Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 12.35 billion RMB in H1 2025, representing a year-on-year increase of 251.0%, and a net profit of 2.27 billion RMB, up 285.8% year-on-year [7]. - The company plans to distribute an interim dividend of 9.59 RMB per share and aims to maintain a high dividend payout ratio of 50% of the accumulated undistributed profits each year [7]. - The company is experiencing significant growth across all channels, with offline store revenue increasing by 243.2% year-on-year and online platform revenue rising by 313.3% [7]. - The company has rapidly expanded its membership base, reaching 480,000 loyal members, which enhances its high-end brand positioning [7]. - The company is expected to achieve net profits of 4.545 billion, 6.348 billion, and 8.422 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 209%, 40%, and 33% respectively [7]. Financial Data and Valuation - The total revenue for the company is projected to reach 25.214 billion RMB in 2025, with a gross profit margin of 40.5% [10][11]. - The company’s return on equity (ROE) is forecasted to be 78.6% in 2025, indicating strong profitability [11]. - The company’s price-to-earnings (PE) ratio is expected to be 26.5 in 2025, suggesting a favorable valuation compared to its growth prospects [11].

中金发布研报称，基本维持老铺黄金(06181)2025/26年EPS预测26.57/35.80元不变，当前股价对应27/20 倍2025/26年市盈率，维持跑赢行业评级和目标价1079.06港元不变，对应37/27倍2025/26年市盈率，有 38%的上行空间。公司公布1H25业绩，收入同比增长251%至124亿元，归母净利润同比增长286%至23 亿元，业绩符合市场预期。公司拟派发中期股息9.59元/股，派息率约73%，为首次中报分红。 中金主要观点如下： 零售表现优势明显，同店销售延续高增 老铺黄金致力于打造足具非遗文化价值和国际竞争力的世界黄金第一品牌，1H25收入同增251%至124 亿元。分渠道看，线下收入同比增长243%至107亿元，公司积极布局优势商圈，上半年净开5家至41家 门店，品牌力持续提升也带动1H25同店收入同增201%，单一商场平均销售额达4.6亿元，在内地单一商 场收入和坪效均位列国内外珠宝品牌第一。线上收入同比增长313%至16亿元、贡献公司收入13%。分 地区看，中国内地收入同比增长233%至108亿元，境外收入同比增长455%至16亿元，贡献公司收入的 13%。 金价大幅上涨 ...

智通财经APP获悉，中金发布研报称，基本维持老铺黄金(06181)2025/26年EPS预测26.57/35.80元不变， 当前股价对应27/20倍2025/26年市盈率，维持跑赢行业评级和目标价1079.06港元不变，对应37/27倍 2025/26年市盈率，有38%的上行空间。公司公布1H25业绩，收入同比增长251%至124亿元，归母净利 润同比增长286%至23亿元，业绩符合市场预期。公司拟派发中期股息9.59元/股，派息率约73%，为首 次中报分红。 中金主要观点如下： 1H25毛利率同比下降3.2ppt至38%，主要因期内金价快速上涨并维持高位，而公司仅有一次价格调整。 亮眼的收入增长也带来经营杠杆凸显，销售及管理费用率同比下降5.1ppt，1H25归母净利润同比增长 286%至23亿元。因销售快速增长及渠道拓展优化，公司库存自年初41亿元提升至6月末87亿元，库存周 转天数自2024年195天回落至1H25 150天，保持健康水平。 老铺黄金品牌持续彰显稀缺的高级感 公司持续深耕古法黄金行业，品牌及产品均体现出稀缺的高级感，据弗若斯特沙利文数据，老铺黄金消 费者与路易威登、爱马仕、卡地亚、宝格丽 ...

21世纪经济报道 高江虹 北京报道 8月20日，老铺黄金（06181.HK）发布的中期报告显示，2025年上半年营收达123.54亿元，同比增长 251%，净利润22.68亿元，同比增长285.8%，经调整净利润达23.5亿元，同比增长291%。 财报发布后，优异的业绩刺激老铺黄金股价大涨8.84%，报收782港元/股，暂时刹住了过去一个多月的 老铺黄金的抛售潮。 自从7月8日创下每股1108港元历史最高价后，老铺黄金在其后31个交易日内股价跌多涨少，有22个交易 日下跌。让人震惊的是，8月1日，股价跌破700港元大关，收盘报690港元/股，市值较7月8日的峰值跌 去了38%。 资本市场的反应，恰恰反映了老铺黄金估值的分歧。 按照8月20日的股价，老铺黄金市值1090亿港元，虽然略低于周大福的1408亿港元，但其市盈率78.03， 远高于周大福24.11PE。 这个号称"黄金爱马仕"的黄金珠宝品牌，值得那么高的价格吗？ 日销7750万神话撑不起千亿市值？ 老铺黄金发布的中期报告显示，2025年上半年销售业绩达141.82亿元，同比增长249.4%，折算下来，老 铺黄金平均每天销售7750万元，在消费疲软的环境 ...

