Core Viewpoint - The company announced the successful completion of a placement agreement, with all conditions met, resulting in the issuance of new H shares [1] Group 1 - The company completed the placement of a total of 3,711,800 new H shares [1] - The newly issued shares represent approximately 2.59% of the total issued H shares and about 2.10% of the total issued shares after the placement [1] - The shares were successfully placed at a price of HKD 732.49 per share to no fewer than six subscribers [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 老鋪黃金股份有限公司 呈交日期： 2025年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | H | ...

老 鋪 金股份有限公司 章 程 二〇二五年十月 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 外 ...

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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 任 何 證 券 的 邀 請 或 要 約，亦 並 非 擬 用 作 邀 請 提 出 相 關 要 約 或 邀 請。本 公 告 或 其 任 何 副 本 概 不 得 直 接 或 間 接 帶 入 美 國 或 於 美 國（包 括 其 領 土 及 屬 地、美 國 任 何 州 及 哥 倫 比 亞 特 區）派 發。尤 其 是，本 公 告 並 不 構 成 亦 並 非 在 美 國 或 其 他 地 方 出 售 證 券 的 要 約 或 招 攬 購 買 或 認 購 證 券 的 任 何 要 約。除 非 已 根 據1933年美國證券法（經 修 訂）登 記 或 獲 豁 免 登 記，否 則 ...

Core Insights - The 2025 Hurun Rich List reveals that Zhong Shanshan, founder of Nongfu Spring, has seen his wealth increase by 190 billion RMB, making him the richest person in China for the fourth time with a net worth of 530 billion RMB [2][3] - A total of 1,434 individuals with wealth exceeding 5 billion RMB are listed this year, an increase of 340 from last year, with total wealth approaching 30 trillion RMB, reflecting a 42% growth [2][4] Group 1: Wealth Distribution - The number of billionaires has increased by 15 this year, totaling 41, which constitutes 3% of the total list [4] - The second tier includes 72 individuals with wealth between 50 billion and 500 billion RMB, making up 5% of the total [4] - 92% of the entrepreneurs fall within the wealth range of 5 billion to 50 billion RMB, with 1,321 individuals, indicating a balanced distribution between those with 5-10 billion and 10-50 billion RMB [4] Group 2: Notable Individuals - Zhong Shanshan leads the list, followed by Zhang Yiming of ByteDance with 470 billion RMB, and Ma Huateng of Tencent with a wealth of 450 billion RMB [3] - Lei Jun of Xiaomi ranks fifth with 326 billion RMB, marking his return to the top five after ten years [3] - The wealth of Zhong Shanshan is double that of the ninth-ranked Li Ka-shing family at 235 billion RMB and the eleventh-ranked Jack Ma family at 210 billion RMB [3] Group 3: New Entrants and Growth - The 2025 list features 376 newcomers, a sevenfold increase from last year, with notable entries including Xu Gaoming and Xu Dongbo of Laopu Gold with 69.5 billion RMB [6] - Xiaomi's Lei Jun is highlighted as the "growth king," with a wealth increase of 196 billion RMB, attributed to the explosive growth of Xiaomi's automotive business and high-end smartphone sales [6] - Other significant growth figures include Wang Ning of Pop Mart, whose wealth increased by 154.5 billion RMB, and Chen Tianshi of Cambrian, with a wealth increase of 148 billion RMB [6] Group 4: Geographic Distribution - The geographical distribution of listed entrepreneurs shows a "3+2+3" pattern, with Shanghai, Shenzhen, and Beijing leading in density [7] - Shanghai tops the list with 152 individuals, an increase of 40 from last year, followed closely by Shenzhen with 147 and Beijing with 146 [7] - The growth in these regions is primarily driven by a recovery in the A-share market and their status as hubs for industries like semiconductors, biomedicine, gaming, and AI [7] Group 5: Female Entrepreneurs - Zhong Huijuan of Hansoh Pharmaceutical has become the richest woman in China with a wealth of 141 billion RMB, surpassing Zong Fuli of Wahaha at 87.5 billion RMB [8] - The analysis indicates that despite a generally cool economic sentiment, the wealth of entrepreneurs has significantly increased due to the market recognizing the undervaluation of many companies [8]

Investment Rating - The investment rating for the company is "Accumulate" [5][11]. Core Views - The company has raised product prices for the third time in 2025, with increases exceeding 20% for several products, reflecting a strong correlation with the rising gold prices [5][7]. - The company is positioned as a high-end brand, drawing parallels with luxury brands like Hermes and Tiffany, and is focused on enhancing its brand image through unique product designs and high-quality service [9][10]. - The company aims to expand its market presence and is expected to achieve significant revenue growth, with projected revenue growth rates of 138%, 39%, and 12% from 2025 to 2027 [11][13]. Company Overview - The latest closing price of the company's stock is HKD 695.00, with a total market capitalization of HKD 1,200.10 billion [4]. - The company has a debt-to-asset ratio of 38.13% and a price-to-earnings ratio of 34.66 [4]. - The company has created nearly 2,100 original designs and holds numerous patents, indicating a strong focus on innovation and design [10]. Financial Performance and Forecast - The company is expected to see a significant increase in operating income, with projections of HKD 20,269.61 million in 2025 and HKD 31,562.04 million in 2027 [13]. - The net profit attributable to the parent company is forecasted to grow from HKD 4,117.98 million in 2025 to HKD 7,339.77 million in 2027, reflecting a robust growth trajectory [13]. - Earnings per share (EPS) are projected to increase from HKD 23.85 in 2025 to HKD 42.51 in 2027, indicating strong profitability [13].

