Group 1 - The domestic gold jewelry prices have decreased by approximately 9 yuan per gram, with the current price at 989 yuan per gram [1] - Multiple gold jewelry brands in China have reported a slight decline in the price of 24K gold jewelry [1] - Specific brands and their current prices include: Zhou Dasheng at 989 yuan per gram, Cai Bai at 982 yuan per gram, Chao Hong Ji at 989 yuan per gram, Xie Rui Lian at 989 yuan per gram, Jin Zhi Zun at 989 yuan per gram, and Zhou Liu Fu at 978 yuan per gram [5]

机构：中信建投证券 研究员：叶乐/黄杨璐/刘乐文 核心观点 FY25（24.04-25.03）公司营收和净利润同比-17.5%、-9.0%，系高金价短期抑制终端需求影响收入， FY25H2 业绩降幅收窄。FY25一口价黄金及金镶嵌产品占比快速提升，定价黄金首饰产品收入127.8 亿 港元/+104.5%，营收占比14.6%/+8.8pct（FY25Q4 占比达25.6%），得益于周大福传福和周大福故宫系 列放量。渠道端继续优化门店，FY25 门店6644 家/净关店842 家，新开高质量门店以及形象店。FY25 金价大幅波动导致公司黄金借贷产生亏损61.8亿港币（黄金对冲比例预估50%+）。展望FY26，管理层 指引预计营收中单位数增长、OP Margin 有所下降。1）25 年4-5 月零售值降幅收窄至低单位数、终端 改善态势有望持续；2）预计金价相较平稳状态下经营利润率或有下降、黄金借贷亏损有望大幅收窄下 净利率提升；3）净关门店将放缓、一口价产品占比继续提升。 事件 公司发布FY25 业绩公告：FY25（自然年24.04-25.03）营收896.6亿港元/-17.5%，经营利润147.5 亿港 元/+9 ...

Core Viewpoint - The article discusses the recent performance and valuation of Laopu Gold, highlighting its significantly high P/E ratio compared to industry peers and the implications of its stock price surge in the Hong Kong market since mid-2024 [1][5][6]. Company Overview - Laopu Gold, established in 2009, is the first brand in China to promote traditional gold craftsmanship, focusing on the design, production, and retail of handmade gold products [2]. Market Performance - Since June 2024, Laopu Gold's stock price has experienced a dramatic increase, rising from 69.4 HKD per share to a peak of 1015 HKD per share, representing a maximum increase of 1362.54% [5]. - As of June 26, 2025, Laopu Gold's closing price was 868.5 HKD per share, maintaining a P/E ratio of 94.3, which is significantly higher than its competitors such as Chow Tai Fook (22.3) and Chow Sang Sang (15.3) [6][7]. Financial Performance - In 2024, Laopu Gold reported revenues of 8.506 billion CNY, a year-on-year increase of 167.5%, with a net profit of 1.473 billion CNY, reflecting a growth of 253.9% [10]. - The company's gross profit was 3.501 billion CNY, with a gross margin maintained at a high level of around 41.2% to 41.9% from 2021 to 2024 [12]. Inventory and Cash Flow Concerns - Laopu Gold's inventory surged by 222.4% in 2024, reaching a balance of 4.09 billion CNY, which raises concerns about potential overstock and sales risks in a competitive market [14][16]. - Despite strong revenue growth, the company reported a negative operating cash flow of -1.228 billion CNY in 2024, indicating potential liquidity issues [14]. Valuation and Market Sentiment - The high P/E ratio of Laopu Gold suggests optimistic market expectations for future growth, but it also carries risks related to overvaluation and shareholder pressure due to the upcoming release of a significant number of shares [6][8].

