盈利点评：产品品牌共振，盈利水平进一步提升。25H1 公司收入增长241%-255%，净利润增长 279%-288%。收入利润增长，我们认为得益于品牌、产品的共振，即：1）品牌影响力持续扩大，带来 了线上线下店铺的整体营收增长；2）产品持续优化、推新迭代，支持了线上线下营收的持续增长。此 外，我们按照盈利预告中收入和利润的中值计算，25H1 公司净利率为18.41%，较24H1 的16.7%和24H2 的17.75%进一步提升。 机构：中邮证券 研究员：李鑫鑫 事件 正面盈利：公司发布正面盈利预告，2025 年上半年公司销售业绩（含税收入）约人民币138-143 亿元， 同比增长240%-252%，收入约人民币120-125 亿元，同比增长241%-255%，经调净利润23-23.6 亿元，同 比增长282%-292%，净利润22.3-22.8 亿元，同比增长279%-288%。 开店：2025 年8 月2 日老铺黄金上海新天地店启幕，这是上海继豫园店、港汇恒隆、ifc 店之后的第四 家门店。 投资要点 门店开拓：门店开拓顺利，上海再下一子。截至24 年底公司在全球共有门店36 家，分布在包括中国香 港、中国 ...

Investment Rating - The investment rating for the company is "Add" and it is maintained [2] Core Views - The company has released a positive profit forecast for the first half of 2025, with sales performance (including tax revenue) expected to be approximately RMB 138-143 billion, representing a year-on-year growth of 240%-252%. The net profit is projected to be between RMB 22.3-22.8 billion, reflecting a year-on-year increase of 279%-288% [4][5] - The company's revenue growth is attributed to the resonance of brand and product, with an expanding brand influence leading to overall revenue growth in both online and offline stores. Continuous product optimization and new iterations have also supported sustained revenue growth [5] - The company has successfully expanded its store network, with a new store opening in Shanghai on August 2, 2025, marking the fourth store in the city [4][5] Company Overview - The latest closing price is HKD 802.50, with a total market capitalization of HKD 1,385.73 billion. The company has a total share capital of 1.73 billion shares and an asset-liability ratio of 38.13% [3] - The company is positioned as a high-end brand focusing on "ancient method gold," aiming to establish itself as a global luxury jewelry brand [11] Financial Performance - The company is expected to achieve a revenue growth rate of 138% in 2025, with net profit growth projected at 179.54%. The earnings per share (EPS) are forecasted to be RMB 23.85 for 2025 [13][11] - The company has a projected net profit margin of 18.41% for the first half of 2025, an increase from 16.7% in the first half of 2024 [5] Industry Analysis - The report anticipates that gold prices will continue to rise, with expectations for London gold prices to exceed USD 3,500 in the medium term [6] - The company is leveraging Chinese cultural elements in its product design, with nearly 2,000 original designs and a significant number of patents and copyrights [10]

Core Viewpoint - The company, Laopu Gold, is expanding its presence with new store openings and is set to experience a significant unlock of shares, which may impact its stock performance in the near term [1][2]. Company Overview - Laopu Gold, established in 2009, is a leading brand in promoting traditional Chinese gold craftsmanship and has positioned itself as a high-end brand in the gold jewelry market [1][3]. - The company has successfully opened its first overseas store in Singapore and plans to open another in Shanghai, bringing its total to 36 stores across 15 cities by the end of 2024 [1]. Sales Performance - The company has reported strong same-store sales driven by rising gold prices, competitive pricing, and the introduction of new products [2]. - The increase in gold prices has benefited Laopu Gold, as it employs a fixed pricing model, allowing it to maintain a competitive edge over traditional jewelry brands [2]. Industry Analysis - The outlook for gold prices remains positive, with expectations of continued upward movement, potentially exceeding $3,500 per ounce [2]. - Factors influencing gold prices include U.S. fiscal policies, asset allocation shifts, and geopolitical stability [2]. Brand Positioning - Laopu Gold is enhancing its luxury brand image through elegant store designs and personalized customer service, appealing to high-net-worth individuals [3]. - The company draws inspiration from established luxury brands, adopting strategies such as exclusivity and high-end retail locations to elevate its brand perception [3]. Cultural Significance - The company emphasizes craftsmanship and incorporates traditional Chinese cultural elements into its product designs, contributing to its unique market position [3]. - Laopu Gold has created nearly 2,000 original designs and holds numerous patents and copyrights, showcasing its commitment to innovation and cultural representation [3]. Financial Projections - Revenue growth is projected at 128%, 39%, and 12% for the years 2025 to 2027, with net profit growth expected at 172%, 48%, and 19% respectively [4]. - Earnings per share (EPS) are forecasted to be 23, 34, and 41 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 34x, 23x, and 20x [4].