Core Viewpoint - The report from Everbright Securities highlights Laopu Gold (06181) as a pioneer and leader in the ancient gold concept in China, positioning itself in the high-end market and continuously deepening its engagement. The rising gold prices in 2023 have increased consumer demand for gold as a means of investment and preservation of value, leading to record-high performance for Laopu. The company is given a target price of HKD 804.64, with a projected PE ratio of 27/20/15 for 2025-2027, and an initial "Buy" rating is assigned [1]. Industry Insights - The ancient gold segment is experiencing sustained growth, with younger consumers driving gold jewelry consumption. Despite a general decline in overall gold jewelry consumption due to rising prices, niche markets like ancient gold and national trends are emerging, achieving counter-cyclical growth. The market size for gold products in China is projected to reach CNY 568.8 billion in 2024, with the ancient gold segment's share increasing from 4% in 2018 to 30% in 2023, and expected to reach 52% by 2028, amounting to CNY 421.4 billion [1]. Competitive Positioning - Laopu Gold differentiates itself in the high-end ancient gold market, avoiding direct competition with traditional brands that offer generic gold products. As of June 2025, Laopu's consumer overlap with luxury brands like LV and Cartier is 77.3%, with approximately 480,000 members. The company has developed superior ancient gold craftsmanship over the years, creating a strong brand moat that is difficult for competitors to replicate. Laopu's products command higher premiums, with a gross margin of 38.1% and a net margin of 18.4% in the first half of 2025 [2]. Product and Growth Strategy - Laopu's long-standing presence in the ancient gold sector, combined with rising gold prices, has allowed it to gain visibility and achieve quality growth. Key factors include: 1) Product designs that incorporate classic cultural elements, appealing to younger consumers and making gold a fashionable item; 2) Store locations in high-end shopping districts with exquisite displays, leading to significant same-store revenue growth; 3) Accelerated online penetration through affordable products that attract younger demographics, fostering rapid growth and supporting offline development [3]. Financial Projections - For 2024, Laopu is expected to achieve revenue of CNY 8.506 billion, a year-on-year increase of 167.5%, and a net profit of CNY 1.473 billion, up 253.9%. In the first half of 2025, revenue and net profit are projected to grow by 251.0% and 285.8%, respectively. The company’s revenue forecasts for 2025-2027 are CNY 26.744 billion, CNY 36.168 billion, and CNY 46.094 billion, with year-on-year growth rates of 214.4%, 35.2%, and 27.4%. Net profits are expected to be CNY 4.763 billion, CNY 6.541 billion, and CNY 8.449 billion, with growth rates of 223.3%, 37.3%, and 29.2%. The projected EPS for these years are CNY 27.00, CNY 37.08, and CNY 47.90, with current PE ratios of 21, 15, and 12 [4].

Group 1 - The new consumption concept stocks in the Hong Kong market continue to be sluggish, with significant declines observed [1] - Pop Mart (09992.HK) fell over 5%, while Blok (00325.HK) dropped 4.3% [1] - Other companies such as Guoquan (02517.HK), Xiaomi Group (01810.HK), and Laopu Gold (06181.HK) experienced declines exceeding 3%, and Chabaidao (02555.HK) fell by 2.8% [1]

Group 1 - The stock price of Laopu Gold (06181.HK) closed at 632 HKD, reflecting a decline of 6.72% [1]

Group 1 - The stock of Laopu Gold (06181.HK) experienced a significant decline, dropping over 7% in the afternoon trading session [2] - As of the report, the stock price was at 628.5 HKD, reflecting a decrease of 7.23% [2] - The trading volume reached 631 million HKD, indicating substantial market activity [2]

