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 就 本 公 告 的 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。 茲提述本公司日期為2025年1月16日 及2025年2月26日 的 公 告，以 及 本 公 司 日 期 為2025 年2月11日的通函（「該通函」），內 容 有 關（其 中 包 括）本公司股東會授權董事會處理受 限制股份單位計劃相關事宜（「授 權」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 通 函 所 界 定 者 具 相 同 涵 義。 根 據 授 權，在 受 限 制 股 份 單 位 計 劃 下 的 新H股 配 發 及 發 行 完 成 後，董 事 會 將 根 據 本 公司新H股 配 發 及 發 行 的 方 式、種 類、數 目 和 配 發 及 發 行 完 成 時 本 公 司 股 權 結 構 的 情 況，增 加 本 公 司 註 冊 資 本 並 對《公 司 章 程》作 ...

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： 2026年1月29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 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06181 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 ...

Core Viewpoint - The company is expected to achieve significant revenue growth in 2025, with a projected increase of 217% to 26.96 billion RMB, driven by strong online and overseas business performance [1] Group 1: Revenue and Profit Forecast - The company anticipates a revenue of approximately 14.6 billion RMB in the second half of 2025, representing a year-on-year growth of 193% [1] - The expected net profit attributable to the parent company for 2025 is 4.63 billion RMB, reflecting a year-on-year increase of 214% [1] - For the second half of 2025, the net profit is projected to be 2.36 billion RMB, with a year-on-year growth of 167% [1] Group 2: Store Expansion and Strategy - The company plans to deepen its "few but exquisite, large but beautiful" luxury store location strategy, adding about 5 new stores in top-tier shopping districts by the end of 2025 [2] - The company has opened its first overseas store in Marina Bay Sands, Singapore, enhancing its international presence and reaching high-net-worth customers [2] - As of December 19, 2025, the company will have over 46 self-operated stores covering 16 cities, with a focus on high-end commercial areas [2] Group 3: Product Innovation and New Releases - The company is driving product iteration through differentiated original designs, with new product contributions expected to increase [3] - Several new products have been launched, including the "Golden Cross" series and the "Goddess of Light" pendant, aimed at broadening the customer base and enhancing brand appeal [3] - The company plans to release a new series themed around the Year of the Horse on January 1, 2026, to cater to festive gifting and collection needs [3] Group 4: Investment Recommendations - Revenue projections for 2025-2027 are 26.96 billion, 36.03 billion, and 43.78 billion RMB, with year-on-year growth rates of 217%, 33.6%, and 21.5% respectively [4] - The expected net profit for the same period is 4.63 billion, 6.51 billion, and 8.19 billion RMB, with growth rates of 214.3%, 40.6%, and 25.8% respectively [4] - The company maintains an "outperform the market" rating, with a target price of 948.4 HKD for 2026, indicating a potential upside of 20.4% [4]

Core Viewpoint - Haitong International maintains an "outperform" rating for Laopu Gold (06181), with a target price of HKD 948.4, indicating a potential upside of 20.4% by 2026, driven by strong revenue and net profit growth exceeding 200% in 2025 due to store expansion, membership growth, and product innovation [1] Group 1: Financial Projections - Revenue for Laopu Gold is expected to grow by 217% year-on-year to CNY 26.96 billion in 2025, with approximately CNY 14.6 billion in 2H25, reflecting a 193% increase [2] - The company anticipates a same-store sales growth of over 160% for 2025, with 2H25 same-store sales growth projected at over 120%, despite a high base effect from 1H25 [2] - The net profit attributable to the parent company is projected to reach CNY 4.63 billion in 2025, a 214% increase year-on-year, with 2H25 net profit expected to be CNY 2.36 billion, up 167% [2] Group 2: Store Expansion Strategy - Laopu Gold plans to deepen its "small but exquisite, large but beautiful" luxury store location strategy, adding approximately five new stores in top-tier shopping districts in Shanghai, Shenzhen, and Hong Kong during the second half of 2025 [3] - The company has opened its first overseas store in Marina Bay Sands, Singapore, in June 2025, enhancing its international presence and reaching high-net-worth customers [3] - As of December 19, 2025, Laopu Gold operates over 46 self-operated stores across 16 cities, with a focus on first-tier and high-end commercial properties [3] Group 3: Product Innovation - Laopu Gold is driving product iteration through differentiated original designs, with new product launches aimed at broadening its customer base and enhancing revenue contributions [4] - Notable product launches include the "Golden Cross" series in June 2025 and the "Goddess of Light" pendant in November 2025, showcasing a blend of cultural themes and contemporary aesthetics [4] - The brand plans to release a "Thousand Horses Series" for the New Year, aligning with gifting and collectible demands, indicating a clear rhythm in product innovation [4]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

