证券之星消息，11月26日南向资金减持7.97万股老铺黄金（06181.HK）。近5个交易日中，获南向资金 减持的有4天，累计净减持19.06万股。近20个交易日中，获南向资金增持的有9天，累计净增持121.09万 股。截至目前，南向资金持有老铺黄金（06181.HK）1916.92万股，占公司已发行普通股的13.37%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-26 | 1916.92万 | -7.97万 | -0.41% | | 2025-11-25 | 1924.88万 | -3.64万 | -0.19% | | 2025-11-24 | 1928.52万 | 7.45万 | 0.39% | | 2025-11-21 | 1921.07万 | -4.92万 | -0.26% | | 2025-11-20 | 1925.99万 | -9.99万 | -0.52% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 老铺黄金股份有 ...

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (Ticker: 6181.HK) - **Industry**: General Consumer, specifically jewelry Key Points and Arguments Sales Performance - Laopu Gold's sales momentum remains strong, with sales on Tmall exceeding CNY 1 billion during the Double-Eleven period [1][2] - Despite a 25% increase in product prices in October, consumer demand remains robust, evidenced by long lines at boutiques [1][2] Impact of Tax Changes - A recent tax change on gold purchases is expected to increase Laopu's raw material costs by approximately 6%, potentially reducing gross margin by 3-4 percentage points [1] - However, the actual impact on gross profit margin (GPM) may be mitigated by prior price hikes and existing inventory acquired at lower costs [1][2] Store Expansion Strategy - Laopu does not plan to open more stores in mainland China in 2026, focusing instead on improving existing boutiques through relocation and expansion [1] - The company aims to penetrate top commercial areas in tier-2 cities like Chongqing and Changsha, with plans to open 3-4 new stores in non-mainland China markets [1] Management Confidence - Management maintains confidence in sales and earnings growth momentum for 2026, supported by recent sales performance and planned boutique openings in key commercial areas [1][3] Financial Projections - Revenue projections for FY25F and FY26F are CNY 26,743 million and CNY 34,058 million, respectively [4] - Reported net profit for FY25F and FY26F is projected at CNY 4,838 million and CNY 6,188 million, respectively [4] - Normalized EPS is expected to grow significantly, with a projected growth rate of 199.5% for FY25F and 26.3% for FY26F [4] Valuation and Target Price - The target price for Laopu Gold is set at HKD 1,160, representing a 75% upside from the current trading price of HKD 663.50 [3][5] - The valuation is based on a price-to-earnings (P/E) ratio of 30.0x for FY26F [3][13] Risks - Key risks that could impede achieving the target price include significant weakening of gold prices, higher-than-expected fashion risk, and a weaker macroeconomic environment [14][20] ESG Commitment - Laopu Gold is committed to sustainable mining practices, including eco-friendly extraction methods and community engagement through local job creation [15] Additional Important Information - Laopu Gold's market capitalization is approximately USD 15,061.7 million, with an average daily trading volume of USD 141 million [5][9] - The company has a strong return on equity (ROE) projected at 68.5% for FY25F, declining to 49.6% by FY27F [4][11] This summary encapsulates the key insights from the conference call, highlighting Laopu Gold's strong sales performance, strategic plans, financial outlook, and commitment to sustainability.

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (6181.HK) - **Industry**: China/Hong Kong Consumer - **Current Stock Price**: HK$642.00 (as of November 20, 2025) - **Market Capitalization**: RMB 91,358.3 million - **Price Target**: HK$1,010.00, implying a 57% upside potential [6][6][6] Key Industry Insights - **Total Addressable Market**: Laopu Gold currently has 660,000 members, with a target market of over 6 million high-net-worth (HNW) households in China, alongside a larger entry-level consumer market [3][3][3] - **Store Expansion Plans**: The company aims to establish a presence in 50 high-end shopping malls in China, currently operating in 33 [3][3][3] Core Business Strategies - **Brand Positioning**: Laopu Gold is working to enhance its high-end brand image, moving away from the perception of being a "value-for-money" option. A price increase of over 25% was implemented in late October, which was higher than the increase in gold prices [4][4][4] - **Target Market**: The company is focusing on high-net-worth individuals (HNWIs) for product offerings, store expansion, customer service, and membership management [4][4][4] - **Sales Dynamics**: Approximately 50% of sales occur during marketing activities, indicating a strong reliance on promotional events [8][8][8] Financial Performance - **Growth Momentum**: Continued high growth momentum in the second half of 2025, driven by store openings and shopping festivals [8][8][8] - **Gross Profit Margin (GPM)**: Currently above 40%, despite higher VAT and pressure in the second half compared to the first half of the year [8][8][8] - **Future Projections**: Revenue is projected to grow from RMB 8,506 million in 2024 to RMB 45,409 million by 2027, with EPS increasing from RMB 9.47 to RMB 49.62 over the same period [6][6][6] Valuation and Risks - **Valuation Methodology**: The company is valued using a P/E-based methodology, with a target P/E of 23x for 2026, reflecting a lower-than-average PEG ratio due to expected growth deceleration [9][9][9] - **Risks**: - **Upside Risks**: Proactive consumption-related policy support, faster same-store sales growth, and a rally in gold prices [11][11][11] - **Downside Risks**: Delays in policy support, weaker demand trends due to gold price corrections, and potential sales growth slowdowns [11][11][11] Additional Insights - **Market Positioning**: Laopu Gold is transitioning from a product-driven to a brand-driven approach, aiming to capture demand from both entry-level consumers and HNWIs [8][8][8] - **Store Upgrades**: Plans to open or upgrade five stores in China and 3-4 stores outside China in 2026 [8][8][8] This summary encapsulates the key points from the Laopu Gold conference call, highlighting the company's strategic direction, market positioning, financial outlook, and associated risks.

