募资27亿港元！老铺黄金5个月内两度出手，加速扩张还是资金告急？

Core Viewpoint - The company, Laopu Gold, has announced a new share placement plan to raise approximately HKD 2.7 billion, primarily for inventory reserves, store expansion, and working capital, following a previous fundraising effort earlier this year [2][3]. Fundraising Details - Laopu Gold plans to issue 3.71 million new H-shares at a price of HKD 732.49 per share, representing a 4.5% discount to the market price [2][3]. - The company had previously raised around HKD 2.7 billion in May, with 80% allocated to expanding and upgrading stores in mainland China [3]. - The net proceeds from the current placement are expected to be approximately HKD 2.7 billion after deducting commissions and estimated expenses [3]. Financial Performance - Laopu Gold reported a significant increase in revenue and net profit for the first half of the year, with revenue reaching HKD 12.354 billion, a year-on-year increase of 251%, and net profit of HKD 2.268 billion, up 285.8% [4]. - The rapid consumption of funds raised in the previous placement has raised concerns about the efficiency of capital use and future funding needs [4]. Strategic Considerations - Analysts suggest that the company's high growth in performance and high financing are not contradictory but rather a reflection of the capital-intensive nature of the gold and jewelry industry [4]. - The management aims to address future funding gaps proactively to avoid potential market volatility affecting financing opportunities [4]. Expansion and Inventory - The current fundraising will support inventory reserves and store expansion, with 70% of the funds allocated for inventory [5][6]. - Laopu Gold has expanded its physical presence by opening five new stores and upgrading three existing ones since July 2025, increasing its coverage in high-end shopping areas [5][6]. - The company's inventory has significantly increased to approximately RMB 8.685 billion, a 112.5% rise from the previous year, driven by business growth and market demand [6]. Market Conditions - The company is taking advantage of the current upward trend in gold prices by securing inventory, which could yield additional profits through appreciation [6]. - However, there are concerns about potential pressures from high inventory costs and fixed expenses if consumer sentiment declines or gold prices drop sharply [7].