消息面上，7月27日，老铺黄金发布业绩预告，预计2025年上半年实现含税收入138亿至143亿元，同比 增长240%至252%；净利润22.3亿至22.8亿元，同比增长279%至288%。高盛表示，不太担心老铺黄金上 半年销售额低于预期，因为这可能主要是由于5月及6月下旬开设的新店贡献较小所致。 美银证券发表研究报告称，市场将更加关注老铺黄金盈利增长的可持续性，并预期公司明年收入按年增 长26%，加上毛率扩张和经营杠杆，带动经调整净利润按年升30%，又预计公司明年开设6家新精品 店，单店销售按年增6%。该行预计，公司今年下半年的收入将达到138亿元人民币，同比增长178%， 经调整净利润料达27亿元人民币，同比增长206%。该行将公司目标价下调4%至958港元，重申"买 入"评级。 老铺黄金(06181)再跌超10%，较月内高点1108港元已跌近四成。截至发稿，跌9.11%，报703港元，成 交额20.28亿港元。 ...

高盛就保诚(02378.HK)发布研报称，预计保诚第二季新业务利润增长将加快，同比增长15%，上半年经 营自由盈余总额将录强劲增长。高盛微调预测，将H股目标价由147港元下调至134港元，重申"买入"评 级。预计香港市场将成为主要增长动力，中期而言，自2027财年起，保诚可达到40%或以上的OFSG分 派率，并将继续上升。 瑞银华宝：维持恒瑞医药买入评级 目标价87.3港元 智通财经7月31日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价: 交银国际：维持理想汽车中性评级 目标价103.7港元 交银国际就理想汽车(02015.HK)发布研报称，该公司新车型理想i8定价虽然优于预期，但在配置上较消 费者的预期或有落差，同时下半年有多款30万元级别六座SUV新车型上市，该价格带将成为红海市场。 该行维持全年销量预测56万辆，较2024年增长10.7%。 高盛：维持保诚买入评级 下调目标价至134港元 摩根大通：维持老铺黄金增持评级 目标价1249港元 摩根大通就老铺黄金(06181.HK)发布研报称，该公司新开精品店表现强劲，预计2025年下半年势头将持 续，受品牌价值、产品创新及市场对"国牌"的 ...

本文源自：智通财经网 消息面上，7月27日，老铺黄金发布业绩预告，预计2025年上半年实现含税收入138亿至143亿元，同比 增长240%至252%；净利润22.3亿至22.8亿元，同比增长279%至288%。高盛表示，不太担心老铺黄金上 半年销售额低于预期，因为这可能主要是由于5月及6月下旬开设的新店贡献较小所致。 智通财经获悉，老铺黄金(06181)再跌超10%，较月内高点1108港元已跌近四成。截至发稿，跌9.11%， 报703港元，成交额20.28亿港元。 美银证券发表研究报告称，市场将更加关注老铺黄金盈利增长的可持续性，并预期公司明年收入按年增 长26%，加上毛率扩张和经营杠杆，带动经调整净利润按年升30%，又预计公司明年开设6家新精品 店，单店销售按年增6%。该行预计，公司今年下半年的收入将达到138亿元人民币，同比增长178%， 经调整净利润料达27亿元人民币，同比增长206%。该行将公司目标价下调4%至958港元，重申"买 入"评级。 ...

消息面上，7月27日，老铺黄金发布业绩预告，预计2025年上半年实现含税收入138亿至143亿元，同比 增长240%至252%；净利润22.3亿至22.8亿元，同比增长279%至288%。高盛表示，不太担心老铺黄金上 半年销售额低于预期，因为这可能主要是由于5月及6月下旬开设的新店贡献较小所致。 美银证券发表研究报告称，市场将更加关注老铺黄金盈利增长的可持续性，并预期公司明年收入按年增 长26%，加上毛率扩张和经营杠杆，带动经调整净利润按年升30%，又预计公司明年开设6家新精品 店，单店销售按年增6%。该行预计，公司今年下半年的收入将达到138亿元人民币，同比增长178%， 经调整净利润料达27亿元人民币，同比增长206%。该行将公司目标价下调4%至958港元，重申"买 入"评级。 智通财经APP获悉，老铺黄金(06181)再跌超10%，较月内高点1108港元已跌近四成。截至发稿，跌 9.11%，报703港元，成交额20.28亿港元。 ...

港股新消费概念持续走低，老铺黄金(06181.HK)跌超9%，布鲁可(00325.HK)跌超7%，泡泡玛特 (09992.HK)、名创优品(09896.HK)等跟跌。 ...

Core Viewpoint - Lao Pu Gold (06181) has seen a rebound of over 4%, currently up 4.27% at HKD 781, with a trading volume of HKD 618 million. The company recently released a performance forecast indicating significant growth in revenue and net profit for the first half of the year [1]. Group 1: Financial Performance - The company expects revenue for the first half of the year to be approximately HKD 12 billion to HKD 12.5 billion, representing a year-on-year increase of about 241% to 255% [1]. - Net profit is projected to be around HKD 2.23 billion to HKD 2.28 billion, reflecting a year-on-year growth of approximately 279% to 288% [1]. Group 2: Market Analysis - Goldman Sachs expressed that there are no significant concerns regarding Lao Pu Gold's sales performance for the first half, attributing any shortfall primarily to the limited contribution from new stores opened in late May and June [1]. - Morgan Stanley noted that the robust expansion of boutique stores, including five new openings and one renovation, has not yet been reflected in the first half financial results, with contributions expected in the second half of the year [1]. - The new boutique stores are performing strongly during their opening promotions, benefiting from an ideal customer base, strong foot traffic, and sales [1]. Group 3: Future Catalysts - Future catalysts for Lao Pu Gold include the opening of new stores and the potential inclusion in the MSCI China Index, which could further enhance brand value and market presence [1].

