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 market response to the upcoming price increase by Laopu Gold is notably subdued, contrasting with previous years where significant customer queues were observed before price hikes [1][3]. Group 1: Price Increase and Market Reaction - Laopu Gold announced a price increase scheduled for August 25, with expected adjustments between 7% and 15% based on past practices [2]. - Historically, Laopu Gold's price hikes have led to customer rushes, contributing to a gross profit margin of 41.2% in 2024, significantly higher than industry peers [2]. - However, the current market reaction is much calmer, with minimal customer presence observed at stores prior to the price increase [3][5]. Group 2: Sales Performance and Stock Price - Despite a remarkable 251% year-on-year increase in net profit to 12.35 billion yuan, Laopu Gold's stock price has been on a downward trend, dropping nearly 30% since July 8 [1][6]. - On August 21, the stock price fell by over 8% during trading, closing at 751 HKD per share, and further declined to 738 HKD by August 22 [6]. Group 3: Relationship with Gold Prices - Laopu Gold's market performance is closely tied to gold price fluctuations, with its stock price and customer demand historically rising alongside gold prices [7][9]. - From October 2023 to April 2024, the price of London gold surged from 1,810 USD/ounce to 3,500 USD/ounce, a 93% increase, correlating with a 1,600% rise in Laopu Gold's stock price during the same period [9]. - Recently, gold prices have been volatile, with London gold dropping below the 3,300 USD/ounce mark, impacting Laopu Gold's market heat and stock performance [9][10]. Group 4: Luxury Brand Positioning - Laopu Gold, once dubbed the "Hermès of gold," struggles to maintain its luxury brand image as it remains heavily reliant on gold prices, which deviates from the traditional luxury brand value proposition [1][10]. - Unlike top luxury brands that can command high prices regardless of raw material costs, Laopu Gold's pricing is directly influenced by gold market fluctuations, affecting its second-hand market performance [10].