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。 Laopu Gold Co., Ltd. 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） （股 份 代 號：6181） 2025年11月18日（星 期 二）舉行的臨時股東會之投票表決結果 選舉第三屆董事會成員及第三屆監事會成員 選舉第三屆董事會董事長及第三屆監事會主席 委任第三屆董事會委員會之成員 及 派付中期股息 茲提述老鋪 黃 金股份有限公司（「本公司」）日期為2025年11月3日的通函（「該通函」）。 除 文 義 另 有 所 指 外，本 公 告 所 用 各 詞 彙 與 該 通 函 所 界 定 者 具 相 同 涵 義。 II. 臨時股東會之投票表決結果 於 臨 時 ...

Core Viewpoint - The new consumption concept stocks in Hong Kong continue to decline, with significant drops observed in several companies [1] Group 1: Stock Performance - Xiaopeng Motors (09868.HK) experienced a decline of over 10% [1] - Hou Shang A Yi (02589.HK) fell nearly 4% [1] - Other companies such as Leap Motor (09863.HK), Laopu Gold (06181.HK), Li Auto (02015.HK), and Pop Mart (09992.HK) all saw declines exceeding 3% [1]

Core Viewpoint - Lao Pu Gold (06181.HK) experienced a decline of over 3%, trading at 647 HKD with a transaction volume of 105 million HKD [1] Company Summary - Lao Pu Gold's stock price fell by 3.07% [1] - The current trading price is 647 HKD [1] - The total transaction volume reached 1.05 billion HKD [1]

智通财经APP获悉，老铺黄金(06181)回落逾4%，截至发稿，跌3.07%，报647港元，成交额1.05亿港 元。 野村发布研报称，老铺黄金参与该行举行的中国投资者论坛，引述老铺黄金指其在"双11"期间销售动力 维持完好，公司在天猫平台的销售逾10亿元人民币。尽管老铺10月进行第三次提价，近数周仍有顾客在 部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%，该行估算或致毛利 率或收窄3至4个百分点。但该行认为实际毛利率影响较小，因老铺早前提价及在较低成本时累积黄金库 存。 该行引述管理层指出，公司明年无计划在中国内地开设更多分店，主要焦点在透过装修及扩张，改善现 有门店的经营。该行提到公司在二线城市如重庆及长沙的核心商业区仍有渗透空间。公司维持在中国内 地之外市场开设3至4间新店的计划。该行引述管理层指出，公司对明年销售及盈利动力仍保持信心。 ...

野村发布研报称，老铺黄金参与该行举行的中国投资者论坛，引述老铺黄金指其在"双11"期间销售动力 维持完好，公司在天猫平台的销售逾10亿元人民币。尽管老铺10月进行第三次提价，近数周仍有顾客在 部分分店外排队等候进店。近期黄金购买税修改，将增加老铺采购原材料成本6%，该行估算或致毛利 率或收窄3至4个百分点。但该行认为实际毛利率影响较小，因老铺早前提价及在较低成本时累积黄金库 存。 该行引述管理层指出，公司明年无计划在中国内地开设更多分店，主要焦点在透过装修及扩张，改善现 有门店的经营。该行提到公司在二线城市如重庆及长沙的核心商业区仍有渗透空间。公司维持在中国内 地之外市场开设3至4间新店的计划。该行引述管理层指出，公司对明年销售及盈利动力仍保持信心。 老铺黄金(06181)回落逾4%，截至发稿，跌3.07%，报647港元，成交额1.05亿港元。 ...

Investment Rating - The report rates Laopu Gold shares as a "Buy" with a target price of HK$1,119, indicating an expected share price return of 69.8% and an expected total return of 73.7% [5][22]. Core Insights - Laopu Gold is expected to sustain high revenue growth in the second half of 2025, driven by price adjustments, new store sales annualization, and improved same-store sales growth (SSSG) [1][22]. - The company has successfully restored its gross profit margin (GPM) to over 40% following a recent price increase, which is anticipated to be reflected in 2026 earnings [2][10]. - Laopu's strategy includes more agile price adjustments to align with promotional activities, enhancing brand positioning while considering consumer perspectives [4][10]. Financial Performance - Laopu Gold's projected financials show significant growth, with net profit expected to rise from RMB 4,886 million in 2025E to RMB 8,325 million in 2027E, reflecting a compound annual growth rate (CAGR) of 22.8% [4][9]. - The company anticipates a gross margin of approximately 40.7% by 2027E, with a consistent increase in sales revenue projected from RMB 27,496 million in 2025E to RMB 40,826 million in 2027E [9][22]. Market Dynamics - The demand for Laopu's products remains strong post-price increase, with notable consumer interest in major cities like Shanghai and Guangzhou, indicating a segment of consumers less sensitive to price changes [3][11]. - The recent gold VAT policy has increased raw material costs but has not necessitated further retail price increases, positioning Laopu favorably against competitors [10][12]. Expansion Strategy - Laopu plans to focus on expanding floor areas and optimizing locations within existing malls rather than entering new malls, which is expected to enhance customer experience and transaction volumes [13][21]. - The company is also looking to open 3-4 new stores internationally in 2026E, further solidifying its market presence [13][22]. Customer Insights - High net worth customers, while a small percentage of the customer base, contribute significantly to sales, indicating a targeted approach to cater to this demographic through exclusive services [15][16]. - The repurchase rate among customers is high, driven by cultural factors and the perception of gold as a valuable product, with repurchase contributions increasing from 30% in 2024 to 40% in 1H25 [16][21].

Summary of Laopu Gold's Conference Call Company Overview - **Company**: Laopu Gold Co., Ltd. - **Ticker**: 6181.HK - **Market**: China Consumer Sector - **Current Price**: HK$641.50 (as of 10 Nov 2025) - **Price Target**: HK$1,296.00 (by Jun 2026) [6][10][25] Key Financial Changes - **Revenue Estimates**: - FY25E: Rmb 26,046 million (previously Rmb 25,021 million) - FY26E: Rmb 34,871 million (previously Rmb 33,581 million) [2][10] Core Insights from the Call 1. **Impact of New VAT Policy**: - The new VAT policy implemented on 1 Nov 2025 is expected to increase raw material costs by approximately 6% and exert 3-4 percentage points of pressure on gross profit margin (GPM) [6][7]. - Management anticipates limited actual impact on GPM due to existing inventory reserves and a price adjustment mechanism [6][7]. 2. **GPM Trends**: - GPM returned to over 40% after a price adjustment on 26 Oct 2025, despite pressures in the second half of the year [6][7]. 3. **Sales Performance**: - Record-high sales during the Double-11 shopping event, aided by a rally in gold prices and the announcement of price adjustments [6][7]. 4. **Outlook for FY26**: - Positive outlook supported by strong growth foundations, including: - Average Selling Price (ASP) growth exceeding 30% in 2025 - Opening of ten new boutiques in 2025, primarily since May - Introduction of innovative products, such as craftsmanship gold lacquer [6][7][10]. 5. **Channel Focus**: - In 2026, the focus will be on optimizing existing boutiques in mainland China, with plans to optimize over five boutiques [6][7]. 6. **Financing Plans**: - No further financing plans are anticipated as the recent placement in October has met capital needs for inventory reserves ahead of peak season [6][7]. Financial Projections - **CAGR Expectations (2025-2027)**: - Sales: 73% - Net Profit: 78% [11][24]. - **Key Financial Metrics**: - FY25E Revenue: Rmb 26,046 million - FY26E Revenue: Rmb 34,871 million - FY27E Revenue: Rmb 44,279 million [9][30]. Valuation - **Discounted Cash Flow (DCF) Analysis**: - Price Target of HK$1,296 implies a 24x P/E for FY27E [11][25]. - WACC estimated at 9.4% with a risk-free rate of 4.3% and a terminal growth rate of 3.0% [11][25]. Risks to Investment Thesis - Potential risks include: - Weaker-than-expected consumer sentiment - Slower same-store sales growth - Increased competition - Product quality concerns [27]. Additional Insights - Laopu Gold is positioned as a niche heritage gold brand in China, with a 2% market share in the heritage gold sector as of 2023 [10][23]. - The company has a strong sales presence in tier 1 and new tier 1 cities, with the highest single-store sales and a pricing premium compared to local competitors [10][23]. This summary encapsulates the key points discussed during the conference call, highlighting Laopu Gold's financial outlook, strategic initiatives, and market positioning within the luxury jewelry sector in China.

Core Viewpoint - The new VAT policy on gold jewelry, effective November 1, is expected to increase raw material costs by approximately 6%, impacting the gross margin of the company by 3-4 percentage points, although management believes the actual effect may be limited due to inventory reserves and pricing adjustments [1][1][1] Group 1: Financial Performance - The stock of the company rose over 4% during trading, with a current price of 673 HKD and a trading volume of 408 million HKD [1][1] - Management is optimistic about the company's prospects for 2026, citing a solid growth foundation driven by average selling price increases and new store expansions [1][1][1] Group 2: Sales and Growth Projections - Citigroup reports that management is confident in achieving high revenue growth in the second half of 2025, with 20-30% of the growth in 2026 expected to come from this year's price adjustments and approximately 20% from new store sales [1][1][1] - Management acknowledges that the gross margin in the second half of 2025 will be lower than in the first half, but anticipates a recovery to over 40% post-price adjustments, with significant growth expected to manifest in 2026 [1][1][1]

Core Viewpoint - The new VAT policy on gold jewelry, effective November 1, is expected to increase raw material costs by approximately 6%, impacting the gross margin of the company by 3-4 percentage points, although management believes the actual effect may be limited due to inventory reserves and pricing adjustments [1][1][1] Group 1: Financial Performance - The stock of the company rose over 4% during trading, with a current price of 673 HKD and a trading volume of 408 million HKD [1][1] - Management is optimistic about the company's prospects for 2026, citing a solid growth foundation driven by an increase in average selling prices and new store expansions [1][1][1] Group 2: Sales and Growth Expectations - Citigroup reports that management is confident in achieving high revenue growth in the second half of 2025, with 20-30% of the growth in 2026 expected to come from this year's price adjustments and approximately 20% from new store sales [1][1][1] - Management acknowledges that the gross margin in the second half of 2025 will be lower than in the first half but anticipates a recovery to over 40% post-price adjustments, with significant growth expected to manifest in 2026 [1][1][1]

Core Viewpoint - Lao Pu Gold has emerged as a phenomenon in the capital market since its listing on the Hong Kong Stock Exchange, with a significant increase in stock price and market capitalization, reflecting strong investor interest and confidence in the brand's growth potential [2][4]. Company Overview - Lao Pu Gold, a representative of high-end traditional gold brands in China, has seen its stock price rise dramatically since its debut, reaching a historical high of 1108 HKD per share on July 8, 2023, and currently standing at 659 HKD per share, representing a cumulative increase of 10.43 times since listing [2]. - The company has a market capitalization of 119 billion HKD, placing it among the top-tier companies in the Hong Kong stock market [2]. Business Model and Strategy - Lao Pu Gold differentiates itself by adopting a unique pricing strategy based on piece pricing rather than the traditional per gram plus processing fee model, which enhances product value and aligns with the growing consumer demand for "value preservation and self-satisfaction" amid economic slowdown [2][4]. - The brand has successfully filled a gap in the domestic high-end gold jewelry market, gaining recognition among high-net-worth individuals and showcasing significant market and pricing potential [3]. Financial Performance - In the first half of 2023, Lao Pu Gold reported a revenue of 12.354 billion RMB, a year-on-year increase of 250.95%, with a net profit of 2.268 billion RMB, up 285.76% compared to the previous year [4]. - The company's revenue for the entire year of 2022 was less than 1.3 billion RMB, indicating a remarkable growth trajectory with cumulative profits exceeding 4.1 billion RMB in just over two years [4]. Expansion and Future Outlook - Lao Pu Gold is actively expanding its presence, having opened 41 self-operated stores in 16 cities in the first half of 2023, compared to 33 stores in the same period last year [4]. - The introduction of new tax regulations in November may increase procurement costs for the gold jewelry industry, but Lao Pu Gold's strong pricing power and cost control capabilities may enhance its competitive advantage [4]. Market Sentiment - Analysts express optimism regarding Lao Pu Gold's growth prospects, recognizing its potential for development and competitiveness in the high-end jewelry market [5].