Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, with significant growth driven by brand influence and product optimization [7] - The company continues to expand its offline and online sales channels, achieving remarkable revenue growth [7] - The brand's high-end positioning is validated by increasing customer loyalty and market overlap with luxury brands [7] - The company is well-positioned for future growth due to its unique product offerings and ongoing store expansion [7] Financial Performance - For H1 2025, the company reported revenue of 12.354 billion RMB, a year-on-year increase of 251.0%, and a profit of 2.268 billion RMB, up 285.8% [7] - The company expects net profit for 2025-2027 to be 4.899 billion RMB, 6.607 billion RMB, and 8.466 billion RMB, with growth rates of 232.5%, 34.9%, and 28.1% respectively [8] - The average sales performance per store in a shopping mall reached approximately 459 million RMB, ranking first among all jewelry brands in mainland China [7] Market Position and Strategy - The company has opened 41 self-operated stores across 16 cities, with a focus on high-end shopping centers [7] - The brand's customer base is expanding to include high-net-worth individuals across different age groups [7] - The company plans to adjust product prices to support profit performance, reflecting its high-end brand positioning [7]

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]

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]

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].

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. ...

Group 1 - The core viewpoint of the article highlights that Laopu Gold is a leading enterprise in the ancient gold segment of the jewelry industry in China, showcasing significant growth and a unique market position due to its focus on traditional craftsmanship and high-end customer targeting [3][4][9]. - Laopu Gold's revenue for 2024 is projected to grow by 167.5% to 8.51 billion yuan, with net profit increasing by 253.9% to 1.473 billion yuan, marking the highest growth rate in the industry [4][9]. - The company has developed a comprehensive product matrix with over 1,800 SPUs and 2,700 SKUs, focusing on both gold jewelry and gold artifacts, with revenue contributions of approximately 80% and 20% respectively [3][11]. Group 2 - Laopu Gold emphasizes the importance of a loyalty membership system, which has grown to 350,000 members by the end of 2024, reflecting a compound annual growth rate (CAGR) of 53% from 2021 to 2024 [5][22]. - High-net-worth clients significantly contribute to the company's revenue, with black card members (spending over 500,000 yuan) accounting for 10%-15% of total membership but contributing about 70% of sales [5][31]. - The company has implemented a tiered membership system that enhances customer retention and encourages repeat purchases through exclusive benefits and personalized services [18][19]. Group 3 - Laopu Gold's retail strategy includes a selective store expansion approach, with 36 self-operated stores in 15 major cities by the end of 2024, aiming for coverage in top-tier shopping centers [6][33]. - The average revenue per store reached 328 million yuan in 2024, representing a 249.3% increase from the previous year, positioning Laopu Gold as a leader in store efficiency among domestic jewelry brands [6][36]. - The company plans to expand internationally, targeting markets with a strong Chinese consumer base, such as Japan and Southeast Asia, with a goal of establishing 60-70 stores by 2028 [6][34]. Group 4 - The Chinese jewelry market is expected to face challenges in 2024, with a projected decline to 780 billion yuan, but gold products remain resilient, accounting for approximately 73% of total sales [6][9]. - The ancient gold segment is rapidly growing, with sales expected to increase from 130 billion yuan in 2018 to 219.3 billion yuan in 2024, reflecting a compound annual growth rate of 62.8% [6][9]. - Laopu Gold's market share in the ancient gold segment is currently 2.0%, ranking seventh in the industry, and it is the only brand focused solely on ancient gold with a fully self-operated model [6][9].

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].

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 ...

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 ...

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 ...