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Core Viewpoint - Laopu Gold Co., Ltd. reported significant financial growth in its first annual report since listing on the Hong Kong Stock Exchange, with a revenue increase of 166% and a net profit increase of 254% for the year ending December 31, 2024 [2][3] Financial Performance - The company achieved a revenue of 9.8 billion RMB, up from 3.7 billion RMB in the previous year, marking a 166.4% increase [3] - Net profit reached 1.48 billion RMB, compared to 416.3 million RMB in 2023, reflecting a 253.9% growth [3] - Adjusted net profit under non-IFRS standards was 1.50 billion RMB, a 253.4% increase year-on-year [3] Business Operations - Gold products remain the core business, accounting for 99.9% of sales revenue [2] - The company expanded its high-end market presence, increasing the number of direct stores to 36 by the end of 2024, with seven new stores added compared to the previous year [4] - Average sales per store reached 328 million RMB, ranking first among all well-known jewelry brands in mainland China [6] Online and Offline Sales Channels - The online flagship store achieved sales of 1.26 billion RMB during the Double Eleven shopping festival, leading the online sales rankings for jewelry stores [6] - The company has approximately 350,000 loyal members, an increase of 150,000 from the previous year [6] Brand Strategy and Product Innovation - Laopu Gold has established itself as a leading brand in high-end gold products, with nearly 2,000 original designs and 1,314 domestic patents [7] - The company introduced innovative products to meet high-end consumer demands, such as "gold inlaid diamonds" and "gold胎烧蓝" [7] Cost Management and Pricing Strategy - Sales and distribution expenses reached 1.24 billion RMB, a 113.5% increase, primarily due to rising rent and labor costs [9] - The company maintains a pricing strategy that does not fluctuate with gold market prices, with recent price adjustments of 5% to 10% [9]