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老铺黄金:金价“熄火”,“黄金爱马仕”还靠的住?
3 6 Ke· 2025-08-21 06:22
北京时间 8 月 20 日下午,老铺黄金(6181.HK)发布了 2025 年 H1 业绩,由于此前披露过盈利预告,从实际业绩来看,无论是营收还是利润均接近指引 上限,是一份还不错的业绩,具体要点如下: 1、业绩环比提速。25H1 老铺黄金实现总营收 123.5 亿元,同比增长 251%,接近指引上限。 从趋势上看,从 24H1 开始公司的业绩连续两次环比提速,仍然处于快速扩张期,上半年收入超过了去年全年,核心还是受益于黄金的上行周期以及老铺 品牌力不断提升带来的客群拓展和破圈。 利润上,虽然上半年金价大幅上涨导致老铺原材料成本显著提升导致毛利率有所下滑,但在经营杠杆的释放下整体利润快于营收端的增长,实现归母净利 润 22.7 亿元,同比增长 286%。 2、开店速度加快,海外迎来第一店。截至上半年,老铺新开了 5 家门店,国内的 4 家门店清一色集中在一线城市的核心商圈,相较于年初制定的 6-8 家 门店目标已经完成大半。 此外,6 月老铺在新加坡开设了海外首家门店,标志着公司正式开启全球化扩张。 3、同店营收加速增长。从衡量单店效益的核心指标——同店营收增速上看,25H1 老铺同店营收增长 201%,环比 ...
老铺黄金:金价 “熄火”,“黄金爱马仕” 还靠的住?
Sou Hu Cai Jing· 2025-08-20 13:34
$老铺黄金(06181.HK)北京时间 8 月 20 日下午,老铺黄金(6181.HK)发布了 2025 年 H1 业绩,由于此前披露过盈利预告,从实际业绩来看,无论是营收还 是利润均接近指引上限,是一份还不错的业绩,具体要点如下: 1、业绩环比提速。25H1 老铺黄金实现总营收 123.5 亿元,同比增长 251%,接近指引上限。从趋势上看,从 24H1 开始公司的业绩连续两次环比提速,仍 然处于快速扩张期,上半年收入超过了去年全年,核心还是受益于黄金的上行周期以及老铺品牌力不断提升带来的客群拓展和破圈。 利润上,虽然上半年金价大幅上涨导致老铺原材料成本显著提升导致毛利率有所下滑,但在经营杠杆的释放下整体利润快于营收端的增长,实现归母净利润 22.7 亿元,同比增长 286%。 2、开店速度加快,海外迎来第一店。截至上半年,老铺新开了 5 家门店,国内的 4 家门店清一色集中在一线城市的核心商圈,相较于年初制定的 6-8 家门 店目标已经完成大半。此外,6 月老铺在新加坡开设了海外首家门店,标志着公司正式开启全球化扩张。 3、同店营收加速增长。从衡量单店效益的核心指标——同店营收增速上看,25H1 老铺同店 ...
老铺黄金涨价前门庭冷落,谁在抛弃“塔尖”?
Zhong Guo Ji Jin Bao· 2025-08-19 03:32
据门店销售人员所言,具体涨幅还没有通知,但综合以往来看,此次提价的幅度大约在10%~15%。 提价前不再"疯抢" 一位从北京来上海出差的消费者王女士告诉记者,今年2月份涨价前,北京许多门店发布了预告并且限购,一度引发排队抢购,明显比8月份这次涨价所引 起的反响还要剧烈。 【导读】涨价前夕老铺黄金排队不再火热,消费者频繁提及新兴品牌 "又提价,这是要攀高奢的节奏呀。" "不是说往年七夕节还有折扣,怎么今年赶在七夕前涨价?" "是越来越贵了哦,但感觉做工没有以前好。" 在上海国金中心的老铺黄金门口,排队的消费者们围绕"即将涨价"的消息展开了讨论。8月15日,老铺黄金宣布将在8月25日进行产品提价调整,这是今年 老铺的第二次涨价。 记者实地探访了老铺黄金位于上海国金中心的门店和豫园门店,观察到顾客排队等候的人数显著减少,等待时间也大幅缩短,不再出现以往排长队、动辄 需等待3~4小时的状况。 还有消费者小轩(化名)在排队时主动向记者询问,是否因为关注老铺黄金价格上涨才来排队消费。她认为,老铺黄金这样2~3次的涨价操作已经"比 肩"国际奢侈品,但最近的做工没有之前精美。 "我买过很多古法黄金,如周大福的传承、君佩等,之 ...
