Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for investment [4]. Core Insights - The company, Laopu Gold, is positioned as the leading brand in traditional gold jewelry in China, focusing on high-end products and has significant room for market expansion both domestically and internationally [3][4]. - The traditional gold jewelry market in China is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2028, while the market for regular gold jewelry is projected to shrink [2][4]. - Laopu Gold has achieved impressive revenue growth, with a 148.3% year-on-year increase in the first half of 2024, and a net profit growth of 198.8% during the same period [3][4]. Company Overview - Laopu Gold was established in 2009 and is recognized as the first brand to promote traditional gold concepts in China. As of 2023, it holds a 2.0% market share in the traditional gold jewelry market [3][15]. - The company has a strong focus on high-end gold jewelry, with a unique product offering that includes original designs and strict quality control [3][4]. - The average selling price of Laopu Gold's products is significantly higher than competitors, showcasing its strong pricing power [3][4]. Financial Performance - In 2023, Laopu Gold reported revenues of 31.80 billion yuan, a 145.7% increase from the previous year, and a net profit of 4.16 billion yuan, reflecting a 340.4% year-on-year growth [26]. - The company's gross profit margin has remained above 40%, with a notable increase in net profit margin to 16.7% in the first half of 2024 [27][29]. - The company has demonstrated a strong return on equity (ROE) of 27.5% in 2023, with projections for continued growth in the coming years [5]. Market Expansion Strategy - Laopu Gold plans to expand its store network significantly, with expectations to open 4 new stores annually in mainland China from 2024 to 2026, and additional stores in Hong Kong, Macau, and Singapore [4][23]. - The company aims to enhance its brand visibility and product development capabilities through the use of raised funds from its recent IPO [23][25]. Competitive Landscape - The traditional gold jewelry market is competitive, with major players like Chow Tai Fook leading the market. Laopu Gold, however, has a unique positioning that allows it to target high-end consumers effectively [2][4]. - The company has established a strong presence in high-end shopping districts, focusing on self-operated stores to maintain brand integrity and customer experience [3][4].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for investment [4]. Core Insights - The company maintains a high-end brand positioning in the ancient gold jewelry market, with significant expansion potential in both domestic and overseas markets [1]. - The ancient gold jewelry market in China is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2028, while the ordinary gold jewelry market is projected to shrink [2]. - The company has a market share of 2.0% in the ancient gold jewelry sector, ranking seventh among major brands, with substantial room for growth [3]. Summary by Sections Company Overview - Founded in 2009, the company is the first to promote the concept of ancient gold jewelry in China, achieving a market share of 2.0% in the ancient gold jewelry market and 0.6% in the overall gold jewelry market by 2023 [3][15]. - The company has consistently ranked first in single-store sales among all gold jewelry brands in China for two consecutive years [3]. Industry Analysis - The ancient gold jewelry market is rapidly expanding, with a CAGR of 64.6% from 2018 to 2023, and a market size of 157.3 billion yuan in 2023 [2]. - The top five brands in the ancient gold jewelry market hold a combined market share of 46.1%, with Chow Tai Fook leading at approximately 20% [2]. Financial Performance - The company reported a revenue of 3.18 billion yuan in 2023, a year-on-year increase of 145.7%, and a net profit of 416 million yuan, up 340.4% [26]. - For the first half of 2024, the company achieved a revenue of 3.52 billion yuan, representing a 148.3% increase year-on-year, with a net profit of 588 million yuan, up 198.8% [3][26]. Growth Potential - The company plans to open 4 new stores in 2024, 4 in 2025, and 2 in 2026, focusing on high-end shopping districts in first-tier and new first-tier cities [4]. - The company aims to expand its presence in overseas markets, including Hong Kong, Macau, and Singapore, with plans to open 1 store in 2024 and 4 in 2025 [4]. Valuation and Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 1.094 billion yuan, 1.324 billion yuan, and 1.532 billion yuan, respectively, with corresponding earnings per share (EPS) of 6.50 yuan, 7.86 yuan, and 9.10 yuan [4][5].

