老铺海外首店开业，初期客流强劲，新推“黄金十字架”系列吸引海外客户

Core Insights - The first overseas store of Laopu opened in Marina Bay Sands, Singapore, on June 21, showing strong initial demand with customers reportedly waiting about one hour during peak times [1] - Morgan Stanley's research indicates that the pricing strategy of the Singapore store is largely in line with that of mainland China, with the majority of customers coming from mainland China [1] - The introduction of the "Golden Cross" series aims to attract a more diverse customer base beyond traditional Chinese cultural consumers, although Morgan Stanley remains cautious about its market acceptance [1][4] Pricing and Promotions - The "Golden Cross" series is priced between 3,600 to 7,000 SGD (approximately 1,500 SGD per gram), which is intended to broaden the customer base [4] - A promotional campaign offering a discount of 10 SGD for purchases over 100 SGD is running from June 21 to 29, but customers will not benefit from tax refunds or mall points during the first two months of operation [1][4] - Price comparisons show that even with a potential 9% tax refund in Singapore, prices will still be 7% higher than in Hong Kong but 6% lower than in mainland China [4][5] Market Position and Outlook - Morgan Stanley maintains a "Hold" rating on Laopu, with a target price of 865 HKD based on a projected P/E ratio of 33 times for 2025 and a PEG ratio of 1.4 [4] - The stock price of Laopu has decreased by 2.38% to 860 HKD per share as of the report [4]