香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited （於開曼群島註冊成立之有限公司） （股份代號：1520） 自願公告 成立合資公司的投資合同 本公告由天機控股有限公司（「 本公司 」，連同其附屬公司，統稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會欣然宣佈，於二零二六年一月二十九日，本公司全資附屬公司北京壹伍 貳零科技有限公司（「北京壹伍貳零」）與北京秀曼科技有限公司（「北京秀 曼科技」）簽訂了投資合同（「投資合同」）。根據投資合同，北京壹伍貳零 擬與北京秀曼科技共同出資在中華人民共和國（「中國」）成都市組建一家合 資公司「成都天和鑫睿貴金屬有限公司」（「合資公司」），擬開拓黃金相關 業務，以黃金為載體融合金融、體育、藝術與跨境貿易多維領域的發展（「合 資公司業務」）。 合資公司的註冊資本為人民幣 500 萬元，北京壹伍貳零及北京秀曼科技分別出資 人民幣 255 ...

Core Viewpoint - The company, Laopu Gold, has established a significant brand advantage in the traditional gold industry over the past decade, maintaining a high-end brand positioning since its inception in 2009, and systematically building differentiated competitive advantages in "brand, product, channel, and customer service" [1] Product Positioning - Laopu Gold focuses on high-end gold products, with a growing membership base that overlaps significantly with international luxury brands. As of June 30, 2025, the company had approximately 480,000 loyal members, an increase of 130,000 from December 31, 2024 [1] - The core business of the company is its gold products, which accounted for over 99.5% of total revenue from 2021 to the first half of 2025 [1] - The product series includes gold jewelry and gold utensils, with continuous innovation and upgrades. The company incorporates national intangible cultural heritage techniques such as "filigree inlay" and "gold and silver inlay" into its products [1][2] Product Technology - The company emphasizes exquisite craftsmanship and innovation, utilizing ancient gold-making techniques to blend cultural and fashionable attributes in its products. This includes various design techniques such as lost-wax casting and engraving, meeting consumer demands for upgraded aesthetics [2] - A systematic R&D management framework is in place, covering the entire process from planning to market tracking, ensuring sustained product competitiveness [2] Channel Structure - Laopu Gold employs an integrated online and offline retail channel strategy. Offline stores are primarily located in high-end shopping districts in major cities, achieving an average sales performance of approximately 459 million yuan per mall in the first half of 2025 [3] - The company also utilizes online platforms like JD.com and Tmall for product sales, enhancing customer experience through a WeChat mini-program to boost online sales [3] Investment Outlook - The company is committed to its brand positioning and aims to expand market potential through original product design and craftsmanship innovation. It is focused on a strategy of "brand internationalization and market globalization" [4] - Revenue projections for 2025-2027 are estimated at 26.2 billion yuan, 35.37 billion yuan, and 43.5 billion yuan, representing year-on-year growth of 208.0%, 35.0%, and 23.0% respectively. Net profit attributable to the parent company is projected to be 3.82 billion yuan, 5.09 billion yuan, and 6.28 billion yuan, with year-on-year growth of 159.1%, 33.3%, and 23.3% respectively [4]

Core Insights - The 2025 Hurun Rich List reveals significant changes among the wealth rankings of entrepreneurs, with notable shifts in positions and new entrants [1] - Zhong Shanshan, founder of Nongfu Spring, tops the list for the fourth time, surpassing Zhang Yiming of ByteDance and Ma Huateng of Tencent, tying with Jack Ma's record [1] - The list features 376 new faces, a sevenfold increase from the previous year, indicating a dynamic shift in wealth distribution [4] Company Highlights - Lao Pu Gold's controlling shareholders, Xu Gaoming and his son Xu Dongbo, debut on the list with a combined wealth of 695 billion RMB, ranking first among newcomers [4] - Lao Pu Gold reported a remarkable revenue increase of 250.9% year-on-year, reaching 12.354 billion RMB in the first half of 2025, with a net profit growth of 285.8% [5][12] - The company's main revenue source remains from "foot gold products," which accounted for 99.9% of total revenue, amounting to 88.3 billion RMB [12] Market Performance - Despite strong revenue growth, Lao Pu Gold's stock price has seen a significant decline of nearly 40% since its peak in July, dropping from 1108 HKD to 668.5 HKD [5][8] - The company has faced challenges in maintaining investor confidence, despite its impressive financial performance [18] Consumer Insights - Lao Pu Gold's products are marketed as luxury items, with a unique selling proposition based on traditional craftsmanship and design, positioning itself as the "Hermès of gold" [14][21] - The brand has attracted a loyal customer base, with approximately 480,000 members, but has also faced consumer complaints regarding product quality [15][17] Competitive Landscape - Lao Pu Gold's gross margin has been affected by rising gold prices, dropping to 38.1% in the first half of 2025, which is lower than the typical margins of top luxury brands [22] - The company is expanding its international presence, with overseas market revenue growing by 455.2%, although it still represents only 12.9% of total revenue [23] Strategic Challenges - The brand's reliance on gold as a primary material and the challenge of establishing a unique brand identity in a competitive market are significant hurdles [21][23] - To solidify its position as a top luxury brand, Lao Pu Gold must develop a sustainable competitive advantage and address consumer perceptions regarding product quality and brand value [23]

Core Viewpoint - The company, Laopu Gold, plans to issue 3.71 million new H-shares at a discount of approximately 4.50% to raise around HKD 2.7 billion for inventory reserves and store expansion, marking its second fundraising since 2025 [1][2]. Fundraising Details - The placement price is set at HKD 732.49 per share, which is about 4.50% lower than the closing price of HKD 767.00 on October 21, 2025, and approximately 5.59% lower than the average closing price of HKD 775.90 over the preceding five trading days [1]. - If fully subscribed, the total gross and net proceeds (after commissions and estimated expenses) are expected to be approximately HKD 2.719 billion and HKD 2.707 billion, respectively, with a net issuance price of about HKD 729.23 per share [1]. Use of Proceeds - 70% of the funds will be allocated for inventory reserves to meet increasing demand during peak sales seasons, considering the long procurement and sales cycle [2]. - 10% will be used for store expansion and optimization of existing store locations, including costs related to rent, design, renovation, and employee recruitment [2]. - 20% will be directed towards working capital and general corporate purposes, including the recruitment of high-level talent [2]. Previous Fundraising - In May 2025, Laopu Gold announced a placement of 4.31 million new H-shares, raising approximately HKD 2.698 billion, with 80% of the funds intended for core business development [3]. - As of September 30, 2025, most of the previous funds have been utilized, with only about HKD 10 million remaining [3]. Financial Performance - For the six months ending June 30, 2025, Laopu Gold reported revenues of HKD 12.354 billion, a year-on-year increase of 251%, and an adjusted net profit of HKD 2.35 billion, up 290.6% [3]. - Revenue from gold products accounted for 99.9% of total revenue, with a significant increase in loyal membership reaching approximately 480,000, up by 130,000 from the previous year [3]. Stock Performance - On October 22, 2025, Laopu Gold's stock price dropped over 8% at one point, closing down more than 6% [4].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by brand strength, product innovation, and market expansion [1][2]. Revenue and Profit Growth - In 2025H1, the company achieved revenue of 12.354 billion RMB, a year-on-year increase of 250.90%, and a net profit of 2.268 billion RMB, up 285.76% [1]. - The company declared an interim dividend of 9.59 RMB per share, totaling approximately 1.66 billion RMB, with a payout ratio of 73% [1]. Brand and Market Position - The company's brand influence has expanded, leading to significant market advantages and increased sales in both online and offline channels [1]. - In 2025H1, the average sales performance per store in shopping malls was approximately 459 million RMB, maintaining the top position among all jewelry brands in mainland China [1]. - Same-store sales grew by approximately 200.8% [1]. Online and Offline Sales Performance - Online sales reached approximately 1.943 billion RMB in 2025H1, with the Tmall flagship store achieving over 1 billion RMB in sales during the 618 shopping festival [1][2]. - Offline sales contributed 86.9% of total revenue, amounting to 12.241 billion