智通财经APP获悉，老铺黄金(06181)尾盘跌超4%，截至发稿，跌4.01%，报718港元，成交额12.18亿港 元。 消息面上，8月25日，老铺黄金今年以来第二次提价。老铺黄金京东旗舰店及天猫旗舰店大部分产品已 经涨价，1万-3万元左右的热门饰品大约上调了1000-3000元，主要产品涨幅在5%-13%左右。据悉，老 铺黄金分别在2024年3月、2024年9月、2025年2月进行过三次涨价。 值得注意的是，据中证报报道，8月25日，记者以消费者的身份向多家奢侈品回收店询问老铺黄金产品 的回收方式，多家奢侈品回收店工作人员回复称，老铺黄金全线产品均以克重价格回收，给出的回收价 格在760元/克-770元/克不等。要客研究院院长周婷对中证报记者表示，老铺黄金在二手市场上按克重回 收，不再是"一口价"回收，意味着老铺黄金或遭遇二手市场支撑的塌陷，会直接反馈到一手市场，消费 客群可能会流失。 ...

研究员：杨澜/耿荣晨 事件：公司发布公告，1H25 实现销售业绩142 亿元/yoy+249%；实现收入124 亿元/yoy+251%；实现净 利润22.7 亿元/yoy+286%；实现经调整后净利润23.5 亿元/yoy+291%，经调整后净利润率19% 机构：财通证券 投资建议：高端黄金龙头地位稳固，渠道、客群仍存在较大渗透空间。预计公司25-27 年实现营业收入 276/378/423 亿元，归母净利润48.4/69.3/80.6亿元，对应PE 分别为26.0/18.2/15.6 倍，上调至"买入"评 级。 风险提示：金价波动、竞争格局恶化、消费下行等。 （+1.9pct，主要系销售费用率-3.3pct）。另外，公司拟派发中期股息9.59 元/股。 品牌影响力加大，单个商场销售额位居内地商场珠宝品类第一：上半年公司在单个商场平均实现销售业 绩4.59 亿元，列位国内外珠宝品牌中国内地市场平均收入、坪效第一；同店角度，上半年同店增长 200.8%。 消费者端强势破圈，会员人数快速增长：截至1H25，公司拥有忠诚会员共48 万名，较24 年底增长13 万 名。据弗若斯特沙利文调研显示，老铺消费者与LV、爱马 ...

8月26日【中銀做客】恆指、中芯、華虹、泡泡瑪特、比亞迪電子、老鋪黃金、比亞迪、小米、美的集團、名創優品 Simon:確實在選擇輪證的時候，要看看這家公司的基本面和發展，這樣買入的信心會更大一些。當然選擇輪證條款的時候都可以在中銀國際網站查詢。在看 任何產品的窩輪的時候，都會花一點時間股票的分析和觀察。回到正股走勢，短線看到買賣信號為"買入"，阻力位在347元和384元。是否有高位調整，大家 可以多點留意我們的分析或中銀網站的資訊。 Simon:歡迎我們的的嘉賓中銀董事朱紅Niki來一起討論港股市場，不如直接看看恆指牛熊證市場的情況如何？ Niki:昨日市場挨近26000點。早前也有提醒過投資者，留意恆指牛熊證街貨表的比率如何？到底市場的情緒集中在好倉還是淡倉？如果出現一面倒的情況， 就要避開增加比率多的方向。比如從8月開始看牛熊比率大概有40%是熊證，60%是牛證。這次加倉到大概有30%熊證，70%是牛證，市場是一片倒看好。所 以我在今日開市看到數據的時候，覺得可能市場會調整。而看到今日的表現出現調整。那麼大家也好奇恆指牛熊證分佈圖在哪里看呢？其實在我們中銀國際 窩輪牛熊證的網站里面，在每日九點前已經更新包 ...

