（文/霍东阳 编辑/张广凯） 9月30日，老铺黄金在香港金融中心（IFC）的新店正式开业，这是该品牌在香港的第三家门店，也是老铺黄金在全球最大的旗舰店，门店位于商场一层主 通道区域，毗邻一种国际高奢品牌。 在国庆期间，老铺黄金香港IFC门店展现出超高人气，消费者通常需要在门口等待三十分钟至数小时不等才能进店。在一众奢侈品门店的包围中，老铺黄金 是唯一一个需要排队进店的门店。 老铺黄金IFC门店的销售人员告诉观察者网，在开业后，门店几乎一直都是满负荷营业，400平的门店经常是满的，而其中大部分顾客都是来自大陆。 价格优势是吸引消费者的重要因素之一。据销售人员透露，新店开业特惠叠加汇率优势，香港门店的产品价格相较于内地门店相当于约82折的优惠力度。 新店的开业意味着老铺黄金在香港市场的布局得到了进一步强化。凭借香港的视窗效应，老铺黄金循序渐进地将品牌迈向国际化。 IFC门店开业后，老铺黄金在香港的门店数达到了三间，另外两间分别在海港城和广东道。海港城、广东道门店可以有效捕获自由贸易港的客群红利，而位 于中环核心的IFC占位有望进一步贴近中环金融区的高净值人群，推进老铺黄金的国际化。 另一面，香港地区的门店也有望进 ...

美联储降息预期升温、地缘政治风险加剧、全球央行持续购金——这个十月，黄金市场正上演一场前所未有的狂欢。 美国纽约商品交易所黄金期货价格历史性突破每盎司4000美元大关，伦敦现货金亦攀升至3977美元的新高纪录。 与此同时，国内金价也水涨船高，中国黄金投资金条报942元人民币/克，周生生等品牌足金首饰价格均已站上1100元/克。 然而，在这片金光闪闪的市场中，曾经一度飙升至千元股价的"古法黄金第一股"老铺黄金，却自今年7月8日触及1108港元/股的高点后掉头向下， 截至10月8日收盘报717港元，三个月内跌幅达35%，市值蒸发超600亿港元。 黄金价格涨疯了，为何老铺黄金跌麻了？ 来源：首席品牌评论 1. 古法黄金第一股 老铺黄金的资本故事始于2024年6月28日，当时它以每股40.5港元的发行价登陆港股，被无数投资者追捧为"古法黄金第一股"。 在随后的一年里，这只股票上演了香港股市罕见的暴涨神话，2024年全年涨幅接近500%。进入2025年，其涨势更加凌厉，至7月8日，股价已飙升 至1082港元，较发行价疯涨26倍，成为港股市场第十只千元股。 在遍地开花的黄金品牌中，老铺黄金何以脱颖而出？这背后是其深耕多年 ...

一问价格，她神秘兮兮地说："8万多的金条，花几百块打出来的，比金店省了两万！ "我当时就懵了， 金价不是都涨到1000多一克了吗？ 还有个狠人，把姥姥传的旧金镯熔了重新打，省下的钱够买两台手机。 金店要是还指望"爱情恒久 远"的套路，怕是连婚庆订单都抢不到了。 不过也有例外！ 老铺黄金去年收入涨了148%，利润翻了两倍。 它家专攻古法黄金，单品动不动上万， 门店全开在SKP这种高端商场。 现在谁还傻傻去金店买溢价镯子？ 银行金条每克比首饰便宜100多块，工行、建行的投资金条纯度有保 障，回购也方便。 我同事就是蹲到金价回调时下手，100克金条加小作坊几百块工费，泥鳅背镯子立马 到手。 金店同款可能要加价30%，光品牌溢价就够再买颗小金豆了。 有人说小作坊怕偷工减料，但人家现在 也精明了加工前后称重，损耗补小金豆，还签协议。 以前结婚总得买"三金"吧？ 现在结婚人数十年减半，去年才680万对。 95后朋友结婚直接租金饰，或者 网上买仿金款式，几千块搞定全场。 怎么还有人能"反向操作"省出个包来？ 结果另外两个同事立马跟风，一个去银行囤金条，一个翻出姥 姥传的旧金子找小作坊改款。 这年头，买金饰的剧本彻底换了啊！ ...