Group 1 - The stock of Laopu Gold (06181.HK) experienced a decline of nearly 4% towards the end of trading, with a current drop of 3.74% [2] - The stock is currently priced at 669 HKD, with a trading volume of 822 million HKD [2]

Core Viewpoint - Lao Pu Gold (06181) announced a share placement to raise approximately HKD 27.07 billion, primarily for inventory reserves, amid a decline in stock price [1] Group 1: Company Actions - Lao Pu Gold plans to place 3.71 million new H-shares at HKD 732.49 per share, aiming to raise about HKD 27.07 billion, with 70% allocated for inventory reserves [1] - The company previously placed 4.31 million H-shares in May, raising approximately HKD 26.98 billion [1] Group 2: Market Reactions - The stock price of Lao Pu Gold fell nearly 4% towards the end of trading, closing down 3.74% at HKD 669, with a trading volume of HKD 8.22 billion [1] - Citigroup's report indicates that the share placement aligns with market expectations, with investors focusing on the sufficiency of capital post-fundraising [1] Group 3: Financial Outlook - The company anticipates a stabilization in gross profit margin in the second half of the year following a 25% average price increase on new products, which exceeded expectations [1] - Free cash flow is expected to turn positive by 2026, as same-store sales growth slows and new store expansion decelerates [1]

Core Viewpoint - Lao Pu Gold (06181) announced a plan to issue 3.71 million new H-shares at HKD 732.49 per share, raising approximately HKD 27.07 billion, with 70% allocated for inventory reserves [1] Group 1: Financial Performance - As of the latest report, Lao Pu Gold's stock price fell by nearly 4%, closing down 3.74% at HKD 669, with a trading volume of HKD 8.22 billion [1] - The company previously issued 4.31 million H-shares in May, raising about HKD 26.98 billion [1] Group 2: Strategic Insights - The company explained the need for inventory reserves due to the lengthy cycle from procurement to sales, which can take several months, especially in anticipation of the sales peak season [1] - Citigroup's report indicated that the recent share placement was expected by the market, with investors focusing on whether the capital raised would be sufficient [1] Group 3: Market Expectations - With same-store sales growth slowing and new store expansion decelerating, it is anticipated that free cash flow will turn positive by 2026 [1] - The company has implemented an average price increase of 25% on new products, which exceeded expectations, indicating strong sales performance [1] - It is expected that the company's gross margin will stabilize in the second half of the year following the price increases, with a recovery in gross margin anticipated next year based on current gold prices [1]

Summary of Laopu Gold Conference Call Company Overview - **Company**: Laopu Gold (6181.HK) - **Industry**: Consumer sector in China/Hong Kong - **Market Capitalization**: Rmb 98,944.6 million - **Current Stock Price**: HK$694.00 (as of October 24, 2025) - **Price Target**: HK$1,010.00 - **52-Week Range**: HK$180.70 - HK$1,108.00 - **Shares Outstanding**: 156 million - **Average Daily Trading Value**: HK$707 million Key Takeaways - **Price Hikes**: Laopu Gold implemented its third round of product price increases in 2025, raising prices by an average of 25% on October 26, 2025. This follows earlier increases of approximately 10% in February and 12.5% in late August [8][5][1] - **Gold Price Correlation**: The price hikes are in response to a significant increase in gold prices, which rose by 21% since early September 2025. The price adjustments are aimed at offsetting margin pressures caused by this gold price rally [8][1] - **Demand Factors**: The company is monitoring demand elasticity closely, with key festivals, annual promotions in department stores, and new store openings expected to support demand [8][1] - **Earnings Visibility Concerns**: Investors have expressed concerns regarding earnings visibility, particularly in relation to volume demand, margins, and capital needs [8][1] Financial Performance - **Historical Price Increases**: - 2023: 3 times total +15% (gold price +17%) - 2024: 2 times total +20% (gold price +30%) - 2025 (to date): 1 time +25% (gold price +21%) [3][1] Valuation and Risks - **Valuation Methodology**: The company is valued using a P/E-based methodology, with a target P/E of 23x for 2026 estimates, resulting in a PEG ratio of 0.77x, which is lower than the average for consumer stocks. This is justified by the volatility of gold prices and anticipated macroeconomic weakness [9][1] - **Upside Risks**: - More proactive consumption-related policy support - Faster-than-expected same-store sales growth - Continued gold price rally [11][1] - **Downside Risks**: - Delays in consumption-related policy support - Weaker-than-expected demand trends due to a sharp correction in gold prices - Significant slowdown in sales growth [11][1] Conclusion Laopu Gold is actively adjusting its pricing strategy in response to fluctuating gold prices while navigating investor concerns about demand and earnings visibility. The company's proactive approach to pricing and demand management, alongside a cautious outlook on macroeconomic conditions, positions it for potential growth despite inherent risks in the market.