Core Insights - The price of spot gold has been continuously rising, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram at the end of September before the National Day holiday [2][3] Industry Summary - The surge in gold prices has benefited certain retail brands, such as Laopai Gold, which reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [3] - However, the rising gold prices have not positively impacted most other gold brands, leading to a divergence within the industry. Companies like Chow Sang Sang, China Gold, and Chow Tai Fook have faced significant revenue declines, with China Gold's revenue dropping over 10%, Chow Tai Fook's down over 20%, and Chow Sang Sang's down over 40% [3] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption volume for the first half of 2025, indicating that while gold prices have attracted attention, they have also suppressed consumer spending and increased operational pressures for gold retailers [3][4] Market Dynamics - According to Dongxing Securities, the differentiation in the downstream jewelry brand market is attributed to weakened channel-driven growth, with brand and product design becoming core competitive advantages. The pace of store expansion has slowed, and some companies have even seen a decrease in the number of stores, indicating that reliance on channel expansion for growth is no longer sustainable [4] - The World Gold Council noted that the continued weakness in gold jewelry consumption has led to a reduction in the scale of retail sales outlets, further constraining consumer purchasing channels and exacerbating the sluggish retail gold jewelry market. However, this trend may ultimately benefit the market's healthy development by eliminating underperforming stores, leading to a shift from aggressive price competition to a focus on the emotional value and design of gold jewelry [4]

Core Insights - The price of spot gold has been rising continuously, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram before the National Day holiday [1] Group 1: Company Performance - Laopuhuang (老铺黄金, 06181.HK) reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [2] - Other traditional gold jewelry brands such as Chow Sang Sang (周生生, 00116.HK), China Gold (中国黄金, 600916.SH), Chow Tai Fook (周大福, 01929.HK), and Zhou Dasheng (周大生, 002867.SZ) faced performance pressures, with revenue declines of over 10% for China Gold, over 20% for Chow Tai Fook, and over 40% for Zhou Dasheng [2] Group 2: Market Trends - The rising gold prices have created a divide in the industry, with some brands benefiting while others struggle, leading to increased operational pressures for gold retailers [2] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption in the first half of 2025, indicating a weakening demand in the market [2] - The World Gold Council noted that the ongoing weakness in gold jewelry consumption has led to a reduction in retail outlets, further constraining consumer purchasing channels and exacerbating the low demand for gold jewelry [3] - Despite short-term challenges, the closure of underperforming stores may benefit the market's long-term health, shifting focus from price competition to emotional value and design in gold jewelry [3]

Core Viewpoint - Daiwa has initiated coverage on Lao Pu Gold (06181) with a "Buy" rating and a 12-month target price of HKD 950, based on a target price-to-earnings ratio of 22 times applied to its earnings per share for the fiscal year 2026 [1] Group 1: Investment Opportunity - The current stock price presents a good entry point for investors, as Daiwa believes the market has underestimated the combination of Lao Pu's brand strength, growth profile, and disciplined expansion strategy [1] - The stock has been negatively impacted by two non-fundamental factors: concerns over a potential stock placement and ongoing sell-offs from the stock incentive platform [1] - Despite these concerns, Daiwa anticipates a significant net profit growth of 207% year-on-year for Lao Pu in the second half of this year, and a 32% growth for the fiscal year 2026 [1] Group 2: Competitive Advantage - Daiwa highlights Lao Pu's deep understanding of luxury brand building in the Chinese market, which has been recognized by global leaders such as LVMH and Richemont [1] - The management's track record in strategic transformation, focus on sustainable growth, and first-mover advantage in securing prime luxury retail locations in major Chinese cities bolster confidence in the brand's long-term appeal [1] - Daiwa believes that Lao Pu's network can expand by at least 50% in the long term [1]

智通财经APP获悉，大和发布研报称，对老铺黄金(06181)覆盖给予"买入"评级，12个月目标价为950港 元，基于目标市盈率22倍，应用于其在2026财年每股盈利。大和相信，市场低估了老铺品牌实力、增长 轮廓和纪律扩张策略的结合，现价为投资者提供入市良机。 从基本面来看，大和相信老铺以其对中国市场奢侈品牌建设的深刻理解脱颖而出，这一能力得到LVMH 和瑞士奢侈品公司历峯(Richemont)等全球领导者的认可。老铺管理层在战略转型的记录、可持续增长 的专注，以及在中国各大城市获取一流奢侈商场位置的先发优势，让大和对其建立持久品牌吸引力的能 力充满信心，相信其网络长期可扩张至少50%。 该股似乎受到两大非基本面因素(1.对再次进行股票配售担忧;2.股票激励平台的持续抛售)拖累，先前领 先同行的估值溢价已完全消失，虽然不排除发生的可能性，但认为现价已反映短期风险，并创造出吸引 人的长期风险回报;大和预期老铺今年下半年净利润同比增长207%，2026财年增长32%。 ...

