(A joint stock limited company incorporated in the People's Republic of China with limited liability) 於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 6181) N O T I F I C AT I O N L E T T E R 通 知 信 函 30 September 2025 Dear Non-registered holders(Note 1) , Laopu Gold Co., Ltd. (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of ...

(A joint stock limited company incorporated in the People's Republic of China with limited liability) ( 於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 6181) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, Laopu Gold Co., Ltd. (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Stock Exchange of Ho ...

目錄 2 公司資料 4 釋義 8 財務摘要 9 管理層討論及分析 25 其他資料 29 獨立審閱報告 30 中期簡明綜合損益及其他全面收益表 31 中期簡明綜合財務狀況表 33 中期簡明綜合權益變動表 34 中期簡明綜合現金流量表 36 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 徐高明先生 （董事長） 馮建軍先生 徐銳先生 蔣霞先生 獨立非執行董事 孫亦軍先生 何玉潤博士 施德華先生 審計委員會 何玉潤博士 （主席） 施德華先生 孫亦軍先生 何靜女士 李菁怡女士 授權代表 徐銳先生 李菁怡女士 註冊辦事處及中國總部及主要營業地點 薪酬與考核委員會 施德華先生 （主席） 馮建軍先生 何玉潤博士 提名委員會 孫亦軍先生 （主席） 徐高明先生 何玉潤博士 戰略委員會 徐高明先生 （主席） 馮建軍先生 徐銳先生 聯席公司秘書 中國 北京市東城區 東長安街1號 東方廣場東方經貿城 西三辦公樓 6層3-6室 香港主要營業地點 香港 德輔道中188號 金龍中心19樓 H股過戶登記處 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心 17樓1712-1716號舖 法律顧問 有關香港法律 高偉紳律 ...

Core Viewpoint - Pacific Securities maintains a "buy" rating for Laopu Gold (06181), setting a target price of HKD 806.52 based on a 20x PE ratio for 2026 performance, highlighting the company's strong brand positioning and growth potential in the high-end market [1] Financial Performance - In the first half of 2025, the company achieved a total sales revenue of CNY 141.8 billion, a year-on-year increase of 249.4%, with total income reaching CNY 123.5 billion, up 251.0%, and a net profit attributable to shareholders of CNY 22.7 billion, reflecting a 285.8% increase [1] - The company declared an interim dividend of CNY 9.59 per share, totaling CNY 16.6 billion, with a payout ratio of 73% [1] Revenue Breakdown - Revenue from mainland China and overseas for the first half of 2025 was CNY 107.6 billion and CNY 16.0 billion, respectively, representing year-on-year growth of 232.8% and 455.2% [2] - The company maintained the highest average revenue per store and sales per square meter among all jewelry brands in mainland China, with an average sales figure of approximately CNY 4.59 billion per store [2] Store Expansion and Market Presence - As of June 30, 2025, the company operated 41 stores across 16 cities, primarily located in 29 renowned commercial centers, including SKP and MixC [3] - The company has entered 9 out of the top 10 commercial centers in China, with plans to open in the last remaining center, Shanghai Hang Lung Plaza, in October 2025 [3] - The number of loyal members increased by 130,000 to 480,000, with a consumer overlap rate of 77.3% with luxury brands like LV, Hermes, Cartier, and Bulgari [3] Profitability and Cost Management - The company's gross margin decreased by 3.2 percentage points to 38.1% due to rising gold prices, which increased by 21.53% from January to April 2025 [4] - Selling and administrative expense ratios were 11.9% and 1.7%, respectively, showing a decrease of 3.3 and 1.8 percentage points, while the net profit margin increased by 1.9 percentage points to 19.0% [4]

Core Viewpoint - Pacific Securities maintains a "buy" rating for Laopu Gold (06181), setting a target price of HKD 806.52 based on a 20x PE ratio for 2026 performance, highlighting the company's strong brand positioning and growth potential in the high-end market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a total sales revenue of CNY 141.8 billion, a year-on-year increase of 249.4%, and a total income of CNY 123.5 billion, up 251.0% [1] - The net profit attributable to shareholders reached CNY 22.7 billion, reflecting a year-on-year growth of 285.8%, with adjusted net profit at CNY 23.5 billion, up 290.6% [1] - The company declared an interim dividend of CNY 9.59 per share, totaling CNY 16.6 billion, with a payout ratio of 73% [1] Group 2: Revenue Breakdown - Revenue from mainland China and overseas reached CNY 107.6 billion and CNY 16.0 billion, respectively, with year-on-year increases of 232.8% and 455.2% [2] - The company maintained the highest average revenue per store and sales per square meter among all jewelry brands in mainland China during the first half of 2025 [2] - Online platforms generated CNY 16.2 billion in revenue, reflecting a year-on-year increase of 313% [2] Group 3: Store Expansion and Market Presence - As of June 30, 2025, the company operated 41 stores across 16 cities, primarily located in 29 renowned commercial centers, including SKP and MixC [3] - The company has entered 9 out of the top 10 major commercial centers in China, with plans to open in the last remaining center by October 2025 [3] - The number of loyal members increased by 130,000 to 480,000, with a consumer overlap rate of 77.3% with other luxury brands [3] Group 4: Profitability and Cost Management - The company's gross margin decreased by 3.2 percentage points to 38.1% due to rising gold prices, which increased by 21.53% from January to April 2025 [4] - Selling and administrative expense ratios improved, with selling expenses down by 3.3 percentage points and administrative expenses down by 1.8 percentage points [4] - The net profit margin increased by 1.9 percentage points to 19.0% due to enhanced scale effects [4]

