差异化入局古法金，设计工艺具领先性：1）传统大众黄金品牌主要经营普通黄金产品，同质化竞争严 重，老铺以差异化入局高端古法金，与传统品牌的错位竞争，截至2025 年6 月，老铺消费者与LV、爱 马仕、卡地亚、宝格丽、蒂芙尼五大奢侈品牌的消费者平均重合率高达77.3%，会员数量达约48 万名。 2）经过多年淬炼，老铺拥有精湛的古法金工艺，引领创新，品牌护城河坚实，竞争对手亦难以快速复 刻。与同业相较，老铺产品享受更高溢价，盈利能力亦高于同业，2025 年上半年公司毛利率、净利率 为38.1%、18.4%。 产品引领审美风尚，内生外延协同增长：基于老铺在古法金赛道的长期积淀，在金价上涨催化下，老铺 由小而精走向大众视野，其能够实现高质量破圈主要系： 1）产品设计围绕中西方经典文化元素，传递美好寓意，并踩中新中式热潮，让黄金成为消费者日常穿 搭的时尚单品，引领黄金消费走向年轻化；2）门店集中于高端商圈，门店陈列精致，形象契合古法金 奢华之感，且其门店数量虽少，但单店产出能力突出，2023 年、2024 年及2025 年上半年同店收入均呈 翻倍及以上增长；3）线上加速古法金渗透，其通过低总价、低克重的单品引流，吸引年轻 ...

Core Viewpoint - The article emphasizes the growth and market positioning of Laopu Gold as a leader in the ancient gold concept in China, highlighting its high-end positioning and significant revenue growth driven by rising gold prices and changing consumer preferences towards luxury and collectible gold products [4][5]. Group 1: Company Performance - Laopu Gold achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit attributable to shareholders of 1.473 billion yuan, up 253.9% [4]. - For the first half of 2025, the company expects revenue and net profit to grow by 251.0% and 285.8% year-on-year, respectively [4]. Group 2: Market Trends - The market size for gold products in China reached 568.8 billion yuan in 2024, with the ancient gold segment's market share increasing from 4% in 2018 to 30% in 2023, projected to reach 52% by 2028 [5]. - The consumption of gold is evolving beyond traditional occasions, becoming a fashionable item for younger consumers, with various designs carrying emotional significance [5]. Group 3: Competitive Advantage - Laopu Gold differentiates itself in the high-end ancient gold market, achieving a consumer overlap rate of 77.3% with luxury brands like LV and Cartier, and has approximately 480,000 members [6]. - The company boasts superior craftsmanship in ancient gold, leading to higher product premiums and profitability, with gross and net profit margins of 38.1% and 18.4% in the first half of 2025 [6]. Group 4: Product and Design Strategy - Laopu Gold's product design incorporates elements from both Eastern and Western cultures, appealing to the trend of modern Chinese aesthetics and making gold a staple in daily fashion [8]. - The company focuses on high-end retail locations with exquisite store displays, achieving significant same-store revenue growth in 2023, 2024, and the first half of 2025 [8]. - Online sales strategies include offering lower-priced, lightweight products to attract younger consumers, which also support offline growth [8].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 804.64 HKD, indicating a strong potential for growth in the coming years [5][7][15]. Core Insights - The company, Laopu Gold, is a pioneer and leader in the ancient gold concept in China, focusing on high-end products and continuously achieving record-breaking performance due to rising gold prices and increasing consumer demand for gold as a store of value [1][23]. - The market for ancient gold is experiencing significant growth, with its market share expected to rise from 30% in 2023 to 52% by 2028, reflecting a shift in consumer preferences towards younger demographics and fashion-oriented gold products [2][13]. - Laopu Gold differentiates itself through unique product designs and craftsmanship, leading to higher profit margins compared to competitors, with a gross margin of 38.1% and a net margin of 18.4% in the first half of 2025 [3][39]. Summary by Sections Company Overview - Laopu Gold is recognized as the first brand to promote ancient gold in China, establishing a strong brand presence and achieving high sales performance in premium markets [24][25]. - The founder, Xu Gaoming, has extensive experience in the industry and personally oversees product design, contributing to the brand's innovative edge [34]. Market Trends - The gold jewelry market is evolving, with a notable shift towards younger consumers who value design and emotional significance in their purchases, moving beyond traditional gifting occasions [2][13]. - The ancient gold segment is projected to grow significantly, with its market size expected to reach 421.4 billion RMB by 2028 [2][26]. Competitive Advantage - Laopu Gold's differentiation strategy allows it to avoid the intense competition faced by traditional gold brands, achieving a high overlap rate with luxury brands like LV and Cartier [3][39]. - The company maintains a robust brand moat due to its unique craftsmanship and high-end positioning, which competitors find difficult to replicate [3][39]. Financial Projections - Revenue forecasts for Laopu Gold indicate substantial growth, with expected revenues of 267.44 billion RMB in 2025, 361.68 billion RMB in 2026, and 460.94 billion RMB in 2027, reflecting year-on-year growth rates of 214.4%, 35.2%, and 27.4% respectively [5][6]. - The company's net profit is projected to reach 47.63 billion RMB in 2025, with a growth rate of 223.3% [5][6]. Growth Drivers - The company's growth is supported by both internal product innovation and external market expansion, including international market penetration [14][15]. - The online sales channel is expected to grow rapidly, with a projected increase of 490% in 2025, driven by younger consumers seeking convenient purchasing options [12][14].

