此外， 尽管 其 线下仅有三家门店，但寶蘭的提价策略却颇为积极 。 公开信息显示，该品 牌于 2025年内已发布两次全线产品涨价公告。 文｜ 《 贵圈 》 栏目 闫妍 雷军再次落子，入局古法黄金 "新王之战"。 近日，中国高端黄金珠宝品牌寶蘭完成过亿元 A轮融资 ， 背后资方 阵容堪称豪华： 除了 元气森林创始人唐彬森领导的挑战者创投，以及全球奢侈品巨头开云集团外，还有小米集团 董事长雷军担任法人的顺为资本。 《 贵圈 》栏目观察发现，寶蘭 的 单克售价已逼近 2000 元人民币，品牌溢价超过 周大 福、周生生等品牌 普通足金首饰近 5 0% ， 与老铺黄金处在同一量级 。 起底 寶蘭 ： 融资主体今年成立， " 企二代 " 徐泽伟挑大梁 中国高端黄金珠宝品牌 "寶蘭"近日宣布完成A轮融资，领投方为挑战者创投，顺为资本以 及开云集团也参与了跟投。 根据天眼查，顺为资本的法人为 小米集团董事长 雷军，挑战者创投的法人为唐彬森，而唐 彬森更为人所知的身份，是元气森林创始人。开云集团则是全球奢侈品集团，旗下坐拥古驰 （ Gucci ） 、 圣 罗 兰 （ Saint Laurent ） 、 葆 蝶 家 （ Bott ...

文|《贵圈》栏目 闫妍 雷军再次落子，入局古法黄金"新王之战"。 近日，中国高端黄金珠宝品牌寶蘭完成过亿元A轮融资，背后资方阵容堪称豪华：除了元气森林创始人 唐彬森领导的挑战者创投，以及全球奢侈品巨头开云集团外，还有小米集团董事长雷军担任法人的顺为 资本。 《贵圈》栏目观察发现，寶蘭的单克售价已逼近2000元人民币，品牌溢价超过周大福、周生生等品牌普 通足金首饰近50%，与老铺黄金处在同一量级。 此外，尽管其线下仅有三家门店，但寶蘭的提价策略却颇为积极。公开信息显示，该品牌于2025年内已 发布两次全线产品涨价公告。 除了门店数量，寶蘭无论是在产品还是售价上，都与老铺黄金直接对标。但有业内人士表示担忧，认为 当今"古法黄金"赛道十分拥挤，同质化风险日益凸显。寶蘭如何建立自己不可替代的独特身份仍存在很 大挑战。 起底寶蘭：融资主体今年成立，"企二代"徐泽伟挑大梁 寶蘭（Borland）品牌的实体化运营始于2017年杭州大厦首店的开业。次年（2018年），创始人徐毕东 正式将寶蘭品牌化，并注册成立了运营主体——杭州宝兰黄金文化发展有限公司，注册资本为2000万 元。 目前，品牌的经营管理或已完成代际交接。徐毕东之 ...

12月12日消息，雷军再次落子，入局古法黄金"新王之战"。 近日，中国高端黄金珠宝品牌寶蘭完成过亿元A轮融资，背后资方阵容堪称豪华：除了元气森林创始人 唐彬森领导的挑战者创投，以及全球奢侈品巨头开云集团外，还有小米集团董事长雷军担任法人的顺为 资本。 寶蘭的单克售价已逼近2000元人民币，品牌溢价超过周大福、周生生等品牌普通足金首饰近50%，与老 铺黄金处在同一量级。 此外，尽管其线下仅有三家门店，但寶蘭的提价策略却颇为积极。公开信息显示，该品牌于2025年内已 发布两次全线产品涨价公告。 除了门店数量，寶蘭无论是在产品还是售价上，都与老铺黄金直接对标。但有业内人士表示担忧，认为 当今"古法黄金"赛道十分拥挤，同质化风险日益凸显。寶蘭如何建立自己不可替代的独特身份仍存在很 大挑战。 起底寶蘭：融资主体今年成立，"企二代"徐泽伟挑大梁 中国高端黄金珠宝品牌"寶蘭"近日宣布完成A轮融资，领投方为挑战者创投，顺为资本以及开云集团也 参与了跟投。 根据天眼查，顺为资本的法人为小米集团董事长雷军，挑战者创投的法人为唐彬森，而唐彬森更为人所 知的身份，是元气森林创始人。开云集团则是全球奢侈品集团，旗下坐拥古驰（Gucci ...