老铺黄金(6181.HK):25H1收入业绩高增 渠道拓展将有力支撑下半年增长
Ge Long Hui· 2025-07-29 19:35
Core Viewpoint - The company expects a significant increase in revenue and adjusted net profit for the first half of 2025, driven by brand influence, product optimization, and new store openings [1][2][3] Financial Performance - The company forecasts revenue of 120-125 billion yuan for 25H1, representing a year-on-year growth of 241%-255% [1] - Adjusted net profit is expected to be between 23.0-23.6 billion yuan, reflecting a year-on-year increase of 282%-292% [1] - The adjusted net profit margin is projected to be approximately 19.0%, an increase of 1.9 percentage points compared to the previous year [3] Market Expansion - As of July 27, 2025, the company has entered 30 shopping malls across 16 cities, including new entries in Shanghai and Singapore [3][6] - The company plans to open more high-end stores, with expectations of adding over 7 new high-end shopping mall channels by the end of 2025 [3][7] Product Innovation - The company launched new product lines, including the "Seven Sons Gourd" and "Cross" series, emphasizing originality and craftsmanship [4] - The "Seven Sons Gourd" series features high-temperature enamel craftsmanship, priced between 32,000 to 45,000 yuan, showcasing a vibrant color palette [4] Industry Outlook - The domestic high-end gold jewelry market is estimated to be around 100 billion yuan, with a trend of consumers shifting towards gold jewelry from other types [5][6] - The company is strategically expanding into international markets, with recent openings in Singapore and plans for further expansion into regions like the Middle East and Europe [6][7] Profit Forecast - Revenue projections for the company are 252.84 billion yuan in 2025, 341.14 billion yuan in 2026, and 434.09 billion yuan in 2027, with corresponding growth rates of 197.3%, 34.9%, and 27.2% [7]
华尔街紧盯“老铺黄金”:高盛关注“6.27解禁”,大摩聚焦“海外首家门店”
Hua Er Jie Jian Wen· 2025-06-19 02:36
Core Viewpoint - Major investment banks, Goldman Sachs and Morgan Stanley, are closely monitoring Laopu Gold, with Goldman Sachs being bullish and Morgan Stanley taking a more cautious stance regarding the company's overseas expansion strategy [1][7]. Group 1: Goldman Sachs' Analysis - Goldman Sachs has raised its 12-month target price for Laopu Gold from 976 HKD to 1,090 HKD, maintaining a "buy" rating, citing strong upcoming catalysts [2][5]. - The bank highlights three key drivers for its optimistic outlook: impressive sales growth, explosive online channel performance, and accelerated store expansion beyond previous guidance [2][6]. - Laopu Gold's same-store sales growth rate remained robust, achieving triple-digit growth despite market volatility, with total GMV reaching 1.6 billion RMB, a year-on-year increase of 511% [2][5]. Group 2: Morgan Stanley's Perspective - Morgan Stanley adopts a neutral rating with a target price of 865 HKD, focusing on the strategic significance of Laopu Gold's first overseas store in Singapore [1][7]. - The new store is strategically located at the entrance of the Marina Bay Sands shopping center, which has a sales per square foot of 2,900 USD, 15% higher than that of the Venetian in Macau [7][10]. - Morgan Stanley suggests investors monitor three aspects post-opening: product mix consistency with Greater China, pricing strategy differences, and the demand composition from local residents versus non-Chinese tourists [8][10]. Group 3: Upcoming Catalysts - Laopu Gold is expected to release a profit warning by the end of July, forecasting a net profit increase of approximately 260% year-on-year [5][6]. - The upcoming share unlock on June 27, which will release about 40% of shares, may create a buying opportunity for long-term investors [5][6]. - Additional new store openings in premier shopping centers like Shanghai IFC are anticipated, further supporting growth prospects [6].