风险分析：金价波动风险、业内竞争加剧、门店拓展不及预期。 智通财经APP获悉，光大证券发布研报称，老铺黄金(06181)为中国古法金概念开创者与引领者，其定位 高端，并长期深耕。2023年以来金价加速上涨，消费者对黄金的投资保值需求增加，而古法金蕴含内敛 具备收藏价值，景气度持续提升，相对应的老铺业绩不断创历史新高。综合相对和绝对估值法，给予公 司目标价804.64港元，2025~2027年目标PE为27/20/15倍，首次覆盖给予"买入"评级。 1）传统大众黄金品牌主要经营普通黄金产品，同质化竞争严重，老铺以差异化入局高端古法金，与传 统品牌的错位竞争，截至2025年6月，老铺消费者与LV、爱马仕、卡地亚、宝格丽、蒂芙尼五大奢侈品 牌的消费者平均重合率高达77.3%，会员数量达约48万名。2）经过多年淬炼，老铺拥有精湛的古法金 工艺，引领创新，品牌护城河坚实，竞争对手亦难以快速复刻。与同业相较，老铺产品享受更高溢价， 盈利能力亦高于同业，2025年上半年公司毛利率、净利率为38.1%、18.4%。 产品引领审美风尚，内生外延协同增长 基于老铺在古法金赛道的长期积淀，在金价上涨催化下，老铺由小而精走向大众视野 ...

差异化入局古法金，设计工艺具领先性 光大证券发布研报称，老铺黄金(06181)为中国古法金概念开创者与引领者，其定位高端，并长期深 耕。2023年以来金价加速上涨，消费者对黄金的投资保值需求增加，而古法金蕴含内敛具备收藏价值， 景气度持续提升，相对应的老铺业绩不断创历史新高。综合相对和绝对估值法，给予公司目标价804.64 港元，2025~2027年目标PE为27/20/15倍，首次覆盖给予"买入"评级。 光大证券主要观点如下： 古法金持续景气，金饰消费年轻化 随着金价快速上涨，黄金首饰整体消费量疲弱，而细分赛道如古法金、国潮等概念机会涌现，实现逆势 增长。2024年中国黄金（600916）产品市场规模为5688亿元，其中，古法金规模占比由2018年的4%提 升至2023年的30%，2023年规模为1573亿，预计到2028年占比将达到52%，规模将达到4214亿元。黄金 消费不再局限于婚庆、亲子、生日等传统场景，而成为消费者穿搭的时尚单品，黄金消费正在走向年轻 化，且不同的黄金产品设计亦承载各类寓意，成为消费者的一种情感载体。 2024年公司实现收入85.06亿元，同比增长167.5%，实现归母净利润14. ...