Core Viewpoint - The company, Laopuhuangjin, has demonstrated significant revenue and profit growth in the first half of 2025, driven by its unique craftsmanship and cultural narrative, positioning itself as a leader in the traditional gold jewelry market in China and abroad [1][2]. Financial Performance - In H1 2025, the company's revenue reached 12.354 billion RMB, a year-on-year increase of 251% [1]. - Offline store revenue accounted for 10.736 billion RMB (86.9% of total revenue), growing by 243.2% year-on-year, while online platform revenue was 1.618 billion RMB (13.1% of total revenue), increasing by 313.3% [1]. - Gross profit margin was 38.09%, down 3.24 percentage points year-on-year, primarily due to price adjustments not keeping pace with rising gold prices [2]. - Net profit attributable to shareholders was 2.268 billion RMB, a year-on-year increase of 285.76% [2]. - Basic earnings per share were 13.38 RMB, up 225.55% year-on-year [2]. Operational Efficiency - The company has improved its operational efficiency, with inventory turnover days decreasing from 195 days in 2024 to 150 days in the reporting period [2]. - Trade receivables turnover days reduced from 25 days in 2024 to 12 days, indicating enhanced cash flow management [2]. Product Strategy - Laopuhuangjin has diversified its product offerings beyond traditional jewelry to include cultural and lifestyle products, creating a unique market position with minimal direct competition [2]. - The company has developed over 2,100 original designs and holds numerous patents, emphasizing its commitment to innovation [2]. Market Expansion - In May 2025, the company raised 2.698 billion HKD through a share placement to support business development and expand its store network in mainland China [3]. - The company plans to enhance its presence in high-end commercial centers across various cities, supporting existing store expansions and same-store sales growth [3]. Industry Outlook - The gold consumption in China decreased by 3.54% year-on-year in H1 2025, with gold jewelry consumption down 26%, yet high-value and well-designed products continue to perform well [4]. - The market for traditional gold jewelry is projected to reach approximately 421.4 billion RMB by 2028, with a compound annual growth rate of 21.8% [4]. Competitive Positioning - Laopuhuangjin's consumer overlap with major luxury brands like Louis Vuitton and Hermès is as high as 77.3%, reinforcing its high-end market positioning [5]. - The recent opening of a new store in Hong Kong's IFC has attracted significant customer interest, indicating strong demand for its products in international markets [5]. Future Projections - Revenue forecasts for Laopuhuangjin are 26.324 billion RMB, 33.793 billion RMB, and 40.045 billion RMB for the years 2025 to 2027, respectively [5]. - Expected earnings per share for the same period are projected at 29.61 RMB, 38.14 RMB, and 45.36 RMB, with corresponding price-to-earnings ratios of 23.5x, 18.2x, and 15.3x [5].

Core Viewpoint - The article highlights the rise of domestic brands in China's high-end consumer market, exemplified by the recent opening of Lao Pu Gold's new store in Shanghai, which reflects the brand's strategic expansion and growing influence in the luxury sector [1][6][9]. Group 1: Company Expansion - Lao Pu Gold opened its third store in Shanghai within three months, following openings in May and June at other high-end locations [1][7]. - The new store is strategically located in a prominent luxury shopping area, enhancing Lao Pu Gold's presence in key commercial centers [7][8]. - The brand's international expansion is also notable, with the opening of its first overseas store in Singapore, which has exceeded expectations in terms of customer traffic and sales [8][10]. Group 2: Consumer Engagement - The opening event attracted significant consumer interest, with long queues and a proactive approach to enhance customer experience, including providing umbrellas and fans [7][8]. - Customers expressed enthusiasm for the brand's products, noting the craftsmanship and cultural significance of the jewelry [7][10]. Group 3: Financial Performance - Lao Pu Gold's sales performance is impressive, with a projected revenue of 14.3 billion yuan for the first half of the year, representing a 252% year-on-year increase [10][11]. - The brand's net profit is expected to reach 2.36 billion yuan, reflecting a 292% increase compared to the previous year [10][11]. - The company's growth is attributed to its expanding brand influence, product optimization, and strategic store openings, which are expected to continue driving revenue growth [11].

Core Viewpoint - The Chinese gold and jewelry industry is facing significant challenges due to high gold prices, low consumer demand, and the departure of leading brands to Southeast Asia, which has created a sense of anxiety among operators [1][2][4]. Group 1: Market Dynamics - The current gold price trend has lasted nearly 14 months, with a shift from consumer-oriented gold jewelry to investment gold bars, leading to a decline in sales of mid-to-high weight gold jewelry [1]. - The departure of leading brands from the domestic market has negatively impacted the confidence of agents and franchisees, as these brands are market leaders whose strategies influence overall market sentiment [1][2]. - The market is experiencing a structural transformation, with many operators recognizing the need for adjustment but often being distracted by short-term profits from traditional gold jewelry sales [2][4]. Group 2: Innovation and Adaptation - The industry is entering a "recessionary market," necessitating structural transformation for survival and future growth, with a focus on innovation primarily driven by small and medium enterprises [4][11]. - The successful brands emerging in this environment are those that leverage technological and cultural innovations, creating unique products that resonate with contemporary consumer preferences [7][10]. - The cultural revival and the trend towards "Guochao" (national trend) are driving demand for traditional Chinese jewelry, such as jade and pearls, which are filling the market gap left by declining diamond sales [12]. Group 3: Strategic Recommendations - Companies must align their strategies with national goals of innovation and quality improvement, as failure to adapt could lead to market elimination [5]. - The focus should be on developing core competitive advantages through original cultural IP and innovative applications of traditional craftsmanship, rather than merely following trends [11][12]. - The industry is encouraged to embrace change and seek new business models that can thrive in a challenging market environment, as historical patterns show that crises often lead to significant innovation [4][12].