老铺黄金半年报：平均店效5亿，高奢品牌消费者转向老铺

Core Insights - Lao Pu Gold reported a significant increase in sales performance for the first half of 2025, with a total revenue of 14.18 billion yuan, representing a year-on-year growth of 249% [2] - The adjusted net profit reached 2.35 billion yuan, marking a year-on-year increase of 291% [2] - The brand has established a strong presence in the luxury market, with an average sales performance of 459 million yuan per store in shopping malls, surpassing leading international luxury brands [2] Sales and Market Performance - Lao Pu Gold has entered 29 major commercial centers and operates 41 stores as of June 30 [2] - During the 618 shopping festival, the brand's Tmall flagship store achieved sales exceeding 1 billion yuan, becoming the first gold and jewelry brand to reach this milestone [2] - The overlap rate of Lao Pu Gold's consumers with those of top international luxury brands like Louis Vuitton, Hermes, Cartier, and Bulgari is nearly 80%, indicating a shift in consumer preference towards domestic high-end brands [2] Expansion and International Presence - The company has completed channel coverage in core cities, opening three new stores in Shanghai in the first half of the year, with a fourth store set to open in October [2] - Lao Pu Gold opened its first overseas store in Singapore's Marina Bay Sands shopping center in June, which has maintained high popularity similar to its domestic performance [2] - The overseas business revenue grew approximately 455.2% year-on-year, accounting for 12.9% of total revenue [3]