Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 12.354 billion RMB, a year-on-year growth of 251.0%, and net profit of 2.268 billion RMB, up 285.8% [1] - The board proposed an interim dividend of 9.59 RMB per share, with a payout ratio of 73% [1] Revenue Performance - Same-store sales showed strong performance, contributing to explosive revenue growth [1] - The company’s loyal membership base grew to approximately 480,000, an increase of 130,000 from the end of 2024 [1] - Online sales surged by 313.3% to 1.618 billion RMB, accounting for 13.1% of total revenue [1] Store Expansion - Five new stores were opened in the first half of 2025, including locations in major high-end shopping centers [2] - As of June 30, 2025, the company operated 41 self-owned stores across 16 cities [2] - Revenue from the domestic market reached 10.758 billion RMB, a year-on-year increase of 232.8%, while international revenue grew by 455.2% to 1.597 billion RMB [2] Profitability and Cost Management - The gross profit margin decreased by 3.2 percentage points to 38.1% due to delayed price adjustments amid rising gold prices [3] - The company benefited from economies of scale, with selling and administrative expense ratios decreasing to 11.9% and 1.7%, respectively [3] - Adjusted net profit margin improved by 1.9 percentage points to 19.0% [3] Inventory and Cash Flow - Inventory increased to 8.685 billion RMB to support store optimization and expansion [3] - Inventory turnover days improved from 195 days at the end of 2024 to 150 days [3] - The net cash flow from operating activities was -2.215 billion RMB, primarily due to increased inventory for business growth [3] Future Outlook - The company plans to continue its brand internationalization and market globalization strategy, with a new store opening in Shanghai expected in October 2025 [4] - Revenue projections for 2025-2027 are set at 25.453 billion RMB, 34.151 billion RMB, and 45.897 billion RMB, with year-on-year growth rates of 199.3%, 34.2%, and 34.4% respectively [4] - Expected net profits for the same period are 4.576 billion RMB, 6.429 billion RMB, and 8.949 billion RMB, with growth rates of 210.6%, 40.5%, and 39.2% respectively [4]

黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 2025H1 同店高速增长，品牌力与渠道扩张驱动高质量发展 2025 年 8 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 20 日，公司披露 2025 年中期业绩，2025 年上半年，公司实现收入 123.54 亿元， 同比增长 251.0%，实现归母净利润 22.68 亿元，同比增长 285.8%。公司董事会建议派发 中期股息每股人民币 9.59 元，派息率为 73%。 事件点评 0 2025 年上半年同店销售表现强劲，品牌势能持续释放，带动公司营收业绩爆发式增 长。营收端，2025 年上半年，公司实现收入 123.54 亿元，同比增长 251.0%。业绩端， 2025 年上半年，公司实现归母净利润 22.68 亿元，同比增长 285.8%；经调整净利润 23.51 亿元，同比增长 290.6%。公司营收业绩大幅增长，主要受益于：（1）品牌影响力持续扩 大，消费者心智强化带动客群扩容，同店销售额实现 200.8%的高速增长。截至 2025 年 6 月末，公司忠诚会员人数约 48 万名，较 2024 年末增长 13 万名。（ ...