Group 1 - The core viewpoint of the news highlights the ongoing high demand for high-end gold consumption during the annual Spring Festival shopping season, with significant consumer interest observed in SKP stores across multiple cities [1] - On January 24, the opening day of the Spring Festival season, hundreds of customers queued at the old gold stores, indicating an increase in foot traffic compared to the same period last year [1] - The price of gold has surged, with spot gold breaking the $5000 per ounce mark, reaching $5090.37 per ounce, reflecting a daily increase of over 2% [1] Group 2 - The report from Kaiyuan Securities suggests that the combination of rising gold prices and expectations of price increases for old gold is enhancing consumer purchasing willingness, which may lead to an increase in related budgets [1] - The demand for high-end traditional Chinese gold continues to grow, with old gold positioned as a scarce supplier in the high-end gold market, establishing brand premium [1] - The company is focusing on high-net-worth customer operations and service capabilities, indicating strong long-term growth potential [1]

Core Insights - On January 26, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Zijin Mining (02899) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.744 billion, 2.564 billion, and 2.349 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 1.878 billion, 1.743 billion, and 1.608 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.744 billion with a net buy of -128 million [2] - Tencent Holdings (00700) recorded a trading amount of 2.564 billion with a net buy of 472 million [2] - Zijin Mining (02899) had a trading amount of 2.349 billion with a net buy of -1.605 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 2.025 billion with a net buy of 527 million [2] - JunDa Co., Ltd. (02865) had a trading amount of 2.009 billion with a net buy of 222 million [2] - China Mobile (00941) recorded a trading amount of 1.996 billion with a net buy of -1.177 billion [2] - SMIC (00981) had a trading amount of 1.975 billion with a net buy of 188 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.785 billion with a net buy of -35.021 million [2] - Pop Mart (09992) had a trading amount of 1.419 billion with a net buy of 613 million [2] - Yangtze Optical Fibre and Cable (06869) recorded a trading amount of 1.371 billion with a net buy of -6.072 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.878 billion with a net buy of -107 million [2] - Tencent Holdings (00700) recorded a trading amount of 1.743 billion with a net buy of 543 million [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 1.608 billion with a net buy of 142 million [2] - SMIC (00981) had a trading amount of 1.269 billion with a net buy of -266 million [2] - Xiaomi Group-W (01810) recorded a trading amount of 1.064 billion with a net buy of 295 million [2] - Yingfu Fund (02800) had a trading amount of 1.042 billion with a net buy of -1.036 billion [2] - Zijin Mining (02899) achieved a trading amount of 1.017 billion with a net buy of 528 million [2] - Laopu Gold (06181) had a trading amount of 0.928 billion with a net buy of -78.823 million [2] - JunDa Co., Ltd. (02865) recorded a trading amount of 0.812 billion with a net buy of -74.468 million [2] - China Life (02628) had a trading amount of 0.707 billion with a net buy of -107 million [2]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.06% closing at 26,765.52 points, while the Tech Index fell by 1.24% to 5,725.99 points, and the National Enterprises Index decreased by 0.15% to 9,147.21 points [1][2]. Sector Performance - Traditional cyclical stocks such as oil, coal, and non-ferrous metals performed strongly, indicating a shift in market focus towards value assets. In contrast, previously popular sectors like commercial aerospace and brain-computer interface technologies experienced a pullback [2][11]. Oil Sector - Oil stocks saw significant gains, with China National Offshore Oil Corporation (CNOOC) rising by 4.01%, China Petroleum & Chemical Corporation (Sinopec) increasing by 3.68%, and China Oilfield Services Limited up by 3.23%. This strength is attributed to a recent extreme cold wave in North America, which caused a 63% spike in U.S. natural gas prices from January 20 to 22, subsequently boosting prices of light hydrocarbons and supporting domestic petrochemical prices [4][5]. Coal Sector - Coal stocks also showed robust performance, with Mongolian Energy up by 5.80%, China Shenhua Energy rising by 4.42%, and China Qinfa up by 3.74%. The increase in coal prices is linked to heightened demand due to cold weather, with daily coal output from the Bohai Rim ports averaging 1.682 million tons, a week-on-week increase of 14.2 tons or 9.19% [6][7]. Non-Ferrous Metals Sector - Non-ferrous metal stocks were active, with Rusal rising by 12.31%, China Nonferrous Mining increasing by 9.87%, and Chifeng Jilong Gold Mining up by 7.44%. Citigroup's report indicates a structural bull market in aluminum, predicting a 61,000-ton structural deficit by early 2026 and raising the price target for aluminum from $2,950 to $3,400 per ton [8][9]. Gold Market - Morgan Stanley's research indicates that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, with expectations of further increases due to geopolitical risks, central bank purchases, and ETF inflows. A bullish scenario suggests a target price of $5,700 per ounce for the second half [10]. Weakness in Tech Sectors - Commercial aerospace stocks faced collective declines, with Asia Pacific Satellite down by 11.53%, Goldwind Technology down by 7.14%, and JunDa Co. down by 6.56%. This adjustment is attributed to short-term profit-taking pressures [11]. Brain-computer interface stocks also showed weakness, with Nanjing Panda Electronics down by 6.15% and Brainstorming Technology down by 5.35%, partly due to a recent share placement announcement [13][14]. Individual Stock Movements - Zhizhuo (02513.HK) surged by 13.02% following a significant increase in subscription service users after the launch of its flagship model GLM-4.7, indicating strong market interest in its AI capabilities [15]. Lao Pu Gold (06181.HK) rose by 7.80% due to increased customer traffic during a promotional event, with expectations of substantial revenue growth during the upcoming Spring Festival [16].