Core Viewpoint - The financial performance of Laopu Gold (老铺黄金) has shown remarkable growth, with significant increases in revenue and net profit, leading to a surge in stock price after the mid-term report release. However, the stock has experienced volatility and a significant decline from its peak, raising questions about its valuation and sustainability in the luxury market [2][3][4]. Financial Performance - Laopu Gold reported a revenue of 12.354 billion yuan for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 285.8% [2]. - The adjusted net profit reached 2.35 billion yuan, reflecting a growth of 291% [2]. - Following the report, the stock price increased by 8.84%, closing at 782 HKD per share, halting a month-long selling trend [2]. Market Position and Valuation - As of August 20, Laopu Gold's market capitalization was 109 billion HKD, with a price-to-earnings (P/E) ratio of 78.03, significantly higher than its competitor Chow Tai Fook, which had a P/E of 24.11 [3]. - The brand's daily sales averaged 77.5 million yuan, showcasing its strong market presence despite a challenging consumer environment [4]. Competitive Advantage - Laopu Gold's unique selling proposition lies in its ancient gold craftsmanship, which commands a premium price, with a 55% markup compared to competitors [4]. - The market for ancient gold jewelry is projected to grow at a compound annual growth rate (CAGR) of 64.6% from 2018 to 2023, outpacing traditional gold jewelry [4][5]. Store Performance and Expansion - Laopu Gold operates 41 stores in 29 major commercial centers, achieving an average sales performance of 459 million yuan per store, significantly surpassing other jewelry brands [6]. - The brand's store in Beijing SKP generated 336 million yuan in revenue, indicating a sales efficiency more than double that of the shopping center's average [6]. Brand Strategy and Consumer Engagement - The company has successfully increased its loyal customer base, with 48,000 members contributing 68% of revenue, and a high repurchase rate of 60% [11]. - However, there are concerns about the sustainability of its luxury narrative, as some loyal customers have begun to shift to other brands due to slow product updates and perceived value [15]. Challenges and Market Dynamics - The stock price has faced significant declines, with a drop to 690 HKD per share, resulting in a market value loss of over 80 billion HKD since its peak [7]. - The company faces competition from both established and emerging brands in the ancient gold market, which may dilute its unique positioning [12]. Craftsmanship and Brand Identity - Laopu Gold claims to be the leading brand in ancient gold craftsmanship, leveraging traditional techniques that are recognized as part of China's intangible cultural heritage [8]. - The brand's reliance on outsourced production raises questions about its authenticity and ability to maintain a luxury image [12]. Future Outlook - The luxury positioning of Laopu Gold is under scrutiny, as it attempts to align itself with high-end brands like Hermes, but lacks the historical narrative and craftsmanship depth that define true luxury [17][18]. - The company's growth model, heavily reliant on a single product category, may face challenges as market dynamics evolve and competition intensifies [11][18].

事实上，"港股消费三姐妹"之一的泡泡玛特在2025年上半年也获得了营收、净利润的双双大涨，同比增 长均超200%。为何由"港股消费三姐妹"共同撑起的"新消费"阵营，最能捕获消费者和投资人？ 单店平均营收3亿元，会员半年猛增13万 去年6月，老铺黄金正式登陆港股。记者翻看其招股书和财报注意到，近三年，老铺黄金中期业绩均实 现翻倍增长。 坚持直营、开在多地头部商圈的老铺黄金，拓店速度其实并不快，但每家店都非常挣钱。 记者注意到，报告期内，老铺黄金在国内一线城市（北京、上海、深圳）新增4店。同时，位于深圳罗 湖万象城、厦门万象城的门店完成扩容升级。公司表示，新开及优化门店的贡献预计将继续在2025年下 半年逐步体现，为收入和利润带来进一步增长动力。 截至2025年6月30日，老铺黄金自营门店数达41家，入驻全国29个头部商圈。按照其营收业绩估算，今 年上半年，单个商场平均销售4.59亿元，单一门店平均营收达到3亿元——这一成绩已远超传统黄金珠 宝品牌，甚至跑赢一些奢侈品牌。 并非止步于国内，老铺黄金已启动海外市场布局。2025年上半年，老铺黄金在新加坡金沙购物中心开出 首店。据摩根大通数据，老铺黄金新加坡门店开店的 ...

