以下文章来源于公司价值投资对话 ，作者公司价值投资对话 公司价值投资对话 . 此外，富国消费精选也连续三个季度重仓老铺黄金，一季度加仓后，二季度高位减持兑现了一部分收益。基金经理周文波在二季报中指出，"虽然消 费行业总体依然乏善可陈，但结构性、个股性机会开始逐步涌现。" 熊潇雅管理的南方香港成长已经连续五个季度重仓老铺黄金，自去年二季度将老铺黄金买入前十大后，就一直重仓持有，期间老铺黄金股价持续上 涨，基金经理减持兑现，今年二季度持股数16.37万股，虽然仍在前十大，但是较去年二季度135.17万股的持仓大幅降低。 在业绩说明会现场，徐高明除了谈到老铺黄金的业绩，更多是在分享老铺黄金这家企业的核心价值观，在他看来，企业若是想长期发展，就一定要 有自己的核心价值观，一定要把核心价值观同步传达出去，让市场能够认知、理解和高度认同，这种品牌推广才是可持续的。 优质上市公司的价值发现 在去年的业绩说明会上，老铺黄金创始人、董事长徐高明曾说了一个看似遥远的目标——"我们希望未来老铺的平均店效一定要过10亿，这是我们 的追求。"《 比爱马仕更赚钱！老铺黄金徐高明最新交流：未来平均店效要超过10亿 》 很多人把这理解成徐高 ...

8月25日，老铺黄金今年以来第二次提价。 下午4时许，中国证券报记者来到位于北京国贸商城的老铺黄金门店，店内人流不多，店员对记者表示，除去金币、金条之外的其他产品提价10%— 12%。 不过，多家奢侈品回收店工作人员告诉记者，目前在回收老铺黄金相关产品时，以黄金克重价格进行回收，而非以"一口价"折扣的形式进行回收。 对标奢侈品的"一口价"回收，曾被市场看作是老铺黄金构建的奢侈品叙事体系的重点。如今，老铺黄金的奢侈品叙事似乎正在被打破。 今年以来第二次提价 8月15日，老铺黄金发布调价预告。距离上次涨价半年后，老铺黄金产品的价格调整在8月25日实行。 老铺黄金国贸商城店店员向记者介绍称："之前有顾客对突然调整价格提出了一些意见，所以这次提前做了调价预告。此次除去金币、金条之外的其他产 品均提价10%—12%，制作工艺复杂的产品提价比例更大。" 正式调价的8月25日，老铺黄金国贸商城店的顾客并不多。老铺黄金对标奢侈品门店实行"一客一接待"，即每位进入老铺黄金门店的客户会有专门的一位 店员负责接待。记者走进门店看到，有店员空闲出来，并没有客户可接待。 线上销售的产品同步提价，老铺黄金的淘宝旗舰店产品价格已经进行了调 ...

Summary of Lao Pu Gold Conference Call Company Overview - **Company**: Lao Pu Gold Co., Ltd. - **Industry**: Jewelry and Gold Retail Key Financial Performance - **Revenue Growth**: 2025 mid-year revenue increased by 251% year-on-year to 12.35 billion yuan [2][6] - **Net Profit**: Net profit reached 2.27 billion yuan, with a net profit margin of 18.4%, up from 16.7% in the previous year [2][6] - **Gross Margin**: Slight decline in gross margin to 38.1% due to rising gold prices, with an average price increase of 21.53% [2][6] - **Online Sales**: Online sales contributed 1.6 billion yuan, accounting for 13.1% of total revenue [2][6] Market Expansion and Strategy - **Store Expansion**: Total of 41 stores across 16 cities globally, with significant presence in high-end commercial centers like Shanghai and Singapore [2][8] - **Membership Growth**: Membership increased to 480,000, with a high overlap of 80% with luxury brand consumers [2][3] - **Product Innovation**: Launched 2,100 original designs and holds 273 patents, focusing on high-quality and unique products [2][5][9] Future Outlook - **Pricing Strategy**: Plans to adjust prices 2-3 times a year, independent of gold price fluctuations [10][12] - **Market Expansion Plans**: Aiming to deepen domestic channel optimization and explore Southeast Asian and European markets [12][18] - **Cultural Promotion**: Emphasizing Chinese cultural elements in products to enhance international appeal [19][20] Competitive Positioning - **Differentiation Strategy**: Non-symmetric strategic positioning against international jewelry brands through unique product lines and business models [4][25] - **Market Leadership**: Positioned as a leader in the Chinese gold market, with a focus on high-end consumer segments [3][24] Challenges and Considerations - **Cash Flow Management**: Operating cash flow impacted by longer production cycles for traditional gold items [7] - **Stock Management**: Inventory increased to meet new store demands, with a focus on maintaining efficient turnover [6][12] - **Consumer Behavior**: High net worth individuals value product quality and cultural significance, influencing purchasing decisions [10][22] Additional Insights - **Shareholder Returns**: Commitment to biannual dividends while considering refinancing based on business needs [4][13] - **Brand Image**: Participation in promotional activities has not negatively impacted brand image; instead, it has enhanced market presence [16][17] - **International Market Potential**: Strong belief in the potential of Chinese luxury goods in Western markets, leveraging cultural recognition [27][28] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, market positioning, and future outlook of Lao Pu Gold Co., Ltd.

