（来源：格隆汇APP） 来源：格隆汇 | 远禾 数据支持 | 勾股大数据（www.gogudata.com） 2024年6月上市后，老铺黄金创造了股价一年暴涨20倍的增长奇迹，股价一度超过1000港元/股，成为港 股股王。 然而，随着新消费浪潮退去，近5个月，老铺黄金股价下跌近40%，跌去500亿市值。 在资本市场的疑问之下，前有传统金店如周大福等推出传承系列，后有其他古法黄金品接连开出新店。 老铺黄金的故事能否继续？下一个老铺黄金，是否会出现？ 01 财报显示，2025年前三季度，周大福、周大生、周六福等黄金珠宝上市公司的门店数量基本都在持续减 少，而这些公司关掉的门店合计已经超过3000家。 传统金店纷纷关门的寒潮之下，老铺黄金近两年却逆势崛起。 在深圳销售额第一的重奢商场罗湖万象城内，老铺黄金直接开出四家门店。在全国各地的老铺黄金门 店，许多都大排长龙。 罗斯柴尔德公司近日发布的一份奢侈品行业报告预计，老铺黄金2025年净营收将超越瑞士历峰集团 （Richemont）珠宝业务在中国市场的营收。 而历峰集团旗下包括卡地亚、梵克雅宝、布契拉提等一众为人所熟知的奢饰珠宝品牌。 然而，尽管营收仍在持续飙涨，资本 ...

重要人事调整！LV高管加入 资料图。本文来源 ：中国基金报 股价重挫之后，泡泡玛特迎来重要人事调整。 12 月 10 日，泡泡玛特宣布， LVMH 大中华区总裁吴越获任非执行董事，而黑蚁资本管理合伙 人何愚则因其他工作安排正式辞任。 泡泡玛特引入 LV 高管似乎早就有迹可循。在今年 3 月的财报会上，泡泡玛特创始人 王宁 曾表 示在思考一个新的议题： " 我们最近一直在研究关于奢侈品的逻辑，比如 LV 在国内行业有 500 亿元的生意，它是怎么做到充足的稀缺？这是一个很值得去学习的事情。 " （图片来源微信公众号：上海静安） 今年 10 月， LVMH 旗下百年皮具品牌 MOYNAT 推出与泡泡玛特 IP"Labubu 之父 " 龙家升的 独家联名包袋系列， LVMH 集团董事长 Bernard Arnault 亲自现身新店活动，与龙家升同框互 动。 据悉，该系列产品上市后迅速售罄，成为潮玩与奢侈品跨界的标杆案例。 何愚 " 清仓 " 离场 12 月 11 日早间，港股开盘，泡泡玛特股价直线拉升超 2% 。 | < ロ | 泡泡玛特(9992) 12-11 09:35:37 通 | | | | | | --- ...

12 月 11 日早间，港股开盘，泡泡玛特股价直线拉升超 2% 。 | 199 9 1.000 1 | 4 | | --- | --- | | 法 包泡 妈特 | | | 99 1 | | | 194.800 | | 额 2.52亿 股本13.43亿 市盈 35.20 | | | 万得 | | --- | --- | --- | --- | --- | --- | | | | +4.400 +2.31% 换 0.10% 市值 2616亿 市净 16.82 | | | | | 分时 | 五日 | 目K 周Ｋ 月Ｋ | | 申示 | | | 叠加 | | 均价: 194.308 盘口 | | | 成交 | | 195.700 | | 2.78% 壶10 | | | 195.800 4600(16) | | | | 変す | | | 195.700 1.5万(16) | | | | 卖8 | | | 195.600 2.6万(14) | | | | 立7 | | 195.500 | 1.1万(19) | | | | 卖6 | | 195.400 | 4200(8) | | | | 할 5 | | 195.300 | ...

