（文/霍东阳 编辑/张广凯） 9月30日，老铺黄金在香港金融中心（IFC）的新店正式开业，这是该品牌在香港的第三家门店，也是老铺黄金在全球最大的旗舰店，门店位于商场一层主 通道区域，毗邻一种国际高奢品牌。 在国庆期间，老铺黄金香港IFC门店展现出超高人气，消费者通常需要在门口等待三十分钟至数小时不等才能进店。在一众奢侈品门店的包围中，老铺黄金 是唯一一个需要排队进店的门店。 老铺黄金IFC门店的销售人员告诉观察者网，在开业后，门店几乎一直都是满负荷营业，400平的门店经常是满的，而其中大部分顾客都是来自大陆。 价格优势是吸引消费者的重要因素之一。据销售人员透露，新店开业特惠叠加汇率优势，香港门店的产品价格相较于内地门店相当于约82折的优惠力度。 新店的开业意味着老铺黄金在香港市场的布局得到了进一步强化。凭借香港的视窗效应，老铺黄金循序渐进地将品牌迈向国际化。 IFC门店开业后，老铺黄金在香港的门店数达到了三间，另外两间分别在海港城和广东道。海港城、广东道门店可以有效捕获自由贸易港的客群红利，而位 于中环核心的IFC占位有望进一步贴近中环金融区的高净值人群，推进老铺黄金的国际化。 另一面，香港地区的门店也有望进 ...

美联储降息预期升温、地缘政治风险加剧、全球央行持续购金——这个十月，黄金市场正上演一场前所未有的狂欢。 美国纽约商品交易所黄金期货价格历史性突破每盎司4000美元大关，伦敦现货金亦攀升至3977美元的新高纪录。 与此同时，国内金价也水涨船高，中国黄金投资金条报942元人民币/克，周生生等品牌足金首饰价格均已站上1100元/克。 然而，在这片金光闪闪的市场中，曾经一度飙升至千元股价的"古法黄金第一股"老铺黄金，却自今年7月8日触及1108港元/股的高点后掉头向下， 截至10月8日收盘报717港元，三个月内跌幅达35%，市值蒸发超600亿港元。 黄金价格涨疯了，为何老铺黄金跌麻了？ 来源：首席品牌评论 1. 古法黄金第一股 老铺黄金的资本故事始于2024年6月28日，当时它以每股40.5港元的发行价登陆港股，被无数投资者追捧为"古法黄金第一股"。 在随后的一年里，这只股票上演了香港股市罕见的暴涨神话，2024年全年涨幅接近500%。进入2025年，其涨势更加凌厉，至7月8日，股价已飙升 至1082港元，较发行价疯涨26倍，成为港股市场第十只千元股。 在遍地开花的黄金品牌中，老铺黄金何以脱颖而出？这背后是其深耕多年 ...

Core Viewpoint - The company, Laopu Gold, has adjusted its product prices by approximately 10% to 12%, which is part of its regular pricing strategy and not directly linked to real-time gold price fluctuations [2][4]. Group 1: Price Adjustment - Laopu Gold's price adjustment is based on the brand's positioning and pricing strategy, with some influence from gold price fluctuations [2][4]. - The price increase is seen as a proactive measure to prepare for potential rises in raw material costs and is viewed as a predictive layout for the second half of the year [2][4]. Group 2: Financial Performance - For the first half of 2025, Laopu Gold reported revenue of 12.35 billion RMB, a 251.0% increase year-on-year, and a net profit of 2.27 billion RMB, up 285.8% [4][5]. - The adjusted net profit reached 2.35 billion RMB, reflecting a 290.6% increase, with an adjusted net profit margin rising nearly 2 percentage points to 19% [4][5]. Group 3: Market Position and Brand Strategy - Laopu Gold has expanded its loyal customer base to 480,000 members, an increase of 130,000 from the end of 2024, and has strengthened its luxury brand positioning [5]. - The overlap rate with five major international luxury brands is reported at 77%, indicating a strong market presence [5]. Group 4: Challenges and Market Dynamics - Analysts point out that Laopu Gold lacks a comprehensive narrative in brand storytelling, which is crucial for traditional luxury brands [7]. - The company's growth is closely tied to gold price trends, and there are concerns about its ability to maintain a luxury brand status without detaching from gold price fluctuations [7][8]. - Recent stock performance showed a significant drop of over 30% from July highs, despite a slight recovery following the price adjustment announcement [8].