Core Viewpoint - Citigroup's report indicates that the New Year promotional activities at SKP malls in mainland China have started on January 24, with significant customer traffic observed at Lao Pu Gold (06181) during the weekend. The bank expects strong demand driven by rising gold prices, predicting a triple-digit revenue growth during the Spring Festival period [1] Group 1: Revenue and Profit Forecast Adjustments - Based on higher same-store sales growth expectations, Citigroup has raised its revenue forecast for Lao Pu Gold by 6% for 2026, assuming a 15% same-store sales growth [1] - The bank has also slightly lowered its gross margin forecast to 38%, resulting in a 5% increase in net profit forecast for 2026 [1] - For 2027, the net profit forecast has been similarly raised by 5% based on the higher 2026 baseline and the same growth assumptions [1] Group 2: Overall Growth Expectations - The bank anticipates that revenue and net profit for 2026 will grow by 45% and 57%, respectively [1] - A minor adjustment has been made to the 2025 net profit forecast, which has been decreased by 1% due to the gross margin revision [1] - Citigroup maintains a "Buy" rating for Lao Pu Gold with a target price of HKD 1,119 [1]

Core Viewpoint - The article highlights the significant rise in gold prices, with spot gold surpassing $5000 per ounce, marking a 15% increase since the beginning of the year, which has led to increased consumer interest and activity in the gold market [3][5]. Group 1: Gold Price Trends - As of January 26, spot gold prices have reached a historic high of over $5000 per ounce, reflecting a strong upward trend in international gold prices [3]. - Domestic gold prices have also surged, with major retailers like Chow Tai Fook and Lao Piao Gold adjusting their prices to 1578 RMB per gram, an increase of 25 RMB from the previous day [3][5]. Group 2: Consumer Behavior - The rising gold prices have sparked a consumer buying frenzy, with reports of long queues at gold stores in major shopping centers, indicating heightened interest in gold purchases [5]. - Promotional events, such as the SKP anniversary celebration offering significant discounts, have further driven consumer traffic to gold retailers [5]. Group 3: Market Impact - The surge in gold prices has positively impacted gold-related stocks, with companies like China Gold and Lao Piao Gold experiencing notable stock price increases [5]. - Companies in the gold sector, such as Chao Hong Ji, are considering price adjustments in response to the rising gold prices, although specific plans have yet to be announced [5][6]. Group 4: Future Outlook - Analysts suggest that the upcoming consumption peaks during the Spring Festival and Valentine's Day may continue to support gold demand in the short term [8]. - However, there are concerns regarding potential risks, including central bank gold purchases, Federal Reserve policy changes, and macroeconomic uncertainties that could affect future gold prices [7].