RMB, with a year-on-year increase of 243.2% [2]. Customer Base Expansion - The company has expanded its customer base, with loyal members reaching approximately 480,000, an increase of 130,000 from the end of 2024 [1]. - The overlap rate of the company's consumers with those of major luxury brands is as high as 77.3%, indicating the brand's high-end positioning [1]. Product Development and Pricing Strategy - The company has created over 2,100 original designs and holds 273 domestic and 246 international patents [1]. - In response to rising gold prices, the company adjusted product prices by approximately 5-12% in February 2025 [1][2]. Financial Metrics - The company's gross margin for 2025H1 was 38.09%, a decrease of 3.24 percentage points due to rising gold prices [2]. - Despite increased expenses, the net profit margin improved by 1.7 percentage points to 18.36% [2]. Future Growth Prospects - The company plans to continue expanding its channels and optimizing stores, with 41 self-operated stores opened in 16 cities by 2025H1 [3]. - New store openings in Singapore mark a significant step in the company's international expansion [3]. Investment Outlook - The company is positioned to benefit from the shift in the gold jewelry market towards product and brand-driven growth, with a strong focus on high-end traditional gold segments [3]. - Revenue forecasts for 2025-2027 have been adjusted to 24.020 billion RMB, 33.813 billion RMB, and 41.402 billion RMB, respectively [3].

Core Viewpoint - Laopu Gold Co., Ltd. has reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue, net profit, and gross profit, driven by brand influence and product innovation [1][2]. Financial Performance - The company achieved a revenue of 12.354 billion yuan, representing a year-on-year increase of 251% [1]. - Adjusted net profit reached 2.35 billion yuan, up 291% year-on-year [1]. - Gross profit was 4.705 billion yuan, reflecting a growth of 223.4% compared to the previous year [1]. - The company plans to distribute an interim dividend of 9.59 yuan per share [1]. Product and Sales Performance - Laopu Gold's revenue from gold products was 12.346 billion yuan, a 250.9% increase, accounting for 99.9% of total revenue [2]. - The company has created over 2,100 original designs and holds 273 domestic patents and 246 international patents [2]. - Offline sales from physical stores generated 10.736 billion yuan, a 243.2% increase, making up 86.9% of total revenue, while online sales reached 1.618 billion yuan, growing by 313.3% [2]. Market Position and Strategy - Laopu Gold has an average sales performance of 459 million yuan per store in shopping malls [3]. - The company focuses on traditional craftsmanship and modern aesthetics, leveraging cultural recognition and consumer upgrade trends to drive growth [3]. - The overseas business revenue was 1.597 billion yuan, a remarkable increase of 455.2%, contributing 12.9% to total revenue [3]. International Expansion - The opening of the first overseas store in Singapore marks a significant step in the company's internationalization strategy [4]. - The store has exceeded expectations in terms of customer traffic, with 90% of visitors being first-time customers attracted by the brand's design and craftsmanship [4]. - The company plans to expand into Southeast Asia and explore markets in Europe and the United States [4]. Cultural and Market Insights - Laopu Gold is not merely benchmarking against international luxury brands but is addressing the growing demand for product quality and cultural value among core consumer groups [5]. - The company is seen as a pioneer in exploring new paths for the globalization of Chinese luxury brands, focusing on cultural value as a core growth strategy [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant revenue increase of 250.90% year-on-year, reaching 12.354 billion RMB in H1 2025, with a net profit of 2.268 billion RMB, up 285.76% year-on-year [2] - The company has a high dividend payout ratio of 73%, distributing approximately 1.66 billion RMB in dividends [2] - The brand's market influence and product innovation are key drivers for revenue and profit growth, with same-store sales increasing by approximately 200.8% [3][4] - The company has expanded its loyal customer base, with 480,000 members as of June 30, 2025, reflecting a 13,000 increase