Core Viewpoint - Haitong International reports that Laopu Gold (06181) will experience short-term revenue growth due to new store openings and optimization of store structure, while long-term brand positioning and expansion of domestic and international customer base will enhance overall consumption power and repurchase rates [1] Group 1: Financial Projections - The firm maintains an "outperform" rating for Laopu Gold, with a target price of 875.6 RMB (957.2 HKD) based on a 22x P/E ratio for 2026, indicating a potential upside of 31.6% [1] - Projected net profit growth for the group from 2025 to 2027 is 238.4%/34.4%/17.2% year-on-year, with earnings per share estimates of 29.6/39.8/46.7 RMB respectively [1] Group 2: Strategic Initiatives - The company's channel expansion and overseas breakthroughs are expected to increase membership and solidify its high-end brand position, supporting long-term growth potential for Laopu Gold [1]

Group 1 - The core viewpoint of the report is that the opening of new stores and optimization of store structure will drive a short-term revenue increase for Laopu Gold (06181) [1] - In the medium to long term, the company's focus on high-end brand positioning and expansion of domestic and international customer base will enhance overall purchasing power and repurchase rates [1] - Haitong International maintains an "outperform" rating for Laopu Gold, with a target price of 875.6 RMB (957.2 HKD) based on a 22x P/E ratio for 2026, indicating a potential upside of 31.6% [1] Group 2 - The company is expected to see a significant increase in net profit attributable to shareholders, with projected growth rates of 238.4% in 2025, 34.4% in 2026, and 17.2% in 2027 [1] - Earnings per share estimates are forecasted to be 29.6 RMB, 39.8 RMB, and 46.7 RMB for the years 2025, 2026, and 2027 respectively [1] - The company's channel expansion and overseas breakthroughs are anticipated to further increase membership and solidify its high-end brand position, supporting long-term growth potential for Laopu Gold [1]

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-09-03 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 727.50 | | --- | --- | | 总股本/流通股本（亿股）1.73 | | | 总市值/流通市值（亿港 | 1,256.22 | | 元） | | | 周内最高/最低价 52 | 1082/ 239.80 | | 资产负债率(%) | 38.1336 | | 市盈率 | 87.1113 | | 第一大股东 | 有限公司 | 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 老铺黄金 (6181.HK) 增持|维持 拓店与出海并举，年内二次提价，未来展望积极 事件 中报：公司发布 2025 年中报，2025 年上半年公司销售业绩（含 税收入）人民币 142 亿元，同比增长 249%，收入人民币 123 亿元，同 比增长 251%，经调净利润 23.5 亿元，同比增长 291%，期间利润 22.7 亿元，同比增长 285%。中报业绩位于正面盈利预告区间偏上位置。 ...

智通财经APP获悉，香港联交所最新数据显示，8月28日，Beijing Jinbu Enterprise Management Consulting L.P. (Limited Partnership)减持老铺黄金(06181)139.27万股，每股作价692.62港元，总金额约为 9.65亿港元。减持后最新持股数目为789.22万股，持股比例为5.66%。 ...

香港联交所最新数据显示，8月28日，Beijing Jinbu Enterprise Management Consulting L.P.(Limited Partnership)减持老铺黄金(06181)139.27万股，每股作价692.62港元，总金额约为9.65亿港元。减持后最 新持股数目为789.22万股，持股比例为5.66%。 ...

Group 1 - Beijing Jinbu Enterprise Management Consulting L.P. reduced its stake in Laopu Gold (06181) by 1.3927 million shares at a price of HKD 692.62 per share, totaling approximately HKD 965 million [1] - After the reduction, the latest shareholding number is 7.8922 million shares, representing a holding percentage of 5.66% [1]

