#2026新春走基层# 【新春走基层｜水贝淘金热！"前几天下不去手，现在赶紧来下单"】#黄金年货受热 捧# 春节假期临近，全国最大的黄金饰品集散地——深圳#水贝黄金市场# 迎来了最忙碌的时刻。中国证 券报记者调研发现，在最强黄金周期催化下，节前黄金消费市场活力十足、亮点纷呈。在消费者多元化 需求的带动下，商户及相关产业链公司也积极求变。#金饰成最受欢迎年货# "回老家，金饰是最受欢迎 的礼物，这已经变成深圳特产。"老家在湖南郴州的刘宇航刚买下一个金手镯，他告诉记者，半个月 前，老家亲戚就委托自己帮忙来水贝"淘金"。近几天，他几乎每日都来水贝逛一逛："前几天每克涨到 1400元的时候真下不去手，现在回调到1250元左右，赶紧过来下单，顺便帮家里人也挑几件，当作新年 礼物。""这几天金价稍有回落，加上假期临近，客流量明显增多。"水贝国际珠宝交易中心一家档口的 老板缪先生表示，从业12年来，这个春节假期前的黄金行情是最极端的一年。一方面，消费者对黄金饰 品的关注度空前，档口的客流量成倍增加，销售额也创下新高；另一方面，金价波动很大，自己的加工 厂在购买金料时更加谨慎，库存产品的管理压力陡增。"金价高了，大家对黄金饰 ...

Core Viewpoint - The performance of Laopu Gold (6181.HK) in H1 2025 is strong, with revenue and profit close to the upper guidance limit, driven by the rising gold prices and enhanced brand strength [1][17]. Financial Performance - Laopu Gold achieved total revenue of 12.35 billion RMB in H1 2025, a year-on-year increase of 251%, marking a continuous acceleration in performance since H1 2024 [1][17]. - The net profit for H1 2025 reached 2.27 billion RMB, up 286% year-on-year, despite a decline in gross margin due to rising raw material costs [1][17]. - The gross margin decreased by 3.2 percentage points to 38.1% due to a significant increase in gold prices, which rose approximately 24% in H1 2025 [5][26]. Store Expansion - Laopu Gold opened 5 new stores in H1 2025, with 4 located in key urban areas, achieving more than half of its annual target of 6-8 stores [1][22]. - The company launched its first overseas store in Singapore in June 2025, marking the beginning of its global expansion [2][22]. Same-Store Sales Growth - Same-store sales increased by 201% in H1 2025, benefiting from improved brand recognition and optimized store locations [2][24]. - If the same store performance continues, the average revenue per store for the year could exceed 500 million RMB, approaching that of luxury brand Hermès [3][24]. Online Channel Performance - Online sales reached 1.62 billion RMB in H1 2025, accounting for 13.1% of total revenue, reflecting a slight increase of 2 percentage points [4][19]. Cost Management - Sales expenses increased by 175% year-on-year due to enhanced marketing efforts and entry into prime urban locations, but the overall expense ratio decreased significantly due to high revenue growth [6][28]. - The net profit margin improved by 1.7 percentage points to 18.4% as a result of effective cost management [8][28].

Core Viewpoint - The performance of Laopu Gold (06181.HK) in H1 2025 is strong, with revenue and profit nearing the upper guidance limit, driven by the rising gold prices and enhanced brand strength [1][9]. Group 1: Financial Performance - Laopu Gold achieved total revenue of 12.35 billion, a year-on-year increase of 251%, and the revenue for H1 2025 exceeded the total revenue of the previous year [1][9]. - The net profit for H1 2025 reached 2.27 billion, representing a year-on-year growth of 286% [1]. - The same-store revenue growth accelerated to 201%, indicating improved store efficiency and customer retention [2][16]. Group 2: Store Expansion - The company opened 5 new stores in H1 2025, with 4 located in key urban areas, achieving more than half of the annual target of 6-8 stores [1][14]. - Laopu Gold launched its first overseas store in Singapore in June, marking the beginning of its global expansion [1][14]. Group 3: Online and Product Strategy - Online sales reached 1.62 billion, accounting for 13.1% of total revenue, reflecting a 2 percentage point increase [2][11]. - The proportion of high-margin products, particularly gold-inlaid items, is increasing, contributing to overall revenue growth [2][18]. Group 4: Cost and Profitability - The gross margin decreased by 3.2 percentage points to 38.1% due to rising gold prices, despite a price increase of 5%-12% in February [3][18]. - Operating leverage has led to a significant decrease in expense ratios, with net profit margin improving by 1.7 percentage points to 18.4% [3][20].