Core Viewpoint - The price of Laopu Gold has increased significantly, with most products seeing a price rise of 5% to 20% due to the substantial increase in gold prices this year [5][24]. Price Increase Details - On August 25, Laopu Gold's products on major e-commerce platforms like JD and Tmall saw price increases ranging from 1,000 to 3,000 yuan, with an average increase of 5% to 13% [2][5]. - A specific example includes a rose window pendant with red diamonds, which increased from approximately 22,000 yuan to 24,000 yuan, a rise of about 2,000 yuan (less than 10%) [5]. - Another popular item, the small-sized Vajra necklace, rose from 10,750 yuan to 13,000 yuan, marking a 20% increase [5]. Consumer Behavior - Prior to the price increase, many customers rushed to purchase items, leading to long queues at Laopu Gold stores [6][12]. - Reports indicated that customers in cities like Shanghai and Beijing faced wait times of one to two hours to enter stores [8][13][16]. Brand Positioning and Market Strategy - Laopu Gold, established in 2009, is known for promoting traditional Chinese gold craftsmanship and has positioned itself as a luxury brand, often referred to as the "Hermès of gold" [23]. - The company employs a "one-price" sales strategy, moving away from traditional pricing based on weight, with some products priced over 1,400 yuan per gram [23]. Second-Hand Market Dynamics - In the second-hand market, Laopu Gold products are now being valued based on weight rather than a fixed price, with buyback prices ranging from 760 to 770 yuan per gram [24]. - This shift indicates potential challenges for Laopu Gold, as it may lead to a decline in brand value and consumer loyalty in the long term [24]. Stock Market Performance - Laopu Gold's stock price reached a peak of over 1,000 HKD per share on July 7 but has since declined, with a current price of 748 HKD per share, resulting in a market capitalization loss of over 60 billion HKD [24].

Core Viewpoint - The price increase of Laopu Gold products on August 25 was anticipated, with a range of 5%-20% across various items, primarily due to the significant rise in gold prices this year [1][3][24]. Price Increase Details - On August 25, Laopu Gold's flagship stores on JD and Tmall raised prices by approximately 1,000-3,000 yuan for popular items, with an overall increase of 5%-13% [1][3]. - The price increase was pre-announced on August 15, indicating a planned adjustment rather than a sudden change [3]. - Specific examples include a rose flower window piece with a price increase of about 2,000 yuan (less than 10%) and a small cross vajra necklace that rose by 2,250 yuan (20%) since February [3]. Consumer Behavior - There was a notable surge in customer traffic before the price increase, with long queues reported at various Laopu Gold stores, indicating a rush to purchase before the hike [4][6][13]. - Customers expressed relief at making purchases before the price increase, with some reporting significant price hikes on items they were considering [18][20]. Brand Positioning - Laopu Gold is positioned as a luxury brand, often referred to as the "Hermès of gold," with 33 stores located in high-end shopping centers [23]. - The brand has adopted a "one-price" sales strategy, moving away from traditional pricing based on weight, which has contributed to its premium market positioning [23]. Market Dynamics - In the second-hand market, Laopu Gold products are now being valued based on weight rather than the previous "one-price" model, which may affect consumer perception and sales [24]. - The company's stock price experienced volatility, peaking at over 1,000 HKD per share before declining to 748 HKD, resulting in a market capitalization loss of over 60 billion HKD [24].

每经编辑｜何小桃 顾客涨价前"抢购" 8月25日的涨价并非突发事件。 8月15日，老铺黄金微信公众号发布调价预告，表示将于8月25日进行产品提价调整，详情以线上线下门店产品实际标价为准。 北京SKP门店工作人员则表示，这次主要产品的价格涨幅在10%~12%之间，个别款式可能会略少一点。因为产品款式、工艺及宝石辅料等因素不同，产 品价格上调幅度会略有不同。比如，镶嵌红色钻石的中号玫瑰花窗，此前价格约2.2万余元，目前为2.4万余元，涨价约2000元，涨幅不到10%。 而另一款热门款式十字金刚杵项链，小号7.8克的价格在今年2月10日时还只有10750元，如今定价13000元，涨了2250元，涨幅20%。工作人员解释称，今 年2月底涨过一次价格，加上这一次，才变成20%，其实每次涨幅大约都是10%。 老铺黄金又涨价了。 据多家媒体报道，8月25日老铺黄金京东旗舰店及天猫旗舰店大部分产品已经涨价，1万-3万元左右的热门饰品大约上调了1000-3000元，主要产品涨幅在 5%-13%左右。 北京SKP门店工作人员表示，这一次多款产品涨价幅度在10%~12%。而今年2月的那一轮提价，涨幅5%~12%。 有老铺黄金天猫旗 ...

Core Viewpoint - Lao Pu Gold has raised prices for the second time this year, with a 10%-12% increase on most products excluding gold coins and bars, reflecting a shift in its luxury brand narrative as it moves away from a fixed-price recovery model [1][4][5]. Price Adjustment - On August 25, Lao Pu Gold implemented a price increase after announcing a price adjustment on August 15, following a six-month gap since the last increase [4]. - The price of a specific product, the Lao Pu Gold ancient method handmade gold necklace, rose from 53,208 yuan to 60,588 yuan [4]. Sales Performance - For the first half of the year, Lao Pu Gold reported sales of 14.184 billion yuan, a year-on-year increase of 249.4%, and revenue of 12.354 billion yuan, up 251% [5][6]. - Adjusted net profit reached 2.351 billion yuan, reflecting a 290.6% increase compared to the previous year [5][6]. Market Position and Brand Narrative - Lao Pu Gold, known as the "Hermès of gold," operates 33 stores in high-end shopping malls, emphasizing quality service and high product prices [7]. - The brand has shifted from a fixed-price recovery model to a weight-based recovery model in the second-hand market, which may impact its luxury brand narrative [3][8]. Stock Market Performance - Lao Pu Gold's stock price peaked at over 1,000 HKD per share on July 7 but has since declined, closing at 733.5 HKD on August 25, resulting in a market capitalization loss of over 60 billion HKD from its peak [8][9].