Industry Overview - The price of domestic gold jewelry has surpassed 1100 RMB per gram due to rising international gold prices, prompting major jewelry brands to initiate price increases [1] - In Wuhan, Chow Tai Fook plans to raise its "one-price" jewelry by approximately 20%-30% after the National Day holiday, although specific products and their proportions have yet to be determined [1] - As of September 27, major traditional gold jewelry brands like Chow Tai Fook, Chow Sang Sang, and Luk Fook have all set their gold prices at 1108 RMB per gram, while Lao Miao Gold is at 1100 RMB per gram [1] - Tianfeng Securities notes that while gold jewelry consumption volume has decreased due to rising prices, the total value remains at the third highest historical level, indicating stable consumer demand [1] - The high-end jewelry market shows resilience, prompting brands to adapt their market strategies [1] - The younger generation is becoming the main consumer group, influenced by cultural confidence and the rise of domestic trends, leading to increased acceptance of traditional gold [1] - There is a shift in consumer behavior towards non-wedding gold purchases, with "self-wearing" becoming the most significant jewelry consumption scenario [1] - The industry is experiencing increased concentration, with leading brands significantly growing their market share in recent years [1] Company Developments - Mankalon has launched several new product lines, including the Fenghua 2.0 series, Jiaoyu series, and Weilan series, catering to both traditional and modern aesthetics [3] - Cuihua Jewelry is positioning its Cuihua brand as a luxury label through high-end products like the Master Series and Palace Museum cultural series, employing a no-discount strategy and collaborating with cultural institutions [3] - The company reports that its two-dimensional gold products are experiencing strong sales [3] Market Outlook - Dongguan Securities projects that the gold jewelry market will maintain stable growth from 2024 to 2029, surpassing other jewelry categories, confirming gold jewelry's lasting appeal among Chinese consumers [2]

Core Viewpoint - Pacific Securities maintains a "buy" rating for Laopu Gold (06181), setting a target price of HKD 806.52 based on a 20x PE ratio for 2026 performance, highlighting the company's strong brand positioning and growth potential in the high-end market [1] Financial Performance - In the first half of 2025, the company achieved a total sales revenue of CNY 141.8 billion, a year-on-year increase of 249.4%, with total income reaching CNY 123.5 billion, up 251.0%, and a net profit attributable to shareholders of CNY 22.7 billion, reflecting a 285.8% increase [1] - The company declared an interim dividend of CNY 9.59 per share, totaling CNY 16.6 billion, with a payout ratio of 73% [1] Revenue Breakdown - Revenue from mainland China and overseas for the first half of 2025 was CNY 107.6 billion and CNY 16.0 billion, respectively, representing year-on-year growth of 232.8% and 455.2% [2] - The company maintained the highest average revenue per store and sales per square meter among all jewelry brands in mainland China, with an average sales figure of approximately CNY 4.59 billion per store [2] Store Expansion and Market Presence - As of June 30, 2025, the company operated 41 stores across 16 cities, primarily located in 29 renowned commercial centers, including SKP and MixC [3] - The company has entered 9 out of the top 10 commercial centers in China, with plans to open in the last remaining center, Shanghai Hang Lung Plaza, in October 2025 [3] - The number of loyal members increased by 130,000 to 480,000, with a consumer overlap rate of 77.3% with luxury brands like LV, Hermes, Cartier, and Bulgari [3] Profitability and Cost Management - The company's gross margin decreased by 3.2 percentage points to 38.1% due to rising gold prices, which increased by 21.53% from January to April 2025 [4] - Selling and administrative expense ratios were 11.9% and 1.7%, respectively, showing a decrease of 3.3 and 1.8 percentage points, while the net profit margin increased by 1.9 percentage points to 19.0% [4]

