老 鋪 金股份有限公司 章 程 二〇二五年十一月 老 鋪 金股份有限公司 章 程 第一章 總 則 第一條 為 維 護 公 司、股 東 和 債 權 人 的 合 法 權 益，規 範 公 司 的 組 織 和 行 為，根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱《公司法》）、《中 華 人 民 共 和 國 證 券 法》（以 下 簡 稱「《證 券 法》」）、《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「《香 港 上 市 規 則》」）等有關規定並參照《上 市 公 司 章 程 指 引》（「《章 程 指 引》」），制 訂 本 章 程。 第二條 本公司系依照《公 司 法》和其他有關規定成立的股份有限公司（以 下 簡 稱「公 司」）。公 司 以 發 起 設 立 的 方 式 設 立，在 北 京 市 東 城 區 市 場 監 督 管 理 局 註 冊 登 記 並 取 得 營 業 執 照，營 業 執 照 號：91110101MA00A32R3N。 第三條 公司於2024年3月25日 經 中 國 證 監 會 批 准，首 次 在 香 港 發 行25,724,200股 境 外 上 市 ...

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 代扣所得稅信息 | | | | | --- | --- | --- | --- | | | | 宣派之股息所適用之代扣所得稅（包括股東類型及適用的稅率）載列於下表。通過港股 | | | | | 通投資本公司H股的內地企業股東派發股息時，本公司將不會代扣代繳企業所得稅。有關 | | | | | 代扣所得税信息的進一步詳情請見本公司日期為2025年11月3日的通函中標題為「2025 | | | | 年中期利潤分配方案」的部分。 | | | | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 本公司向境外H股非居民企業股東 | | | | | （包括以香港中央結算（代理人） | | | | | 有限公司名義登記的本公司H股， | | | | | 但不包括在香港中央結算（代理 | | | | | 人）有限公司名義下登記由中國證 | | | | | 券登記結算有限責任公司作為名義 | | | | | 持有人為港股通及H股全流通投資 | | | | | ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Laopu Gold Co., Ltd. 罈 ꎦ ꆄ肅⟧剣ꣳⰖ （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6181） 2025年11月18日（星 期 二）舉行的臨時股東會之投票表決結果 選舉第三屆董事會成員及第三屆監事會成員 選舉第三屆董事會董事長及第三屆監事會主席 委任第三屆董事會委員會之成員 及 派付中期股息 茲提述老鋪 黃 金股份有限公司（「本公司」）日期為2025年11月3日的通函（「該通函」）。 除 文 義 另 有 所 指 外，本 公 告 所 用 各 詞 彙 與 該 通 函 所 界 定 者 具 相 同 涵 義。 II. 臨時股東會之投票表決結果 於 臨 時 ...

Core Viewpoint - The new consumption concept stocks in Hong Kong continue to decline, with significant drops observed in several companies [1] Group 1: Stock Performance - Xiaopeng Motors (09868.HK) experienced a decline of over 10% [1] - Hou Shang A Yi (02589.HK) fell nearly 4% [1] - Other companies such as Leap Motor (09863.HK), Laopu Gold (06181.HK), Li Auto (02015.HK), and Pop Mart (09992.HK) all saw declines exceeding 3% [1]

Core Viewpoint - Lao Pu Gold (06181.HK) experienced a decline of over 3%, trading at 647 HKD with a transaction volume of 105 million HKD [1] Company Summary - Lao Pu Gold's stock price fell by 3.07% [1] - The current trading price is 647 HKD [1] - The total transaction volume reached 1.05 billion HKD [1]

智通财经APP获悉，老铺黄金(06181)回落逾4%，截至发稿，跌3.07%，报647港元，成交额1.05亿港 元。 野村发布研报称，老铺黄金参与该行举行的中国投资者论坛，引述老铺黄金指其在"双11"期间销售动力 维持完好，公司在天猫平台的销售逾10亿元人民币。尽管老铺10月进行第三次提价，近数周仍有顾客在 部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%，该行估算或致毛利 率或收窄3至4个百分点。但该行认为实际毛利率影响较小，因老铺早前提价及在较低成本时累积黄金库 存。 该行引述管理层指出，公司明年无计划在中国内地开设更多分店，主要焦点在透过装修及扩张，改善现 有门店的经营。该行提到公司在二线城市如重庆及长沙的核心商业区仍有渗透空间。公司维持在中国内 地之外市场开设3至4间新店的计划。该行引述管理层指出，公司对明年销售及盈利动力仍保持信心。 ...

野村发布研报称，老铺黄金参与该行举行的中国投资者论坛，引述老铺黄金指其在"双11"期间销售动力 维持完好，公司在天猫平台的销售逾10亿元人民币。尽管老铺10月进行第三次提价，近数周仍有顾客在 部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%，该行估算或致毛利 率或收窄3至4个百分点。但该行认为实际毛利率影响较小，因老铺早前提价及在较低成本时累积黄金库 存。 该行引述管理层指出，公司明年无计划在中国内地开设更多分店，主要焦点在透过装修及扩张，改善现 有门店的经营。该行提到公司在二线城市如重庆及长沙的核心商业区仍有渗透空间。公司维持在中国内 地之外市场开设3至4间新店的计划。该行引述管理层指出，公司对明年销售及盈利动力仍保持信心。 老铺黄金(06181)回落逾4%，截至发稿，跌3.07%，报647港元，成交额1.05亿港元。 ...