Company Overview - Laopu Gold Co., Ltd. (stock code: 6181) is a company registered in China and listed on the Hong Kong Stock Exchange[13] - The company's registered office and headquarters are located in Beijing, China, with a primary business location in Hong Kong[13] - Laopu Gold specializes in traditional gold craftsmanship, including techniques such as "filigree inlay" and "gold and silver inlay," which are recognized as national intangible cultural heritage[15][16] - The company's product portfolio includes "ancient gold products" that combine modern design with classical Chinese culture, featuring matte or sandblasted finishes[16] - Laopu Gold's H shares were listed on the Hong Kong Stock Exchange on June 28, 2024[19] Financial Performance - Revenue for the first half of 2024 reached RMB 3,520.19 million, a year-on-year increase of 148.3%[34] - Net profit for the first half of 2024 was RMB 587.81 million, a year-on-year increase of 198.8%[34] - Gross profit for the first half of 2024 was RMB 1,454.98 million, a year-on-year increase of 146.4%[38] - Revenue from pure gold products increased by 110.1% year-on-year to RMB 1,372 million in the first half of 2024[34] - Revenue from pure gold inlaid products increased by 182.1% year-on-year to RMB 2,147 million in the first half of 2024[35] - Same-store revenue growth rate was 104.2% for the six months ended June 30, 2024[38] - Total assets increased by RMB 1,682.17 million to RMB 3,840.72 million as of June 30, 2024[37] - Total equity increased by RMB 1,381.82 million to RMB 2,897.24 million as of June 30, 2024[37] - Revenue from physical stores increased by 149.6% to RMB 3,128,721 thousand, accounting for 88.9% of total revenue[42] - Online platform revenue grew by 138.9% to RMB 391,464 thousand, representing 11.1% of total revenue[42] - Revenue from gold-inlaid products surged by 182.1% to RMB 2,146,735 thousand, making up 61.0% of total revenue[43] - Pure gold product revenue rose by 110.1% to RMB 1,372,085 thousand, accounting for 39.0% of total revenue[43] - Total revenue increased by 148.3% year-over-year to RMB 3,520,185 thousand[42] - Gross profit margin remained stable at approximately 41.3%, with gross profit increasing by RMB 864.48 million (146.4%) to RMB 1,454.98 million compared to the same period in 2023[44] - Net profit surged by 198.8% to RMB 587.81 million from RMB 196.75 million in the same period last year[44] - Revenue for the six months ended June 30, 2024, was RMB 3,520,185 thousand, a significant increase from RMB 1,417,512 thousand in the same period in 2023[74] - Gross profit for the six months ended June 30, 2024, was RMB 1,454,982 thousand, compared to RMB 590,500 thousand in the same period in 2023[74] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 587,812 thousand, up from RMB 196,754 thousand in the same period in 2023[74] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 4.11, compared to RMB 1.44 in the same period in 2023[74] - Total comprehensive income for the six months ended June 30, 2024, was RMB 589,057 thousand, compared to RMB 199,368 thousand in the same period in 2023[75] - Profit attributable to equity holders of the company grew to RMB 587,812 thousand in 2024 from RMB 196,754 thousand in 2023, a rise of 198.8%[97] Expenses and Costs - Sales and distribution expenses increased by 113.0% to RMB 532.15 million, driven by higher shopping mall and platform commission fees, rental expenses, and expanded sales team costs[45] - Administrative expenses rose by 83.5% to RMB 124.63 million, primarily due to increased employee costs and professional service fees related to the company's listing[46] - R&D expenses grew by 40.5% to RMB 6.56 million, reflecting higher employee costs as the company expanded its R&D team[47] - Total expenses increased by 105.5% to RMB 665.72 million, with sales and distribution expenses accounting for the largest share at RMB 532.15 million[48] - R&D expenses for the six months ended June 30, 2024, were RMB 6,555 thousand, up from RMB 4,667 thousand in the same period in 2023[74] - Sales and distribution expenses for the six months ended June 30, 2024, were RMB 532,153 thousand, compared to RMB 249,895 thousand in the same period in 2023[74] - Administrative expenses for the six months