， 本文转载自财经天下weekly 值班编辑 | 宝珠 视觉 | 顾芗 以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 尽管招聘条件极为严苛，求职者依然趋之若鹜。因为在老铺黄金工作，不愁业绩，很多没有经验的新手 入行就能月入2万元。 气质不够，进不了老铺黄金 拥有多年空乘经验的王冰冰，至今还在为被老铺黄金拒绝的事耿耿于怀。"我在三大航空公司都工作 过，身高171.5cm，不久前给老铺黄金发简历，HR嫌我太高了，他们只要168以内的，连面试机会都没 给我。" 王冰冰有幸进入面试的一位空乘朋友，则被面试官以"太疲惫"pass掉。另一位有着某国际大牌化妆品销 售经验的柜姐抱怨称，"对方说我综合条件不合适，具体哪里不合适也没跟我说"。 通过老铺黄金面试到底都要满足哪些条件？为了一探究竟，《财经天下》找到一位负责北京地区老铺黄 金招聘的猎头刘艳，据其介绍，老铺黄金面试分两轮，第一面是HR，第二面是店长，面试都约在北京线 下。另据多位面试者称，倘若应聘外地门店，需要再加上赴北京总部的三面，路费报销。 话虽如 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 老铺黄金的"柜姐"， 成了应聘者眼中的香饽饽。 文 ｜ 陈大壮 编辑 ｜ 朗明 来源｜ 财经天下WEEKLY（ID： cjtxweekly ） 封面来源 ｜ IC photo 一个吊坠卖4万元，一个手镯卖8万元，老铺黄金的奢侈品调性尽人皆知。但很少有人知道，老铺黄金的柜姐，也不是普通人能随便当的。 近日，"老铺黄金招聘要求堪比空姐"的话题引起大众好奇。据传，老铺黄金对门店销售人员的身高、体重、长相要求颇高，就连一些具有空乘经验的年轻女 性，都无法获得面试机会。 "财经天下"与多位猎头和应聘者交流后确认，以上招聘情形的确存在。身高160cm至168cm、体重110斤以内是对女性应聘者的基本要求，除此以外，"有亲 和力""说话温柔""漂亮但不能太出挑"也被列为"通关秘籍"。 尽管招聘条件极为严苛，求职者依然趋之若鹜。因为在老铺黄金工作，不愁业绩，很多没有经验的新手入行就能月入2万元。 王冰冰有幸进入面试的一位空乘朋友，则被面试官以"太疲惫"pass掉。 ...

Core Viewpoint - The article discusses the impressive financial performance of Laopu Gold, highlighting its luxury brand positioning and stringent hiring criteria for sales staff, which have attracted significant consumer interest and job applicants [4][11][12]. Financial Performance - Laopu Gold reported a revenue increase of 251% year-on-year, reaching 12.35 billion yuan, and a net profit increase of 286% to 2.268 billion yuan for the first half of 2025 [12]. - Same-store sales grew by 200.8%, with a gross margin of 38.1%, outperforming major competitors like Chow Tai Fook by nearly 10 percentage points [12]. - The company has expanded its loyal customer base to 480,000, with a 77.3% overlap in consumer demographics with luxury brands like Louis Vuitton and Cartier [13]. Hiring Practices - Laopu Gold has stringent hiring requirements, including height (160-168 cm), weight (under 110 jin), and a preference for candidates with a pleasant demeanor and appearance [5][8]. - The recruitment process involves multiple rounds, including initial screening by headhunters and interviews with HR and store managers, with a focus on personal appearance and communication skills [7][8][9]. - Despite the high standards, many applicants are drawn to the potential earnings of around 20,000 yuan per month, even for those without prior experience [5][10]. Market Strategy - The company has successfully positioned itself as a luxury brand, often referred to as the "Hermès of gold," and has seen a surge in consumer demand, even during price increases [12][14]. - Laopu Gold has opened its first international store in Singapore, with overseas revenue increasing by 455.2%, indicating a successful initial foray into international markets [15]. Stock Performance - Despite strong financial results, Laopu Gold's stock price has declined significantly from its peak of 1,108 HKD, closing at 710 HKD by the end of August 2025 [17][19]. - Concerns over rising inventory levels and cash flow issues have contributed to investor apprehension, as the company's inventory increased from 4.088 billion yuan to 8.685 billion yuan [19][20]. - The stock's volatility is also attributed to the concentration of shares and recent sell-offs by major shareholders following the expiration of lock-up periods [21][22].

