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老铺黄金发布半年报,营收净利双双翻倍,8月将涨价
Cai Jing Wang· 2025-08-20 12:06
Core Viewpoint - Despite a generally weak domestic gold jewelry consumption environment in the first half of the year, Lao Pu Gold has reported exceptional performance with significant revenue and profit growth [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 12.354 billion RMB, a substantial increase of 251.0% year-on-year [1][3] - The net profit for the same period reached 2.268 billion RMB, reflecting a year-on-year growth of 285.8% [1] - The company proposed an interim dividend of 9.59 RMB per share [1] Group 2: Sales and Expansion - Lao Pu Gold accelerated its expansion in core business districts, with offline stores contributing 86.9% of total revenue [2] - Same-store sales growth for the first half of 2025 was approximately 200.8% compared to the same period in 2024 [2] - The company opened 41 self-operated stores across 16 cities, including prestigious commercial centers [3][4] Group 3: Cost and Pricing Strategy - Sales and distribution expenses increased from 532 million RMB in the first half of 2024 to 1.464 billion RMB in the same period of 2025, a year-on-year increase of approximately 175.2% [4] - The company plans to raise prices again on August 25, marking the second price increase this year, following a previous adjustment in February [6][7] Group 4: Market Trends - The market for ancient gold, where Lao Pu Gold operates, has seen rapid growth, expanding from 13 billion RMB in 2018 to 157.3 billion RMB in 2023, with a compound annual growth rate of 64.6% [9] - East Wu Securities projects that the market size will reach 421.4 billion RMB by 2028 [9]
股价猛拉,老铺黄金营收净利双双翻倍
Zhong Guo Ji Jin Bao· 2025-08-20 07:33
Core Viewpoint - Despite a generally weak domestic gold jewelry consumption environment in the first half of the year, Lao Pu Gold has reported exceptional performance with significant revenue and profit growth [1] Financial Performance - In the first half of 2025, the company achieved revenue of 12.354 billion RMB, a substantial increase of 251.0% year-on-year [1][5] - The net profit for the same period reached 2.268 billion RMB, reflecting a year-on-year growth of 285.8% [1] - The company proposed an interim dividend of 9.59 RMB per share [1] Market Expansion - Lao Pu Gold has accelerated its expansion in core business districts, opening 41 self-operated stores across 16 cities, including prestigious shopping centers [4][6] - Offline stores contributed 86.9% of the company's revenue, with same-store sales growth of approximately 200.8% compared to the same period in 2024 [4][5] Sales and Marketing Strategy - The company's sales and distribution expenses increased significantly from 532 million RMB in the first half of 2024 to 1.464 billion RMB in 2025, marking a year-on-year growth of about 175.2% [6] - Lao Pu Gold opened its first overseas store in Singapore at the Marina Bay Sands shopping center on June 21 [6] Pricing Strategy - The company has maintained a gross margin above 40% due to its "high craftsmanship, high premium" model [8] - However, the gross margin has decreased to 38.1% following a price adjustment in February, with a second price increase scheduled for August 25 [9][7] Market Trends - The ancient gold market, where Lao Pu Gold operates, has seen rapid growth, expanding from 13 billion RMB in 2018 to 157.3 billion RMB in 2023, with a compound annual growth rate of 64.6% [11] - The market is projected to reach 421.4 billion RMB by 2028 according to Dongwu Securities [11]
股价猛拉!老铺黄金营收净利双双翻倍
Zhong Guo Ji Jin Bao· 2025-08-20 07:32
Core Viewpoint - The company, Laopu Gold, reported significant growth in revenue and net profit for the first half of 2025, despite a generally weak domestic gold jewelry market [2][3]. Group 1: Financial Performance - In the first half of 2025, Laopu Gold achieved revenue of 12.354 billion RMB, a substantial increase of 251.0% year-on-year [2][6]. - The net profit for the same period reached 2.268 billion RMB, reflecting a year-on-year growth of 285.8% [2]. - The company proposed an interim dividend of 9.59 RMB per share [2]. Group 2: Expansion Strategy - Laopu Gold accelerated its store expansion, opening 41 self-operated stores across 16 cities, including prestigious commercial centers [5][7]. - Offline stores contributed 86.9% of the total revenue, with same-store sales growth of approximately 200.8% compared to the same period in 2024 [5][6]. - Sales and distribution expenses increased significantly from 532 million RMB in the first half of 2024 to 1.464 billion RMB in 2025, marking a year-on-year increase of about 175.2% [7]. Group 3: Pricing and Market Position - The company's gross margin decreased to 38.1% due to rising gold prices, prompting a second price increase scheduled for August 25 [8][10]. - Laopu Gold's unique "ancient gold" concept has maintained a gross margin above 40% historically, supported by its high craftsmanship and premium pricing strategy [9]. - The market for ancient gold is rapidly growing, with its size increasing from 13 billion RMB in 2018 to 157.3 billion RMB in 2023, and is projected to reach 421.4 billion RMB by 2028 [12].
