金吾财讯 | 爱建证券研报指出，据弗若斯特沙利文，国内黄金珠宝市场规模稳步增长，2018-2023年 CAGR为 7.2%，其中古法金细分赛道高速扩容，同期 CAGR 高达64.6%。老铺黄金(06181)是国内率先 推广"古法黄金"概念的品牌先行者，产品类型包括足金镶嵌产品和足金黄金产品。公司凭借差异化的品 牌定位与高净值客群的深度运营，2017-2024 年营收CAGR 达53%，增速领先同行。 该机构指出，公司股价表现的催化剂如下：1）门店网络扩张空间广阔。对标宝格丽、卡地亚在国内分 别开设114、68 家门店，公司目前仅 45 家，高线城市加密与新一线城市存在增长空间。北京已布设13 家门店但核心门店排队时长并未缩短，说明多店模式可行且潜在需求尚未充分释放。2）同店增长动力 持续。忠诚会员数量保持高速增长，2023 年复购会员同比增加超130%，购买频次提升趋势明确，叠加 年消费 30 万元以上高净值客户占比从2021 年22.6%提升至2023年26.7%，会员价值贡献持续提升。购买 频次与单客产出共同驱动同店收入增长。3）高坪效与快速盈利形成正向循环。2023 年收入前五门店坪 效达每平米每月12 ...

行业与公司分析：据弗若斯特沙利文，国内黄金珠宝市场规模稳步增长，2018-2023 年CAGR为7.2%， 其中古法金细分赛道高速扩容，同期CAGR 高达64.6%。公司是国内率先推广"古法黄金"概念的品牌先 行者，产品类型包括足金镶嵌产品和足金黄金产品。公司凭借差异化的品牌定位与高净值客群的深度运 营，2017-2024 年营收CAGR 达53%，增速领先同行。 机构：爱建证券 研究员：范林泉 投资要点： 投资评级与估值：公司作为国内古法手工金器第一品牌，通过"一口价"定价模式实现产品价值与原材料 成本脱钩，依托足金镶嵌、金胎烧蓝等独创工艺构建技术壁垒，以高端商圈选址叠加克制拓店策略主动 进行稀缺性管理，成功在同质化竞争激烈的黄金珠宝赛道中开辟高端细分市场。预计公司 2025/2026/2027 年净利润分别为52.3/73.0/91.6 亿元，同比增长254.8%/39.7%/25.4%，对应PE 分别为 20.6X/14.8X/11.8X，维持"买入"评级。 关键假设点：1）线下门店：公司将维持克制且高质量的拓店节奏，预计2025/2026/2027年末门店数分 别达到46/52/57 家。随着品牌势能 ...