Core Viewpoint - The stock of Laopu Gold (06181) has dropped over 7%, currently trading at 628.5 HKD, with a trading volume of 631 million HKD. This decline comes amid recent financing activities in the ancient gold jewelry sector, where three out of four brands have secured capital support [1]. Group 1: Company Performance - Laopu Gold's stock fell by 7.23% as of the latest report [1]. - The company has maintained confidence in its sales and profitability outlook for 2026, according to Nomura [1]. - Despite a recent price increase in October, there have been reports of customers queuing outside some stores, indicating continued demand [1]. Group 2: Industry Developments - Baolan Jewelry, focused on ancient gold techniques, announced the completion of its Series A financing on December 1 [1]. - Lin Zhao Jewelry, another ancient gold brand, recently announced a financing round exceeding 100 million RMB, with Dayu Capital as the exclusive investor [1]. - Among the "Four Sisters of Ancient Gold" (Laopu Gold, Junpei, Lin Zhao, Baolan), three brands have now received capital support [1]. Group 3: Financial Implications - A recent change in gold purchase tax is expected to increase Laopu Gold's raw material costs by 6%, which may narrow its gross margin by 3 to 4 percentage points [1]. - However, Nomura believes the actual impact on gross margin will be minimal due to prior price increases and the accumulation of gold inventory at lower costs [1].

Core Viewpoint - Lao Pu Gold (06181) experienced a significant decline of over 7%, closing down 7.23% at HKD 628.5, with a trading volume of HKD 631 million [1] Group 1: Company Developments - Baolan Jewelry, focused on the research and promotion of ancient gold craftsmanship, announced the completion of its Series A financing on December 1 [1] - Lin Zhao Jewelry, another ancient gold brand, recently announced a financing round worth hundreds of millions, with Dayu Capital as the exclusive investor [1] - Among the "Four Sisters of Ancient Gold" (Lao Pu Gold, Junpei, Lin Zhao, Baolan), three brands have now received capital support [1] Group 2: Market Insights - Nomura expressed confidence in Lao Pu Gold's management regarding sales and profits for 2026 [1] - Despite a price increase in October, customers have been observed queuing outside some stores in recent weeks [1] - Recent changes in gold purchase tax are expected to increase Lao Pu's raw material costs by 6%, potentially narrowing gross margins by 3 to 4 percentage points, although the actual impact is considered minor due to prior price increases and accumulated gold inventory at lower costs [1]

Group 1 - The core point of the article is that southbound funds have reduced their holdings in Laopu Gold (06181.HK) by 72,500 shares on December 5, 2025, marking a trend of net reductions over the past trading days [1][2] - Over the last five trading days, there have been four days of reductions, totaling a net decrease of 88,600 shares [1] - In the last twenty trading days, there were six days of net increases, with a total net increase of 80,500 shares [1] Group 2 - As of now, southbound funds hold 19,056,500 shares of Laopu Gold, which represents 13.3% of the company's total issued ordinary shares [1] - Laopu Gold Co., Ltd. is engaged in the production and sale of jewelry, as well as providing maintenance services, primarily focusing on traditional Chinese handcrafted gold products [2] - The company's product range includes ancient-style gold jewelry, decorative gold items, and daily-use gold products, with a significant portion of sales derived from gold and gemstone products [2]