Investment Dynamics - Iris Ventures led a $15 million investment in skincare brand Innerskin, which will be used to expand its clinic network in Europe and launch new skincare products [3] - Goodai Global Inc, a South Korean beauty unicorn, completed a funding round of 800 billion KRW (approximately $600 million), with a valuation of 4 trillion KRW (approximately $3.1 billion), to acquire two independent cosmetic brands [6] - Chanel is investing approximately €150 million to build a new perfume production facility in northern France, expected to create around 300 jobs [9][10] Listing Dynamics - Unilever's ice cream business, now named Magnum Ice Cream Company N.V., is set to complete its IPO on the Amsterdam, London, and New York stock exchanges, marking a record for global ice cream IPOs [11][13] Acquisition Dynamics - BasicNet Group announced the acquisition of beachwear brand Sundek, enhancing its brand portfolio in the beachwear segment [16] - Sequoia China is in talks to acquire Italian luxury sneaker manufacturer Golden Goose for €2.5 billion (approximately 20.6 billion RMB), aiming to finalize the deal before Christmas [19] - Firmenich completed the acquisition of fragrance manufacturer Belle Aire Creations, reinforcing its commitment to the North American market [22] Franchise and Expansion Dynamics - The fresh beer brand "Xianpi Fulu Jia" announced a new franchise policy, aiming to open over 1,000 locations by December 2025 [25] - Zhou Hei Ya opened its first overseas store in Malaysia, employing a dual strategy of "store + channel" for market expansion [28]

Group 1 - The luxury brand Hermès has launched a dog bowl priced at 18,300 yuan for the small size and 20,600 yuan for the large size, highlighting the high price point of luxury goods that are often unattainable for average consumers [2][5] - The dog bowl is made of 100% stainless steel, manufactured in France, and features the "Clou de Forge" pattern along with the engraving "Hermès Sellier Paris," indicating a focus on premium materials and craftsmanship [2] - Hermès customer service noted that the dog bowl is a new product for the Spring 2026 collection, with the large size already sold out on the website, suggesting strong demand for luxury pet products [2][5] Group 2 - In addition to the dog bowl, Hermès offers a range of expensive pet products, including dog collars (priced between 8,000 and 29,700 yuan), dog beds (45,700 yuan), pet bags (25,150 yuan), and raincoats (8,600 to 10,850 yuan), further emphasizing the brand's positioning in the luxury pet market [5] - The high price of the dog bowl has sparked discussions online, with some consumers questioning the value and labeling it as a "smart tax," while others defend it as a legitimate luxury item, indicating the polarizing nature of luxury pricing [19]

来源：36氪 老铺黄金的"金身"开始出现裂缝。 文｜青沐 编辑｜六子 来源｜青澄财经（ID：qccj_001） 封面来源｜IC Photo 金价狂欢过后，老铺黄金的"金身"开始出现裂缝。继今年2月、8月两次调价后，老铺黄金近日宣布年内第三次涨价，大部分产品涨幅达18%-25%，但与此 前消费者争相排队抢购的火热景象不同，这一次市场态度明显分化。 去年，老铺黄金是当之无愧的"黄金顶流"，北京SKP、上海豫园等高端门店前常年排起长队，部分热门款式甚至"一金难求"。然而，此番涨价后，虽然仍 有消费者赶在涨价前排队抢购，但部分门店客流已较此前冷清，不用排队也能直接购买。 与此同时，老铺黄金的股价也出现了戏剧性的转折。去年，老铺黄金股价一路狂飙，较发行价最高涨幅超26倍。但从今年7月开始，其股价开始持续下 滑，距最高点已跌超40%。 金价疯涨，老铺黄金门前排起了长队；金价跳水，市场的热情便瞬间降温。这也不禁让人质疑，老铺黄金苦心打造的"奢侈品光环"，到底是源自品牌的魅 力，还是黄金的吸引力? 古法工艺，闯出差异化赛道 老铺黄金是黄金上市企业中成立最晚的一家，却在最短时间内实现"弯道超车"。去年，"老前辈"周生生、老凤祥 ...