Core Viewpoint - The market response to the upcoming price increase by Laopu Gold is notably subdued, contrasting with previous years where significant customer queues were observed before price hikes [1][3]. Group 1: Price Increase and Market Reaction - Laopu Gold announced a price increase scheduled for August 25, with expected adjustments between 7% and 15% based on past practices [2]. - Historically, Laopu Gold's price hikes have led to customer rushes, contributing to a gross profit margin of 41.2% in 2024, significantly higher than industry peers [2]. - However, the current market reaction is much calmer, with minimal customer presence observed at stores prior to the price increase [3][5]. Group 2: Sales Performance and Stock Price - Despite a remarkable 251% year-on-year increase in net profit to 12.35 billion yuan, Laopu Gold's stock price has been on a downward trend, dropping nearly 30% since July 8 [1][6]. - On August 21, the stock price fell by over 8% during trading, closing at 751 HKD per share, and further declined to 738 HKD by August 22 [6]. Group 3: Relationship with Gold Prices - Laopu Gold's market performance is closely tied to gold price fluctuations, with its stock price and customer demand historically rising alongside gold prices [7][9]. - From October 2023 to April 2024, the price of London gold surged from 1,810 USD/ounce to 3,500 USD/ounce, a 93% increase, correlating with a 1,600% rise in Laopu Gold's stock price during the same period [9]. - Recently, gold prices have been volatile, with London gold dropping below the 3,300 USD/ounce mark, impacting Laopu Gold's market heat and stock performance [9][10]. Group 4: Luxury Brand Positioning - Laopu Gold, once dubbed the "Hermès of gold," struggles to maintain its luxury brand image as it remains heavily reliant on gold prices, which deviates from the traditional luxury brand value proposition [1][10]. - Unlike top luxury brands that can command high prices regardless of raw material costs, Laopu Gold's pricing is directly influenced by gold market fluctuations, affecting its second-hand market performance [10].

Core Viewpoint - Despite the overall pressure in the gold industry, Lao Pu Gold has achieved remarkable growth, with a significant increase in revenue and net profit in the first half of 2025, indicating a strong market position and effective business strategy [1][2]. Financial Performance - In the first half of 2025, Lao Pu Gold reported revenue of 14.18 billion yuan, a year-on-year increase of 249%, and a net profit of 2.35 billion yuan, up 291% [1]. - The company's stock price has surged over 15 times since its listing on the Hong Kong Stock Exchange in June 2022, reaching approximately 780 HKD on August 21, 2023 [1]. Market Position and Consumer Behavior - While the overall gold consumption in China decreased by 3.54% to 505.2 tons, Lao Pu Gold's stores have seen long queues, with an average sales performance of 459 million yuan per store in major shopping centers [2][4]. - The brand's online sales have also been impressive, with its Tmall flagship store achieving over 1 billion yuan in sales during the 618 shopping festival [2]. Product Differentiation - Lao Pu Gold's core advantage lies in its differentiated product strategy, promoting "Ancient Method Gold," which is handcrafted using traditional Chinese techniques, allowing for higher pricing due to its craftsmanship and cultural value [4]. - This strategy has shifted consumer perception from viewing gold merely as a material to recognizing it as a luxury product, enhancing brand value and pricing power [4][12]. Expansion Strategy - The company has accelerated its store expansion, opening 8 new stores since its listing, with 5 of those in the first half of 2025, surpassing initial plans [5][8]. - The focus of expansion is on first- and second-tier cities, particularly in high-end shopping districts, with Shanghai being a key area for growth [8][10]. Store Distribution - As of June 30, 2025, Lao Pu Gold has established 41 stores, with 36 in mainland China and 5 in Hong Kong, Macau, and Singapore [2][9]. - The company is strategically positioned in major luxury shopping centers, with a significant overlap in customer demographics with international luxury brands [12]. Pricing Strategy - Lao Pu Gold has implemented a pricing strategy that aligns with luxury goods, having announced multiple price increases in 2025 to maintain a gross margin of around 40% [12][14]. - The company’s gross margin is notably higher than competitors, with major brands like Chow Tai Fook and Lao Feng Xiang having margins around 20% and 10%, respectively [13]. Market Challenges - Despite strong growth, the company faces challenges such as fluctuating gold prices and consumer confidence, which could impact future performance [16].