经过一整年观望，Patrick终于在2025年初下手了老铺黄金的第一件金器。 直至年尾，Patrick已经在老铺黄金消费了9件商品，花费达六位数。"我买的老铺，不一定极贵但有特色有代表性，比如刻龙印章、烧蓝工艺的七子葫芦、 福字对印、烧蓝毛笔等，都能做到日常使用，工艺也是其他品牌难以模仿。" 时间退回五年前，市场上鲜有老铺黄金的忠实粉丝。如今，老铺黄金已成功跻身千亿市值阵营。同属高端古法黄金赛道的琳朝、寶蘭等品牌，也相继披露 融资动态。中国消费者们用真金白银，买出了老铺、寶蘭、琳朝、君佩"古法黄金四姐妹"。 据汇丰11月发布的报告估算，仅老铺黄金北京SKP一家门店，年销售额突破30亿元。花旗预计，老铺黄金2025年在SKP的销售额或达50亿元。 热闹背后，离开了黄金的上行行情，老铺黄金们能否真正撑起东方奢侈品的雏形。 爱马仕贵妇，给老铺黄金们砸钱 图源：时代财经 在各大高端商场，老铺黄金不断创造排队奇观。 10月25日，老铺黄金入驻上海恒隆广场首日，买金的队伍从前天晚上就开始排，一直排到了开业当日凌晨两点，品牌不得不在深夜发布公告：接待人数已 达上限。这一幕，在爱马仕、香奈儿等顶级奢侈品牌的发售现场也不常见。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Insights - The company, Lao Pu Gold (6181.HK), is positioned as the first brand in high-end traditional gold craftsmanship, leveraging its scarcity for high growth potential [1]. - The company has successfully differentiated itself in a highly competitive jewelry market by implementing a fixed pricing model that decouples product value from raw material costs, and by utilizing unique craftsmanship techniques [4]. - Revenue projections for the company are optimistic, with expected net profits of RMB 52.3 billion, RMB 73.0 billion, and RMB 91.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 254.8%, 39.7%, and 25.4% [4]. Financial Performance and Projections - The company’s total revenue is projected to grow from RMB 3,179.6 million in 2023 to RMB 44,765.6 million by 2027, with a compound annual growth rate (CAGR) of 145.7% from 2023 to 2025 [6]. - The net profit is expected to increase significantly from RMB 416.3 million in 2023 to RMB 9,157.8 million in 2027, with a CAGR of 340.4% from 2023 to 2025 [6]. - The gross margin is projected to remain stable, with values of 41.9% in 2023, 39.3% in 2025, and 40.7% in 2027 [27]. Market and Competitive Analysis - The domestic gold jewelry market is experiencing steady growth, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding at a much higher rate of 64.6% during the same period [4]. - The company has established a strong brand presence among high-net-worth individuals, with a significant overlap in clientele with luxury brands such as Louis Vuitton and Cartier [4]. - The company’s membership program has shown impressive growth, with loyal members contributing approximately 97% of sales revenue, significantly higher than the industry average of 60%-70% [4]. Strategic Initiatives - The company plans to maintain a controlled and high-quality store expansion strategy, with projections of 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively [4]. - The average revenue per store is expected to increase from RMB 2.0 billion in 2024 to RMB 5.1 billion in 2025, driven by enhanced brand positioning and store optimization [4]. - The online sales channel is anticipated to grow significantly, with projected revenues of RMB 43.9 billion, RMB 67.8 billion, and RMB 82.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 315.9%, 54.6%, and 22.1% [4].

（来源：格隆汇APP） 来源：格隆汇 | 远禾 数据支持 | 勾股大数据（www.gogudata.com） 2024年6月上市后，老铺黄金创造了股价一年暴涨20倍的增长奇迹，股价一度超过1000港元/股，成为港 股股王。 然而，随着新消费浪潮退去，近5个月，老铺黄金股价下跌近40%，跌去500亿市值。 在资本市场的疑问之下，前有传统金店如周大福等推出传承系列，后有其他古法黄金品接连开出新店。 老铺黄金的故事能否继续？下一个老铺黄金，是否会出现？ 01 财报显示，2025年前三季度，周大福、周大生、周六福等黄金珠宝上市公司的门店数量基本都在持续减 少，而这些公司关掉的门店合计已经超过3000家。 传统金店纷纷关门的寒潮之下，老铺黄金近两年却逆势崛起。 在深圳销售额第一的重奢商场罗湖万象城内，老铺黄金直接开出四家门店。在全国各地的老铺黄金门 店，许多都大排长龙。 罗斯柴尔德公司近日发布的一份奢侈品行业报告预计，老铺黄金2025年净营收将超越瑞士历峰集团 （Richemont）珠宝业务在中国市场的营收。 而历峰集团旗下包括卡地亚、梵克雅宝、布契拉提等一众为人所熟知的奢饰珠宝品牌。 然而，尽管营收仍在持续飙涨，资本 ...

