（文章来源：每日经济新闻） 每经AI快讯，8月6日，港股新消费概念股回暖，泡泡玛特(09992.HK)涨超8%，老铺黄金(06181.HK)涨 近6%，蜜雪集团(02097.HK)涨超4%，毛戈平(01318.HK)涨3.8%。 ...

东吴证券近期研报指出，老铺黄金上半年销售持续亮眼，近期公司处于持续"出圈"的趋势当中，品牌势 能仍处提升期，看好25H2新开门店贡献。受益于海外门店扩张，公司长期品牌力出海值得期待。 消息面上，8月2日，老铺黄金全新门店在上海新天地正式开业，并给出开业限时折扣（即日起至8月10 日，每满1000元减100元，不与其它折扣政策同享），吸引众多消费者排队购物。据上海黄埔公众号， 现场排队人数有数百人。原本10点30分开业的店铺，也提前到10点开门。 智通财经APP获悉，老铺黄金(06181)涨超3%，截至发稿，涨3.59%，报751港元，成交额5.96亿港元。 ...

Group 1 - The top three stocks with net inflows of southbound funds are Yingfu Fund (02800) with 2.858 billion, Hang Seng China Enterprises (02828) with 2.255 billion, and Meituan-W (03690) with 1.397 billion [1][2] - The top three stocks with net outflows of southbound funds are Pop Mart (09992) with -0.382 billion, Ping An of China (02318) with -0.360 billion, and Laopu Gold (06181) with -0.345 billion [1][2] - In terms of net inflow ratio, the top three are Hopson Development Holdings (00754) at 70.43%, K Wah International Holdings (00173) at 64.10%, and Qingdao Port International (06198) at 61.26% [1][2] Group 2 - The top three stocks with the highest net outflow ratios are Gawei Electronics (01415) at -60.55%, Bank of China Aviation Leasing (02588) at -46.75%, and GX Hengsheng Technology (02837) at -43.69% [1][3] - The top ten stocks with the highest net inflows include Kuaishou-W (01024) with 1.391 billion and Alibaba-W (09988) with 1.040 billion [2] - The top ten stocks with the highest net outflows also include CICC (03908) with -0.333 billion and Kangfang Biologics (09926) with -0.263 billion [2]

Group 1 - The core viewpoint of the news is that Laopu Gold has announced a positive earnings forecast, expecting revenue of 12 to 12.5 billion RMB for the first half of the year, representing a year-on-year growth of 241% to 255% [1] - The net profit is projected to be between 2.23 to 2.28 billion RMB, showing a year-on-year increase of 279% to 288% [1] - Bank of America has raised its adjusted net profit forecasts for Laopu Gold for the next two years by 11% and 6%, estimating 5 billion and 6.6 billion RMB respectively [1] Group 2 - The company is expected to achieve revenue of 13.8 billion RMB in the second half of the year, which is a year-on-year growth of 178%, with an adjusted net profit forecast of 2.7 billion RMB, reflecting a 206% increase [1] - Morgan Stanley noted that the robust expansion of boutique stores, including the opening of five new stores and one renovation, will not be reflected in the first half financial report but will contribute in the second half [1] - The new boutique stores are expected to perform strongly during the opening promotions, benefiting from an ideal customer base, strong foot traffic, and sales [1] Group 3 - Future catalysts for Laopu Gold include the opening of new stores and the potential inclusion in the MSCI China Index [1] - The brand value, product innovation, and strong market demand for domestic brands are expected to drive continued momentum into the second half of 2025 [1]

I. 法定/註冊股本變動 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7月31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8月4日 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 139,473,760 | | 0 | | 139,473,760 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 139,473,760 | | 0 | | 139,473,760 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港 ...