Summary of the Conference Call for Lao Pu Gold Company Overview - **Company**: Lao Pu Gold - **Market Capitalization**: Approximately 120 billion RMB - **P/E Ratio**: Around 25 times, reflecting zero growth expectations [3][11] Key Financial Metrics - **2025 H1 Revenue**: 12.3 billion RMB - **Tax-inclusive Sales**: 14.2 billion RMB - **Net Profit**: 2.27 billion RMB - **Net Profit from Gold Bar Business**: 2.35 billion RMB, with a year-on-year growth of approximately 280%-290% [2][6] - **Inventory**: Approximately 8.7 billion RMB as of June 30, 2025, an increase from 4.1 billion RMB at the end of 2024 due to expanded operations [7] - **H1 Overseas Revenue**: 1.6 billion RMB, a year-on-year increase of over 450% [8] - **Dividends**: H1 dividend of 9.59 RMB per share, totaling about 1.66 billion RMB, representing 73% of the net profit [9][10] Market Challenges and Investor Sentiment - **Performance Impact**: Lao Pu Gold's performance is crucial for A-share new consumption companies, as it directly influences market expectations and investor confidence [4] - **Unpredictability**: Companies like Lao Pu Gold face challenges in the Chinese market due to their reliance on brand strength rather than store expansion, leading to cautious valuations from investors [5] - **Fashion Risk**: Concerns regarding the company's fashion risk have led to conservative valuations despite some recognition of brand strength [3][13] Growth and Expansion - **New Store Openings**: Five new high-end stores opened in H1 2025, with plans for five more in H2, indicating strong brand recognition [7] - **Overseas Expansion**: Strong performance in overseas markets, with expectations of over 4 billion RMB in annual overseas revenue, averaging over 1 billion RMB per overseas store [8] Future Outlook - **H2 Revenue Expectations**: Projected revenue for H2 is between 4.7 billion to 4.8 billion RMB, with the market having low expectations [14] - **Investor Confidence**: The introduction of Lao Pu Gold in high-end shopping districts and the company's dividend policy are expected to bolster investor confidence despite uncertainties [15]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, with significant growth driven by brand influence and product optimization [7] - The company continues to expand its offline and online sales channels, achieving remarkable revenue growth [7] - The brand's high-end positioning is validated by increasing customer loyalty and market overlap with luxury brands [7] - The company is well-positioned for future growth due to its unique product offerings and ongoing store expansion [7] Financial Performance - For H1 2025, the company reported revenue of 12.354 billion RMB, a year-on-year increase of 251.0%, and a profit of 2.268 billion RMB, up 285.8% [7] - The company expects net profit for 2025-2027 to be 4.899 billion RMB, 6.607 billion RMB, and 8.466 billion RMB, with growth rates of 232.5%, 34.9%, and 28.1% respectively [8] - The average sales performance per store in a shopping mall reached approximately 459 million RMB, ranking first among all jewelry brands in mainland China [7] Market Position and Strategy - The company has opened 41 self-operated stores across 16 cities, with a focus on high-end shopping centers [7] - The brand's customer base is expanding to include high-net-worth individuals across different age groups [7] - The company plans to adjust product prices to support profit performance, reflecting its high-end brand positioning [7]

$老铺黄金(06181.HK)北京时间 8 月 20 日下午，老铺黄金（6181.HK）发布了 2025 年 H1 业绩，由于此前披露过盈利预告，从实际业绩来看，无论是营收还 是利润均接近指引上限，是一份还不错的业绩，具体要点如下： 1、业绩环比提速。25H1 老铺黄金实现总营收 123.5 亿元，同比增长 251%，接近指引上限。从趋势上看，从 24H1 开始公司的业绩连续两次环比提速，仍 然处于快速扩张期，上半年收入超过了去年全年，核心还是受益于黄金的上行周期以及老铺品牌力不断提升带来的客群拓展和破圈。 利润上，虽然上半年金价大幅上涨导致老铺原材料成本显著提升导致毛利率有所下滑，但在经营杠杆的释放下整体利润快于营收端的增长，实现归母净利润 22.7 亿元，同比增长 286%。 2、开店速度加快，海外迎来第一店。截至上半年，老铺新开了 5 家门店，国内的 4 家门店清一色集中在一线城市的核心商圈，相较于年初制定的 6-8 家门 店目标已经完成大半。此外，6 月老铺在新加坡开设了海外首家门店，标志着公司正式开启全球化扩张。 3、同店营收加速增长。从衡量单店效益的核心指标——同店营收增速上看，25H1 老铺同店 ...

中国古法手工金器专业第一品牌老铺黄金（06181.HK），再向市场"秀肌肉"，于8月20日午间发布了表现炸裂的中期业绩报告。 根据业绩报，于今年上半年，老铺黄金实现营业收入123.54亿元(单位人民币，下同)，同比大幅增长251%；期内利润为22.68亿元，同比增幅达285.8%。 业绩发布后，老铺黄金股价于午后快速拉升，最终收涨8.84%，总市值达1350亿港元。自港股上市以来，公司股价节节攀升，最高位达1108港元，较上市首 日最低点54.07港元飙升近20倍，堪称港股大牛股。 爆卖的古法黄金 除营收和利润大幅增长外，老铺黄金今年上半年的毛利表现同样亮眼，毛利达47.05亿元，同比增长223.4%。 业绩的爆发式增长，主要驱动力并非金价上涨或门店数量增加，而是老铺黄金成功打造的"文化奢侈品"品牌定位。 老铺黄金在半年报中表示，公司品牌影响力持续扩大形成的市场显著优势，带来线上线下店铺整体营收的大幅增长；以及产品的持续优化、推新迭代，支持 了线上线下营收的持续增长。 | 衍 财華社 FINET | | | | | | | | --- | --- | --- | --- | --- | --- | --- | ...