美银证券发布研报称，因金价上涨及品牌渗透率持续提升，预测老铺黄金(06181)去年下半年营收增长 强劲，达到132亿元人民币(下同)，同比增165%。预测去年下半年单店销售额为2.5亿元，同比增 100%，全年则为5.27亿元，同比增133%。该行重申对老铺黄金的"买入"评级，目标价从958港元降至 860港元，认为金价高企及品牌势头持续的持下，公司单店销售额存在上行风险。 该行预测老铺黄金去年下半年毛利率为37.1%，同比跌4个百分点；经调整净利润预测同比增长1.69倍至 24亿元。至于去年全年经调整净利润预测同比增长2.18倍至48亿元。该行另对公司去年盈利预测下调 5%至48亿元，主要由于收入及毛利率预测下调。 但该行料老铺黄金毛利率将持续承压，主要受到低毛利销售占比提高，因大量需求可能集中于金价强势 时期及提价前释放；折扣活动更为频繁，部分由于新店开设增多所驱动；库存管理面临挑战，因金价飙 升期间强劲销售，或导致集团以较高成本补货，在平均成本法下推升销货成本。 ...

但该行料老铺黄金毛利率将持续承压，主要受到低毛利销售占比提高，因大量需求可能集中于金价强势 时期及提价前释放；折扣活动更为频繁，部分由于新店开设增多所驱动；库存管理面临挑战，因金价飙 升期间强劲销售，或导致集团以较高成本补货，在平均成本法下推升销货成本。 该行预测老铺黄金去年下半年毛利率为37.1%，同比跌4个百分点；经调整净利润预测同比增长1.69倍至 24亿元。至于去年全年经调整净利润预测同比增长2.18倍至48亿元。该行另对公司去年盈利预测下调 5%至48亿元，主要由于收入及毛利率预测下调。 智通财经APP获悉，美银证券发布研报称，因金价上涨及品牌渗透率持续提升，预测老铺黄金(06181)去 年下半年营收增长强劲，达到132亿元人民币(下同)，同比增165%。预测去年下半年单店销售额为2.5亿 元，同比增100%，全年则为5.27亿元，同比增133%。该行重申对老铺黄金的"买入"评级，目标价从958 港元降至860港元，认为金价高企及品牌势头持续的持下，公司单店销售额存在上行风险。 ...

Summary of Conference Call Notes on Lao Pu Gold (老铺黄金) Company Overview - **Company**: Lao Pu Gold (老铺黄金) - **Industry**: Chinese traditional gold jewelry - **Current Stock Price**: HKD 740.50 as of February 5, 2026 - **Target Price**: HKD 1,296.00 by December 2026, based on discounted cash flow valuation Key Insights and Arguments - **Optimistic Consumer Outlook**: The company expects strong consumer performance during the Spring Festival, driven by enhanced brand value, new product launches, and favorable gold price trends, with JPMorgan predicting a price increase of over 50% in 2026 [1][2][3] - **Sales and Profit Growth**: Projected profit growth of 49% and sales growth of 42% in 2026, with revenue expected to reach HKD 37.439 billion, an increase of 7.4% from previous estimates [2][3][4] - **Factors Supporting Revenue Growth**: - Average price increase of over 30% in 2025, with multiple price adjustments planned [1][2] - Opening of 10 new stores in 2025, primarily after May [1][2] - Product innovation, including new offerings like the "Wu Ma" series [1][2] - Expansion into overseas markets [1][2] - **Margin Improvement**: Anticipated gross margin increase of 1.1 percentage points due to effective pricing strategies [1][2] Additional Important Content - **Promotional Activities**: Significant promotional campaigns initiated in various stores, including discounts and gifts, which have successfully stimulated consumer demand [1][5][21] - **Customer Traffic Insights**: High customer traffic observed, with wait times exceeding 3 hours at some locations, indicating strong demand despite previous high sales bases [5][6] - **International Recognition**: Increased attention from international celebrities, enhancing brand visibility and interest in overseas markets [6][7] - **Real Estate Support**: Positive stance from property owners towards optimizing store locations, focusing on high-net-worth consumers [6][7] Financial Projections - **Revenue Growth Rates**: Expected compound annual growth rates (CAGR) of 77% for sales and 82% for net profit from 2025 to 2027 [8][26] - **Valuation Metrics**: Target price corresponds to a 23x P/E ratio based on 2027 earnings expectations [9][27] - **Cash Flow Analysis**: Projected free cash flow and net present value calculations indicate strong financial health and growth potential [28] Risks to Rating and Target Price - **Downside Risks**: Include weaker-than-expected consumer confidence, slower same-store sales growth, competitive pressures, and product quality concerns [29][30]