股价猛拉!老铺黄金营收净利双双翻倍
中国基金报· 2025-08-20 07:22
8月20日午间,古法黄金第一股老铺黄金披露2025年中期业绩。今年上半年,公司实现收入 123.54亿元人民币,同比大幅增长251.0%;期内净利润达22.68亿元,同比增长285.8%; 拟派中期股息每股9.59元。 在发布优于预期的上半年业绩后,8月20日,老铺黄金股价盘中涨幅一度超10%。 快速开店扩张 销售开支翻倍 定位为高端奢侈品的老铺黄金,上半年在核心商圈加速扩张。 【导读】老铺黄金上半年频频开店,营收和净利润双双大涨 中国基金报记者 牛思若 在今年上半年国内黄金饰品消费整体疲软的大环境下,老铺黄金成为例外,交出一份亮眼的 成绩单。 作为国内首个推广"古法黄金"概念的品牌,其"重工艺、高溢价"模式使其毛利率长期维持在 40%以上。 老铺黄金在今年2月进行过一次调价,随后金价继续走高,短期压缩了毛利空间,使整体毛利 率降至38.1%。 近期,老铺黄金发布公告称,将于8月25日再度进行调价。这将是年内第二次提价,但目前来 看,尚未因调价预告而再度出现大规模排队抢购的现象。 从销售渠道来看,期内线下门店贡献了老铺黄金86.9%的营收。与2024年同期相比,公司 2025年上半年同店收入增长率约为200. ...
老铺黄金:中国古法黄金领跑者,会员破圈+高净值客户驱动业绩增长(附下载)
Sou Hu Cai Jing· 2025-08-20 06:38
老铺黄金是中国古法黄金细分领域的龙头企业,成长性领先行业。作为国内唯一专注古法黄金的珠宝品牌,公司以非遗工艺、独家设计和现代审美为核心, 不断丰富产品矩阵,推出足金镶嵌等新品类,增强破圈效应。截至2024年6月,公司拥有超1800个SPU和2700个SKU,形成金饰与金器双主线结构,收入占 比分别约80%和20%。金饰主打1万–5万元价位,覆盖多层级消费需求;金器类如文玩摆件、金碗金盒等定价超10万元,单克溢价超500元,面向高净值客 群,是重点发展方向。2024年,公司营收同比增长167.5%至85.1亿元,净利润增长253.9%至14.73亿元,增速行业第一,受益于金价上涨、高净值客群扩张 及销量提升,高客单结构支撑毛利率维持高位。 高净值客户贡献主要收入,公司依托完善会员体系与高端渠道实现协同效应。会员体系涵盖普卡、金卡至黑金卡,配套积分、VIP室及专属折扣等权益,有 效提升复购与黏性。截至2024年底,忠诚会员达35万人,2021–2024年复合增长率53%。高净值客户贡献突出,以北京SKP店为例,2025年1–7月黑金卡会员 (消费超50万元)占比10%–15%,却贡献约七成销售额;2024年该店客 ...