Group 1 - The domestic gold jewelry price remains stable at 998 CNY per gram as reported by multiple brands [1][5] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL maintain their gold jewelry prices at 998 CNY per gram [5] - Other brands like Cai Bai and Zhou Liu Fu have slightly lower prices, with Cai Bai at 989 CNY per gram and Zhou Liu Fu at 978 CNY per gram [5]

Group 1 - Nomura has raised the target price for Lao Pu Gold by 2.4%, from HKD 999 to HKD 1023, while maintaining a "Buy" rating [1] - The stock price volatility is expected to increase as the second round of stock lock-up period is about to expire [1] - The company has made stable progress in opening new stores and has secured prime locations for its new boutique stores [1] Group 2 - The improvement in store locations indicates an increase in brand recognition among top commercial real estate developers in China [1] - This enhancement in brand perception strengthens consumer recognition of Lao Pu Gold as a high-end luxury jewelry manufacturer [1] - The continuous launch of diversified and iconic products provides strong support for the company's rapid sales growth [1]

Financial Data and Key Metrics Changes - Revenue reached HKD 13.3 billion, a 12.9% decrease compared to the same period last year, primarily due to a decline in sales of gold products caused by high gold prices [6] - The group's profit for the year decreased by 39.3% to HKD 1 billion, with basic earnings per share decreasing by 37.9% to HKD 1.87 [6][7] - Total operating expenses increased by 13.7% to around HKD 2.6 billion, leading to an increase in the ratio of total operating expenses to revenue by 4.6 percentage points to 19.6% [8][27] - The group's NAV per share was HKD 22.38, a 2.2% increase from the same period last year [11] Business Line Data and Key Metrics Changes - Retailing revenue decreased by 13.5% to HKD 11.1 billion, accounting for 82.7% of the group's total revenue, with segment profit decreasing by 17.7% to HKD 1 billion [14] - Licensing income decreased by 12.6% to HKD 904 million, accounting for 6.8% of the group's total revenue [16] - Wholesaling revenue declined by 8.8% to HKD 1.4 billion, accounting for 10.5% of the group's total revenue, with segment profit decreasing to HKD 14 million [15] Market Data and Key Metrics Changes - Revenue from Hong Kong, Macau, and overseas markets decreased by 19.6% to HKD 8.07 billion, accounting for 60.5% of the group's revenue [11] - Revenue from the Mainland market decreased by 0.2% to RMB 5.3 billion, accounting for 59.5% of the group's total revenue, with segment profit decreasing by 40.7% to HKD 577 million [12] - Retailing revenue in Mainland increased by 10.4% to HKD 3.1 billion, accounting for 59.9% of Mainland market's total [21] Company Strategy and Development Direction - The group has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancements [29] - Plans to enter three more countries and establish 50 new overseas shops within the next three years [29] - The group aims to net 50 shops in the Mainland market and approximately 20 shops in overseas markets in financial year 2026 [31] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about medium to long-term business prospects in the Mainland and expects improvement in the Hong Kong market [30][52] - The group anticipates a rebound in sales performance in the Mainland market due to new product launches and effective marketing strategies [48][52] - Management noted that the high gold prices have affected consumer sentiment but expect sales of gold products to normalize as consumers adapt [41][42] Other Important Information - The average international gold price increased nearly 30% year on year, impacting sales of gold and platinum products [17] - The group has integrated ESG principles into its corporate planning and received 40 awards in FY '25 [40] Q&A Session Summary Question: Can you elaborate on the recovery in sales momentum for Mainland China? - Management noted strong performance in fixed price gold jewelry products due to new collections and effective promotions, with a new ambassador contributing positively [48][49][51] Question: What is the ASP trend for fixed price gold products? - The contribution of fixed price gold products to overall retailing revenue increased from 33% to 54%, with expectations for continued growth [56][66] Question: What is the guidance for same store sales growth and profitability? - Management expects double-digit growth for same store sales across all regions in FY 2026, with a stable gold hedging ratio maintained around 20% to 27% [61][62]

Group 1 - The company aims to open 50 new overseas stores in the next three years [1] - The company will continue to expand its presence in the mainland market [1]

