老铺黄金年内二度配股，向市场要钱囤金

Core Viewpoint - Laopuhuang has initiated its second equity financing of the year, aiming to raise approximately HKD 27.15 billion through the placement of 3.71 million new H-shares at a discount of about 4.5% from the previous closing price [1] Group 1: Financing and Use of Proceeds - The company plans to allocate 70% of the raised funds for inventory reserves, 10% for store expansion and optimization, and the remaining 20% for working capital and general corporate purposes [1] - This financing follows a previous placement in May, where Laopuhuang raised approximately HKD 26.98 billion by issuing 4.31 million H-shares [1] Group 2: Inventory and Cash Flow - By the end of 2024, Laopuhuang's inventory is projected to surge to CNY 40.88 billion, a year-on-year increase of 222.4% from CNY 12.68 billion [2] - In the first half of 2025, inventory is expected to double to CNY 86.85 billion compared to the beginning of the year, with inventory turnover days decreasing from 195 days to 150 days [2] - Despite achieving paper profits through price increases and efficient turnover, the company has faced tight cash flow due to expanding raw material demands, with cash outflows projected at CNY 12.3 billion and CNY 22.15 billion for 2024 and the first half of 2025, respectively [6] Group 3: Pricing Strategy - Laopuhuang's price increase strategy has closely followed gold price trends, with a notable lag during rapid price increases, enhancing the perceived value of its products [3][4] - Following previous price adjustments in February and August, the company is set to implement a third price increase of approximately 9% to 10% on October 26 [5] Group 4: Market Environment - The external market has shown volatility, with spot gold experiencing a significant drop of 6.3% on October 21, reaching a low of USD 4,082 per ounce after hitting historical highs [8]