ended June 30, 2024, were RMB 124,628 thousand, up from RMB 67,908 thousand in the same period in 2023[74] - Financial costs for the six months ended June 30, 2024, were RMB 10,714 thousand, compared to RMB 8,441 thousand in the same period in 2023[74] - Cost of goods sold surged to RMB 2,065,203 thousand in 2024 from RMB 827,012 thousand in 2023, a significant increase of 149.7%[92] - Depreciation of property, plant, and equipment increased to RMB 17,272 thousand in 2024 from RMB 11,555 thousand in 2023, a rise of 49.5%[92] - Current income tax expense jumped to RMB 191,622 thousand in 2024 from RMB 66,204 thousand in 2023, a substantial increase of 189.4%[95] Market Position and Brand Recognition - The company's market share in high-end department stores ranked first in the industry as of June 30, 2024[38] - The company was one of only two Chinese gold jewelry brands listed in the "2024 Hurun Best of the Best - China High Net Worth Individuals Brand Preference Report"[38] Store Expansion and Operations - The company opened 6 new stores and expanded 1 existing store compared to the same period in 2023[40] - As of June 30, 2024, the company operated 33 self-operated stores across 14 cities[40] - The company opened six new stores and expanded one existing store during the reporting period, contributing to incremental revenue[44] - The company's loyal membership reached approximately 275,000 as of June 30, 2024[39] Intellectual Property and Innovation - The company holds 243 domestic patents, 1,207 copyrights, and 164 international patents as of June 30, 2024[39] - The company has created over 1,800 original designs as of June 30, 2024[39] Financial Position and Cash Flow - The company's cash and bank balances stood at RMB 823.90 million as of June 30, 2024, primarily from IPO proceeds[51] - Inventory increased by 66.3% to RMB 2,108.43 million, aligning with business growth and new store openings[51] - The asset-liability ratio improved to 24.6% as of June 30, 2024, down from 29.8% at the end of 2023[51] - Total assets increased to RMB 3,406,112 thousand as of June 30, 2024, up from RMB 1,775,836 thousand as of December 31, 2023[76] - Inventory surged to RMB 2,108,428 thousand as of June 30, 2024, compared to RMB 1,267,932 thousand as of December 31, 2023[76] - Cash and cash equivalents rose significantly to RMB 823,901 thousand as of June 30, 2024, from RMB 69,838 thousand as of December 31, 2023[76] - Total equity increased to RMB 2,897,236 thousand as of June 30, 2024, up from RMB 1,515,416 thousand as of December 31, 2023[77] - Operating cash flow for the six months ended June 30, 2024, was RMB 241,447 thousand, compared to RMB 169,331 thousand for the same period in 2023[80] - Property, plant, and equipment increased to RMB 104,074 thousand as of June 30, 2024, from RMB 57,549 thousand as of December 31, 2023[76] - Trade payables increased to RMB 226,219 thousand as of June 30, 2024, from RMB 57,662 thousand as of December 31, 2023[76] - Lease liabilities stood at RMB 121,477 thousand as of June 30, 2024, compared to RMB 101,394 thousand as of December 31, 2023[76] - The company issued new shares worth RMB 826,851 thousand during the six months ended June 30, 2024[78] - Operating cash flow increased to RMB 241,447 thousand in H1 2024, up from RMB 169,331 thousand in H1 2023[81] - Net cash flow from operating activities decreased to RMB 66,637 thousand in H1 2024, compared to RMB 113,575 thousand in H1 2023[81] - Net cash flow from financing activities significantly improved to RMB 720,287 thousand in H1 2024, compared to a negative RMB 57,108 thousand in H1 2023[81] - The total lease liabilities increased to RMB 282,509 thousand as of June 30, 2024, up from RMB 266,813 thousand at the end of 2023[101] - Trade receivables decreased slightly to RMB 369,912 thousand as of June 30, 2024, from RMB 376,325 thousand at the end of 2023[104] - Trade payables increased to RMB 226,219 thousand as of June 30, 2024, up from RMB 57,662 thousand at the end of 2023[109] - The company's right-of-use assets for stores increased to RMB 236,668 thousand as of June 30, 2024, from RMB 226,061 thousand at the end of 2023[100] - The company recognized new leases amounting to RMB 58,741 thousand in the first half of 2024[101] - The