Core Viewpoint - The company has demonstrated strong business performance since 2025, with recent price adjustments ensuring high gross margins despite new tax policies. The growth in membership and repurchase rates, along with positive market feedback on new products, indicates a promising future for revenue growth and brand enhancement. Group 1: Product Innovation - The company drives product innovation through a dual approach of "cultural empowerment + craftsmanship innovation," leading the industry in product iteration. Recent launches, such as the Seven Sons Gourd and Cross Pendant, have received positive market responses. The introduction of the "No. 3 Rose Window" and the "Goddess of Light" pendant showcases the company's commitment to craftsmanship innovation and strengthens its competitive advantage in the high-end jewelry sector [1][2]. Group 2: Channel Expansion - The company has expanded its offline high-end channel presence and initiated overseas expansion. Since 2025, it has opened 10 new stores, including a significant location in Shanghai. The first overseas store in Singapore marks a step in its international strategy, with plans for 6-7 more stores in Hong Kong and abroad in the next two years. Online sales have surged, with a reported 13.64 billion yuan in sales from July to September 2025, reflecting an 874% year-on-year increase [2][3]. Group 3: Tax Policy Impact - A new tax policy effective November 1 aims to close potential tax arbitrage in the gold jewelry sector, which may increase overall procurement costs. The company is expected to leverage its pricing power and cost control capabilities to enhance its competitive edge in response to potential industry-wide price increases [2]. Group 4: Future Outlook - The company completed a placement of 3.71 million new H shares, raising approximately 2.707 billion HKD to support inventory for peak seasons. About 70% of the funds will be allocated for stock reserves, ensuring a steady supply of popular products and preparing for upcoming holiday releases. The company employs a refined procurement strategy to mitigate risks associated with gold price fluctuations [3]. Group 5: Financial Projections - The company maintains profit forecasts of 4.91 billion, 6.21 billion, and 7.58 billion yuan for 2025-2027. The target price is set at 1200 HKD, corresponding to a 38.5 times PE ratio for 2025, reflecting strong growth momentum and a high-end brand positioning [3].
老铺黄金(6181.HK)：2026年度投资峰会速递-全渠道成长动能强劲 龙头强者愈强
Ge Long Hui·2025-11-06 21:04