Core Viewpoint - Pacific Securities maintains a "buy" rating for Laopu Gold (06181), setting a target price of HKD 806.52 based on a 20x PE ratio for 2026 performance, highlighting the company's strong brand positioning and growth potential in the high-end market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a total sales revenue of CNY 141.8 billion, a year-on-year increase of 249.4%, and a total income of CNY 123.5 billion, up 251.0% [1] - The net profit attributable to shareholders reached CNY 22.7 billion, reflecting a year-on-year growth of 285.8%, with adjusted net profit at CNY 23.5 billion, up 290.6% [1] - The company declared an interim dividend of CNY 9.59 per share, totaling CNY 16.6 billion, with a payout ratio of 73% [1] Group 2: Revenue Breakdown - Revenue from mainland China and overseas reached CNY 107.6 billion and CNY 16.0 billion, respectively, with year-on-year increases of 232.8% and 455.2% [2] - The company maintained the highest average revenue per store and sales per square meter among all jewelry brands in mainland China during the first half of 2025 [2] - Online platforms generated CNY 16.2 billion in revenue, reflecting a year-on-year increase of 313% [2] Group 3: Store Expansion and Market Presence - As of June 30, 2025, the company operated 41 stores across 16 cities, primarily located in 29 renowned commercial centers, including SKP and MixC [3] - The company has entered 9 out of the top 10 major commercial centers in China, with plans to open in the last remaining center by October 2025 [3] - The number of loyal members increased by 130,000 to 480,000, with a consumer overlap rate of 77.3% with other luxury brands [3] Group 4: Profitability and Cost Management - The company's gross margin decreased by 3.2 percentage points to 38.1% due to rising gold prices, which increased by 21.53% from January to April 2025 [4] - Selling and administrative expense ratios improved, with selling expenses down by 3.3 percentage points and administrative expenses down by 1.8 percentage points [4] - The net profit margin increased by 1.9 percentage points to 19.0% due to enhanced scale effects [4]

Core Viewpoint - Laopu Gold Co., Ltd. has opened its third store in Beijing SKP, which is expected to enhance the performance of Beijing SKP by 2025, following its previous loss of the title of "global store king" [1][3] Group 1: Company Performance - Laopu Gold achieved a nearly 220% year-on-year growth in the first half of 2025 at Beijing SKP, contributing to an overall positive growth of approximately 20% for the mall despite declines in international brand performance [4] - The average store efficiency of Laopu Gold reached nearly 500 million yuan in the first half of 2025, surpassing all domestic and international jewelry brands, and even exceeding that of leading international luxury brands [4] Group 2: Market Positioning - Laopu Gold is successfully penetrating the high-end market, representing Chinese cultural heritage and aesthetics, marking a structural shift from reliance on international brands to local brands in high-end shopping environments [3][5] - The brand has a consumer overlap rate of nearly 80% with five major international luxury brands, indicating its strong presence among high-net-worth individuals [5] Group 3: Store Experience - Each Laopu Gold store is designed with a "literary room" theme, providing an immersive cultural experience that aligns with its traditional gold craftsmanship, aiming to become a cultural consumption destination in each city [5]

Core Insights - In a challenging environment for the gold and jewelry industry, Laopu Gold has achieved remarkable growth, with sales increasing by 249%, operating income rising by 251%, and net profit soaring by 285.8% in the first half of the year, marking it as a standout performer in the industry downturn [1] Company Strategy - Laopu Gold, established in 2009, focuses on traditional craftsmanship and is the first brand in China to promote the "Ancient Method Gold" concept. The brand has developed unique techniques such as "solid gold inlaid diamonds" and utilizes 12 national-level intangible cultural heritage skills to create products that blend cultural depth with modern aesthetics [3] - The brand has adopted a luxury positioning strategy, with 90% of its products priced over 10,000 yuan, using a fixed-price sales model to avoid competition in the traditional gold pricing market. Store locations are concentrated in high-end shopping areas like Beijing SKP and Shanghai MixC, with a focus on creating premium consumer experiences through VIP rooms and personalized services [3] Financial Performance - Laopu Gold's gross margin reached 38.1% in the first half of the year, significantly exceeding the industry average. The overlap of its customer base with luxury brands like LV and Hermes is as high as 77.3%, indicating the success of its high-end positioning [3] Market Competition - The market for ancient method gold is expanding, with traditional brands like Chow Tai Fook and Lao Miao Gold accelerating their strategies, while new entrants like Duobao Pavilion and Linchao Gold are also emerging. Competitors are launching similar craftsmanship products and enhancing cultural value through IP collaborations, which may challenge Laopu Gold's brand recognition [4] Membership and Market Dynamics - As of June 30, Laopu Gold's membership reached 480,000, an increase of 130,000 from the previous year. However, industry experts suggest that for a mid-to-high-end brand targeting first-tier cities, a membership base of 1 million is nearing its ceiling. The brand must strengthen its appeal to ultra-high-net-worth individuals or risk diluting its high-end positioning by targeting the mass market [5] - The World Gold Council reports that ancient method gold accounts for 35% of domestic gold jewelry consumption, becoming the second-largest category. Young consumers aged 18-34 contribute over one-third of sales, with ancient method gold products being particularly popular. However, increased competition has led to revenue and profit declines for some companies, indicating a growing industry divide [5]