Core Viewpoint - Laopuhuang expects a strong growth in revenue and net profit for the first half of 2025, with both metrics projected to increase by over 240% year-on-year, despite a significant decline in stock price recently [2][3]. Financial Performance - The company anticipates sales between 13.8 billion to 14.3 billion yuan, representing a year-on-year increase of 240% to 252% [3]. - Expected revenue is projected to be between 12 billion to 12.5 billion yuan, also reflecting a growth of 240% to 252% [3]. - Net profit is estimated to be between 2.23 billion to 2.28 billion yuan, indicating a year-on-year growth of 279% to 288% [3]. Market Dynamics - Laopuhuang's stock price has faced a significant decline of 30.8% over the past 20 days, despite the company's strong financial performance [2][3]. - The company's stock price peaked at 1,108 HKD per share on July 8, 2025, but has since entered a downward trend [3]. - The recent drop in international gold prices has created challenges for Laopuhuang, which previously benefited from a surge in gold prices [4][5]. Brand Positioning and Strategy - Laopuhuang positions itself as a high-end brand in the Chinese market, aiming to compete with international luxury brands [5][6]. - The company has been recognized in the "Hurun Top Luxury Brands" report for three consecutive years, indicating its growing brand influence among high-net-worth individuals [5]. - Laopuhuang's average sales per store in 2024 reached 328 million yuan, ranking first among all jewelry brands in China [6]. Competitive Landscape - The company operates 32 stores, significantly fewer than competitors like Chow Tai Fook, which has 6,337 retail points [7]. - Laopuhuang's lightweight store strategy has led to impressive single-store performance, but its overall market presence is limited compared to larger competitors [7]. - The "Ancient Method Gold" concept faces increasing competition from other major jewelry brands, which are also expanding their product offerings in this category [6][7].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 金价一路飙升，金店叫苦不迭。在此背景下，老铺黄金却一路飙涨。 自从去年 6月上市以来，老铺黄金的股价走势已经接近疯狂。 4月初，老铺黄金股价一度上涨至881港元，成为港股股价一哥，对比40.50港元的发售价，不到一年内上涨了20 倍。 然而近一个月，随着金价转跌，老铺黄金的股价也开始持续回落，近日更是加速下跌。 更引入注意的是，面临金价开始回调和股价一年上涨十几倍的高位状态下，距离原始股解禁还剩一个月的老铺黄金 竟然在选择在近期进行配股操作，进一步引发投资者担忧。 这个 1年不到就20倍的超级神话，是要走向剧终了吗？ 01 近日，老铺黄金发布公告，以每股 630港元配售431万股，较前一日折价8%，融资约27亿港元，而这一数额已经 是不到一年前IPO融资数额的三倍。 就在不到一个月后的 6月28日，据报道，老铺黄金将迎来上市后最大规模限售股解禁，12名股东合计持有的 14264.25万股股份将解禁，占总股本高达86.44%。 如此巨大比例的解禁，理论上对股价的冲击将是巨大的。 到那时，已经通过提前入场账面浮盈十几倍的早期投资者和机 ...