老铺黄金(06181):首次覆盖:中国古法黄金领跑者,会员破圈+高净值客户驱动业绩增长
Investment Rating - The report initiates coverage with an OUTPERFORM rating for Laopu Gold, setting a target price of HK$955.80 based on a 24x PE valuation for 2026 [1][4][10]. Core Insights - Laopu Gold is positioned as a leading brand in the ancient gold jewelry segment in China, leveraging unique craftsmanship and modern aesthetics to drive growth. The company has shown robust revenue and profit growth, with a revenue increase of 167.5% year-on-year in 2024, reaching HK$85.1 billion, and a net profit increase of 253.9% to HK$14.73 billion [5][10]. - The company has a strong focus on high-net-worth clients, with a well-structured membership system that enhances customer loyalty and repeat purchases. As of the end of 2024, the loyal membership base reached 350,000, growing at a CAGR of 53% from 2021 to 2024 [6][26]. Summary by Sections 1. Market Position and Product Offering - Laopu Gold fills a gap in the high-end gold jewelry market in China, focusing on ancient gold craftsmanship and luxury branding. The company has seen significant revenue growth, with a CAGR of 62.8% in the ancient gold segment from 2018 to 2024 [9][13]. - The product matrix includes over 1,800 SPUs and 2,700 SKUs, with gold jewelry and gold artifacts as the main revenue drivers, accounting for approximately 80% and 20% of revenue, respectively [5][15]. 2. Membership and Customer Engagement - The company has developed a tiered membership system that enhances customer engagement and loyalty, with significant contributions from high-net-worth clients. Black card members, representing 10%-15% of total members, contribute about 70% of sales [6][35]. - The average transaction value has increased significantly, with the average customer spending at the Beijing SKP store rising from HK$25,000 in 2024 to over HK$40,000 in the first half of 2025 [33][34]. 3. Channel Strategy and Expansion - Laopu Gold's retail strategy includes a focus on high-end shopping centers, with 36 self-operated stores in 15 major cities by the end of 2024. The company aims to expand its store count to 60-70 by 2028, with a focus on international markets [8][40]. - The company has achieved full coverage of the top ten high-end shopping centers in China, reflecting its strong market presence and strategic positioning [41]. 4. Financial Performance and Projections - The company is projected to continue its strong growth trajectory, with expected revenue growth rates of 186% in 2025, 42% in 2026, and 21% in 2027. The gross profit margin is expected to remain stable at around 39.7%-40.2% during this period [10][12]. - Laopu Gold's net profit margin is projected to improve from 17.3% in 2024 to 20.1% by 2027, supported by brand strength and high demand for luxury gold products [10][12].
股价猛拉!老铺黄金宣布:提价!网友:排队中
Zhong Guo Ji Jin Bao· 2025-08-15 10:20
老铺黄金,又要涨价了! 【导读】老铺黄金将于8月25日进行提价,销售纷纷上线"催买" 近期,老铺黄金旗下多个店铺账号及店员、销售在社交媒体发布调价消息,引发消费者关注。 8月15日,老铺黄金官方发布调价预告,称将于8月25日进行产品提价调整。产品调价详情,以线上线下(300959)店铺实际标价为准。 提价消息公布后,8月15日午后,港股老铺黄金股价抬升,盘中涨幅一度接近5%。 老铺黄金又要提价 8月15日午间,老铺黄金官方发布调价预告,宣布将于8月25日进行产品提价调整。 另外,多个老铺黄金的店铺账号及相关店员、销售均在社交媒体发布调价消息。 对于此次调价,老铺黄金线上旗舰店客服确认已接到调价通知,产品会进行涨价,但对具体调整涉及哪些品类及调价幅度尚不了解。 亦有店员表示,老铺黄金每年会进行2~3次调价,今年仅在2月进行公开调价,目前黄金价格较彼时已有明显上涨。除金条外,其余产品均会涨价,不过 涨幅可能会有不同。 与此同时,大量买手、销售人员纷纷上线,催促"观望者"在提价前早早入手。由于本月29日为农历七月七日"七夕节",多地商圈举行七夕活动预热,"即 将涨价+节日囤货"成为销售们的主要营销话术。 另外,有网 ...
