记者实探：提价前再难见排队潮，老铺黄金的“奢侈品”幻象被击破

Core Viewpoint - The stock price of Laopu Gold has been declining despite a significant increase in net profit, indicating a disconnect between market performance and gold price fluctuations [1][13][16]. Group 1: Stock Performance - Laopu Gold's stock price has dropped nearly 30% since July 8, 2023, despite a 251% increase in net profit to 12.35 billion yuan [1][13]. - On August 21, 2023, the stock price fell over 8% during a mid-year earnings announcement, closing at 751 HKD per share, and further declined to 738 HKD per share on August 22 [13][16]. Group 2: Market Reaction - The announcement of a price increase on August 25, 2023, did not generate the expected customer rush, with reports of few customers visiting stores prior to the price hike [2][4][7]. - Historically, Laopu Gold experienced customer queues before price increases, but the current market response has been notably subdued [2][8]. Group 3: Pricing Strategy - Laopu Gold plans to increase prices by 7% to 15%, following a tradition of price adjustments that have previously led to increased sales and higher gross margins [2][8]. - The brand's pricing strategy has contributed to a gross margin of 41.2% in 2024, significantly above industry averages [2]. Group 4: Industry Context - Laopu Gold's market performance is closely tied to gold price fluctuations, which has led to a decline in market interest as gold prices have recently stabilized [16][18]. - The brand's luxury positioning is challenged by its reliance on gold prices, contrasting with traditional luxury brands that maintain value independent of raw material costs [20].