老铺黄金：25H1业绩预告符合预期，关注下半年旺季表现及提价预期催化

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Viewpoints - The report highlights that the retail trade sector is experiencing a significant transformation, shifting from channel-driven growth to product upgrade-driven growth, indicating a long-term change in industry dynamics [5] - The company "Lao Pu Gold" is identified as a high-growth brand with strong brand influence, which has led to substantial revenue growth in the first half of 2025 [5][6] - The report emphasizes the importance of new store openings and channel optimization for revenue and net profit support in the second half of 2025 [4][5] Summary by Sections Sales Performance - Estimated sales revenue for the first half of 2025 is approximately 13.8-14.3 billion RMB, representing a year-on-year growth of about 240%-252% [6] - Revenue is projected to be around 12-12.5 billion RMB, with a year-on-year increase of approximately 241%-255% [6] - Adjusted net profit is expected to be around 2.3-2.36 billion RMB, reflecting a year-on-year growth of about 282%-292% [6] Brand Expansion - Lao Pu Gold's first overseas store opened in Singapore's Marina Bay Sands, marking a significant step in international expansion [4] - The brand's influence is expected to continue growing, supported by new product launches and a strong performance in key urban markets [5][6] Market Dynamics - The report suggests that companies with differentiated products are likely to outperform in the evolving market landscape, with Lao Pu Gold, Chao Hong Ji, and others being highlighted as key players [5]