Core Viewpoint - Southbound funds reduced their holdings in Laopu Gold (06181.HK) by 65,200 shares on November 19, 2025, indicating a slight decrease in investor confidence in the short term [1]. Group 1: Shareholding Changes - Over the past five trading days, there were two days of net increases in holdings by southbound funds, totaling an increase of 322,800 shares [1]. - In the last twenty trading days, there were eleven days of net increases, with a total increase of 1,636,500 shares [1]. - As of now, southbound funds hold 19,359,800 shares of Laopu Gold, accounting for 13.51% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On November 19, 2025, the total number of shares held was 19,359,800, reflecting a decrease of 65,200 shares, or 0.34% [2]. - On November 18, 2025, the total number of shares held was 19,425,000, with a decrease of 23,600 shares, or 0.12% [2]. - On November 17, 2025, the total number of shares held was 19,448,600, with a decrease of 12,100 shares, or 0.06% [2]. - On November 14, 2025, the total number of shares held was 19,460,700, with an increase of 154,700 shares, or 0.80% [2]. - On November 13, 2025, the total number of shares held was 19,306,000, with an increase of 269,000 shares, or 1.41% [2]. Group 3: Company Overview - Laopu Gold Co., Ltd. is engaged in the research, production, and sale of gold jewelry in China [2]. - The company offers product manufacturing and maintenance services, focusing on pure gold products and gold-inlaid products [2]. - Pure gold products are crafted using traditional handcraft techniques and include various daily wear accessories and larger decorative items [2].

Group 1 - The stock of Laopu Gold (06181.HK) has experienced a decline of over 3%, currently trading at 647 HKD with a trading volume of 1.05 billion HKD [2] - The stock price showed a decrease of 3.07% at the time of reporting [2] - The intraday trading chart indicates fluctuations with a peak at 654 HKD and a low around 639.50 HKD [1]

Group 1 - The company, Lao Pu Gold (06181), announced a mid-term dividend of HKD 10.52 per share to be distributed on January 15, 2026 [1]

Core Points - The company announced the election of new executive and independent non-executive directors to the third board of directors during an extraordinary general meeting [1] - The company also elected new non-employee representative supervisors and an employee representative supervisor for the third supervisory board [1] - Following the extraordinary general meeting, the first meeting of the third board of directors elected Xu Gaoming as the chairman, effective from November 18, 2025 [1] - The first meeting of the third supervisory board elected Peng Liuhua as the chairperson, also effective from November 18, 2025 [1]

Core Viewpoint - The company, Lao Pu Gold (06181), has announced the election of new members to its third board of directors and supervisory board during an extraordinary general meeting [1] Group 1: Board of Directors - Xu Gaoming, Feng Jianjun, Xu Rui, and Jiang Xia have been elected as executive directors of the third board of directors [1] - Xu Gaoming has been elected as the chairman of the third board of directors, effective from November 18, 2025 [1] Group 2: Independent Non-Executive Directors - Sun Yijun, He Yurun, and Shi Dehua have been elected as independent non-executive directors of the third board of directors [1] Group 3: Supervisory Board - Xiao Yanhui and Sui Wu have been elected as non-employee representative supervisors of the third supervisory board [1] - Peng Liuhua has been elected as the employee representative supervisor of the third supervisory board during the employee representative meeting held on October 22, 2025 [1] - Peng Liuhua has been elected as the chairperson of the third supervisory board, effective from November 18, 2025 [1]

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 | | | | | ...