Core Viewpoint - The article discusses the challenges faced by Laopu Gold, highlighting a shift in consumer behavior and market dynamics following significant price increases and a decline in gold prices, questioning the brand's luxury status and sustainability in the market [4][5][6]. Group 1: Market Performance and Consumer Behavior - Laopu Gold recently announced its third price increase of the year, with most products seeing a rise of 18%-25%, contrasting with the previous consumer frenzy for purchases [5][6]. - The brand's stock price has dramatically declined over 40% since July, despite a previous surge of over 26 times its initial offering price [5][6]. - Consumer interest has waned, with some stores experiencing reduced foot traffic, indicating a shift in market sentiment [5][6]. Group 2: Differentiation and Brand Strategy - Laopu Gold has differentiated itself by promoting "ancient method gold," incorporating traditional craftsmanship recognized as national intangible cultural heritage, appealing to high-net-worth individuals [11][12]. - The brand has effectively utilized social media for marketing, transforming its products into cultural symbols that resonate with younger consumers, with the under-30 demographic increasing from 12% in 2021 to 31% in 2024 [14][13]. - Laopu Gold positions itself alongside luxury brands, with 90% of its products priced above 10,000 yuan, and aims to fill the gap for domestic luxury brands in the gold jewelry market [15][20]. Group 3: Market Challenges and Capital Concerns - Despite strong revenue growth, Laopu Gold faces skepticism from capital markets, with early investors exiting and funds withdrawing from top holdings [21][22]. - The brand's reliance on gold prices for its valuation raises concerns, as a downturn in gold prices could significantly diminish its appeal [23][26]. - Laopu Gold's second-hand market performance is weak, with recovery prices around 50% of retail, compared to 60%-90% for true luxury brands, indicating a lack of perceived value [24][26]. Group 4: Financial Health and Operational Issues - Laopu Gold's cash flow has been negative for three consecutive years, with a net outflow of 2.215 billion yuan in the first half of the year, contrasting sharply with competitors like Chow Tai Fook [36][37]. - The company has a growing inventory issue, with stock levels increasing from 770 million yuan in 2021 to 8.688 billion yuan in 2025, leading to cash flow pressures [36][37]. - Laopu Gold's marketing-heavy approach has resulted in low R&D investment, with only 0.2% of revenue allocated to R&D in the first half of the year, raising concerns about product quality and brand integrity [33][35]. Group 5: Future Outlook and Strategic Recommendations - To solidify its position in the luxury market, Laopu Gold must reduce its dependence on gold prices and focus on building brand uniqueness and scarcity [30][39]. - The brand's current expansion strategy, reliant on external funding, risks diluting its luxury image and may not restore investor confidence [38][39]. - A long-term approach emphasizing brand heritage and product quality is essential for Laopu Gold to navigate market challenges and achieve sustainable growth [39].

一旦掌握這7個人生複利公式，你的人生將開始快速成長 https://youtu.be/Uz0awqTLJeA 會員頻道的內容會依照這7個公式，一步步陪你實踐 👉 加入會員頻道，從第1個公式開始實踐：https://bit.ly/goldenrich-members ☕️ 如果你想免費支持我們，這裡有個簡單的方法： 👉 https://bit.ly/GET-IBKR 🙏 點擊連結沒有任何費用，每次點擊都能幫助支持我們的頻道。IB盈透證券：全球領先、備受信賴的投資平台，交易覆蓋150個市場，低成本、資金靈活，是多元化投資的理想選擇！ (Disclosures: https://bit.ly/content-disclosure) 奢侈品是設計給窮人的｜中產的虛榮陷阱，正偷走你的自由！窮人買奢侈品，富人卻買假貨 你有沒有發現一件有趣的事？那些真正有錢的人，往往穿得意外「普通」。你不太會看到他們背滿是Logo的包，或身上掛著古馳、聖羅蘭、巴黎世家這些浮誇的大牌。因為對他們來說，這些品牌反而是「中產階級」用來證明自己過得不錯的象徵。 那麼問題來了，什麼才是真正的「看起來富有」？ 🔔 貼心提醒 訂閱後不要忘記按旁邊的鈴鐺 ...