净利润增长 286%，品牌破圈，加速拓店和出海 老铺黄金(06181) 证券研究报告 饰品 / 公司点评 / 2025.08.26 最近 12 月市场表现 -4% 212% 427% 643% 858% 1074% 老铺黄金 恒生指数 饰品 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 相关报告 盈利预测 投资评级:买入(上调) 核心观点 | 基本数据 | 2025-08-25 | | --- | --- | | 收盘价(元) | 733.50 | | 流通股本(亿股) | 1.39 | | 每股净资产(元) | 44.37 | | 总股本(亿股) | 1.73 | | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | 3,180 | 8,506 | 27,571 | ...

Asia Pacific Equity Research 22 August 2025 Laopu Gold - H Overseas potential; strong new consumer contribution; upcoming product launches; reiterate OW After Laopu's briefing (see our first take), we reaffirm our constructive view on the company (see Deciphering Laopu's growth visibility). What we liked most from the briefing: 1) overseas expansion plan, with new store pipelines in HK, Macau, Singapore, and Japan, and preliminary preparation for the US, Canada and Australia. This might drive upside to our ...

大摩指，需关注的关键因素包括需求弹性、金价走势、老铺和商场的促销力度。由于集团较高的竞争基 数、2026年在中国市场放缓门市扩张的策略，大摩预计由今年下半年起，集团的增长将逐步恢复正常 化。 摩根士丹利发布研报称，老铺黄金(06181)8月25日将产品价格调高5%-12.5%，大部分产品价格调涨约 12%。大摩认为，这将使集团毛利率从2025年上半年的38.1%升至调价后的44.7%，高于市场对其下半年 39.5%的普遍预期，维持"与大市同步"评级和目标价925港元。 ...

大摩指，需关注的关键因素包括需求弹性、金价走势、老铺和商场的促销力度。由于集团较高的竞争基 数、2026年在中国市场放缓门市扩张的策略，大摩预计由今年下半年起，集团的增长将逐步恢复正常 化。 智通财经APP获悉，摩根士丹利发布研报称，老铺黄金(06181)8月25日将产品价格调高5%-12.5%，大部 分产品价格调涨约12%。大摩认为，这将使集团毛利率从2025年上半年的38.1%升至调价后的44.7%，高 于市场对其下半年39.5%的普遍预期，维持"与大市同步"评级和目标价925港元。 ...

Summary of Laopu Gold (6181.HK) Earnings Review Company Overview - **Company**: Laopu Gold (6181.HK) - **Market Cap**: HK$129.7 billion / $16.6 billion - **Current Price**: HK$751.00 - **12-Month Price Target**: HK$1,088.00 (Upside: 44.9%) [1] Key Industry Insights - **Industry**: Gold Jewelry - **Market Dynamics**: The company operates in a niche segment focusing on high-end gold jewelry, leveraging heritage craftsmanship techniques. The overall jewelry retail sales in China were flat, while Laopu Gold reported a significant same-store sales growth of 104% in 1H24 [31]. Core Points from the Earnings Call 1. **2H25 Outlook**: Management expects strong performance to continue into 2H25, with sales and profit projected to be higher than 1H25 due to a price hike on August 25, new store openings, and improved gross profit margin (GPM) [1][19]. 2. **Margin Management**: The company anticipates that the GPM pressure experienced in 1H25 is temporary, with expectations for recovery in 2H25 due to a second price hike and inventory prestocking at lower prices. The long-term target for normalized GPM is around 40% [2]. 3. **Expansion Plans**: Laopu Gold plans to expand internationally starting in 2026, targeting markets such as Hong Kong, Macau, Southeast Asia, and Japan, with potential research into Western markets [3]. 4. **Product Strategy**: The company aims to increase ticket size and consumer loyalty through gold ornaments, which currently represent about 20% of sales, down from 25% in 2024. A large-scale launch of new ornament products is planned for 2H25 [3]. 5. **Store Network Optimization**: Management aims to achieve Rmb1 billion GMV per shopping mall and plans to optimize or open nearly 20 stores in 2H25, focusing on prime locations in top commercial centers [20][22]. 6. **Brand Management**: The brand emphasizes authentic cultural values and does not plan to engage in celebrity endorsements, focusing instead on product quality and customer experience [25]. Financial Projections - **Revenue Forecasts**: - 2025E: Rmb 26,769.6 million - 2026E: Rmb 35,119.3 million - 2027E: Rmb 41,694.8 million [5] - **Earnings Per Share (EPS)**: - 2025E: Rmb 28.08 - 2026E: Rmb 38.26 - 2027E: Rmb 45.63 [5] - **Gross Profit Margin (GPM)**: Expected to stabilize around 39.1% in 2025E [30]. Risks and Challenges - **Key Risks**: - Potential slump in gold prices - Regulatory challenges in luxury consumption - Regional concentration risks - Possible sell-off of IPO shares post lock-up expiry [29][33]. Conclusion Laopu Gold is positioned for robust growth with strategic plans for expansion and product innovation. The company maintains a positive outlook for 2H25, supported by price adjustments and store optimizations, while also navigating potential risks associated with market volatility and regulatory environments. The investment thesis remains strong with a Buy rating and a revised price target reflecting significant upside potential.