company's finished goods inventory increased to RMB 1,073,206 thousand as of June 30, 2024, from RMB 791,294 thousand at the end of 2023[102] - The company's raw materials inventory increased to RMB 543,836 thousand as of June 30, 2024, from RMB 292,001 thousand at the end of 2023[102] - The company's work-in-progress inventory increased to RMB 487,205 thousand as of June 30, 2024, from RMB 182,236 thousand at the end of 2023[102] - Other payables and accrued expenses increased to RMB 222,900 thousand as of June 30, 2024, compared to RMB 140,090 thousand as of December 31, 2023[111] - The company's interest-bearing bank borrowings totaled RMB 126,866 thousand as of June 30, 2024, with interest rates ranging from 1.90% to 3.70%[112] - The company's total bank loan financing amounted to RMB 146,866 thousand as of June 30, 2024, with RMB 126,866 thousand utilized[113] - Total financial assets as of June 30, 2024, were RMB 1,249,328 thousand, compared to RMB 493,379 thousand as of December 31, 2023[127] - Total financial liabilities as of June 30, 2024, were RMB 762,527 thousand, compared to RMB 509,165 thousand as of December 31, 2023[128] IPO and Share Issuance - The over-allotment option was fully exercised on July 25, 2024, involving 3,355,300 H shares at HK$40.50 per share, representing approximately 15% of the total shares offered[54] - The company plans to implement H-share full circulation, converting 40,388,900 unlisted shares into H-shares, subject to regulatory approvals[56] - Net proceeds from the IPO and over-allotment exercise totaled approximately HK$957.1 million, with 73.3% (HK$701.6 million) allocated for sales network expansion[57] - The company allocated HK$108.2 million (11.3% of net proceeds) for brand positioning and awareness enhancement[57] - The company has a total of 165,011,400 shares issued, including 73,591,840 unlisted shares and 91,419,560 H-shares[64] - Mr. Xu Gaoming holds 66,055,390 unlisted shares, representing 89.76% of the unlisted shares and 40.03% of the total issued shares[63] - Mr. Xu Gaoming and Mr. Xu Dongbo are considered a group of controlling shareholders, collectively holding 111,639,800 shares, representing approximately 67.66% of the total issued share capital[64] - Red Qiao Jin Ji directly holds 56,101,300 shares and is deemed to have an interest in 9,284,900 shares held by Tianjin Jin Cheng[64] - Mr. Chen Guodong holds 7,536,450 unlisted shares, representing 10.24% of the unlisted shares and 4.57% of the total issued shares[65] - Tianjin Jin Cheng holds 4,642,450 unlisted shares, representing 6.31% of the unlisted shares and 2.81% of the total issued shares[65] - Huang River Investment Limited holds 6,751,000 H-shares, representing 7.38% of the H-shares and 4.09% of the total issued shares[65] - Tencent Holdings Limited holds 6,751,000 H-shares through a controlled entity, representing 7.38% of the H-shares and 4.09% of the total issued shares[65] - The company issued 22,368,900 ordinary shares at a price of HKD 40.50 per share, raising approximately HKD 905,940,000 before underwriting fees and other estimated listing expenses[115] - The company granted 1,900,000 restricted share units to 56 eligible employees at a subscription price of RMB 7.90 per share on October 12, 2023[116] - The company recognized share-based payment expenses of RMB 14,016 thousand for the six months ended June 30, 2024, compared to RMB 2,313 thousand for the same period in 2023[116] - As of June 30, 2024, the company had 11,530 thousand restricted share units outstanding under the share incentive plan[117] - The company's share capital increased to RMB 165,011,400 as of June 30, 2024, from RMB 142,642,500 as of December 31, 2023[114] - The company fully exercised the over-allotment option on July 25, 2024, involving 3,355,300 H shares at a price of HKD 40.50 per share[130] - The company proposed amendments to its articles of association and adopted new articles of association on August 30, 2024, which were approved at an extraordinary general meeting on September 20, 2024[130] - The company plans to implement H-share full circulation, converting 40,388,900 unlisted shares into H shares, subject to regulatory approvals[131] Employee and Management Information - As of June 30, 2024, the company