Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 12.354 billion RMB, a year-on-year growth of 251.0%, and net profit of 2.268 billion RMB, up 285.8% [1] - The board proposed an interim dividend of 9.59 RMB per share, with a payout ratio of 73% [1] Revenue Performance - Same-store sales showed strong performance, contributing to explosive revenue growth [1] - The company’s loyal membership base grew to approximately 480,000, an increase of 130,000 from the end of 2024 [1] - Online sales surged by 313.3% to 1.618 billion RMB, accounting for 13.1% of total revenue [1] Store Expansion - Five new stores were opened in the first half of 2025, including locations in major high-end shopping centers [2] - As of June 30, 2025, the company operated 41 self-owned stores across 16 cities [2] - Revenue from the domestic market reached 10.758 billion RMB, a year-on-year increase of 232.8%, while international revenue grew by 455.2% to 1.597 billion RMB [2] Profitability and Cost Management - The gross profit margin decreased by 3.2 percentage points to 38.1% due to delayed price adjustments amid rising gold prices [3] - The company benefited from economies of scale, with selling and administrative expense ratios decreasing to 11.9% and 1.7%, respectively [3] - Adjusted net profit margin improved by 1.9 percentage points to 19.0% [3] Inventory and Cash Flow - Inventory increased to 8.685 billion RMB to support store optimization and expansion [3] - Inventory turnover days improved from 195 days at the end of 2024 to 150 days [3] - The net cash flow from operating activities was -2.215 billion RMB, primarily due to increased inventory for business growth [3] Future Outlook - The company plans to continue its brand internationalization and market globalization strategy, with a new store opening in Shanghai expected in October 2025 [4] - Revenue projections for 2025-2027 are set at 25.453 billion RMB, 34.151 billion RMB, and 45.897 billion RMB, with year-on-year growth rates of 199.3%, 34.2%, and 34.4% respectively [4] - Expected net profits for the same period are 4.576 billion RMB, 6.429 billion RMB, and 8.949 billion RMB, with growth rates of 210.6%, 40.5%, and 39.2% respectively [4]
老铺黄金(06181.HK)：2025H1同店高速增长 品牌力与渠道扩张驱动高质量发展