Group 1 - The stock of Laopu Gold (06181.HK) has risen nearly 7% against the market trend, currently up 6.2% at 719 HKD [1] - The trading volume reached 552 million HKD [1]

消息面上，老铺黄金近日在香港国际金融中心开设香港第三间门店。公司利用香港的国际地位，继续推 进品牌国际化进程。此外，随着国际金价走高，国内多个金饰品牌克价再创新高，据悉，老铺黄金已于 8月25日进行产品提价调整。中邮证券此前指出，公司上半年提价慢于金价上涨拖累毛利，下半年整体 毛利有望改善。 老铺黄金(06181)逆市涨近7%，截至发稿，涨6.2%，报719港元，成交额5.52亿港元。 ...

消息面上，老铺黄金近日在香港国际金融中心开设香港第三间门店。公司利用香港的国际地位，继续推 进品牌国际化进程。此外，随着国际金价走高，国内多个金饰品牌克价再创新高，据悉，老铺黄金已于 8月25日进行产品提价调整。中邮证券此前指出，公司上半年提价慢于金价上涨拖累毛利，下半年整体 毛利有望改善。 智通财经APP获悉，老铺黄金(06181)逆市涨近7%，截至发稿，涨6.2%，报719港元，成交额5.52亿港 元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 老鋪黃金股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06181 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 139,473,760 | RMB | | 1 RMB | | 139,473,760 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 139,473,760 | RMB | | 1 RMB | | 139,473,760 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註 ...

Group 1 - The Hong Kong stock market saw a decline in new consumption concept stocks, with notable drops in companies such as Pop Mart, Miniso, and Gu Ming [1] - Pop Mart experienced a decline of 4.95%, with a latest price of 253.600 and a total market capitalization of 340.57 billion, while year-to-date growth stands at 185.71% [2] - Miniso's stock fell by 3.01%, with a latest price of 43.200 and a market cap of 52.777 billion, reflecting a year-to-date decline of 5.78% [2] Group 2 - Gu Ming's stock decreased by 2.15%, with a latest price of 21.820 and a market cap of 51.892 billion, showing a year-to-date increase of 119.52% [2] - Lao Pu Gold saw a drop of 1.62%, with a latest price of 700.500 and a market cap of 120.96 billion, while year-to-date growth is at 198.95% [2] - Bluco's stock fell by 1.65%, with a latest price of 89.200 and a market cap of 22.193 billion, reflecting a year-to-date increase of 47.80% [2]

Core Insights - Lao Pu Gold (06181.HK) is gaining increasing attention from overseas investors due to its impressive market performance and growth trajectory [2] - Simply Wall St's report highlights the company's significant earnings growth and strong competitive advantage in the market [2] Financial Performance - Lao Pu Gold's revenue (including tax) reached 14.18 billion RMB, a year-on-year increase of 249% [4] - Adjusted net profit for the same period was 2.35 billion RMB, reflecting a year-on-year growth of 291% [4] - The average sales performance per store in the first half of the year was 459 million RMB, surpassing all domestic and international jewelry brands [4] Competitive Position - The company's earnings per share increased from 5.74 RMB to 18.26 RMB within a year, and its EBITDA margin rose from 21% to 24% [2] - Lao Pu Gold's core team holds over 50% of the shares, aligning management's interests with those of ordinary shareholders [2] - The overlap in consumer demographics with the top five international luxury brands is nearly 80%, indicating a strong foothold in the high-net-worth consumer segment [4] Industry Attention - Bernard Arnault, chairman of LVMH, personally visited Lao Pu Gold's store in Shanghai, indicating significant interest from the luxury goods sector [4] - The luxury industry is closely monitoring Lao Pu Gold, especially after multiple visits from LVMH executives [4]