had 1,064 employees, with 1,013 based in mainland China and 51 in Hong Kong and Macau[52] - Employee distribution by function as of June 30, 2024: Administration (236, 22%), Sales & Marketing (474, 45%), Production (341, 32%), R&D (13, 1%)[53] - Total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 12,083 thousand, compared to RMB 5,179 thousand for the same period in 2023[126] Other Financial and Operational Details - The company had no asset pledges as of June 30, 2024, compared to RMB 30 million in inventory pledged for bank loans as of December 31, 2023[52] - Capital expenditures during the reporting period amounted to approximately RMB 64.91 million, primarily used for new store openings and store upgrades[52] - No interim dividend was recommended for the six months ended June 30, 2024[58] - The company is required to allocate 10% of its after-tax net profit to statutory surplus reserves until the reserve balance reaches 50% of its registered capital[119] - Exchange rate fluctuation reserve refers to the exchange differences arising from the translation of financial statements of group companies whose functional currency differs from the presentation currency of the group[120] - Capital commitments for property leasehold improvements as of June 30, 2024, were RMB 4,200 thousand, compared to RMB 2,569 thousand as of December 31, 2023[121] - Total sales to related parties for the six months ended June 30, 2024, were RMB 588 thousand, compared to RMB 1,095 thousand for the same period in 2023[123] - Acquisition of property, plant, and equipment assets cost RMB 63,951 thousand in 2024, compared to RMB 16,267 thousand in 2023, a significant increase of 293.1%[99] - The weighted average number of ordinary shares outstanding increased to 143,011,218 in

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 3.52 billion yuan, a year-on-year increase of 148%, and a net profit of 588 million yuan, up 199% year-on-year [1] - The company's gross profit margin for the first half of 2024 was 41.33%, slightly down by 0.33 percentage points year-on-year, primarily due to rising raw material costs amid a rapid increase in gold prices [1] - The net profit margin improved to 16.70%, an increase of 2.82 percentage points year-on-year, driven by optimized expense ratios [1] - The brand's influence continues to expand, with sales of gold-inlaid diamond products leading growth, accounting for 61% of total revenue, up 7 percentage points year-on-year [1] - Same-store sales grew by 104.2% in the first half of 2024, with the company ranking first in single-store revenue among jewelry brands in mainland China [1] Financial Performance Summary - Revenue for 2024 is projected to be 6.994 billion yuan, with a year-on-year growth of 120%, and net profit is expected to reach 1.079 billion yuan, up 159% [3][4] - The company anticipates continued revenue growth of 24% and 23% in 2025 and 2026, respectively, with net profit growth of 31% and 24% in the same years [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 13, 10, and 8 times, respectively [1][3] Revenue Breakdown - In the first half of 2024, revenue from gold products and gold-inlaid products was 1.372 billion yuan and 2.147 billion yuan, respectively, representing year-on-year increases of 110% and 182% [1] - Online sales contributed 391 million yuan, a 139% increase year-on-year, accounting for 11.1% of total revenue [1] Store Expansion and Market Position - As of June 30, 2024, the company had opened 33 self-operated stores across 14 cities, including 4 in SKP and 10 in the MixC chain, with a net addition of 6 new stores compared to the previous year [1] - The company has the highest coverage rate among high-end department stores in China, according to Frost & Sullivan [1]

[Table_Main] 证券研究报告 | 公司点评 老铺黄金(06181.HK) 2024 年 09 月 03 日 买入（维持） 所属行业：钟表珠宝 当前价格（港元）：92.50 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 老铺黄金 恒生指数 -23% | --- | --- | --- | --- | |---------------------------------------------------|--------------------------|------------------------|-------------| | -34% 2023-09 \n恒 生 指 数 对 比 \n绝对涨幅 (%) | 2024-01 \n1M \n11.20 | 2024-05 \n2M \n17.99 | 3M \n124.32 | | 相对涨幅 (%) | 6.79 | 18.42 | 126.47 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《老铺黄金（61 ...

