高盛：老铺黄金_2025 年上半年预览-销售强劲，但受毛利率压力抵消；下半年聚焦单店同店增长韧性、高端产品及海外业务

13 July 2025 | 8:24PM HKT Laopu Gold (6181.HK) Buy 1H25 preview: Reflect stronger sales offset by GPM pressure; 2H focus on SSSG resiliency, high tickets, and overseas | | | Laopu Gold is set to release its 1H25 results around late Aug with potential profit alert out in Jul (Jul 30 last year). We forecast its sales/net profit to grow at 268%/284% yoy to RMB12,963m/RMB2,259m, or a RMB2,409m adj net profit up 294% yoy if excluding RMB120m ESOP expenses. In addition, we highlight key assumptions on Focus into ...