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老铺黄金(6181.HK)：高势能点位突破 国际化进展积极
Ge Long Hui·2025-08-22 03:53

Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, with revenue reaching 12.354 billion RMB, a year-on-year increase of 251.0%, and net profit attributable to shareholders at 2.268 billion RMB, up 285.8% [1] Financial Performance - For 2025H1, the company's adjusted net profit was 2.351 billion RMB, reflecting a year-on-year growth of 290.6% [1] - The company expects revenues for 2025-2027 to be 25.517 billion RMB, 36.959 billion RMB, and 47.041 billion RMB, with corresponding growth rates of 200.0%, 44.8%, and 27.3% [1] - Net profit attributable to shareholders is projected to be 4.706 billion RMB, 6.832 billion RMB, and 9.113 billion RMB for the same period, with growth rates of 219.5%, 45.2%, and 33.4% [1] - Earnings per share (EPS) are expected to be 27.25 RMB, 39.57 RMB, and 52.78 RMB for 2025-2027 [1] Brand Influence and Market Position - The company increased its loyal membership by 130,000 to 480,000 by the end of 2025H1, with same-store sales growth of approximately 200.8% [1] - Research indicates that the company's consumer overlap with luxury brands like Louis Vuitton, Hermes, Cartier, and Bulgari is 77.3%, indicating a growing high-end consumer base [1] - The average sales revenue per store reached 459 million RMB, maintaining the highest average revenue and sales efficiency among jewelry brands in mainland China [1] Store Expansion and Market Strategy - The company opened three new high-end stores in 2025H1, including locations in Shanghai and Singapore, and optimized two existing stores [1] - As of June 2025, the company has established 41 self-operated stores across 16 cities, primarily located in high-end commercial centers [1] - The company has successfully entered 9 out of the top 10 domestic commercial centers, with the last one expected to open in mid-October 2025 [1] - The international expansion and breakthrough in high-potential locations are anticipated to significantly support performance in the second half of 2025 [1]