老铺黄金，又涨价了！“一口价”回收被打破，奢侈品叙事如何延续？

Core Viewpoint - Lao Pu Gold has raised prices for the second time this year, with a 10%-12% increase on most products excluding gold coins and bars, reflecting a shift in its luxury brand narrative as it moves away from a fixed-price recovery model [1][4][5]. Price Adjustment - On August 25, Lao Pu Gold implemented a price increase after announcing a price adjustment on August 15, following a six-month gap since the last increase [4]. - The price of a specific product, the Lao Pu Gold ancient method handmade gold necklace, rose from 53,208 yuan to 60,588 yuan [4]. Sales Performance - For the first half of the year, Lao Pu Gold reported sales of 14.184 billion yuan, a year-on-year increase of 249.4%, and revenue of 12.354 billion yuan, up 251% [5][6]. - Adjusted net profit reached 2.351 billion yuan, reflecting a 290.6% increase compared to the previous year [5][6]. Market Position and Brand Narrative - Lao Pu Gold, known as the "Hermès of gold," operates 33 stores in high-end shopping malls, emphasizing quality service and high product prices [7]. - The brand has shifted from a fixed-price recovery model to a weight-based recovery model in the second-hand market, which may impact its luxury brand narrative [3][8]. Stock Market Performance - Lao Pu Gold's stock price peaked at over 1,000 HKD per share on July 7 but has since declined, closing at 733.5 HKD on August 25, resulting in a market capitalization loss of over 60 billion HKD from its peak [8][9].