Core Viewpoint - The rising gold prices are driving an increase in retail prices for gold jewelry brands, with several companies announcing price hikes in response to the ongoing surge in international gold prices [1][2][3]. Group 1: Price Increases and Consumer Behavior - Gold prices have risen significantly, with retail prices for gold jewelry brands like Baolan Jewelry increasing, with a reported price of 1100 RMB per gram as of September 23 [1]. - Baolan Jewelry plans to raise prices across all products by approximately 10% on September 28, following a previous price increase earlier in the year [3]. - Despite the price hikes, consumer interest remains strong, with reports of increased foot traffic and sales at Baolan Jewelry stores during promotional events [3]. Group 2: Competitive Landscape - The success of Laopu Gold has inspired other brands like Baolan, Junpei, and Linchao to adopt similar high-end strategies, including complex craftsmanship and cultural elements in their products [6][8]. - Laopu Gold has set a precedent with multiple price increases this year, with reported increases ranging from 4% to 13% [4][9]. - Other brands are also expanding their presence in high-end shopping malls, with Junpei and Baolan opening new stores in major cities [8][10]. Group 3: Market Position and Future Prospects - Laopu Gold has established a significant market presence with 41 self-operated stores across 16 cities, while competitors like Junpei and Baolan have far fewer locations, with 6 and 5 stores respectively [9][10]. - Despite the smaller scale, there is investor interest in these emerging brands, as evidenced by Linchao Jewelry's successful angel round financing aimed at enhancing brand influence [11].

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Core Viewpoint - FTSE Russell has updated its semi-annual adjustment list for the FTSE Global Equity Index Series, with several Hong Kong stocks being included in the FTSE China Large Cap and Small Cap indices, effective after the market close on September 19 [1][2]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopu Gold (06181) are newly included in the FTSE China Large Cap Index, marking their first inclusion [1]. - Eleven Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The adjustments reflect a focus on companies with large market capitalization and high liquidity, indicating a strategic selection of industry leaders [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, outperforming the broader market, with Chifeng Jilong Gold Mining rising over 120% and Laopu Gold increasing by over 200% [3]. - The biopharmaceutical sector has also seen strong performance, with companies like Rongchang Biopharmaceutical (09995) and 3SBio (01530) experiencing substantial stock price increases, with Rongchang Biopharmaceutical rising nearly 670% [3]. Group 3: Company Highlights - Chifeng Jilong Gold Mining reported a net profit of 1.107 billion RMB for the first half of 2025, a year-on-year increase of 55.79%, benefiting from a bullish gold market [4]. - Laopu Gold, which went public on June 28, 2024, has seen its stock price soar by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express has established itself as a leading third-party instant delivery platform, with a stable increase in market capitalization and liquidity since its listing in December 2021 [4]. Group 4: Future Outlook - The inclusion in international indices is expected to attract more capital and enhance liquidity for the newly added companies, potentially leading to further stock price support [3]. - Companies like 3SBio and Fourth Paradigm (06682) are anticipated to benefit from their strong market positions and growth potential in their respective sectors, with analysts raising target prices for these stocks [5][6].

Core Viewpoint - The article discusses the contrasting business models and market positions of two jewelry companies, Laopu Gold and Chaohongji, highlighting the potential for Chaohongji to replicate Laopu Gold's success in the Hong Kong market through its upcoming IPO [2][17]. Group 1: Company Performance - Laopu Gold's stock has provided investors with nearly 17 times returns since its IPO at HKD 40.50, with a peak price of HKD 1,108.00, representing a 26-fold increase [2]. - In contrast, Chaohongji's revenue is only one-third of Laopu Gold's, and its lower average transaction price and reliance on franchise stores result in significantly lower profit margins [8][14]. - Laopu Gold reported a revenue of RMB 12.35 billion with a year-on-year growth of 250.95% and a gross margin of 38.09% [10]. Group 2: Business Models - Laopu Gold targets high-net-worth individuals with a focus on cultural significance and identity, while Chaohongji appeals to younger consumers with a more affordable and trendy product line [3][15]. - Laopu Gold operates primarily through direct sales in high-end markets, whereas Chaohongji relies on a franchise model, which affects its profitability and operational efficiency [3][15]. Group 3: Financial Metrics - Chaohongji's self-operated stores contributed 28.25% to its jewelry business revenue, down 4.31 percentage points year-on-year, while franchise contributions increased to 56.55% [4]. - Chaohongji's jewelry business had a gross margin of 21.77%, significantly lower than Laopu Gold's 38.09% [4][10]. - Chaohongji's handbag business, while having a higher gross margin of 61.26%, only contributed 3.02% to total revenue, indicating limited impact on overall profitability [6]. Group 4: Future Plans and Challenges - Chaohongji plans to use funds from its IPO for overseas expansion, new production facilities, and marketing efforts to enhance brand recognition [11][12]. - The company aims to open 20 overseas stores by 2028, with a focus on high-end markets, directly competing with Laopu Gold [11][13]. - Challenges include the need for brand repositioning to attract high-end customers and the risk of relying too heavily on franchise expansion without improving profitability [15][16].

Group 1 - The market anticipates a potential 50 basis points interest rate cut by the Federal Reserve, leading to strong performance in Asian stock markets [2] - The expectation of a rate cut is driving global funds to accelerate purchases of gold, with recommendations to focus on leading gold companies [2] - The strategic value of rare metals is increasing due to trade disputes and geopolitical conflicts, with a clear global monopoly pattern emerging in the rare earth industry [2] Group 2 - The strategic metals sector may undergo a value reassessment, with recommendations to focus on rare earth magnets and tungsten [3] - Key Hong Kong stocks related to the gold industry include Zijin Mining, Shandong Gold, and China National Gold International [4] - Key Hong Kong stocks related to rare earth magnets include Jien Mining and those related to tungsten include Jiahua International Resources [5]