Core Viewpoint - Lao Pu Gold (06181) experienced a significant decline of over 7% in its stock price despite reporting strong mid-year financial results, indicating potential market concerns despite positive earnings growth [1] Financial Performance - The company reported a revenue of 12.354 billion RMB for the first half of the year, representing a year-on-year increase of 251% [1] - Net profit reached 2.268 billion RMB, marking a year-on-year increase of 285.8% [1] - A mid-term dividend of 9.59 RMB was declared, compared to no dividend in the same period last year [1] Inventory and Operational Insights - Inventory increased from 4.088 billion RMB at the end of last year to 8.685 billion RMB at the end of the reporting period, primarily to support new store expansions and product demand [1] - Inventory turnover days improved from 195 days last year to 150 days this year [1] Analyst Commentary - Citigroup's report highlighted that the strong sales in the first half provided better-than-expected operational leverage, which offset the impact of weaker-than-expected gross margins [1] - The expected payback period for investments in new stores and initial inventory is estimated to be two years, suggesting that free cash flow may not improve until 2026 [1] - Citigroup maintained a "Buy" rating on the stock with a target price of 1,084 HKD [1]
港股异动 | 老铺黄金(06181)午后跌超7% 公司库存较去年底翻倍 主要为满足拓店产品增量需求