233亿富豪掌舵黄金“爱马仕”，业绩狂飙市值较高点蒸发600多亿港元

Core Viewpoint - Laopuhuang has reported strong earnings growth for the first half of the year, with significant increases in sales and net profit, despite a notable disparity in investment between research and sales [1][3][4]. Group 1: Financial Performance - Laopuhuang expects to achieve sales revenue (including tax) of approximately 138 billion to 143 billion yuan, representing a year-on-year growth of about 240% to 252% [1] - The company anticipates revenue of around 120 billion to 125 billion yuan, reflecting a year-on-year increase of approximately 241% to 255% [1] - Net profit is projected to be between 22.3 billion and 22.8 billion yuan, indicating a year-on-year growth of approximately 279% to 288% [1][3] Group 2: Investment Disparity - In 2024, Laopuhuang's research and development expenditure was 19.2 million yuan, while sales and distribution expenses reached 1.237 billion yuan, making the latter over 64 times higher than the former [3] - The company has emphasized the importance of its R&D team in driving product innovation and market effectiveness, which has supported revenue growth [2][3] Group 3: Market Position and Future Goals - Laopuhuang is recognized as a leading brand in the "ancient method gold" segment and aims to achieve an average store efficiency exceeding 1 billion yuan, with underperforming stores being closed [2] - The company has been ranked first in average revenue and sales efficiency among all well-known jewelry brands in mainland China [2] Group 4: Stock Performance and Market Reaction - Despite strong financial results, Laopuhuang's stock price has declined significantly, dropping over 30% from its peak of 1,108 HKD per share to 733 HKD per share, resulting in a market capitalization loss of over 64 billion HKD [1][5][6] - UBS has raised its earnings per share forecast for Laopuhuang for 2025 to 2027 by 58% to 66%, reflecting strong performance, but maintains a neutral rating due to potential risks [4]