21世纪经济报道 高江虹 北京报道 8月20日，老铺黄金（06181.HK）发布的中期报告显示，2025年上半年营收达123.54亿元，同比增长 251%，净利润22.68亿元，同比增长285.8%，经调整净利润达23.5亿元，同比增长291%。 财报发布后，优异的业绩刺激老铺黄金股价大涨8.84%，报收782港元/股，暂时刹住了过去一个多月的 老铺黄金的抛售潮。 自从7月8日创下每股1108港元历史最高价后，老铺黄金在其后31个交易日内股价跌多涨少，有22个交易 日下跌。让人震惊的是，8月1日，股价跌破700港元大关，收盘报690港元/股，市值较7月8日的峰值跌 去了38%。 资本市场的反应，恰恰反映了老铺黄金估值的分歧。 按照8月20日的股价，老铺黄金市值1090亿港元，虽然略低于周大福的1408亿港元，但其市盈率78.03， 远高于周大福24.11PE。 这个号称"黄金爱马仕"的黄金珠宝品牌，值得那么高的价格吗？ 日销7750万神话撑不起千亿市值？ 老铺黄金发布的中期报告显示，2025年上半年销售业绩达141.82亿元，同比增长249.4%，折算下来，老 铺黄金平均每天销售7750万元，在消费疲软的环境 ...

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 release. However, the stock has experienced volatility and a significant decline from its peak, raising questions about its valuation and sustainability in the luxury market [2][3][4]. 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]. - Following the report, the stock price increased by 8.84%, closing at 782 HKD per share, halting a month-long selling trend [2]. Market Position and 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, which had a P/E of 24.11 [3]. - The brand's daily sales averaged 77.5 million yuan, showcasing its strong market presence despite a challenging consumer environment [4]. Competitive Advantage - Laopu Gold's unique selling proposition lies in its ancient gold craftsmanship, which commands a premium price, with a 55% markup compared to competitors [4]. - 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 [4][5]. Store Performance and Expansion - Laopu Gold operates 41 stores in 29 major commercial centers, achieving an average sales performance of 459 million yuan per store, significantly surpassing other jewelry brands [6]. - The brand's store in Beijing SKP generated 336 million yuan in revenue, indicating a sales efficiency more than double that of the shopping center's average [6]. Brand Strategy and Consumer Engagement - The company has successfully increased its loyal customer base, with 48,000 members contributing 68% of revenue, and a high repurchase rate of 60% [11]. - However, there are concerns about the sustainability of its luxury narrative, as some loyal customers have begun to shift to other brands due to slow product updates and perceived value [15]. Challenges and Market Dynamics - The stock price has faced significant declines, with a drop to 690 HKD per share, resulting in a market value loss of over 80 billion HKD since its peak [7]. - The company faces competition from both established and emerging brands in the ancient gold market, which may dilute its unique positioning [12]. Craftsmanship and Brand Identity - Laopu Gold claims to be the leading brand in ancient gold craftsmanship, leveraging traditional techniques that are recognized as part of China's intangible cultural heritage [8]. - The brand's reliance on outsourced production raises questions about its authenticity and ability to maintain a luxury image [12]. Future Outlook - The luxury positioning of Laopu Gold is under scrutiny, as it attempts to align itself with high-end brands like Hermes, but lacks the historical narrative and craftsmanship depth that define true luxury [17][18]. - The company's growth model, heavily reliant on a single product category, may face challenges as market dynamics evolve and competition intensifies [11][18].