Investment Rating - The report assigns an "Overweight" rating to the company, with a target price of HKD 116.75, up from the previous HKD 103.37 [2][3] Core Views - The company's H1 2024 performance met expectations, driven by scale growth and operational leverage, leading to a significant improvement in net profit margin [2][3] - Domestic store efficiency is steadily improving, with store expansion doubling, indicating substantial growth potential [2][3] - The company is positioning itself to compete with international luxury brands, with significant potential for global expansion [2][3] Financial Performance - H1 2024 revenue reached RMB 3.52 billion, a 148.3% year-over-year increase [3] - Gross profit was RMB 591 million, up 146.4% year-over-year [3] - Net profit surged to RMB 588 million, a 198.8% year-over-year increase [3] - Gross margin stood at 41.33%, while net margin improved to 16.70%, up 2.82 percentage points [3] Business Breakdown - Store revenue accounted for RMB 3.129 billion, a 149.6% increase, while online platform revenue was RMB 391 million, up 138.9% [3] - Pure gold revenue was RMB 1.372 billion, up 110.15%, and gold-inlaid revenue reached RMB 2.147 billion, a 182.14% increase [3] - The proportion of gold-inlaid revenue increased from 53.7% in H1 2023 to 61% in H1 2024 [3] Operational Efficiency - Operating leverage release led to a significant improvement in net profit margin, with a 2.82 percentage point increase [3] - The company's expense ratio decreased by 3.91 percentage points, with sales/management/R&D expense ratios changing by -2.51pct/-1.25pct/-0.14pct respectively [3] Growth Drivers - Brand influence expansion drove overall revenue growth across both online and offline channels [3] - Product optimization, new launches, and iterations contributed to sustained revenue growth [3] - Consumer preference shifted towards high-quality, culturally rich gold products, reflecting upgraded consumption concepts [3] - The addition of 6 new stores and the expansion of 1 existing store contributed to incremental revenue [3] Valuation and Forecast - The report forecasts FY2024-2026 net profits of RMB 1.107 billion, RMB 1.509 billion, and RMB 1.921 billion, respectively, up from previous estimates [3] - The company is valued at 16.2x PE for FY2024 [3] Market Data - The current stock price is HKD 90.85, with a 52-week range of HKD 70.00-93.20 [4] - The current market capitalization is HKD 15.296 billion [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company's net profit attributable to shareholders increased by 199% year-on-year, with total revenue reaching 3.52 billion yuan, up 148% year-on-year. Same-store sales contributed significantly, with a 104.2% increase [2] - The company's gross margin slightly declined to 41.3%, down 0.32 percentage points year-on-year, while both sales and management expense ratios improved significantly [2] - The company targets high-net-worth clients with its unique traditional gold brand, showing strong profitability despite a challenging consumer environment [2] - The company operates a fully direct sales model, with a net increase of 6 stores year-on-year, totaling 33 stores across 14 cities as of June 2024 [2] - The report projects a full-year net profit of 1 billion yuan for 2024, with upward adjustments for 2025 and 2026 net profits to 1.3 billion and 1.6 billion yuan, respectively [2] Financial Summary - Total revenue forecast for 2024 is 6.32 billion yuan, with a year-on-year growth rate of 98.9% [2] - The projected net profit for 2024 is 1,000.77 million yuan, reflecting a 140.4% increase year-on-year [2] - The earnings per share (EPS) is expected to be 5.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 14.21 [2][10]

