8月20日，老铺黄金（06181.HK）发布的中期报告显示，2025年上半年营收达123.54亿元，同比增长 251%，净利润22.68亿元，同比增长285.8%，经调整净利润达23.5亿元，同比增长291%。 浦银国际首席消费分析师林闻嘉指出，中国古法黄金珠宝2023年的市场规模约为人民币1573亿元（预计 2024年达到人民币2193亿元）。而老铺黄金2023与2024年的收入为人民币31.8亿元与85亿元，预计分别 占中国古法黄金总市场规模的2%与3.9%。随着古法黄金赛道持续的高速增长，专注古法金的老铺无疑 会是最大的受益者。 其核心武器是古法黄金工艺带来的超高溢价——同样采用花丝和镶嵌工艺的蝴蝶项链，京工美作单克售 价900多元，而老铺黄金则达到1400多元/克，溢价率高达55%。 财报发布后，优异的业绩刺激老铺黄金股价大涨8.84%，报收782港元/股，暂时刹住了过去一个多月的 老铺黄金的抛售潮。 自从7月8日创下每股1108港元历史最高价后，老铺黄金在其后31个交易日内股价跌多涨少，有22个交易 日下跌。让人震惊的是，8月1日，股价跌破700港元大关，收盘报690港元/股，市值较7月8日的峰值跌 ...

Core Insights - The first overseas store of Laopu opened in Marina Bay Sands, Singapore, on June 21, showing strong initial demand with customers reportedly waiting about one hour during peak times [1] - Morgan Stanley's research indicates that the pricing strategy of the Singapore store is largely in line with that of mainland China, with the majority of customers coming from mainland China [1] - The introduction of the "Golden Cross" series aims to attract a more diverse customer base beyond traditional Chinese cultural consumers, although Morgan Stanley remains cautious about its market acceptance [1][4] Pricing and Promotions - The "Golden Cross" series is priced between 3,600 to 7,000 SGD (approximately 1,500 SGD per gram), which is intended to broaden the customer base [4] - A promotional campaign offering a discount of 10 SGD for purchases over 100 SGD is running from June 21 to 29, but customers will not benefit from tax refunds or mall points during the first two months of operation [1][4] - Price comparisons show that even with a potential 9% tax refund in Singapore, prices will still be 7% higher than in Hong Kong but 6% lower than in mainland China [4][5] Market Position and Outlook - Morgan Stanley maintains a "Hold" rating on Laopu, with a target price of 865 HKD based on a projected P/E ratio of 33 times for 2025 and a PEG ratio of 1.4 [4] - The stock price of Laopu has decreased by 2.38% to 860 HKD per share as of the report [4]