Investment Rating - The report gives a "Buy" rating for Laopu Gold (6181.HK) for the first time [1][6]. Core Views - Laopu Gold has established a significant brand advantage in the ancient gold industry over the past decade, maintaining a high-end brand positioning and building a differentiated competitive advantage through "brand, product, channel, and customer service" [3][9]. - The company aims for "brand internationalization and market globalization," actively expanding its market presence and creating a world-class gold brand with cultural heritage value [6][62]. Summary by Sections Company Overview - Laopu Gold is recognized as the first brand of ancient hand-crafted gold in China, leveraging its first-mover advantage to build a strong brand influence since its establishment in 2009 [9]. - The company's major shareholder is Beijing Hongqiao Jinji Consulting Co., Ltd., holding 32.49% of shares, with a total market capitalization of 108.68 billion yuan [1][14]. Product Positioning - The company focuses on high-end gold products, with a loyal membership base of approximately 480,000 as of June 30, 2025, reflecting a growth of 130,000 members from December 31, 2024 [5][16]. - Gold products account for over 99.5% of total revenue, with significant growth in sales of both pure gold and gold-inlaid products [5][17]. Revenue and Profit Forecast - The projected revenue for Laopu Gold from 2025 to 2027 is 26.2 billion yuan, 35.4 billion yuan, and 43.5 billion yuan, representing year-on-year growth of 208.0%, 35.0%, and 23.0% respectively [4][58]. - The forecasted net profit for the same period is 3.82 billion yuan, 5.09 billion yuan, and 6.28 billion yuan, with year-on-year growth of 159.1%, 33.3%, and 23.3% respectively [4][58]. Channel Structure - Laopu Gold employs an integrated online and offline retail channel strategy, with a strong focus on high-end shopping centers in major cities [36][42]. - As of June 30, 2025, the company operates 41 self-owned stores across 16 cities, primarily located in prestigious commercial centers [37][39]. Product Technology - The company emphasizes the use of ancient craftsmanship and innovation in product development, maintaining a rigorous quality control system to ensure product competitiveness [28][32]. - Laopu Gold has created over 2,100 original designs and holds more than 1,500 copyrights, showcasing its commitment to continuous innovation [23][32]. Investment Recommendation - The report highlights Laopu Gold's commitment to brand positioning and market expansion, projecting strong revenue and profit growth driven by product innovation and market strategies [6][62].
老铺黄金（06181）：中国古法手工金器第一品牌