Investment Rating - Maintain "Recommend" rating for Laopu Gold (6181 HK) [1][3] Core Views - Laopu Gold achieved rapid revenue and profit growth in H1 2024, with revenue reaching RMB 3 52 billion (+148 3% YoY) and net profit attributable to parent company of RMB 588 million (+198 8% YoY) [1] - The company's brand influence continues to expand, driving growth in both offline and online channels [1] - Laopu Gold maintains its high-end brand positioning, with product innovation and store expansion contributing to revenue growth [1] - The company's profitability continues to improve, with net profit margin reaching 16 70% in H1 2024, up 2 82 pct YoY [1] Financial Performance Revenue and Profit - H1 2024 revenue: RMB 3 52 billion (+148 3% YoY) [1] - H1 2024 net profit attributable to parent company: RMB 588 million (+198 8% YoY) [1] - 2024E revenue: RMB 6 162 billion (+93 8% YoY) [1] - 2024E net profit attributable to parent company: RMB 1 052 billion (+152 7% YoY) [1] Profitability - H1 2024 gross margin: 41 33% (-0 32 pct YoY) [1] - H1 2024 net profit margin: 16 70% (+2 82 pct YoY) [1] - 2024E gross margin: 41 72% [7] - 2024E net profit margin: 17 07% [7] Channel Performance - Offline store revenue in H1 2024: RMB 3 129 billion (+149 6% YoY) [1] - Online platform revenue in H1 2024: RMB 391 million (+138 9% YoY), accounting for 11 1% of total revenue [1] Product Performance - Pure gold product revenue in H1 2024: RMB 1 372 billion (+110 1% YoY) [1] - Gold inlaid product revenue in H1 2024: RMB 2 147 billion (+182 1% YoY), accounting for 61 0% of total revenue [1] Store Expansion and Brand Development - As of H1 2024, Laopu Gold operates 33 self-operated stores in 14 cities, including 4 SKP stores and 10 MixC stores [1] - The company opened 6 new stores and expanded 1 store in H1 2024 [1] - Laopu Gold opened its largest flagship store in Tsim Sha Tsui, Hong Kong in March 2024, covering over 1 000 square meters [1] - The company has created over 1 800 original designs and holds 243 domestic patents, 1 207 copyrights, and 164 overseas patents as of H1 2024 [1] Valuation - 2024E PE: 13x [1] - 2024E PB: 3 9x [7] - 2024E EV/EBITDA: 9 08x [7] Future Outlook - 2025E revenue: RMB 7 885 billion (+28 0% YoY) [1] - 2025E net profit attributable to parent company: RMB 1 369 billion (+30 1% YoY) [1] - 2026E revenue: RMB 9 490 billion (+20 4% YoY) [1] - 2026E net profit attributable to parent company: RMB 1 671 billion (+22 1% YoY) [1]

Financial Performance - The company's revenue increased by approximately 148.3% from RMB 1,417.51 million for the six months ended June 30, 2023, to approximately RMB 3,520.19 million for the six months ended June 30, 2024[1]. - Gross profit rose by about 146.4% from RMB 590.50 million to approximately RMB 1,454.98 million during the same period[1]. - Net profit surged by approximately 198.8% from RMB 196.75 million to about RMB 587.81 million for the six months ended June 30, 2024[1]. - Basic and diluted earnings per share increased from RMB 1.44 to RMB 4.11[2]. - Total revenue for the six months ended June 30, 2024, reached RMB 3,520,185 thousand, a significant increase from RMB 1,417,512 thousand for the same period in 2023, representing a growth of approximately 148.5%[10]. - The company reported a pre-tax profit of RMB 587,812 thousand for the six months ended June 30, 2024, compared to RMB 196,754 thousand for the same period in 2023, representing a growth of approximately 198.5%[23]. - The total tax expense for the six months ended June 30, 2024, was RMB 192,584 thousand, significantly higher than RMB 62,825 thousand for the same period in 2023, indicating an increase of 206.5%[20]. - Same-store revenue growth rate for the six months ended June 30, 2024, was approximately 104.2%[33]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,062.19 million as of June 30, 2024, compared to RMB 1,684.40 million as of December 31, 2023[2]. - Current assets increased significantly to RMB 3,406.11 million from RMB 1,775.84 million[2]. - The company's net asset value reached RMB 2,897.24 million, up from RMB 1,515.42 million[2]. - Inventory as of June 30, 2024, totaled RMB 2,108,428 thousand, up from RMB 1,267,932 thousand as of December 31, 2023, reflecting an increase of 66.1%[23]. - Trade receivables as of June 30, 2024, totaled RMB 369,912 thousand, a decrease from RMB 376,325 thousand as of December 31, 2023[26]. - Trade payables as of June 30, 2024, totaled RMB 226,219 thousand, an increase from RMB 57,662 thousand as of December 31, 2023[27]. - The company had interest-bearing bank borrowings of RMB 126,866 thousand as of June 30, 2024, compared to RMB 127,754 thousand as of December 31, 2023[29]. - The company's debt-to-asset ratio was approximately 24.6% as of June 30, 2024, down from 29.8% as of December 31, 2023[48]. Revenue Sources - Revenue from product