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 12.354 billion RMB, a year-on-year growth of 251.0%, and net profit of 2.268 billion RMB, up 285.8% [1] - The board proposed an interim dividend of 9.59 RMB per share, with a payout ratio of 73% [1] Revenue Performance - Same-store sales showed strong performance, contributing to explosive revenue growth [1] - The company’s loyal membership base grew to approximately 480,000, an increase of 130,000 from the end of 2024 [1] - Online sales surged by 313.3% to 1.618 billion RMB, accounting for 13.1% of total revenue [1] Store Expansion - Five new stores were opened in the first half of 2025, including locations in major high-end shopping centers [2] - As of June 30, 2025, the company operated 41 self-owned stores across 16 cities [2] - Revenue from the domestic market reached 10.758 billion RMB, a year-on-year increase of 232.8%, while international revenue grew by 455.2% to 1.597 billion RMB [2] Profitability and Cost Management - The gross profit margin decreased by 3.2 percentage points to 38.1% due to delayed price adjustments amid rising gold prices [3] - The company benefited from economies of scale, with selling and administrative expense ratios decreasing to 11.9% and 1.7%, respectively [3] - Adjusted net profit margin improved by 1.9 percentage points to 19.0% [3] Inventory and Cash Flow - Inventory increased to 8.685 billion RMB to support store optimization and expansion [3] - Inventory turnover days improved from 195 days at the end of 2024 to 150 days [3] - The net cash flow from operating activities was -2.215 billion RMB, primarily due to increased inventory for business growth [3] Future Outlook - The company plans to continue its brand internationalization and market globalization strategy, with a new store opening in Shanghai expected in October 2025 [4] - Revenue projections for 2025-2027 are set at 25.453 billion RMB, 34.151 billion RMB, and 45.897 billion RMB, with year-on-year growth rates of 199.3%, 34.2%, and 34.4% respectively [4] - Expected net profits for the same period are 4.576 billion RMB, 6.429 billion RMB, and 8.949 billion RMB, with growth rates of 210.6%, 40.5%, and 39.2% respectively [4]

黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 2025H1 同店高速增长，品牌力与渠道扩张驱动高质量发展 2025 年 8 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 20 日，公司披露 2025 年中期业绩，2025 年上半年，公司实现收入 123.54 亿元， 同比增长 251.0%，实现归母净利润 22.68 亿元，同比增长 285.8%。公司董事会建议派发 中期股息每股人民币 9.59 元，派息率为 73%。 事件点评 0 2025 年上半年同店销售表现强劲，品牌势能持续释放，带动公司营收业绩爆发式增 长。营收端，2025 年上半年，公司实现收入 123.54 亿元，同比增长 251.0%。业绩端， 2025 年上半年，公司实现归母净利润 22.68 亿元，同比增长 285.8%；经调整净利润 23.51 亿元，同比增长 290.6%。公司营收业绩大幅增长，主要受益于：（1）品牌影响力持续扩 大，消费者心智强化带动客群扩容，同店销售额实现 200.8%的高速增长。截至 2025 年 6 月末，公司忠诚会员人数约 48 万名，较 2024 年末增长 13 万名。（ ...