【老铺黄金（6181.HK）】2025年业绩高增、表现亮眼，持续引领古法金赛道——2025年业绩预告点评（姜浩/朱洁宇/吴子倩）

Core Viewpoint - The company, Laopu Gold, is expected to achieve impressive financial results in 2025, driven by its expanding brand influence and significant growth in both online and offline sales channels [4][5]. Group 1: Financial Performance - In 2025, Laopu Gold anticipates a sales performance (including tax revenue) of approximately 310 to 320 billion yuan, representing a year-on-year growth of about 216% to 227% [4]. - The expected revenue is around 270 to 280 billion yuan, with a year-on-year increase of 217% to 229% [4]. - Adjusted net profit (excluding employee stock incentive costs) is projected to be about 50 to 51 billion yuan, reflecting a year-on-year growth of approximately 233% to 240% [4]. - The net profit is estimated to be around 48 to 49 billion yuan, indicating a year-on-year increase of 226% to 233% [4]. Group 2: Product Development - The company continues to optimize its product offerings and frequently introduces new items, enhancing its product matrix and leading aesthetic trends in traditional gold [6]. - New products launched since 2025 include various pendants and jewelry items, aimed at deepening consumer engagement and encouraging repeat purchases [6]. Group 3: Market Expansion - In 2025, Laopu Gold added 10 new stores and optimized 9 existing ones, contributing to incremental revenue growth [7]. - As of March 11, 2026, the total number of stores reached 50, with 43 in mainland China and 7 overseas, including locations in Hong Kong, Macau, and Singapore [7]. - Online sales have seen remarkable growth, with sales on platforms like Taobao and JD.com increasing by 499% and 462% respectively in 2025 [7]. - In January and February 2026, sales on Taobao grew by 264% and 332% month-on-month, while JD.com saw a year-on-year increase of 159 times in January and 446% in February [7].