Core Viewpoint - The conference highlighted the resilience and potential of the Chinese consumer market amidst global economic adjustments and uncertainties, emphasizing the importance of domestic demand as a key growth engine for the economy [4]. Group 1: Conference Overview - The 15th Consumer Goods Annual Conference hosted by Guotai Junan took place in Shanghai, focusing on the theme of "New Consumption Era" and gathering industry experts, executives from listed companies, and investment institutions to discuss various topics related to consumer behavior and investment opportunities [2]. - Nearly 20 prominent guests from the consumer industry and around 100 listed companies participated, showcasing a rich exchange of investment research ideas [2]. Group 2: Key Insights from Presentations - The consumer landscape is undergoing significant changes driven by the younger generation, with evolving consumption behaviors leaning towards personalization, refinement, and emotional engagement, creating numerous niche opportunities [4]. - The traditional consumption sector is expected to reach a turning point by the end of the year, with stable categories like beverages, beer, and condiments presenting long-term investment opportunities [7]. - Emotional and experiential consumption is accelerating, with industries focusing on emotional value and experience addressing consumer pain points, leading to rapid realization of commercial value [9]. - The home appliance sector is witnessing a shift towards high-value product designs that cater to emotional recognition and lifestyle needs, alongside advancements in AI and robotics transforming product forms [12]. - The furniture sector is experiencing marginal improvements in revenue growth due to supportive policies and a strengthening housing market, while export performance is beginning to show signs of differentiation [13]. Group 3: Future Outlook - Guotai Junan Securities aims to leverage its professional advantages and platform resources to enhance market influence and pricing capabilities, aspiring to build a globally impactful investment research platform [4]. - The conference serves as a significant platform for understanding industry trends and capturing investment opportunities, having gained widespread attention and recognition in the capital market over the past fourteen years [22].

Core Viewpoint - The gold jewelry market is experiencing a significant divide in performance among companies, driven by high gold prices and changing consumer preferences, leading to both growth and decline in revenues and profits across the industry [5][7]. Group 1: Gold Price Impact - As of September 1, gold prices rose to 800.56 yuan per gram, with several brands' gold jewelry prices exceeding 1,000 yuan per gram [4]. - The high gold prices have led to a cautious consumer approach, with a notable decline in gold consumption, particularly in jewelry, which saw a 26% drop [5][6]. Group 2: Company Performance - Companies like Lao Pu Gold reported explosive growth, with revenue increasing by 251% to 123.54 billion yuan and net profit rising by 285.8% [8][13]. - In contrast, traditional giants like Lao Feng Xiang and Zhou Da Sheng faced revenue declines of 16.52% and 43.92%, respectively, with Zhou Da Sheng's revenue from gold products dropping by 50.94% [7][8]. Group 3: Market Trends and Strategies - The industry is witnessing a shift towards high-value, design-oriented jewelry, with brands increasingly entering the "ancient method" gold segment to differentiate themselves [5][10]. - Many companies are closing underperforming stores to optimize retail networks, with Zhou Da Sheng reducing its store count by 290 in the first half of the year [9][10]. Group 4: Competitive Landscape - The market for "ancient method" gold is becoming crowded, with multiple brands launching similar products, leading to intensified competition [12][13]. - Lao Pu Gold aims to position itself as the "Hermès of gold," but faces risks from increased competition and potential consumer fatigue from price hikes [13].