行业报告 | 行业点评 商贸零售 证券研究报告 老铺黄金：25H1 单场销售创新高、加速布局核心商圈， 关注新拓及优化门店增量贡献 老铺黄金发布 2025 年中期业绩公告： 1、业绩：25H1 实现收入 123.5 亿元、同比增长 251%（业绩预告为 120-125 亿元，符合预期），经调整净利润 23.5 亿元、同比增长 291%（业绩预告为 23-23.6 亿元，位于预告区间偏上限）。 2、盈利能力：25H1 毛利率为 38.1%，同比 24H1 降低 3.2pct、环比 24H2 降低 3.0pct，黄金价格于 2025 年 1-4 月持续上升，后续金价稳定在较高水 平，公司 25H1 仅于 2 月进行了 1 次价格调整，受到调价后黄金价格持续快 速上涨的影响毛利率略承压。25H1 经调整净利率为 19.0%，同比 24H1 提升 1.9pct、环比 24H2 提升 1.0pct，受益于业绩高增长所产生的规模效应。 3、中期股息：拟派中期股息 9.59 元/股，分红率 72%。 25H1 收入分拆：全渠道及区域高速增长 1、按渠道分：门店/线上平台收入分别为 107.4/16.2 亿元、同比增长 24 ...

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Viewpoints - The report highlights that the retail trade sector is experiencing a significant transformation, shifting from channel-driven growth to product upgrade-driven growth, indicating a long-term change in industry dynamics [5] - The company "Lao Pu Gold" is identified as a high-growth brand with strong brand influence, which has led to substantial revenue growth in the first half of 2025 [5][6] - The report emphasizes the importance of new store openings and channel optimization for revenue and net profit support in the second half of 2025 [4][5] Summary by Sections Sales Performance - Estimated sales revenue for the first half of 2025 is approximately 13.8-14.3 billion RMB, representing a year-on-year growth of about 240%-252% [6] - Revenue is projected to be around 12-12.5 billion RMB, with a year-on-year increase of approximately 241%-255% [6] - Adjusted net profit is expected to be around 2.3-2.36 billion RMB, reflecting a year-on-year growth of about 282%-292% [6] Brand Expansion - Lao Pu Gold's first overseas store opened in Singapore's Marina Bay Sands, marking a significant step in international expansion [4] - The brand's influence is expected to continue growing, supported by new product launches and a strong performance in key urban markets [5][6] Market Dynamics - The report suggests that companies with differentiated products are likely to outperform in the evolving market landscape, with Lao Pu Gold, Chao Hong Ji, and others being highlighted as key players [5]