Core Viewpoint - The company anticipates significant growth in sales and profits for the first half of 2025, driven by brand influence and product optimization, particularly in the ancient gold sector, which is expected to see robust market expansion [1][2]. Group 1: Financial Performance - The company expects sales revenue (including tax) to be approximately RMB 13.8 billion to 14.3 billion, representing a year-on-year growth of about 240% to 252% [1] - Projected revenue is around RMB 12 billion to 12.5 billion, with a year-on-year increase of approximately 241% to 255% [1] - Adjusted net profit (excluding share-based payment impacts) is estimated at RMB 2.3 billion to 2.36 billion, reflecting a growth of about 282% to 292% compared to the previous year [1] - Net profit is expected to be around RMB 2.23 billion to 2.28 billion, showing a year-on-year increase of approximately 279% to 288% [1] Group 2: Market Potential - The ancient gold sector is projected to have strong growth potential, with the market size expected to reach RMB 219.3 billion in 2024 and a compound annual growth rate (CAGR) of 21.8% from 2023 to 2028, significantly outpacing other gold jewelry segments [1] - The company is positioned as a high-end ancient gold brand, targeting high-net-worth individuals across various age groups, and is expanding its presence in both domestic and international markets [2] Group 3: Strategic Initiatives - The company is actively expanding its retail channels, opening stores in high-end shopping centers in China and entering top-tier markets in Singapore, which is expected to enhance its international market influence [2] - The company aims to leverage its product quality and brand strength to continue increasing its market share in the ancient gold sector [2] Group 4: Profit Forecast - Based on strong sales performance, the company forecasts net profits of RMB 4.4 billion, RMB 5.72 billion, and RMB 6.76 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 198.8%, 30.0%, and 18.2% [2] - The current price-to-earnings (PE) ratios are projected to be 27, 21, and 18 times for the respective years [2]
老铺黄金(06181.HK)：25H1业绩预告表现亮眼 品牌势能有望持续释放