Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 812.50 [2][8]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching HKD 12.35 billion, up 251% year-on-year, and net profit of HKD 2.27 billion, up 286% year-on-year [2][4]. - The growth is driven by rapid same-store sales growth, store expansion, and increased online sales, with same-store revenue growth of approximately 200.8% compared to the same period in 2024 [8]. - The company is expanding its high-end customer base and international presence, with a notable increase in loyal members and the opening of a new store in Singapore [8]. Financial Performance Summary - Total revenue projections for 2025 are estimated at HKD 25.89 billion, representing a year-on-year growth of 204.3% [4]. - Adjusted net profit for 2025 is projected at HKD 4.98 billion, with a year-on-year growth of 238.2% [4]. - The company’s gross margin slightly decreased to 38.1% due to rising gold prices, but operating leverage improved net profit margin to 19.0% [8]. Market Position and Strategy - The company is focusing on brand internationalization and market globalization, aiming to become a leading global gold brand with cultural heritage value [8]. - The overlap in consumer demographics with major luxury brands indicates a strong positioning in the high-end market [8].
老铺黄金（06181）：2025年中报点评：业绩跨越式增长，拓店和出海加速