Investment Rating - The report rates Laopu Gold shares as a "Buy" with a target price of HK$1,119, indicating an expected share price return of 69.8% and an expected total return of 73.7% [5][22]. Core Insights - Laopu Gold is expected to sustain high revenue growth in the second half of 2025, driven by price adjustments, new store sales annualization, and improved same-store sales growth (SSSG) [1][22]. - The company has successfully restored its gross profit margin (GPM) to over 40% following a recent price increase, which is anticipated to be reflected in 2026 earnings [2][10]. - Laopu's strategy includes more agile price adjustments to align with promotional activities, enhancing brand positioning while considering consumer perspectives [4][10]. Financial Performance - Laopu Gold's projected financials show significant growth, with net profit expected to rise from RMB 4,886 million in 2025E to RMB 8,325 million in 2027E, reflecting a compound annual growth rate (CAGR) of 22.8% [4][9]. - The company anticipates a gross margin of approximately 40.7% by 2027E, with a consistent increase in sales revenue projected from RMB 27,496 million in 2025E to RMB 40,826 million in 2027E [9][22]. Market Dynamics - The demand for Laopu's products remains strong post-price increase, with notable consumer interest in major cities like Shanghai and Guangzhou, indicating a segment of consumers less sensitive to price changes [3][11]. - The recent gold VAT policy has increased raw material costs but has not necessitated further retail price increases, positioning Laopu favorably against competitors [10][12]. Expansion Strategy - Laopu plans to focus on expanding floor areas and optimizing locations within existing malls rather than entering new malls, which is expected to enhance customer experience and transaction volumes [13][21]. - The company is also looking to open 3-4 new stores internationally in 2026E, further solidifying its market presence [13][22]. Customer Insights - High net worth customers, while a small percentage of the customer base, contribute significantly to sales, indicating a targeted approach to cater to this demographic through exclusive services [15][16]. - The repurchase rate among customers is high, driven by cultural factors and the perception of gold as a valuable product, with repurchase contributions increasing from 30% in 2024 to 40% in 1H25 [16][21].

Summary of Laopu Gold's Conference Call Company Overview - **Company**: Laopu Gold Co., Ltd. - **Ticker**: 6181.HK - **Market**: China Consumer Sector - **Current Price**: HK$641.50 (as of 10 Nov 2025) - **Price Target**: HK$1,296.00 (by Jun 2026) [6][10][25] Key Financial Changes - **Revenue Estimates**: - FY25E: Rmb 26,046 million (previously Rmb 25,021 million) - FY26E: Rmb 34,871 million (previously Rmb 33,581 million) [2][10] Core Insights from the Call 1. **Impact of New VAT Policy**: - The new VAT policy implemented on 1 Nov 2025 is expected to increase raw material costs by approximately 6% and exert 3-4 percentage points of pressure on gross profit margin (GPM) [6][7]. - Management anticipates limited actual impact on GPM due to existing inventory reserves and a price adjustment mechanism [6][7]. 2. **GPM Trends**: - GPM returned to over 40% after a price adjustment on 26 Oct 2025, despite pressures in the second half of the year [6][7]. 3. **Sales Performance**: - Record-high sales during the Double-11 shopping event, aided by a rally in gold prices and the announcement of price adjustments [6][7]. 4. **Outlook for FY26**: - Positive outlook supported by strong growth foundations, including: - Average Selling Price (ASP) growth exceeding 30% in 2025 - Opening of ten new boutiques in 2025, primarily since May - Introduction of innovative products, such as craftsmanship gold lacquer [6][7][10]. 5. **Channel Focus**: - In 2026, the focus will be on optimizing existing boutiques in mainland China, with plans to optimize over five boutiques [6][7]. 6. **Financing Plans**: - No further financing plans are anticipated as the recent placement in October has met capital needs for inventory reserves ahead of peak season [6][7]. Financial Projections - **CAGR Expectations (2025-2027)**: - Sales: 73% - Net Profit: 78% [11][24]. - **Key Financial Metrics**: - FY25E Revenue: Rmb 26,046 million - FY26E Revenue: Rmb 34,871 million - FY27E Revenue: Rmb 44,279 million [9][30]. Valuation - **Discounted Cash Flow (DCF) Analysis**: - Price Target of HK$1,296 implies a 24x P/E for FY27E [11][25]. - WACC estimated at 9.4% with a risk-free rate of 4.3% and a terminal growth rate of 3.0% [11][25]. Risks to Investment Thesis - Potential risks include: - Weaker-than-expected consumer sentiment - Slower same-store sales growth - Increased competition - Product quality concerns [27]. Additional Insights - Laopu Gold is positioned as a niche heritage gold brand in China, with a 2% market share in the heritage gold sector as of 2023 [10][23]. - The company has a strong sales presence in tier 1 and new tier 1 cities, with the highest single-store sales and a pricing premium compared to local competitors [10][23]. This summary encapsulates the key points discussed during the conference call, highlighting Laopu Gold's financial outlook, strategic initiatives, and market positioning within the luxury jewelry sector in China.

Core Viewpoint - The new VAT policy on gold jewelry, effective November 1, is expected to increase raw material costs by approximately 6%, impacting the gross margin of the company by 3-4 percentage points, although management believes the actual effect may be limited due to inventory reserves and pricing adjustments [1][1][1] Group 1: Financial Performance - The stock of the company rose over 4% during trading, with a current price of 673 HKD and a trading volume of 408 million HKD [1][1] - Management is optimistic about the company's prospects for 2026, citing a solid growth foundation driven by average selling price increases and new store expansions [1][1][1] Group 2: Sales and Growth Projections - Citigroup reports that management is confident in achieving high revenue growth in the second half of 2025, with 20-30% of the growth in 2026 expected to come from this year's price adjustments and approximately 20% from new store sales [1][1][1] - Management acknowledges that the gross margin in the second half of 2025 will be lower than in the first half, but anticipates a recovery to over 40% post-price adjustments, with significant growth expected to manifest in 2026 [1][1][1]