Core Viewpoint - The company, Lao Pu Gold, has experienced a decline of over 4% in its stock price, currently trading at 647 HKD, with a transaction volume of 105 million HKD. Despite recent price increases and rising material costs, the company maintains confidence in its sales and profitability for the upcoming year [1]. Group 1: Sales Performance - Lao Pu Gold reported strong sales performance during the "Double 11" shopping festival, achieving over 1 billion RMB in sales on the Tmall platform [1]. - The company has seen customer queues outside some stores, indicating sustained demand despite a recent price increase in October [1]. Group 2: Cost and Margin Impact - A recent modification in the gold purchase tax is expected to increase the company's raw material costs by 6%, which may narrow the gross margin by 3 to 4 percentage points [1]. - However, the impact on actual gross margin is considered minimal due to prior price increases and accumulated gold inventory at lower costs [1]. Group 3: Expansion Plans - The company has no plans to open more stores in mainland China next year, focusing instead on improving existing store operations through renovations and expansions [1]. - There remains potential for market penetration in second-tier cities like Chongqing and Changsha [1]. - The company plans to open 3 to 4 new stores outside mainland China [1]. Group 4: Management Outlook - Management expresses confidence in sales and profitability momentum for the upcoming year [1].
老铺黄金回落逾4% 明年无计划在中国内地开设分店 黄金购买税修改对其毛利率影响较小