Core Viewpoint - The article discusses the dramatic rise and subsequent decline of Lao Pu Gold, highlighting its stock price surge post-IPO and the challenges it faces in a changing market environment [2][3][15]. Group 1: Market Performance - After its IPO in June 2024, Lao Pu Gold's stock price skyrocketed by 20 times, reaching over 1000 HKD per share, making it the top stock in Hong Kong [2]. - However, in the past five months, the stock price has dropped nearly 40%, resulting in a loss of 500 billion RMB in market value [3]. - Despite a significant increase in gold prices, major jewelry companies like Chow Tai Fook and others have been closing stores, with over 3000 closures reported [8]. Group 2: Competitive Landscape - Traditional gold retailers are launching new product lines to compete with Lao Pu Gold, which has seen a rise in popularity despite the overall market downturn [6][9]. - Lao Pu Gold has opened multiple stores in high-end shopping centers, with reports of long queues at its locations [10]. - The luxury goods market is witnessing the emergence of new brands like Lin Zhao and Bao Lan, which are attracting significant investment and positioning themselves as competitors to Lao Pu Gold [22][23]. Group 3: Pricing and Consumer Behavior - Lao Pu Gold's pricing strategy has led to a dynamic price increase, with a recent 14.6g gold necklace priced at 27,920 RMB, averaging nearly 2000 RMB per gram [19]. - In comparison, Chow Tai Fook's similar product is priced lower, indicating a significant price premium for Lao Pu Gold [21]. - Consumer sentiment is shifting, with questions about whether the brand's appeal is based on novelty or genuine brand recognition [18]. Group 4: Financial Health and Risks - Lao Pu Gold's gross margin is around 40%, which is significantly higher than traditional brands but still lower than international luxury brands [48]. - The company has accumulated a substantial inventory worth 4.088 billion RMB, which poses risks to cash flow and financial stability [45]. - The rising debt ratio, from 29.8% at the end of 2023 to an estimated 43.1% by mid-2025, raises concerns about potential inventory devaluation and liquidity issues [46]. Group 5: Future Outlook - The sustainability of Lao Pu Gold's pricing power is under scrutiny, especially if gold prices stabilize or decline [50][52]. - The brand's ability to maintain its premium pricing and consumer interest will be critical for its future growth [54]. - The emergence of new brands leveraging Lao Pu Gold's market experience may complicate its competitive position moving forward [55].

Core Viewpoint - The article discusses the recent A-round financing of the high-end gold jewelry brand Borland, led by notable investors including Lei Jun of Xiaomi and the Kering Group, highlighting the brand's premium pricing strategy and market positioning in the competitive "ancient gold" sector [3][6][24]. Financing and Investor Background - Borland recently completed over 100 million RMB in A-round financing, with a strong backing from prominent investors such as Challenger Capital led by Tang Binsen and Kering Group, indicating confidence in the brand's potential [3][6]. - The brand's origins date back to 1988, founded by Xu Bidong, who recognized the value of "flower silk inlay" craftsmanship before it gained market attention [7][8]. Product Pricing and Market Positioning - Borland's price per gram is approaching 2000 RMB, with a brand premium exceeding 50% compared to competitors like Chow Tai Fook and Chow Sang Sang [3][15]. - The brand has implemented aggressive price increases, announcing two price hikes within 2025, reflecting its premium positioning despite having only three physical stores [20][19]. Competitive Landscape and Challenges - The "ancient gold" market is becoming increasingly crowded, raising concerns about product differentiation and the risk of homogenization among brands [4][22]. - Borland's unique selling proposition lies in its craftsmanship, but it faces challenges in scaling production while maintaining quality, as its products are handcrafted and require significant time to produce [25][19]. Market Trends and Future Outlook - The ancient gold market is experiencing growth, with Borland positioned among the top brands, but it must navigate the balance between growth and maintaining its artisanal identity [24][25]. - Experts suggest that the investment from major players indicates a belief in the potential of Chinese high-end brands, with Borland seen as a possible contender to follow in the footsteps of established brands like Laopuhuang [24][25].

