研究员：樊俊豪/惠普 11 月5 日老铺黄金出席了我们组织的2026 年投资峰会，会上公司表示2025以来业务表现良好，最近一 次高幅度调价确保税收新政影响下公司仍将维持较高毛利率，会员新增与复购表现佳，高净值客群认可 度提升，新品获得市场积极反响。我们认为随着公司持续优化门店布局与产品策略，未来公司在收入增 长、品牌力强化及客群拓展上有望实现稳步发展。 投资者关注的要点： 机构：华泰证券 2、渠道：线下高端渠道布局+开启海外布局，线上高增动能强劲。1）线下门店：2025 年以来，老铺新 增10 家门店，其中10 月25 日上海恒隆广场店正式开幕，基本标志着公司完成对国内十大头部商业中心 的全面布局；6月，海外首店新加坡金沙购物中心店开业，是公司国际化战略下迈出的第一步。根据招 股书所写的12 家境外店计划，我们预计公司未来两年有望新开6-7 家港澳及海外门店。2）线上：据久 谦数据，2025 年7-9 月，老铺黄金天猫与京东旗舰店累计实现销售额13.64 亿元，同比增长约874%，延 续了上半年的高速增长势头；"双11"天猫旗舰店开售十分钟成交额突破3 亿元，同比增长超848 倍，创 品牌历年同期新高，验证 ...

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 1,200 [6]. Core Insights - The company has shown strong business performance since 2025, with effective price adjustments ensuring high gross margins despite new tax policies. The growth in membership and repurchase rates, along with positive market feedback on new products, indicates a robust future outlook [1][2]. - The company is leveraging a dual strategy of "cultural empowerment + craftsmanship innovation" to drive product innovation, maintaining a steady pace of new product launches that resonate well in the market [2]. - The company has expanded its offline high-end channel presence and initiated overseas expansion, with significant online sales growth. The opening of new stores in major domestic commercial centers and international locations marks a strategic move towards global presence [3]. - Recent tax policy changes are expected to increase procurement costs across the industry, but the company is well-positioned to leverage its pricing power and cost control capabilities to enhance its competitive advantage [3]. - The company completed a placement of new H shares, raising approximately HKD 27.07 billion to strengthen its supply chain resilience and meet seasonal demand, with a significant portion allocated for inventory reserves [4]. - Profit forecasts for 2025-2027 project net profits of RMB 49.1 billion, RMB 62.1 billion, and RMB 75.8 billion respectively, reflecting strong growth potential [5]. Summary by Sections Products - The company is innovating through the integration of intangible cultural heritage techniques with modern design, leading to successful product launches such as the "Seven Sons Gourd" and "Cross Pendant" series, which have received positive market responses [2]. Channels - The company has opened 10 new stores since 2025, including a flagship store in Shanghai and its first overseas store in Singapore, indicating a comprehensive domestic and international expansion strategy. Online sales have surged, with a reported 874% year-on-year growth in sales from July to September 2025 [3]. Future Outlook - The recent share placement enhances liquidity for inventory management during peak seasons, with a focus on maintaining a diversified procurement strategy to mitigate risks associated with fluctuating gold prices [4]. Financial Projections - The company anticipates significant revenue growth, with projected revenues of RMB 26.623 billion in 2025, reflecting a 213% increase from the previous year. The net profit margin is expected to remain strong, with a projected net profit of RMB 4.914 billion for 2025 [10][17].