炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《贵圈》栏目 闫妍 从蕾哈娜在Met Gala上的"黄袍加身"引爆全球热议，到连续多年操刀央视《春节联欢晚会》重要主持人 与主要演员礼服的设计，郭培作为中国高定领域的标杆人物，用近30年的坚守诠释着品牌与高定的本 质。 当代表作"大金"被客户出价到1000万时，很多人好奇她为何不卖？郭培向《贵圈》栏目直言，"大金"不 能卖。"因为它是独一无二的，我无法复制，这件衣服花了5万个小时制作，凝聚了100多位工人的心血 和情感，远不止金钱能衡量。" 作为亚洲首位且中国唯一一位法国巴黎高级时装公会受邀会员，郭培拒绝浮躁资本扩张，执着于文化沉 淀与作品内核。"我不拒绝资本，但现在也不是时机。中国人讲水到渠成，品牌和人一样，年轻的时候 拿到太多财富，往往不会珍惜，反而会消耗掉，我自己目前还没有驾驭巨额资本的需求和能力，也不想 被资本绑架，失去创作的自由。" 在本次专访中，郭培向《贵圈》栏目独家表达了自己放弃在法国继续办秀的原因和背后思考，并透露明 年将和中国丝绸博物馆联合推出特展，展览面积将近3000平方米，预计持续8个月。"我希望通过这个展 览 ...

Core Viewpoint - The recent opening of Laopu Gold's new store in Shanghai has led to a significant increase in consumer interest, but the company's pricing strategy, which involves raising prices while gold prices are falling, has sparked consumer skepticism about its value proposition [1][2][7]. Pricing Strategy - Laopu Gold has implemented a fixed pricing strategy typical of luxury jewelry brands, with prices determined by raw material costs, craftsmanship, and R&D expenses, rather than fluctuating with real-time gold prices [6][8]. - The company has raised prices three times in 2025, with the latest increase of 18% to 25% being the largest of the year, coinciding with a significant drop in gold prices [1][7]. Consumer Behavior - Consumers continue to base their purchasing decisions on the fluctuations in gold prices, comparing Laopu Gold's prices with those of competitors like Chow Tai Fook and Chow Sang Sang [2][7]. - The perception of Laopu Gold's products is heavily influenced by the current gold market, leading to concerns about the brand's ability to maintain value [1][2]. Profitability and Margins - Laopu Gold's gross margin is higher than that of its competitors, with a reported margin of over 41% at the end of 2024, but it has seen a decline to 38% in the first half of 2025 due to misalignment with gold price increases [7][8]. - The company's profitability remains highly dependent on gold prices, with cumulative price increases for Laopu Gold's products in 2023 nearing 50% to 60%, mirroring the rise in international gold prices [7][8]. Brand Positioning - Unlike high-end luxury brands such as Hermès and Chanel, which have a gross margin of 60% to 80% and a strong pricing power, Laopu Gold's pricing model does not allow for significant deviation from raw material costs [8][9]. - The brand lacks substantial marketing investment, which limits its ability to create a unique luxury narrative and establish a higher premium in the market [9][10]. Market Competition - Laopu Gold faces competition from both high-end brands and mid-range competitors, with brands like Shenzhen Shuibei producing imitations that dilute Laopu Gold's uniqueness [10]. - Traditional brands are also increasing their investment in ancient gold craftsmanship, further intensifying competition in the market [10].