老铺黄金宣布再涨价!上半年净利润同比猛涨292%
Sou Hu Cai Jing· 2025-08-15 07:52
8月15日,老铺黄金官方微信公众号发布调价预告,称将于8月25日进行产品提价调整。产品调价详情,以线上线下门店产品实 际标价为准。据了解,今年2月份,老铺黄金已经调过一次价,涉及产品价格涨幅在5-12%。 金价屡创新高的背景下,老铺黄金也于近日交出了一份积极的"成绩单"。7月27日,老铺黄金股份有限公司发布预盈公告,截至 2025年6月30日的上半年,老铺黄金实现销售业绩预计达143亿元,同比增长252%;经调整净利预计达23.6亿元,同比增长约 292%。对应公司进入商场的数量来看,2025年上半年,老铺黄金在单个商场的平均收入近5亿元。 对于2025年上半年的业绩预增,老铺黄金公告指出,这得益于品牌影响力持续扩大形成的市场显著优势,带来线上线下店铺整 体营收的大幅增长;此外,产品的持续优化、推新等也促进了营收的持续增长。 截至今日发稿,老铺黄金报价每股780港元,涨幅超3%,总市值1347亿港元。 版权声明 据悉,老铺黄金品牌创立于2009年,是中国第一家推广"古法黄金"概念的品牌。2020年老铺黄金冲击A股失败,2023年冲击港 股,2024年6月28日正式登陆港交所。文化和审美以及更高的产品价值,也让 ...
老铺黄金缔造“股王”神话 天量解禁或成估值“试金石”
Xin Hua Wang· 2025-08-12 05:38
记者梳理发现,在股价持续暴涨的背后,老铺黄金的持股集中度极高。 港股发行上市后(超额配股权行使后),老铺黄金总股份数为16836.67万股,其前5大股东持有 14297.65万股,占上市后已发行股份总数的84.92%;前10大股东持有15257.23万股,占上市后已发行股 份总数的90.62%;前25大股东持有15633.01万股,占上市后已发行股份总数的92.85%。 中国证监会国际合作司2025年3月7日公告显示,包括老铺黄金实际控制人在内的3名股东拟将所持 合计4038.89万股境内未上市股份转为境外上市股份,并在香港联合交易所上市流通。这意味着,老铺 黄金主要股东中,港股上市前的12名股东持有的14264.25万股(占比86.44%)将于2025年6月27日解 禁。这部分股东中,既包括公司实际控制人徐高明、徐东波父子,也包括公司员工持股平台、上市前个 人投资者,还有厦门黑蚁、苏州逸美、复星汉兴等知名投资机构。 2024年12月27日,老铺黄金三名基石投资者所持股票已经解禁并进入流通,包括腾讯旗下Huang River Investment Limited持有的675.10万股(占发行后总股份数的4.0 ...
老铺黄金上海新天地门店启幕 加码上海市场剑指国际影响力
Zheng Quan Ri Bao Wang· 2025-08-04 08:57
Core Viewpoint - The article highlights the rise of domestic brands in China's high-end consumer market, exemplified by the recent opening of Lao Pu Gold's new store in Shanghai, which reflects the brand's strategic expansion and growing influence in the luxury sector [1][6][9]. Group 1: Company Expansion - Lao Pu Gold opened its third store in Shanghai within three months, following openings in May and June at other high-end locations [1][7]. - The new store is strategically located in a prominent luxury shopping area, enhancing Lao Pu Gold's presence in key commercial centers [7][8]. - The brand's international expansion is also notable, with the opening of its first overseas store in Singapore, which has exceeded expectations in terms of customer traffic and sales [8][10]. Group 2: Consumer Engagement - The opening event attracted significant consumer interest, with long queues and a proactive approach to enhance customer experience, including providing umbrellas and fans [7][8]. - Customers expressed enthusiasm for the brand's products, noting the craftsmanship and cultural significance of the jewelry [7][10]. Group 3: Financial Performance - Lao Pu Gold's sales performance is impressive, with a projected revenue of 14.3 billion yuan for the first half of the year, representing a 252% year-on-year increase [10][11]. - The brand's net profit is expected to reach 2.36 billion yuan, reflecting a 292% increase compared to the previous year [10][11]. - The company's growth is attributed to its expanding brand influence, product optimization, and strategic store openings, which are expected to continue driving revenue growth [11].