Investment Rating - The report maintains a "Buy" rating for the company [3][8][18] Core Insights - The company has demonstrated strong brand value and significant penetration in high-end consumer markets, with a notable increase in brand influence [3][8] - The company's sales performance for the first half of 2025 met expectations, achieving sales of 14.184 billion RMB, a year-on-year increase of 249.4% [8] - The company is expanding its presence in key commercial districts, with a total of 41 stores, including notable locations such as Shanghai and Singapore [8] - The introduction of differentiated products has enhanced brand influence, with a high overlap in consumer profiles with luxury brands [8] - The company's gross margin has been impacted by rising gold prices, but operational leverage is expected to support profit margins [8] - A mid-term dividend plan reflects the company's confidence and commitment to shareholder returns [8] - The company is positioned to benefit from growth opportunities as a high-end Chinese consumer brand expanding internationally [8] Financial Summary - Projected revenue growth from 3.18 billion RMB in 2023 to 43.114 billion RMB in 2027, with a compound annual growth rate (CAGR) of 145.7% to 20.4% [4][9] - Adjusted net profit is expected to grow from 416 million RMB in 2023 to 7.725 billion RMB in 2027, with significant year-on-year increases [4][9] - The company's earnings per share (EPS) is projected to rise from 3.05 RMB in 2023 to 44.74 RMB in 2027 [4][9] - The report anticipates a price-to-earnings (PE) ratio decline from 241.9 in 2023 to 16.1 in 2027, indicating improving valuation metrics [4][9]

证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 市场表现： 证券研究报告 纺织服饰 | 饰品 港股|公司点评报告 hyzqdatemark 2025 年 08 月 20 日 | 基本数据 | | 20 日 | 08 | 年 | 2025 | 月 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | 782.00 | | | | | | 一年内最高/最低（港 | 1,108.00/84.05 | | | | | | | 元） | | | | | | | | 总市值（百万港元） | | 135,033.18 | | | | | | 流通市值（百万港元） | | 109,068.48 | | | | | | 资产负债率（%） | | 43.10 | | | | | | 资料来源：聚源数据 | | | | | | | 老铺黄金(06181.HK) 投资评级： 增持（维持） ——2025H1 业绩符合预期，持续看好老铺成长势能 投资要点： | 盈利预测与估值（人民币） | | | | | | | - ...

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。 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%。 | HK 老铺黄金 | | | | | Z | | --- | --- | --- | --- | --- | --- | | 06181 港股通 L2 ▼ | | | | | | | 786.500 37 | | 718.000 最高 | 795.000 | 最低 | 699.000 | | 212.3万股 | 68000 快手 | 1.52% 总量 9.46% | | 金额 | 16.09亿 | | 总值受 | 1358亿 市盈 | 39.56 市净 | 16.17 | | 開多 | | 口 大行评级:海通国际首次给予增持评级,目标价 955.8 港元 | | | | | | | 更多, | 日K 五日 | 分时 周长 | 目 ...

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. ...

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].

Core Viewpoint - The article highlights the rise of domestic brands in China's high-end consumer market, exemplified by the recent opening of Lao Pu Gold's new store in Shanghai, which reflects the brand's strategic expansion and growing influence in the luxury sector [1][6][9]. Group 1: Company Expansion - Lao Pu Gold opened its third store in Shanghai within three months, following openings in May and June at other high-end locations [1][7]. - The new store is strategically located in a prominent luxury shopping area, enhancing Lao Pu Gold's presence in key commercial centers [7][8]. - The brand's international expansion is also notable, with the opening of its first overseas store in Singapore, which has exceeded expectations in terms of customer traffic and sales [8][10]. Group 2: Consumer Engagement - The opening event attracted significant consumer interest, with long queues and a proactive approach to enhance customer experience, including providing umbrellas and fans [7][8]. - Customers expressed enthusiasm for the brand's products, noting the craftsmanship and cultural significance of the jewelry [7][10]. Group 3: Financial Performance - Lao Pu Gold's sales performance is impressive, with a projected revenue of 14.3 billion yuan for the first half of the year, representing a 252% year-on-year increase [10][11]. - The brand's net profit is expected to reach 2.36 billion yuan, reflecting a 292% increase compared to the previous year [10][11]. - The company's growth is attributed to its expanding brand influence, product optimization, and strategic store openings, which are expected to continue driving revenue growth [11].