sales amounted to RMB 3,519,833 thousand, while maintenance service revenue was RMB 352 thousand, compared to RMB 1,417,369 thousand and RMB 143 thousand respectively in the previous year[10]. - Revenue from mainland China was RMB 3,232,628 thousand, up from RMB 1,357,081 thousand, indicating a growth of about 138.3%[10]. - The revenue from physical stores was RMB 3,128,721 thousand, accounting for 88.9% of total revenue, with a significant year-on-year increase of 149.6%[38]. - Online platform revenue reached RMB 391,464 thousand, contributing 11.1% to total revenue, with a year-on-year increase of 138.9%[38]. - The revenue from gold products was RMB 1,372,085 thousand, representing 39.0% of total revenue, with a year-on-year increase of 110.1%[40]. - The revenue from gold-inlaid products was RMB 2,146,735 thousand, accounting for 61.0% of total revenue, with a year-on-year increase of 182.1%[40]. Expenses - Sales and distribution expenses were approximately RMB 532.15 million, an increase of about RMB 282.26 million or 113.0% compared to the same period in 2023[42]. - Administrative expenses rose to approximately RMB 124.63 million, an increase of about RMB 56.72 million or 83.5% compared to the same period in 2023[42]. - Research and development expenses increased to RMB 6.56 million from RMB 4.67 million, indicating a focus on innovation[2]. - Research and development expenses increased by approximately RMB 1.89 million or 40.5% to about RMB 6.56 million compared to the same period in 2023[43]. Corporate Governance and Structure - The company maintains a high standard of corporate governance, adhering to the principles and code provisions of the corporate governance code since its listing[55]. - All directors and supervisors have confirmed compliance with the standard code of conduct for securities trading since the listing date[56]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2024, and confirmed compliance with relevant accounting standards[59]. - The company is registered in China and was established on December 5, 2016, transitioning to a joint-stock company on November 25, 2019[62]. Market Position and Expansion - The company is recognized as a leading brand in the ancient method gold jewelry market in China, with significant brand influence and market presence[33]. - The company launched 6 new stores and expanded 1 store compared to the same period in 2023, contributing to incremental revenue growth[35]. - The flagship store in Hong Kong, opened on March 31, 2024, spans over 1,000 square meters, marking a significant step in the company's internationalization process[35]. - The company aims to expand its market influence and pursue internationalization, focusing on product innovation and craftsmanship[36]. - As of June 30, 2024, the company had approximately 275,000 loyal members, indicating an expanding consumer base[34]. Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[21]. - The company raised approximately HKD 957.1 million from its IPO and the exercise of the over-allotment option, with 73.3% allocated for expanding the sales network[53]. - The planned use of the net proceeds includes HKD 701.6 million for sales network expansion, HKD 108.2 million for brand positioning, and HKD 95.7 million for general working capital[53]. - The over-allotment option was fully exercised on July 25, 2024, involving 3,355,300 H shares, representing approximately 15% of the total shares available for subscription[50]. - The board approved amendments to the company's articles of association on August 30, 2024, to align with the latest regulatory requirements in China[51]. - The company plans to implement full circulation of H shares, converting 40,388,900 unlisted shares into H shares, pending necessary approvals[52].

我来为大家解读一下我们最新推荐的标的老铺黄金首先我来总结一下我们推荐老铺黄金的一个主要的逻辑老铺它是黄金珠宝板块中比较稀缺的产品品牌包括渠道都是贯彻高端定位的这样子的一个标的 那他的毛利率呢是能做到40%以上那进入率也是在23年提升到了13%那24年我们看到他的这个上半年的业绩也是持续延续的爆发那预告的进入是5.5到6个亿同增 180%到205%所以我们可以看到其实老兔的它整体的业绩在23年和24年的上半年是跑出了比较强势的R法那我们综合总结最根本的原因就是它差异化的一个高端的定位首先它是高端渠道然后它主攻的是高竞技的轮倾包括它的具有品牌印记类的产品 首先它的这个产品是专注于近几年来景气度最优的黄金赛道中的古法黄金赛道那同时它的产品像一些点赞类的和金摊烧篮类这些产品也在持续的破圈那我们可以看到它像蝴蝶啊金筐杵包括葫芦啊花窗这些系列 其实相对来说设计是比较精美的是具有一定的这个差异化同时呢就是从产品的这个设计角度我们参考国际珠宝的这个奢牌他们其实都是均具有强辨识度的这个产品的设计所以老铺呢他整体来说还是产品 驱动型的这样子的一个这个公司的一个定位那关于未来的这个成长性呢我们想从三个方面进行解读那第一个方面就是开 ...