上半年净利大增290%，老铺黄金股价一度涨超10%

Core Viewpoint - Laopu Gold reported significant growth in revenue and profit for the first half of 2025, driven by brand influence and product optimization [1][2][3] Financial Performance - Laopu Gold achieved revenue of 12.354 billion yuan, a year-on-year increase of 251% [1] - Adjusted net profit reached 2.35 billion yuan, up 290.6% year-on-year [1] - Gross profit was 4.705 billion yuan, reflecting a 223.4% increase compared to the previous year [1] Stock Market Reaction - Following the earnings release, Laopu Gold's stock price rose over 10% at one point, closing with an approximate increase of 9.7%, bringing the market capitalization to 136.2 billion yuan [2] Revenue Breakdown - Offline stores generated approximately 10.736 billion yuan in revenue, accounting for about 86.9% of total revenue [2] - The company operated 41 offline stores and entered 29 major commercial centers by the end of June 2025 [2] - Online revenue was around 1.618 billion yuan, representing about 13.1% of total revenue [2] Pricing and Margin Analysis - The gross margin slightly decreased to 38.1%, down from over 40% in the past four years [3] - The increase in gold prices, from 633 yuan per gram in January to 760-780 yuan currently, has impacted the gross margin [3] - Laopu Gold initiated a price adjustment in February, with increases ranging from 4% to 12%, but continued rising gold prices led to further margin pressure [3] Dividend Policy - The board approved a dividend policy, committing to two distributions annually, each amounting to 50% of the retained earnings [3] - The company plans to implement its first interim dividend this year, proposing a payout of 9.59 yuan per share [3]