Investment Rating - The report maintains an "Outperform" rating for Laopu Gold [2][9]. Core Insights - In the first half of 2025, Laopu Gold achieved significant revenue and profit growth, with operating revenue reaching RMB 12.354 billion, up 251.0% year-on-year, and attributable net profit of RMB 2.268 billion, up 285.8% year-on-year, resulting in a net margin of 18.4% [3][13]. - The company is expanding its channels and international presence, with domestic revenue of RMB 10.758 billion (87.1% of total revenue) and overseas revenue of RMB 1.597 billion (12.9% of total revenue), reflecting year-on-year increases of 232.8% and 456%, respectively [5][15]. - Laopu Gold's membership base has surged, with 480,000 loyal members as of June 2025, indicating a strong consumer base that overlaps significantly with high-end luxury brands [8][16]. Financial Performance - Revenue and profit forecasts for 2025-2027 are projected at RMB 26.964 billion, RMB 35.524 billion, and RMB 41.782 billion, representing year-on-year growth rates of 217.0%, 31.7%, and 17.6%, respectively [9][18]. - The company plans to declare an interim dividend of RMB 9.59 per share for 2025, with a total payout ratio of 72% [3][13]. Market Position and Strategy - Laopu Gold's core revenue is primarily from gold jewelry, driven by strong consumer demand for high-value pieces, while the management sees significant growth potential in gold artifacts among high-net-worth individuals [4][14]. - The company adheres to a fully self-operated model, targeting top-tier shopping malls and accelerating its internationalization efforts, including the opening of its first overseas store in Singapore [5][15][17]. - Management emphasizes that the brand's premium positioning is maintained despite participating in promotional activities, which are seen as necessary collaborations with malls [4][14]. Membership and Customer Base - The company has established a high-end customer management department to enhance consumer loyalty both domestically and internationally, with a focus on high-net-worth individuals [8][16]. - The average transaction values for overseas clients are significantly higher than those in mainland China, indicating a lucrative market opportunity [17].

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 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 | | | 139,473,760 | RMB | | 1 RMB | | 139,473,760 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 139,473,760 | RMB | | 1 RMB | | 139,473,760 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Silver Market Insights - The strong upward trend in spot silver prices is approaching $40 per ounce, with a potential breakout imminent [1] - Industrial demand for silver, particularly from solar panel applications, is supporting its price, leading to increased investments in silver-backed exchange-traded funds (ETFs) [1] - August marked the seventh consecutive month of expansion for these silver ETFs, the longest continuous inflow since 2020 [1] Group 2: Gold Market Insights - Gold remains a key hedge against short-term global policy fluctuations and growing skepticism regarding the Federal Reserve's credibility [1] - Morgan Stanley predicts that gold prices could reach $3,675 per ounce by the end of the year, with a potential rise to $4,000 per ounce by early next year [1] - The independence of the Federal Reserve is under threat, particularly following President Trump's attempt to remove a Fed governor, which could act as a strong bullish catalyst for gold prices [1] Group 3: Related Companies in Gold and Silver - Key companies in the gold industry include Zijin Mining (601899)(02899), Shandong Gold (600547)(01787), and Zhaojin Mining (01818) [2] - In the silver sector, China Silver Group (00815) reported a revenue of RMB 2.33 billion for the six months ending June 30, 2025, a year-on-year increase of 0.5%, with a profit attributable to shareholders of RMB 54.91 million, up 167.13% [3]

Group 1: Silver Market Insights - The strong upward trend in spot silver prices is approaching $40 per ounce, with a potential breakthrough imminent [1] - Industrial demand for silver, particularly from solar panel applications, is supporting its price, leading to increased investments in silver-backed exchange-traded funds (ETFs) [1] - In August, silver-backed ETFs experienced their longest continuous inflow since 2020, marking the seventh consecutive month of expansion [1] Group 2: Gold Market Insights - Gold remains a key hedge against short-term global policy volatility and growing skepticism regarding the Federal Reserve's credibility [1] - JPMorgan forecasts that gold prices could reach $3,675 per ounce by the end of the year, with a potential rise to $4,000 per ounce by early next year [1] - The independence of the Federal Reserve is under threat, particularly following President Trump's attempt to remove a Fed governor, which could act as a strong bullish catalyst for gold prices [1] Group 3: Related Companies in the Gold Industry - Key companies in the gold industry include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), and others [2] Group 4: Related Companies in the Silver Industry - China Silver Group (00815) reported a revenue of RMB 2.33 billion for the six months ending June 30, 2025, a year-on-year increase of 0.5%, with a profit attributable to owners of RMB 54.91 million, up 167.13% [3]