Core Viewpoint - The company, Laopu Gold, experienced a decline in stock price following the announcement of a share reduction by its employee incentive platform, while the controlling shareholders did not participate in the reduction [2] Group 1: Share Reduction and Incentive Plans - Laopu Gold's employee incentive platform reduced its shareholding through block trading, while the controlling shareholders did not reduce their stakes [2] - The company approved several employee share incentive plans, recognizing share-based payment expenses of RMB 28.626 million and RMB 8.633 million for the years 2024 and 2023, respectively [2] Group 2: Financial Performance - In the mid-year report for 2025, Laopu Gold reported revenue of RMB 12.354 billion, a year-on-year increase of 251%, and an adjusted net profit of RMB 2.35 billion, up 290.6% [3] - The growth in revenue and profit is attributed to the expanding brand influence and continuous product optimization, which supported significant revenue growth across both online and offline channels [3] Group 3: Product Pricing and Market Strategy - On August 25, Laopu Gold raised prices for most of its gold jewelry products by 10%-12%, with price increases ranging from RMB 1,000 to RMB 3,000 [3] - The maximum number of H-shares that may be issued under the employee incentive plan is 9.4774 million, representing approximately 5.5% of the total issued shares as of the mid-year report date [3] Group 4: Stock Price Movement - Laopu Gold's stock price has been volatile, previously reaching a high of HKD 1,108 per share on July 8 [4]

Group 1: Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 25,035 points, while the Hang Seng Tech Index decreased by 1.04% [1] - Early trading volume in Hong Kong stocks reached HKD 210.8 billion [1] Group 2: Chip Industry Insights - According to TrendForce, the proportion of external chip suppliers in China's AI server market is expected to drop from 63% in 2024 to 42% by 2025, while local chip suppliers' share may rise to 40%, indicating a trend towards domestic substitution [1] - Chip stocks saw gains, with Shanghai Fudan up 5.79%, SMIC up 8.27%, and Huahong Semiconductor up 4.64% [1] Group 3: Company Performance Highlights - China Cinda's stock rose by 9.74% after reporting a 5.8% year-on-year increase in net profit for the first half of the year, reinforcing its advantage in the non-performing asset management sector [2] - Yadea Holdings' stock increased by over 5% as its net profit for the first half of the year surged nearly 60%, with the new national standard expected to usher in a new industry cycle [3] - CNOOC's stock rose by 4.4% following a mid-term net profit of approximately CNY 69.5 billion, with further potential in overseas exploration [4] - Television Broadcasts' stock fell over 9%, reporting a loss of HKD 108 million for the first half of the year, but expects to achieve positive net profit for the year [5] - Alibaba's stock declined by 3.74% ahead of its first fiscal quarter earnings report, with market concerns regarding the impact of flash sale investments on profits [6] - Lao Pu Gold's stock dropped nearly 4% due to a reduction in shares by the company's incentive platform, although the controlling shareholder did not sell any shares [7] - Smoore International's stock fell over 8%, with a nearly 28% year-on-year decrease in net profit for the first half of the year, affected by increased R&D expenditures [8]

Core Viewpoint - The stock of Lao Pu Gold (06181) has experienced a decline of nearly 4% in early trading, attributed to shareholder plans to reduce holdings and cash out approximately HKD 19.75 billion to HKD 20.09 billion [1] Group 1: Stock Performance - Lao Pu Gold's stock price fell by 3.24% to HKD 701, with a trading volume of HKD 25.03 billion [1] - Significant pre-market transactions involved 286.08 million shares at an average price of HKD 692.62, totaling approximately HKD 19.81 billion [1] Group 2: Shareholder Actions - On August 27, media reports indicated that shareholders plan to reduce approximately 2.86 million shares [1] - On August 28, Lao Pu Gold announced that its share incentive platform reduced company shares through block trading, with the controlling shareholder not participating [1] Group 3: Financial Performance and Outlook - According to Cinda Securities, the company's gross margin was under pressure in the first half of the year due to significant price adjustments in gold [1] - The company completed its second product price adjustment of the year on August 25, with an average price increase of 12%-13% despite stable gold prices since May [1] - The price adjustments are expected to strengthen the company's high-end brand positioning and support gross margin recovery and sales growth in the second half of the year [1]

Group 1 - The stock of Lao Pu Gold (06181) experienced a decline of nearly 4% in early trading, currently down 3.24% at 701 HKD, with a trading volume of 2.503 billion HKD [1] - On August 27, reports indicated that shareholders of Lao Pu Gold plan to reduce their holdings by approximately 2.86 million shares, aiming to cash out between 19.75 billion to 20.09 billion HKD [1] - On August 28, Lao Pu Gold announced that its equity incentive platform reduced its shareholdings through block trading, with the controlling shareholder not participating and having no connection to the transaction [1] Group 2 - Significant block trades were observed before the market opened, involving 2.8608 million shares at an average price of 692.62 HKD per share, totaling approximately 19.81 billion HKD [1] - According to Cinda Securities, the company's gross profit margin faced temporary pressure in the first half of the year due to significant price adjustments in gold [1] - On August 25, the company completed its second product price adjustment of the year, with an average price increase of 12%-13% across products, despite gold prices stabilizing since May [1] - The price adjustments are expected to strengthen the company's high-end brand positioning and support the recovery of gross profit margins and sales growth in the second half of the year [1]

