老铺黄金(6181.HK)：25H1收入业绩高增 渠道拓展将有力支撑下半年增长

Core Viewpoint - The company expects a significant increase in revenue and adjusted net profit for the first half of 2025, driven by brand influence, product optimization, and new store openings [1][2][3] Financial Performance - The company forecasts revenue of 120-125 billion yuan for 25H1, representing a year-on-year growth of 241%-255% [1] - Adjusted net profit is expected to be between 23.0-23.6 billion yuan, reflecting a year-on-year increase of 282%-292% [1] - The adjusted net profit margin is projected to be approximately 19.0%, an increase of 1.9 percentage points compared to the previous year [3] Market Expansion - As of July 27, 2025, the company has entered 30 shopping malls across 16 cities, including new entries in Shanghai and Singapore [3][6] - The company plans to open more high-end stores, with expectations of adding over 7 new high-end shopping mall channels by the end of 2025 [3][7] Product Innovation - The company launched new product lines, including the "Seven Sons Gourd" and "Cross" series, emphasizing originality and craftsmanship [4] - The "Seven Sons Gourd" series features high-temperature enamel craftsmanship, priced between 32,000 to 45,000 yuan, showcasing a vibrant color palette [4] Industry Outlook - The domestic high-end gold jewelry market is estimated to be around 100 billion yuan, with a trend of consumers shifting towards gold jewelry from other types [5][6] - The company is strategically expanding into international markets, with recent openings in Singapore and plans for further expansion into regions like the Middle East and Europe [6][7] Profit Forecast - Revenue projections for the company are 252.84 billion yuan in 2025, 341.14 billion yuan in 2026, and 434.09 billion yuan in 2027, with corresponding growth rates of 197.3%, 34.9%, and 27.2% [7]