 提 升 公 司 環 境、 社會及治理（以 下 簡 稱「ESG」）管 理 水 平，公 司 特 設 立 董 事 會 戰 略 委員會（以 下 簡 稱「戰略委員會」）。為 完 善 戰 略 委 員 會 的 議 事 和 決 策 程 序，保 證 戰 略 委 員 會 各 項 工 作 的 順 利 進 行，根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱「《公 司 法》」）、《老 鋪 黃 金股份有限公司章 程》（以 下 簡 稱「《公 司 章 程》」）、《香 港 聯 合 交 易 所 有 限 公 司 證 券 ...

Laopu Gold Co., Ltd. 罈 ꎦ ꆄ肅⟧剣ꣳⰖ – 2 – 第四條 薪 酬 與 考 核 委 員 會 成 員 由 最 少 三 名 董 事 組 成，獨 立 非 執 行 董 事 佔 多 數。 第五條 薪 酬 與 考 核 委 員 會 委 員 由 董 事 會 主 席、二 分 之 一 以 上 獨 立 非 執 行 董 事 或 者 全 體 董 事 的 三 分 之 一 提 名，並 由 董 事 會 選 舉 產 生。 第六條 薪酬與考核委員會設主任委員（即 主 席）（以 下 簡 稱「主任委員」）一 名，由 獨 立 非 執 行 董 事 擔 任，負 責 主 持 委 員 會 工 作；主 任 委 員 應 由 董 事 會 委 任。 第七條 薪 酬 與 考 核 委 員 會 任 期 與 董 事 會 任 期 一 致，委 員 任 期 屆 滿，連 選 可 以 連 任。期 間 如 有 委 員 不 再 擔 任 公 司 董 事 職 務，自 動 失 去 委 員 資 格，並 由 董 事 會 根 據 本 工 作 細 則 規 定 補 足 委 員 人 數。 第八條 薪 酬 與 考 核 委 員 會 下 設 工 作 組，專 門 負 責 提 供 公 司 有 ...

第一章 總 則 第二章 人員組成 – 1 – 第一條 為完善老鋪 金股份有限公司（以 下 簡 稱「公 司」）董事和高級管理 人 員 的 產 生，優 化 董 事 會 組 成，完 善 公 司 治 理 結 構，根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱「《公 司 法》」）、《老 鋪 金股份有限公 司 章 程》（以 下 簡 稱「《公 司 章 程》」）、《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「《香 港 上 市 規 則》」）等 其 他 有 關 規 定，公 司 特設立董事會提名委員會（以 下 簡 稱「提名委員會」），並 制 定 本 工 作 細 則。 第二條 提 名 委 員 會 是 董 事 會 設 立 的 專 門 委 員 會，主 要 負 責 對 公 司 董 事 和 高 級 管 理 人 員 的 人 選、選 擇 標 準 和 程 序 進 行 選 擇 並 提 出 建 議。 第三條 提 名 委 員 會 成 員 由 最 少 三 名 董 事 組 成，獨 立 非 執 行 董 事 佔 多 數， 且 至 少 應 有 一 名 不 同 性 別 的 董 事。 第四條 提 名 委 員 ...

Laopu Gold Co., Ltd. 罈 ꎦ ꆄ肅⟧剣ꣳⰖ （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6181） 董事會審計委員會工作細則 第一章 總 則 審計委員會成員須保證足夠的時間和精力履行委員會的工作職 責，勤 勉 盡 責，切 實 有 效 地 監 督 公 司 的 外 部 審 計，指 導 公 司 內 部 審 計 工 作，促 進 公 司 建 立 有 效 的 內 部 控 制 並 提 供 真 實、準 確、完 整 的 財 務 報 告。 第三條 公 司 須 為 審 計 委 員 會 提 供 必 要 的 工 作 條 件，配 備 專 門 人 員 或 機 構 承 擔 審 計 委 員 會 的 工 作 聯 絡、會 議 組 織、材 料 準 備 和 檔 案 管 理 等 日 常 工 作。審 計 委 員 會 履 行 職 責 時，公 司 管 理 層 及 相 關 部 門 須 給 予 配 合。 第二章 人員組成 第四條 審 計 委 員 會 成 員 須 由 最 少 三 位 成 員 組 成，成 員 須 全 部 為 非 執 行 董 事，其 中 獨 立 非 執 行 董 事 的 人 數 應 ...