Core Viewpoint - After a surge in gold prices, Lao Pu Gold has announced its third price increase this year, with most products seeing a rise of 18%-25%. However, market sentiment has diverged, with some stores experiencing reduced foot traffic compared to previous buying frenzies [1][4]. Group 1: Company Performance - Lao Pu Gold was a standout performer in the gold jewelry sector last year, achieving rapid growth while competitors like Chow Sang Sang and Lao Feng Xiang faced declines [1][2]. - The company's stock price soared over 26 times from its issue price last year but has since dropped over 40% since July [1][4]. - Despite a significant increase in revenue, Lao Pu Gold's stock has faced skepticism from the capital market, with early investors exiting and funds reducing their holdings [4][6]. Group 2: Differentiation Strategy - Lao Pu Gold promotes a unique brand story centered around "ancient gold" craftsmanship, which includes traditional techniques recognized as national intangible cultural heritage [2][3]. - The brand has successfully targeted high-net-worth individuals by aligning its offerings with luxury goods, with 90% of its products priced above 10,000 yuan [3][4]. - The company has effectively utilized social media for marketing, increasing the proportion of consumers under 30 from 12% in 2021 to 31% in 2024 [2][3]. Group 3: Market Challenges - The brand's reliance on gold prices for its valuation raises concerns about its long-term sustainability, especially if gold prices decline [4][6]. - Lao Pu Gold's second-hand market performance shows a significant gap compared to true luxury brands, with resale values around 50% of retail prices, contrasting with 60%-90% for established luxury brands [5][6]. - The company's high inventory levels and cash flow issues have led to negative operating cash flow for three consecutive years, necessitating external fundraising [10][11]. Group 4: Consumer Perception - Consumer interest in Lao Pu Gold has been driven by both brand culture and the perceived value of gold as a stable investment, but recent price drops have dampened enthusiasm [5][6]. - The brand's marketing-heavy approach has raised questions about its product quality and authenticity, with complaints about product defects surfacing on social media [8][10]. - To solidify its luxury status, Lao Pu Gold must enhance its brand uniqueness and reduce its dependency on gold price fluctuations [11].

Core Viewpoint - Laopuhuang announced a placement agreement to sell 3.71 million new H-shares at a price of HKD 732.49 per share, which represents approximately 2.66% of the total issued H-shares as of the announcement date [3][4] Group 1: Price Adjustments - Laopuhuang will adjust product prices on October 26, marking the third price increase this year, following adjustments in February and August [4][5] - The frequent price adjustments are attributed to rising gold prices and increased costs due to geopolitical risks and a weakening dollar, with gold prices reaching new highs [5][6] - The company’s strategy of regular price increases aligns with consumer psychology, enhancing the perception of product value and attracting customers [5][8] Group 2: Financial Performance - Despite a downturn in revenue for several jewelry brands, Laopuhuang reported a significant revenue increase of 251% year-on-year, reaching CNY 12.354 billion in the first half of the year [6][7] - The gross profit for the same period was CNY 4.705 billion, up approximately 223.4%, and net profit surged by 285.8% to CNY 2.268 billion [6][7] Group 3: Market Positioning - Laopuhuang is positioned as a high-end brand, often referred to as the "Hermès of gold," focusing on the high-net-worth consumer segment and promoting a unique "collectible gold" category [7][8] - The brand has established itself in premium shopping centers, enhancing its luxury image and attracting affluent customers [7][8] - The loyalty program has grown to approximately 480,000 members, with a high overlap in consumer demographics with international luxury brands [10] Group 4: Competitive Landscape - While Laopuhuang has successfully positioned itself in the luxury market, it faces challenges in maintaining premium pricing due to the replicability of its craftsmanship by competitors [10][11] - The brand's reliance on traditional craftsmanship and cultural narratives may be at risk if competitors adopt similar techniques, potentially leading to product homogenization [11] - The sustainability of Laopuhuang's luxury strategy will depend on its ability to adapt to market changes and maintain a strong brand image [11]