老铺黄金：25H1单场销售创新高、加速布局核心商圈，关注新拓及优化门店增量贡献

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - The company reported a revenue of 12.35 billion yuan for H1 2025, representing a year-on-year growth of 251%, with adjusted net profit reaching 2.35 billion yuan, up 291% year-on-year [1] - The gross margin for H1 2025 was 38.1%, a decrease of 3.2 percentage points year-on-year, influenced by rising gold prices and a single price adjustment in February 2025 [1] - The company plans to distribute an interim dividend of 9.59 yuan per share, with a payout ratio of 72% [1] Revenue Breakdown - Revenue by channel: Store and online platform revenues were 10.74 billion yuan and 1.62 billion yuan, growing 243% and 313% year-on-year, respectively [2] - Revenue by region: Domestic and overseas revenues were 10.76 billion yuan and 1.60 billion yuan, with year-on-year growth of 233% and 455%, respectively [2] Store Performance - The average sales per store reached approximately 459 million yuan in H1 2025, with same-store sales increasing by 200.8% year-on-year [3] - The company opened 41 self-operated stores across 16 cities by the end of H1 2025, with 5 new stores added compared to the end of 2024 [3] - The company has established its first overseas store in Singapore, marking a significant step in its international expansion [3] Membership Growth - By the end of H1 2025, the company had 480,000 loyal members, an increase of 130,000 from the end of 2024 [4] - The overlap rate of the company's consumers with those of major luxury brands is 77.3%, indicating a strong high-end consumer profile [4] Strategic Focus - The company is recognized as a high-growth brand, with a focus on expanding and optimizing store contributions in core urban areas [4] - The report suggests monitoring the performance of other brands in the industry, including Chao Hong Ji, Liu Fu Group, Chow Tai Fook, Lao Feng Xiang, Zhou Da Sheng, Man Ka Long, and Lai Shen Tong Ling [4]