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising funds to expand its sales network and enhance product design and brand building [1][2] Group 1: IPO Details - Zhou Liufu plans to globally offer 46.808 million shares at a price of HKD 24.00 per share, with 4.6808 million shares available in Hong Kong and 42.1272 million shares internationally [1] - The company attracted 8 cornerstone investors who subscribed approximately HKD 573 million, accounting for 51.04% of the total shares offered [1][2] Group 2: Market Position and Financial Performance - As of December 31, 2024, Zhou Liufu ranks sixth in total commodity transaction volume and tenth in revenue from gold jewelry products among all gold jewelry companies in China, with market shares of 6.2% and 1% respectively [2] - Revenue projections for 2022 to 2024 are CNY 3.102 billion, CNY 5.15 billion, and CNY 5.718 billion, with a compound annual growth rate (CAGR) of 35.8%; net profit for the same period is projected at CNY 575 million, CNY 660 million, and CNY 706 million, with a CAGR of 10.8% [2] - By the end of 2024, the company is expected to operate 4,129 stores, with 4,038 being franchise stores, indicating a franchise store ratio of 97.80% [2] Group 3: Business Model and Challenges - Zhou Liufu's revenue from franchise stores comes from product sales and service fees, with product sales revenue projected at CNY 843 million, CNY 2.02 billion, and CNY 2.041 billion from 2022 to 2024, and service fee revenue at CNY 798 million, CNY 833 million, and CNY 849 million [3] - The company's gross margin has decreased from 38.7% in 2022 to 25.9% in 2024, attributed to the increasing proportion of sales from franchise stores and a decline in service fee revenue [3] - Industry experts suggest that Zhou Liufu needs to enhance consumer loyalty, improve supply chain efficiency, and focus on emotional branding to compete effectively against established brands like Chow Tai Fook and Lao Feng Xiang [2][3]

老凤祥股份有限公司 董事会议事规则 （经公司2024年年度股东大会审议通过） 第一章 总则 第一条 为健全和规范公司董事会议事程序，提高董事会工作效率和科学决 策的水平，保证公司生产经营、管理工作的顺利进行，根据《中华人民共和国公 司法》（以下简称《公司法》）《上市公司治理准则》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第1号——规范运作》等相关 法律、法规、规章及《老凤祥股份有限公司章程》（以下简称《公司章程》）的 规定，结合公司的实际情况，制定本规则。 第二条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益， 对股东会负责，执行股东会决议，在《公司章程》和股东会的授权范围内，负责 公司发展目标和重大经营活动的决策。 第三条 董事会应认真履行有关法律、法规和公司章程规定的职责，确保公 司遵守法律、行政法规和《公司章程》规定。 第四条 董事会接受公司股东会的监督，尊重职工代表大会的意见或建议。 第五条 董事应当诚实守信地履行职责： （一）忠诚于公司和股东利益，在职权范围内以公司利益为出发点行使权力， 严格避免自身利益与公司利益冲突。 （二）勤勉尽责，以作为董事理应具备的知识 ...

Group 1 - The rules aim to standardize the board of directors' meeting procedures and decision-making processes to enhance the effectiveness and scientific decision-making of the board [1] - The board of directors is required to hold at least one regular meeting in each half of the year [3] - The board must convene a temporary meeting upon request from shareholders holding more than 1/10 of voting rights or from more than 1/3 of the directors [5] Group 2 - The chairman of the board is responsible for convening and presiding over meetings, and if the chairman is unable to perform their duties, a director elected by a majority of the directors will take over [6] - Meeting notifications must be sent out 10 days in advance for regular meetings and 3 days for temporary meetings, with provisions for urgent situations [8] - A quorum for board meetings requires the presence of more than half of the directors [11] Group 3 - Directors are expected to attend meetings in person and may delegate their voting rights to another director under specific conditions [12] - The board meeting is primarily held in person but can also utilize electronic communication methods [14] - Each proposal must be discussed thoroughly before a vote is taken, and voting is conducted via written ballot [17] Group 4 - Decisions require approval from more than half of the total number of directors, with specific rules for related party transactions [19] - Directors must recuse themselves from voting on proposals where they have a conflict of interest [20] - The board must act strictly within the authority granted by the shareholders and the company's articles of association [21] Group 5 - Meeting records must include details such as the time, location, attendees, proposals discussed, and voting results [23] - Directors must sign off on meeting records, and any dissenting opinions should be documented [24] - The chairman is responsible for ensuring the implementation of board resolutions and reporting on their status in future meetings [26]