Core Viewpoint - The stock price of Laopu Gold has dropped significantly despite impressive financial results, raising questions about its valuation and market perception [2][3][9]. Financial Performance - Laopu Gold reported a revenue of 12.354 billion yuan for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 285.8% [2]. - The adjusted net profit reached 2.35 billion yuan, reflecting a growth of 291% [2]. - Daily sales averaged 77.5 million yuan, showcasing strong performance in a challenging consumer environment [5]. Market Valuation - As of August 20, Laopu Gold's market capitalization was 109 billion HKD, with a price-to-earnings (P/E) ratio of 78.03, significantly higher than its competitor Chow Tai Fook's P/E of 24.11 [3]. - The stock price experienced a decline of 38% from its peak of 1,108 HKD per share on July 8, dropping to 690 HKD by August 1 [2][9]. Competitive Landscape - Laopu Gold's gross margin has consistently exceeded 40%, outperforming traditional brands like Chow Tai Fook and Lao Feng Xiang [5]. - The company benefits from a unique selling proposition through its ancient gold craftsmanship, which commands a premium price [5][10]. Market Trends - The market for ancient gold jewelry is projected to grow at a compound annual growth rate (CAGR) of 64.6% from 2018 to 2023, outpacing traditional gold jewelry [5]. - Laopu Gold's revenue is expected to capture 2% and 3.9% of the ancient gold market in 2023 and 2024, respectively [5]. Retail Efficiency - Laopu Gold operates 41 stores across 29 top-tier commercial centers, achieving an average sales performance of 459 million yuan per store [6]. - The company reported a sales performance of 3.36 billion yuan from two stores in Beijing SKP, significantly higher than the average sales per square meter of other luxury brands [6]. Brand Positioning - Laopu Gold aims to position itself as a luxury brand akin to Hermes, with a focus on high-end consumer segments [15]. - The company has seen a substantial increase in loyal membership, with 68% of revenue coming from members who spend an average of over 50,000 yuan annually [12]. Challenges and Risks - The stock price decline has raised concerns about the sustainability of Laopu Gold's growth, particularly its reliance on the ancient gold segment [19]. - The company faces competition from both established and emerging brands in the ancient gold market, which may impact its pricing power and market share [12][19].

Core Viewpoint - The financial performance of Laopu Gold (老铺黄金) has shown remarkable growth, with significant increases in revenue and net profit, leading to a surge in stock price after the mid-term report was released. However, the stock has experienced volatility and a significant decline from its peak, raising questions about its valuation and sustainability in the luxury market [1][2][6]. Financial Performance - Laopu Gold reported a revenue of 12.354 billion yuan for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 285.8%. The adjusted net profit reached 2.35 billion yuan, reflecting a 291% increase [1]. - The stock price rose by 8.84% to 782 HKD per share following the report, temporarily halting a selling trend that had persisted for over a month [1]. Market Position and Valuation - As of August 20, Laopu Gold's market capitalization was 109 billion HKD, slightly lower than Chow Tai Fook's 140.8 billion HKD, but with a significantly higher price-to-earnings ratio of 78.03 compared to Chow Tai Fook's 24.11 [2]. - The brand's daily sales averaged 77.5 million yuan, showcasing its strong market presence despite a challenging consumer environment [3]. Competitive Advantage - Laopu Gold's unique selling proposition lies in its ancient gold craftsmanship, which commands a premium price. For instance, its butterfly necklace is priced at over 1,400 yuan per gram, a 55% premium compared to competitors [3]. - The market for ancient gold jewelry is projected to grow at a compound annual growth rate of 64.6% from 2018 to 2023, significantly outpacing traditional gold jewelry [3]. Retail Efficiency - Laopu Gold operates 41 stores in 29 top-tier commercial centers, achieving an average