Core Viewpoint - The company, Lao Pu Gold (06181.HK), announced that its share incentive platform has reduced its holdings through block trading, while the controlling shareholders did not participate in this reduction [1] Group 1: Shareholder Changes - The share incentive platform consists of several management consulting partnerships, which have reduced their shares in the company [1] - The ordinary partner of Beijing Jinbu was changed from Hongqiao Jinj season consulting to a natural person nominated by the share incentive platform, who is not a related party of the company [1] - Following this change, Beijing Jinbu will no longer be controlled by the company's controlling shareholders, Xu Gaoming and Xu Dongbo, nor by Hongqiao Jinj season [1]

于2025年8月27日，北京金部的普通合伙人由红乔金季变更为该股份激励平台推举的自然人，该自然人 并非公司的关联人士。紧接上述变更后，北京金部将不再属于公司控股股东徐高明先生、徐东波先生及 红乔金季控制的实体，徐高明先生、徐东波先生及红乔金季不再于北京金部持有的公司股份中拥有权 益。 老铺黄金(06181)公布，公司股份激励平台北京金部企业管理咨询合伙企业(有限合伙)(北京金部)、北京 金积企业管理咨询合伙企业(有限合伙)、北京金谛企业管理咨询合伙企业(有限合伙)、北京金咏企业管 理咨询合伙企业(有限合伙)及北京金莅企业管理咨询合伙企业(有限合伙)(统称"股份激励平台")通过大宗 交易方式减持公司股份。公司控股股东徐高明先生、徐东波先生及北京红乔金季咨询顾问有限公司未进 行减持，亦未与本次减持存在关联。 ...

于2025年8月27日，北京金部的普通合伙人由红乔金季变更为该股份激励平台推举的自然人，该自然人 并非公司的关联人士。紧接上述变更后，北京金部将不再属于公司控股股东徐高明先生、徐东波先生及 红乔金季控制的实体，徐高明先生、徐东波先生及红乔金季不再于北京金部持有的公司股份中拥有权 益。 智通财经APP讯，老铺黄金(06181)公布，公司股份激励平台北京金部企业管理咨询合伙企业(有限合伙) (北京金部)、北京金积企业管理咨询合伙企业(有限合伙)、北京金谛企业管理咨询合伙企业(有限合伙)、 北京金咏企业管理咨询合伙企业(有限合伙)及北京金莅企业管理咨询合伙企业(有限合伙)(统称"股份激 励平台")通过大宗交易方式减持公司股份。公司控股股东徐高明先生、徐东波先生及北京红乔金季咨询 顾问有限公司未进行减持，亦未与本次减持存在关联。 ...

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。 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） 承董事會命 Laopu Gold Co., Ltd. （股 份 代 號：6181） 自願性公告 股份激勵平台減持股份 本公告乃由老鋪 黃 金股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出。 本公司董事會（「董事會」）獲 悉，本 公 司 股 份 激 勵 平 台 北 京 金 部 企 業 管 理 諮 詢 合 夥 企 業（有 限 合 夥）（「北京金部」）、北 京 金 積 企 業 管 理 諮 詢 合 夥 企 業（有 限 合 夥）、北 京 金 諦 企業管理諮詢合夥企業（有 限 合 夥）、北 京 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 12.354 billion yuan in H1 2025, representing a year-on-year increase of 251%, and an adjusted net profit of 2.351 billion yuan, up 291% year-on-year [1] - The company plans to distribute a cash dividend of 9.59 yuan per share, totaling 1.806 billion yuan, which accounts for 77% of the adjusted net profit [1] - The brand's influence continues to expand, with a high-end positioning validated, driving significant revenue growth [2] - The average sales performance per store reached 459 million yuan in H1 2025, maintaining the top position in average revenue and sales per square meter among all jewelry brands in mainland China [2] - The company ranked first in the gold category sales on Tmall during the "618" shopping festival, achieving over 1 billion yuan in sales [2] - The brand loyalty membership increased to 480,000, up by 130,000 from the end of 2024, indicating a growing consumer base [2] - The company has a high overlap with international luxury consumer groups, with a 77.3% overlap with major luxury brands [2] - The gross margin for H1 2025 was 38.1%, a decrease of 3.2 percentage points year-on-year, but is expected to recover in the second half of the year due to a recent price adjustment of 12%-13% [2] - The company opened 41 self-operated stores in 16 cities by June 30, 2025, including new entries into high-end commercial centers [3] Financial Projections - Revenue projections for 2025-2027 are 25.052 billion yuan, 34.524 billion yuan, and 41.938 billion yuan, representing year-on-year growth of 195%, 38%, and 21% respectively [4] - The projected net profit for the same period is 4.953 billion yuan, 6.881 billion yuan, and 8.353 billion yuan, with growth rates of 236%, 39%, and 21% respectively [4] - The price-to-earnings ratio (P/E) is expected to be 23, 17, and 14 times for 2025, 2026, and 2027 respectively [4]

Core Viewpoint - Lao Pu Gold (06181) has experienced a significant decline in stock price, dropping over 4% to 718 HKD, with a trading volume of 1.218 billion HKD. The company has raised prices for its products for the second time this year, indicating potential challenges in the market [1]. Price Adjustments - On August 25, Lao Pu Gold raised prices for the second time this year, with popular products priced between 10,000 to 30,000 HKD increasing by 1,000 to 3,000 HKD, reflecting a price increase of approximately 5% to 13% [1]. - The company has scheduled further price increases in March 2024, September 2024, and February 2025 [1]. Market Recovery Insights - Reports indicate that Lao Pu Gold products are being repurchased in the second-hand market based on weight, with prices ranging from 760 HKD to 770 HKD per gram. This shift from a fixed buyback price to a weight-based pricing model may indicate a decline in support from the second-hand market [1]. - The change in repurchase strategy could lead to a potential loss of consumer base, as it may affect the perceived value of Lao Pu Gold products in the primary market [1].