Summary of Lao Pu Gold Conference Call Company Overview - **Company**: Lao Pu Gold - **Industry**: Gold Jewelry Retail Key Points and Arguments Sales Performance - In November 2025, online sales exceeded offline sales for the first time, achieving a year-on-year growth of 660%-670%, totaling approximately 2.1 billion yuan, with annual revenue guidance around 28 billion yuan, reflecting a year-on-year increase of about 235% [2][4][9] - The company experienced a significant sales boost in November due to price adjustments and promotional activities during the Double Eleven shopping festival [2][5][7] - Offline sales growth in November was between 120% and 130%, with total sales nearing 1.9 billion yuan [4] Pricing Strategy - Lao Pu Gold implemented four price increases in 2025, with the most significant occurring on October 26, resulting in a temporary sales slowdown, which recovered within two weeks [2][7] - The company anticipates a full recovery during the Christmas promotional period in mid to late December [2][7] New Product Performance - The new "Goddess of Light" jewelry series accounted for only 1.9% of total sales, underperforming expectations, while other new products performed better [2][8] - Overall, new products contributed minimally to marginal sales growth [8] Future Sales Projections - December sales are expected to reach around 2 billion yuan, with annual revenue guidance remaining at approximately 28 billion yuan [2][9] - The company is optimistic about achieving a growth rate of 35% to 40% in 2026, supported by strategic inventory management and price adjustments [2][12] Membership and Customer Behavior - As of November 2025, Lao Pu Gold had 620,000 members, with plans to add 200,000 more in the following year [3][16] - The average transaction value is approximately 41,000 yuan, with a focus on increasing both transaction value and purchase frequency to drive revenue growth [3][16] Market Challenges and Competition - The company faces significant market debate regarding its short-term performance, particularly concerning same-store sales growth relative to price increases [5][22] - High-end competitors like Baolan and Linchao are expanding, which may impact Lao Pu Gold's market share [23] Inventory and Cost Management - Lao Pu Gold has completed its raw material storage for the first half of the year, locking in costs amid fluctuating gold prices [2][12] - The company uses a weighted average method for inventory valuation, resulting in lower inventory gains compared to competitors using FIFO methods [25] Long-term Growth Strategy - Plans to open approximately 10 new stores in overseas markets, including Hong Kong and Singapore, while avoiding new domestic stores to maintain single-store efficiency [13][14] - The company aims to balance customer acquisition, transaction value, and purchase frequency to ensure sustainable growth [17] Membership Structure - Lao Pu Gold's membership structure differs from luxury brands, with a smaller percentage of high-value customers contributing to overall sales [18] - The company has seen an increase in high-value customer contributions, but still lacks robust management for lower-tier memberships [18] Conclusion - Lao Pu Gold is positioned for significant growth in the coming years, driven by strategic pricing, new product launches, and an expanding membership base, despite facing challenges from market competition and pricing strategies [2][12][22]

Industry Overview - China's gold consumption in the first three quarters of 2025 reached 682.73 tons, a year-on-year decrease of 7.95%. Gold jewelry consumption fell by 32.5% to 270.036 tons, while demand for gold bars and coins increased by 24.55% to 352.116 tons, indicating a shift towards gold as a safe-haven asset amid economic uncertainty [2] - The ancient method gold market is experiencing significant growth, with its market size expected to reach 4.214 trillion yuan by 2028, up from 157.3 billion yuan in 2023, accounting for 35.3% of annual gold jewelry consumption [5][6] E-commerce Performance - During the recent shopping events, sales of embedded gold jewelry on JD.com increased by over 200% year-on-year. On Douyin, gold product sales rose by 22.81% compared to the previous month [4][5] - The Tmall Double 11 event saw record-breaking sales for brands like Laopu Gold, which achieved over 3 billion yuan in sales within the first 10 minutes, marking an increase of over 848 times year-on-year [5] Brand Developments - Linchao Jewelry, a brand rooted in the internet, has gained significant traction with 1.3 million followers on Douyin and a sales figure exceeding 500 million yuan in 2025, recently securing a strategic investment of over 100 million yuan [8][12] - Baolan Jewelry, focusing on ancient techniques, completed a Series A funding round exceeding 100 million yuan, with investments from notable firms including Challenger Capital and Kering Group [14][16] Market Trends - The trend towards high-craftsmanship gold and IP gold has been established on platforms like Tmall, with brands like Laopu, Junpei, Linchao, and Baolan leading the charge. The marketing strategy emphasizes the cultural value and craftsmanship of these products, appealing particularly to middle-class consumers [6] - The ancient gold jewelry market is reshaping consumer preferences, transitioning from traditional wedding items and investment tools to fashionable accessories and collectibles [5][6] Sales Projections - Citigroup's report anticipates that Laopu Gold's same-store sales growth will exceed 200% during the November promotional period, with projected sales of 5 billion yuan at SKP in 2025, increasing by 8% to 11% in 2026 [18]

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11月30日 狀態: 新提交 公司名稱: 老鋪黃金股份有限公司 呈交日期: 2025年12月1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 | | | 143,185,560 | RMB | | 1 | RMB | | 143,185,560 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 143,185,560 | RMB | | 1 | RMB | | 143,185,560 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ...