智通财经APP获悉，花旗发布研报称，在对南京一家顶级奢侈品商场调查后，认为老铺黄金(06181)三位 数增长动能仍然持续，而近期金价回调对集团销售影响有限。给予老铺目标价1,119港元，相当于2026 年预测市盈率24倍，评级"买入"。 虽然有更多新玩家进入珠宝领域，但高端黄金珠宝市场扩张迅速，因此新竞争者对集团蚕食有限；此 外，凭借着快速增长的客户群和不断提升的单价，集团已开始抢占奢侈品同行的中阶高端客户(VIC)， 花旗视老铺在中国珠宝领域的首选股。 ...

虽然有更多新玩家进入珠宝领域，但高端黄金珠宝市场扩张迅速，因此新竞争者对集团蚕食有限；此 外，凭借着快速增长的客户群和不断提升的单价，集团已开始抢占奢侈品同行的中阶高端客户(VIC)， 花旗视老铺在中国珠宝领域的首选股。 花旗发布研报称，在对南京一家顶级奢侈品商场调查后，认为老铺黄金(06181)三位数增长动能仍然持 续，而近期金价回调对集团销售影响有限。给予老铺目标价1,119港元，相当于2026年预测市盈率24 倍，评级"买入"。 ...

国金证券发布研报称，金价高位震荡带来较大预期差，认为行业价增量跌态势下老铺黄金(06181)高端 品牌运营Alpha显现，叠加店铺调整效果释放，公司1-2月份高基数增长有望验证，进而带动估值切换。 该行预计公司2025/2026/2027年EPS预测至27.7/39.4/48.2元，公司股票现价对应PE估值为24/17/14倍，维 持"买入"评级，持续重点推荐。 国金证券主要观点如下： 金价大幅波动下品牌韧性或超预期，门店终端供不应求，形成排队热潮 金价涨幅前备货充足，毛利率端有望修复至常态水平 2025年10月公司已完成27亿港元配售，其中70%约19亿港元用于存货储备，备货相对充足，叠加25年10 月底已调价，毛利率有望逐步修复。 中长期增长空间:公司高客精细化管理拓展在即，单店提升空间较大 截至25年11月底，老铺黄金40多家自营门店覆盖16个城市，全部位于一线和新一线城市的高端购物中 心，国内外均有较大拓展空间。而公司注重门店质量而非盲目数量扩张，2026年预计将持续优化现有门 店地段，面积和场景。公司已成立高客管理部，针对高客进行精细化管理，2025H1忠诚会员达48万 名，较2024年底新增13万 ...

Core Viewpoint - The report from Guojin Securities indicates that the high volatility in gold prices has created significant expectations, suggesting that the high-end brand operation of Laopu Gold (06181) is showing resilience, which, combined with the effects of store adjustments, is expected to validate high growth in January and February, thereby driving a valuation switch [1] Group 1: Market Dynamics - The significant fluctuation in gold prices has led to unexpected brand resilience, with terminal stores experiencing a surge in demand, resulting in long queues [1] - Despite a more than 10% drop in international gold prices on January 30, stores in major cities like Shanghai and Beijing continued to see high customer turnout without discount promotions, indicating strong brand attraction during price volatility [1] Group 2: Consumer Behavior and Brand Value - The core reason for the high demand is the stable price increase expectation among end consumers, reflecting a growing recognition of the brand value of Laopu Gold [2] - The value of Laopu Gold products encompasses three aspects: material value, design value, and brand value, with consumers showing confidence in long-term gold price increases and willingness to purchase despite price hikes [2] Group 3: Financial Performance and Inventory Management - As of October 2025, the company completed a placement of HKD 2.7 billion, with 70% allocated for inventory reserves, indicating sufficient stock levels and potential for gross margin recovery [3] - The company has already implemented price increases three times in 2025, with the first occurring after the Spring Festival, leading to consumer anticipation of further price hikes [2][3] Group 4: Growth Potential and Store Management - The company has over 40 self-operated stores in 16 cities, primarily located in high-end shopping centers in first-tier and new first-tier cities, indicating significant expansion potential [4] - The company focuses on quality over quantity in store expansion, with plans to optimize existing store locations and enhance customer management, resulting in a growing loyal membership base [4]

花旗发布研报称，老铺黄金(06181)是中国珠宝行业的首选股;基于2026年预测24倍市盈率，予目标价 1,119港元;评级"买入"。 从胡润研究院近日发布《2026胡润至尚优品——中国高净值人群品质生活报告》中，对老铺得出多项正 面解读，老铺快速增长，并在中国高净值人群最喜爱的珠宝品牌排名中跃升至第3位，而2024年为第8 位。花旗认为，高净值消费者将黄金作为收藏品的偏好，对老铺发展前景十分有利，亦相信中国超200 万户的高净值家庭，为老铺去年刚启动的VIC(非常重要客户)业务发展提供巨大潜力。 ...

从胡润研究院近日发布《2026胡润至尚优品——中国高净值人群品质生活报告》中，对老铺得出多项正 面解读，老铺快速增长，并在中国高净值人群最喜爱的珠宝品牌排名中跃升至第3位，而2024年为第8 位。花旗认为，高净值消费者将黄金作为收藏品的偏好，对老铺发展前景十分有利，亦相信中国超200 万户的高净值家庭，为老铺去年刚启动的VIC(非常重要客户)业务发展提供巨大潜力。 智通财经APP获悉，花旗发布研报称，老铺黄金(06181)是中国珠宝行业的首选股; 基于2026年预测24倍 市盈率，予目标价1,119港元; 评级"买入"。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [3]. Core Views - The company demonstrates resilience amid significant fluctuations in gold prices, with strong consumer demand leading to queues at retail locations, suggesting a robust brand value recognition [2]. - The company has sufficient inventory due to a recent capital raise, which positions it well for margin recovery as it has already adjusted prices [3]. - The company is focusing on high-end market expansion and refined customer management, with a notable increase in loyal membership, indicating potential for sustained growth [3]. Summary by Relevant Sections Operational Analysis - The company has seen a surge in consumer interest, with queues forming at retail locations despite a drop in gold prices, indicating strong brand loyalty and consumer confidence in future price increases [2]. - The value of the company's gold products is attributed to material, design, and brand value, with consumers willing to purchase even during price corrections [2]. Financial Projections - Revenue is projected to grow significantly from 3,180 million RMB in 2023 to 43,238 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 145.67% to 18.31% over the forecast period [8]. - Net profit is expected to increase from 416 million RMB in 2023 to 8,518 million RMB in 2027, with a notable growth rate of 340.40% in 2024 [8]. - The earnings per share (EPS) is forecasted to rise from 2.36 RMB in 2023 to 48.19 RMB in 2027, indicating strong profitability growth [8]. Valuation Metrics - The company's stock is currently valued at a price-to-earnings (P/E) ratio of 24 for 2025, decreasing to 14 by 2027, suggesting an attractive valuation as earnings grow [3]. - The report anticipates a gradual recovery in gross margins, supported by adequate inventory levels and recent price adjustments [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [3][12]. Core Insights - The company's brand resilience has exceeded expectations amid significant fluctuations in gold prices, with high demand leading to queues at retail locations [2]. - The company has a robust inventory strategy, with a substantial portion of its recent capital raise allocated to stock reserves, which is expected to support margin recovery [3]. - The company is focusing on high-end market expansion and refined customer management, with a notable increase in loyal membership [3]. Financial Performance Summary - Revenue projections show significant growth, with expected revenues of 26.27 billion RMB in 2025, representing a growth rate of 208.83% from 2024 [8]. - Net profit is projected to reach 4.90 billion RMB in 2025, reflecting a growth rate of 232.40% compared to 2024 [8]. - The diluted earnings per share (EPS) is forecasted to be 27.70 RMB in 2025, with a corresponding price-to-earnings (P/E) ratio of 24.20 [8][3]. Market Position and Strategy - The company operates over 40 self-owned stores in major cities, focusing on high-end shopping centers, indicating significant room for domestic and international expansion [3]. - The establishment of a high customer management department aims to enhance customer engagement and loyalty, with a membership increase of 13,000 in the first half of 2025 [3]. Valuation Metrics - The report projects a gradual recovery in gross margins, with expectations of improvement following price adjustments made in late 2025 [3]. - The company's stock is currently valued at a P/E of 24 for 2025, decreasing to 14 by 2027, suggesting a favorable valuation trend [3].

Flash | 02 Feb 2026 04:00:13 ET │ 12 pages Buy | Catalyst Watch: Upside, expires 08-FEB-26 | | | --- | --- | | Price (30 Jan 26 16:10) | HK$778.00 | | Target price | HK$1,119.00 | | Expected share price return | 43.8% | | Expected dividend yield | 4.2% | | Expected total return | 48.0% | | Market Cap | HK$137,507M | | | US$17,598M | Tiffany FengAC +852-2501-2759 tiffany.feng@citi.com Laopu Gold (6181.HK) Positive Read-Through from Hurun Chinese Luxury Consumer Survey 2026 CITI'S TAKE We have several positiv ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 老鋪黃金股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06181 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 143,185,560 | RMB | | 1 RMB | | 143,185,560 | | 增加 / 減少 (-) | | | 356,000 | | | RMB | | 356,000 | | 本月底結存 | | | 143,541,560 | RMB | | 1 RMB | | 143,541,560 | | 2. 股份分類 | 普通股 | 股份類別 ...