Core Insights - Laopuhuang has positioned itself as a high-end brand in the gold jewelry market, with prices significantly higher than competitors, yet maintains strong customer traffic, indicating a successful shift towards "cultural luxury" [1][2] Pricing Strategy - Laopuhuang's pricing is 1.7 to 1.9 times higher than similar products from other brands, with a specific example of a 7.6-gram rose window diamond pendant priced at 17,850 yuan, translating to 2,350 yuan per gram of gold [2] - The brand's store design and customer service reflect its high-end positioning, featuring a luxurious atmosphere and premium offerings [2] Financial Performance - In the first half of 2025, Laopuhuang achieved a total sales revenue of 14.18 billion yuan, a year-on-year increase of 249.4%, with total income reaching 12.35 billion yuan, up 251.0%, and a net profit of 2.27 billion yuan, marking a 285.8% increase [3] Second-Hand Market Challenges - Despite the brand's high pricing strategy, the second-hand market does not reflect the same value, focusing primarily on the weight and purity of gold rather than brand prestige [4] - Consumers face a dilemma where the high craftsmanship and brand premium paid at purchase do not translate into equivalent value in the second-hand market, leading to a "buy high, sell low" scenario [4] International Expansion - To overcome market challenges, Laopuhuang aims to enhance its brand value through unique design and establish a self-operated second-hand circulation system, while also pursuing international expansion [5] - The company opened its first overseas store in Singapore in June 2025, with plans to open 6 to 7 additional stores in Hong Kong, Macau, or overseas within the next two years [5]

深圳华润万象城老铺黄金门店，以黑金为主色调。 财报数据呈现得更为直观，在金饰品牌业绩整体承压背景下，2025年上半年老铺黄金整体实现含税销售额 141.8亿元，同比增长249.4%，实现总收入123.5亿元，同比增长251.0%，实现归母净利润22.7亿元，同比增长 285.8%。 二手市场并不买账 在金价飙升的背景下，依然在年内3次涨价，"用心"吸引高净值客群，都折射出老铺黄金对"中式奢侈品"的野 心。然而在二手市场的估价体系中，品牌溢价远不及黄金的克重实在。 记者调查发现，二手回收市场仍以黄金克重和纯度为核心估价加店铺图标准，老铺黄金的品牌价值与工艺成 本往往被忽视。"老铺的溢价主要在工艺费，收藏的话就没必要当黄金卖了。回收只看黄金本身，除非金价涨 到1500/克，要不然出手都是亏的。"闲鱼一位回收商直言。 这意味着消费者购买老铺黄金时支付的高额工艺与品牌溢价，在二手流通环节几乎无法兑现，形成"买时贵、 卖时平"的尴尬局面。这与品牌努力对标的"爱马仕"，即便材质并不稀缺，但在二手市场仍是"硬通货"的情 况，相距甚远。 深圳商报记者 胡星访 文/图 定价高达同类品牌近2倍，但门店客流量持续领先，这种"反常" ...