Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by store expansion, same-store sales growth, and increased online sales [1][2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 12.35 billion yuan, a year-on-year increase of 251%, and a net profit attributable to shareholders of 2.27 billion yuan, up 286% [1]. - Adjusted net profit for the same period was 2.35 billion yuan, reflecting a year-on-year growth of 291% [1]. - The company's gross margin slightly decreased to 38.1% due to rising gold prices, while the adjusted net profit margin improved by 1.9 percentage points to 19.0% due to operational leverage [2]. Growth Drivers - Same-store sales increased by approximately 200.8% compared to the same period in 2024 [1]. - The company expanded its presence by entering three new commercial centers and optimizing two existing stores [1]. - Online platform revenue surged by 313%, accounting for about 13.1% of total revenue [1]. Market Positioning - The company has expanded its loyal customer base to approximately 480,000 members, with a significant overlap with high-end luxury brand consumers [3]. - The opening of a new store in Singapore marks a key step in the company's internationalization strategy [3]. - The company aims to enhance its brand positioning and global market presence, focusing on cultural heritage and international competitiveness [3]. Investment Outlook - The company is expected to continue its strong performance, with projected net profits of 4.98 billion yuan, 6.41 billion yuan, and 7.58 billion yuan for 2025-2027, representing year-on-year growth of 238.2%, 28.6%, and 18.2% respectively [3]. - A target price of 812.50 HKD is set for 2026, based on a 20X PE valuation [3].
老铺黄金(06181.HK)2025年中报点评：业绩跨越式增长 拓店和出海加速