Core Viewpoint - Bank of America Securities projects that Laopuhuang Gold (06181) will achieve an adjusted net profit of 2.4 billion RMB in the second half of last year, representing a year-on-year increase of 169% [1] - The full-year adjusted net profit forecast has been revised down by 5% to 4.8 billion RMB, which is still expected to show a year-on-year growth of 218% [1] Group 1: Financial Performance - The company is expected to see strong revenue growth in the second half of last year, with an estimated increase of 165% to 13.2 billion RMB [1] - For the same period, single-store sales are projected to double year-on-year to 250 million RMB, while total sales for the year are anticipated to rise by 133% to 527 million RMB [1] Group 2: Profitability Challenges - Despite the revenue growth, the company faces pressure on its gross margin due to an increased proportion of low-margin products, higher discount frequency, and inventory management challenges [1] - The gross margin for the second half of last year is expected to be 37.1%, which is a decline of 4 percentage points year-on-year and a decrease of 1 percentage point compared to the first half of the year [1] Group 3: Target Price and Rating - The target price for Laopuhuang Gold has been adjusted from 958 HKD to 860 HKD, which corresponds to a projected price-to-earnings ratio of 20 times for this year [1] - The "Buy" rating for the stock has been reaffirmed by Bank of America Securities [1]

智通财经APP获悉，美银证券发布研报称，预期老铺黄金(06181)去年下半年经调整纯利达24亿元人民 币，同比增169%，全年经调整纯利预测则下调5%至48亿元人民币，即料同比增长218%。因此，老铺黄 金目标价亦相应由958港元调降至860港元，相当于预测今年市盈率20倍，重申"买入"评级。 老铺黄金受惠于金价上涨与品牌持续渗透，美银证券预计公司去年下半年收入增长强劲，料同比升 165%至132亿元人民币。该行续预期，期内公司单店销售同比增100%至2.5亿元人民币，全年销售则升 133%至5.27亿元人民币。 然而，该行认为，由于老铺黄金的低毛利商品占比提升，加上折扣频率增加及面对库存管理挑战，预计 老铺黄金的毛利率仍然受压，料公司去年下半年的毛利率为37.1%，同比跌4个百分点，并较上半年降1 个百分点。 ...

Group 1 - Morgan Stanley maintains a positive outlook on the Chinese stock market, emphasizing the need for more refined stock selection [1] - The preferred sectors during the Lunar New Year period include high-end liquor, quality protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] Group 2 - The top stock picks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (03288, 603288.SH), Kweichow Moutai (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858.SZ) [1]

Core Viewpoint - Morgan Stanley reaffirms its bullish trading strategy on the Chinese consumer market ahead of the Lunar New Year (February 15 to 23), favoring high-end liquor, premium protein (new dairy products and black-haired cattle), key condiments, gold, and the tourism industry [1] Group 1: Market Strategy - Historical data indicates that the appreciation of the RMB against the USD will boost returns in the Chinese stock market, with cyclical or growth stocks typically outperforming defensive stocks [1] - Morgan Stanley maintains a positive outlook on the Chinese stock market but emphasizes the need for more refined stock selection [1] Group 2: Preferred Stocks - The preferred stocks include Tencent Holdings (00700), Lao Poo Gold (06181), MGM China (02282), TAL Education (TAL.US), Trip.com (09961, TCOM.US), Haitian Flavoring (603288) (03288, 603288.SH), Kweichow Moutai (600519) (600519.SH), Mengniu Dairy (02319), and Wuliangye (000858) (000858.SZ) [1]

每经AI快讯，老铺黄金(06181.HK)午后升6%，截至发稿涨6%，报768港元，成交额7.94亿港元。 ...

消息面上，继老铺黄金线下门店呈现排队热潮后，2月7日，云集众多国际品牌旗舰的上海恒隆广场，迎 来了"传世经典 传世生活——老铺黄金经典作品展"。老铺黄金继"金胎珐琅十二月花神金杯"后，用漆 器螺钿传世工艺将"十二月花神漆器螺钿金杯"璀璨呈现。 智通财经APP获悉，老铺黄金(06181)午后升6%，截至发稿，涨6%，报768港元，成交额7.94亿港元。 摩根大通研报指出，对老铺黄金的春节消费表现比市场更为乐观，原因是品牌权益提升、新产品推出、 吸引新客户、现有客户重复购买及金价走势有利。集团表现稳健下，应能缓解投资者对近期高基数效应 及金价波动下对消费者行为的担忧。认为其凭借系统性发展策略(如门店扩张审慎、直销模式及由精选/ 培训团队提供的差异化服务品质)最能从体验式增长中获益。 ...

消息面上，继老铺黄金线下门店呈现排队热潮后，2月7日，云集众多国际品牌旗舰的上海恒隆广场，迎 来了"传世经典传世生活——老铺黄金经典作品展"。老铺黄金继"金胎珐琅十二月花神金杯"后，用漆器 螺钿传世工艺将"十二月花神漆器螺钿金杯"璀璨呈现。 老铺黄金(06181)午后升6%，截至发稿，涨6%，报768港元，成交额7.94亿港元。 摩根大通研报指出，对老铺黄金的春节消费表现比市场更为乐观，原因是品牌权益提升、新产品推出、 吸引新客户、现有客户重复购买及金价走势有利。集团表现稳健下，应能缓解投资者对近期高基数效应 及金价波动下对消费者行为的担忧。认为其凭借系统性发展策略(如门店扩张审慎、直销模式及由精选/ 培训团队提供的差异化服务品质)最能从体验式增长中获益。 ...