sales performance of 459 million yuan per store, which surpasses both domestic and international luxury brands [4]. - The brand's store in Beijing SKP generated 336 million yuan in revenue, demonstrating a sales efficiency more than double that of the shopping center's average [4]. Brand Strategy and Consumer Engagement - The brand has successfully attracted a growing number of loyal members, with 2023 and 2024 seeing increases of 76,000 and 147,400 new members, respectively, contributing to 68% of total revenue [8]. - Laopu Gold aims to position itself as a luxury brand akin to Hermes, targeting high-end consumers with a narrative that combines cultural significance and luxury [10][12]. Challenges and Market Dynamics - Despite its growth, Laopu Gold faces challenges related to market perception and competition. The recent stock price decline has raised concerns about whether its high valuation is justified by its financial performance [6][14]. - The reliance on a single product category, ancient gold, poses risks if market trends shift or if competitors offer similar products at lower prices [9][14]. - The brand's operational model, which relies heavily on outsourcing production, contrasts with the traditional luxury brand model that emphasizes in-house craftsmanship and control over the supply chain [9][14].

Core Viewpoint - Laopuhuang (6181.HK) has reported a significant revenue growth forecast for the first half of the year, with expected revenues between 13.8 billion to 14.3 billion yuan, representing a year-on-year increase of 240%-252% [1] Group 1: Financial Performance - The rapid revenue growth has significantly diluted costs, demonstrating a continued operating leverage effect [2] - Adjusted net profit is expected to increase nearly threefold year-on-year, with an adjusted profit margin of 18.4% to 19.7%, up from 17.7% in 2024 [2] - The stock price of Laopuhuang has surged over 14 times since its listing in June 2024, but has seen a decline of 30% from its peak of 1108 HKD per share in early July [3] Group 2: Market Position and Brand Strategy - Laopuhuang is positioned as a luxury brand, combining the intrinsic value of gold with the intangible value of jewelry design and craftsmanship, allowing it to command higher premiums compared to competitors [6] - The brand has established a strong market presence, with a significant increase in loyal members, reaching 76,000 and 147,400 in 2023 and 2024 respectively, representing 71.52% and 81.64% of total members [6] Group 3: Expansion Plans - In 2024, Laopuhuang plans to accelerate its expansion with a net increase of 7 stores and optimization of 4 existing stores [7] - The company opened its first overseas store in Singapore in June 2024, strategically located near luxury brands, which is expected to enhance investor confidence in its expansion potential in Southeast Asia [9][10] Group 4: Sales Performance and Challenges - Same-store sales growth is projected to reach 121% in 2024, with nearly 10 billion yuan in sales from 36 stores, surpassing many international luxury brands in key shopping districts [11] - The company has experienced a decline in same-store sales growth from nearly 300% in early 2024 to 150%-200% in mid-2024, indicating potential challenges ahead [27] Group 5: Pricing and Cost Structure - Laopuhuang's product premium rate is between 60%-80%, significantly higher than the 10%-20% typical for ordinary jewelry brands [14] - The company has maintained a gross margin above 40%, compared to around 20% for competitors like Chow Tai Fook and Luk Fook [15] - The brand's pricing strategy has been closely aligned with gold price trends, but a potential downturn in gold prices may challenge its pricing power and consumer demand [17][28] Group 6: Inventory and Cash Flow - By the end of 2024, Laopuhuang's gold reserves are expected to increase significantly, with inventory rising from 1.268 billion yuan to 4.088 billion yuan, a year-on-year increase of 222.4% [22] - The rapid expansion has led to increased inventory costs, resulting in negative operating cash flow in the past two years, necessitating reliance on external financing [24][25]