宝兰于1988年成立，目前有3间门店。该集团在2019年和2023年曾两次升级产线，目前有60人金匠人才 梯队，是中国内地首间推出符合行业标准的花丝镶嵌的足金品牌。 格隆汇12月12日｜有媒体称，杭州高端黄金珠宝品牌宝兰近日完成逾亿元A轮融资，获饮料集团元气森 林创始人唐彬森领导的挑战者创投、全球奢侈品巨头开云集团(Kering)外，还有小米集团董事长雷军旗 下顺为资本参与。 据悉，宝兰的单克售价已逼近2000元，与老铺黄金(6181.HK)同一量级，而今年内已两次加价。分析认 为"古法黄金"竞争已十分激烈，同质化风险日益突显，宝兰如何建立独特品牌存很大挑战。 ...

Core Insights - Lei Jun, the chairman of Xiaomi Group, has invested in the high-end gold jewelry brand Borland, which recently completed over 100 million RMB in Series A financing, alongside other notable investors like Kering Group and Challenger Capital [2][4] - Borland's price per gram is approaching 2000 RMB, with a brand premium exceeding 50% compared to competitors like Chow Tai Fook and Chow Sang Sang, positioning it alongside established brands like Laopai Gold [2][10] - Despite having only three physical stores, Borland has actively pursued a price increase strategy, announcing two price hikes within 2025 [2][13] Company Background - Borland's origins date back to 1988, founded by Xu Bidong, who recognized the value of "flower silk inlay" craftsmanship before it gained market attention [5] - The brand was officially established in 2017, with Xu Bidong's son, Xu Zewei, now serving as the core manager and major shareholder [5][6] - Borland has registered over 50 trademarks related to its brand and operates under the legal entity of Hangzhou Baolan Golden Culture Development Co., Ltd. [5] Market Positioning - Borland's products are priced similarly to those of Laopai Gold, with a significant focus on unique craftsmanship rather than just gold weight [12] - The brand's pricing strategy reflects its commitment to handmade quality, with production cycles typically lasting around three months [12] - Borland's limited physical presence is a result of its handcrafted production model, which poses challenges for scaling [12][17] Industry Dynamics - The "ancient method gold" market is becoming increasingly crowded, raising concerns about homogenization risks among brands [15][17] - The capital influx into Borland indicates a strong belief in the potential of the high-end gold jewelry sector, particularly in the context of rising consumer interest in Chinese luxury brands [16] - Experts suggest that while Borland has the potential to become a leading brand in the sector, it faces significant challenges in establishing a unique identity amidst growing competition [17]

起底寶蘭：融资主体今年成立，"企二代"徐泽伟挑大梁 中国高端黄金珠宝品牌"寶蘭"近日宣布完成A轮融资，领投方为挑战者创投，顺为资本以及开云集团也参与了跟投。 根据天眼查，顺为资本的法人为小米集团董事长雷军，挑战者创投的法人为唐彬森，而唐彬森更为人所知的身份，是 元气森林创始人。开云集团则是全球奢侈品集团，旗下坐拥古驰（Gucci）、圣罗兰（Saint Laurent）、葆蝶家 （Bottega Veneta）、巴黎世家（Balenciaga）等众多品牌，与LVMH同属全球三大奢侈品集团之一。 文|《贵圈》栏目 闫妍 雷军再次落子，入局古法黄金"新王之战"。 近日，中国高端黄金珠宝品牌寶蘭完成过亿元A轮融资，背后资方阵容堪称豪华：除了元气森林创始人唐彬森领导的 挑战者创投，以及全球奢侈品巨头开云集团外，还有小米集团董事长雷军担任法人的顺为资本。 《贵圈》栏目观察发现，寶蘭的单克售价已逼近2000元人民币，品牌溢价超过周大福、周生生等品牌普通足金首饰近 50%，与老铺黄金处在同一量级。 此外，尽管其线下仅有三家门店，但寶蘭的提价策略却颇为积极。公开信息显示，该品牌于2025年内已发布两次全线 产品涨价公告。 除了 ...