Group 1 - The company, Laopu Gold, recently announced a positive earnings forecast, expecting revenue between 12 billion to 12.5 billion RMB for the first half of the year, representing a year-on-year growth of 241% to 255% [1] - The net profit is projected to be between 2.23 billion to 2.28 billion RMB, showing a year-on-year increase of 279% to 288% [1] - Bank of America has raised its adjusted net profit forecasts for the company by 11% and 6% for the next two years, estimating net profits of 5 billion and 6.6 billion RMB respectively [1] Group 2 - Morgan Stanley noted that the robust expansion of boutique stores, including the opening of 5 new stores and the renovation of 1 store, has not yet been reflected in the first half financial report and will contribute in the second half [1] - The new boutique stores are expected to perform strongly during the opening promotions, benefiting from an ideal customer base, strong foot traffic, and sales [1] - Future catalysts for growth include the opening of new stores and the potential inclusion in the MSCI China Index [1]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02145 | 下美股份 | 81.500 | 7.73% | | 06181 | 老铺黄金 | 731.500 | 6.01% | | 09863 | 零跑汽车 | 61.250 | 4.88% | | 02367 | 巨子生物 | 57.200 | 2.97% | | 01364 | 古茗 | 23.620 | 2.92% | | 09992 | 泡泡玛特 | 250.000 | 2.80% | | 01810 | 小米集团-W | 54.500 | 2.06% | | 09985 | 卫龙美味 | 12.160 | 1.50% | | 09868 | 小鹏汽车-W | 72.350 | 1.47% | | 01405 | 达势股份 | 85.250 | 1.31% | | 01318 | 毛戈平 | 100.400 | 0.80% | | 09896 | 名创优品 | 37.180 | 0.35% | | 09866 | 蔚来-SW | 37.920 | 0.32% | | 02097 | 蜜雪集 ...

Group 1 - The core viewpoint of the article highlights that Laopu Gold (06181) has experienced a rebound of over 5%, with a current price of 727.5 HKD and a trading volume of 928 million HKD [1] - Laopu Gold recently announced a positive earnings forecast, expecting revenue between 12 billion to 12.5 billion RMB for the first half of the year, representing a year-on-year growth of 241% to 255% [1] - The company anticipates a net profit of 2.23 billion to 2.28 billion RMB for the same period, indicating a year-on-year increase of 279% to 288% [1] Group 2 - Bank of America has raised its adjusted net profit forecasts for Laopu Gold for the next two years by 11% and 6%, projecting net profits of 5 billion and 6.6 billion RMB respectively [1] - The company is expected to achieve revenue of 13.8 billion RMB in the second half of the year, reflecting a year-on-year growth of 178%, with an adjusted net profit forecast of 2.7 billion RMB, a year-on-year increase of 206% [1] - Morgan Stanley notes that the robust expansion of boutique stores, including the opening of 5 new stores and the renovation of 1 store, will not be reflected in the first half financial report but will contribute in the second half [1]

老铺黄金 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%。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，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%。 值得注意的是，瑞银此前发表报告称，根据该行与投资者的对话，买方对老铺黄金2025年的盈利预期为 40亿至60亿人民币，即按年增长170%至300%，该行认为预期似乎偏高，并且老铺黄金面临金价波动、 各店财报分化以及毛利率可能按年下降的短期下行风险，另一个下行风险则是股东的潜在获利回吐。 分时图 日K线 周K线 月K线 690.00 -18.50 -2.61% 5.43% 3.62% 1.81% 0.00% 1.81% 3.62% 5.43% 670.00 682.83 695.67 708.50 721.33 734.17 747.00 09:30 10:30 12:00/13:00 14:00 16:10 0 2万 4万 5 ...

Core Viewpoint - Despite the Hang Seng Index's continuous rise since June, the new consumption sector, which once led the Hong Kong stock market, has experienced a significant downturn, with key stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses, raising concerns about the sustainability of their business models [3][4][5]. Market Performance - The new consumption sector has faced a collective decline, with Lao Pu Gold's stock price dropping over 37% from its peak, and Mixue Group's stock falling 25% from its high [5][6]. - The market capitalization of these leading stocks has evaporated by over 150 billion HKD, with Lao Pu Gold, Mixue Group, and Pop Mart all experiencing significant losses in value [7][8]. Financial Results and Expectations - Lao Pu Gold projected a sales revenue increase of 240%-252% year-on-year for the first half of 2025, yet its stock price continued to decline post-announcement [7][8]. - Similarly, Pop Mart expected a revenue growth of no less than 200% for the same period, but its stock also faced downward pressure [7][8]. Capital Flow Dynamics - The outflow of southbound funds has been a critical factor in the market adjustment, with a net outflow of approximately 4.1 billion HKD from the new consumption sector from July 2 to July 30 [11][12]. - In contrast, southbound funds have shown significant net inflows into the financial and healthcare sectors, indicating a shift in investment focus away from new consumption [12][13]. Market Sentiment and Future Outlook - Analysts express divided opinions on the future of the new consumption sector, with some optimistic about long-term growth potential driven by consumer upgrades, while others caution against high valuation risks and the need for a more cautious approach [20][21]. - The sector's long-term prospects are seen as promising, but the current market dynamics suggest a need for careful evaluation of individual companies' business models and sustainability [17][20].