Core Viewpoint - Lao Pu Gold (06181) has shown a rebound of over 4%, with a current price of 781 HKD and a trading volume of 618 million HKD, following the release of its performance forecast indicating significant revenue and profit growth for the first half of the year [1] Financial Performance - The company expects its revenue for the first half of the year to be approximately 12 billion to 12.5 billion HKD, representing a year-on-year increase of about 241% to 255% [1] - Net profit is projected to be around 2.23 billion to 2.28 billion HKD, reflecting a year-on-year growth of approximately 279% to 288% [1] Market Analysis - Goldman Sachs expressed limited concern regarding Lao Pu Gold's sales performance, attributing potential underperformance to the minimal contribution from new stores opened in late May and June [1] - Morgan Stanley noted that the robust expansion of boutique stores, including five new openings and one renovation, has not yet been reflected in the first half financial results, with contributions expected in the second half of 2025 [1] - The new boutique stores are anticipated to perform strongly during their opening promotions, benefiting from an ideal customer base, strong foot traffic, and sales [1] Future Catalysts - Future catalysts for Lao Pu Gold include the opening of new stores and the potential inclusion in the MSCI China Index, which could further enhance brand value and market presence [1]

Group 1 - The company forecasts a strong performance for H1 2025, with sales expected to reach 13.8-14.3 billion yuan, representing a year-on-year growth of 240%-252% [1] - Revenue is projected to be 12-12.5 billion yuan, showing a year-on-year increase of 241%-255%, while net profit is anticipated to be 2.23-2.28 billion yuan, reflecting a growth of 279%-288% [1] - Adjusted net profit, excluding stock-based compensation, is expected to be 2.3-2.36 billion yuan, with a year-on-year growth of 282%-292% [1] Group 2 - The company is expanding its brand influence with rapid growth in both online and offline channels, having opened 41 stores by July 27, including high-end locations in major cities and overseas [2] - The sales growth in core business districts is strong, with online revenue significantly increasing, as evidenced by the Tmall 618 sales ranking [2] - The company plans to implement price increases in the second half of the year to support profit margins amid gold price fluctuations [2] Group 3 - The opening of the Singapore store on June 21 has shown strong performance, with expectations for high sales per square meter, potentially surpassing other locations [3] - The company is transitioning from a domestic to a global brand, with plans for steady overseas market expansion [3] - New product iterations and brand building efforts are aimed at enhancing customer penetration and loyalty, particularly among high-net-worth individuals [3] Group 4 - The company maintains a "buy" rating, focusing on building a high cultural value and strong international competitiveness in the high-end gold jewelry market [4] - The company has adjusted its profit forecasts for 2025-2027, expecting adjusted net profits of 4.82 billion, 6.52 billion, and 7.73 billion yuan respectively [4] - The company is expected to benefit from the growth opportunities of Chinese high-end consumer brands entering international markets [4]

Group 1 - The company forecasts a net profit of RMB 22.3-22.8 billion for 1H25, representing a year-on-year growth of 279%-288% [1] - The expected revenue for 1H25 is approximately RMB 120-125 billion, reflecting a year-on-year increase of 241%-255% [1] - The company's strong performance is attributed to its continuous investment in product design and brand enhancement, leading to excellent sales in high-end markets [1] Group 2 - The company has launched several new products in 1H25, showcasing its innovation in creativity and craftsmanship [2] - New store openings in prime locations and larger operational areas are expected to enhance brand influence and improve customer experience [2] - The company has accelerated its store opening pace in 2025, with some new stores reaching 300-400 square meters in size [2] Group 3 - The earnings per share (EPS) forecasts for 2025 and 2026 have been raised by 16% and 7% respectively, now projected at RMB 26.55 and RMB 35.45 [2] - The current stock price corresponds to 27/20 times the 2025/26 earnings multiples, maintaining an outperform rating [2] - The target price remains unchanged at RMB 1,079.06, indicating a 41% upside potential from the current stock price [3]

Core Viewpoint - The company has released a positive earnings forecast for the first half of 2025, indicating significant growth in both revenue and net profit, driven by brand expansion and operational efficiency [1] Group 1: Earnings Forecast - For H1 2025, the company expects revenue to be approximately 12 billion to 12.5 billion yuan, representing a year-on-year growth of about 241% to 255% [1] - The projected net profit for H1 2025 is around 2.23 billion to 2.28 billion yuan, with a year-on-year increase of approximately 279% to 288% [1] - Adjusted net profit is anticipated to be between 2.3 billion to 2.36 billion yuan, reflecting a year-on-year growth of about 282% to 292% [1] Group 2: Growth Drivers - Key factors driving the high growth in H1 2025 include the continuous expansion of brand influence, leading to significant revenue increases from both online and offline stores [1] - Ongoing product optimization and new iterations are supporting sustained revenue growth across channels [1] - The contribution of new channel development and store optimization to revenue is expected to be more pronounced in H2 2025 [1] Group 3: Profitability Metrics - The adjusted net profit margin for H1 2025 is projected to increase by 1.9 percentage points to 19.0%, primarily benefiting from same-store sales growth and scale effects [1] Group 4: Investment Outlook - Based on the trend of brand expansion and high-potential store development, the company forecasts revenues of 25.517 billion, 36.959 billion, and 47.041 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 200.0%, 44.8%, and 27.3% [2] - The expected net profits for the same years are 4.706 billion, 6.832 billion, and 9.113 billion yuan, with growth rates of 219.5%, 45.2%, and 33.4% [2] - Earnings per share (EPS) are projected to be 27.25, 39.57, and 52.78 yuan per share for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [2]