from December 31, 2024 [3] - The company has created over 2,100 original designs and holds 273 domestic and 246 international patents [3] Revenue Breakdown - In H1 2025, revenue from gold products was 14.174 billion RMB, with online and offline sales contributing 19.43 billion RMB and 122.41 billion RMB respectively, showing year-on-year growth of 313.3% and 243.2% [4] - Revenue from mainland China and overseas markets was 12.584 billion RMB and 1.6 billion RMB, respectively, with year-on-year growth of 232.8% and 455.2% [4] Profitability Analysis - The company's gross margin was 38.09%, a decrease of 3.24 percentage points due to a rise in gold prices exceeding 20% [5] - The net profit margin improved by 1.7 percentage points to 18.36% despite increased sales and administrative expenses [5] Future Growth Prospects - The company plans to continue expanding its channels and optimizing stores, with 41 self-operated stores opened in 16 cities by H1 2025 [6] - The opening of new stores in high-end shopping centers in Shanghai and Singapore marks a significant step in the company's international expansion [6] Investment Recommendations - The company is positioned well in the high-end gold jewelry market, integrating traditional Chinese culture with modern design [7] - Revenue forecasts for 2025-2027 are adjusted to 24.020 billion RMB, 33.813 billion RMB, and 41.402 billion RMB, respectively, with EPS estimates of 27.32 RMB, 38.51 RMB, and 47.20 RMB [7]

Core Viewpoint - The traditional handcrafted gold jewelry brand, Laopu Gold, reported impressive financial results for the first half of 2025, showcasing significant growth in revenue and profit, indicating strong market performance and brand positioning [1][3][4]. Financial Performance - For the six months ending June 30, 2025, Laopu Gold achieved revenue of 12.35 billion RMB, a year-on-year increase of 251.0% [3][5]. - The profit for the same period was 2.27 billion RMB, reflecting a year-on-year growth of 285.8% [4][5]. - Adjusted net profit, according to non-IFRS standards, reached 2.35 billion RMB, marking a substantial increase of 290.6% [4][5]. - Gross profit amounted to 4.71 billion RMB, with a year-on-year growth of 223.4% [4][5]. Sales Channels - Offline store revenue reached 10.74 billion RMB, up 243.2%, accounting for 86.9% of total revenue [5][6]. - Online platform revenue surged to 1.94 billion RMB, a remarkable increase of 313.3%, representing 13.1% of total revenue [5][6]. Product Performance - Gold products remained the primary revenue driver, generating 12.35 billion RMB, which constitutes 99.9% of total revenue [6][7]. - Other products and services, although minor in revenue contribution, experienced a growth rate of 512.7% [6][7]. Geographic Performance - Revenue from mainland China accounted for 87.1%, while overseas markets, despite only contributing 12.9%, saw a growth rate of 455.2% [7][8]. Operational Metrics - The company operated 41 self-owned stores across 16 cities, with five new stores opened in the first half of 2025, including its first store in Singapore [8]. - Same-store sales increased by 243%, with an average revenue of approximately 459 million RMB per store for the half-year [8]. Profitability Metrics - The gross margin slightly decreased to approximately 38.1% due to a single price adjustment in February 2025 amidst rising gold prices [9][10]. - However, the adjusted net profit margin improved from 17.1% to 19.0%, attributed to economies of scale and effective cost control [10]. Expense Management - Sales and distribution expenses rose to 1.46 billion RMB, a year-on-year increase of 175.2% [11]. - Administrative expenses were 211 million RMB, reflecting a 69.4% increase [11]. - Research and development expenses surged by 273.9% to 24.5 million RMB [11]. Inventory and Cash Flow - As of June 30, 2025, inventory reached 8.69 billion RMB, a 112.5% increase compared to the end of 2024, primarily to support store expansion and sales growth [12]. - The cash balance at the end of the period was 2.52 billion RMB, significantly higher than the previous year [12]. Brand Positioning and Future Outlook - Laopu Gold's consumer demographic overlaps significantly with luxury brands like Louis Vuitton and Hermès, indicating a strong high-end market positioning [13]. - The company aims to expand its brand influence and market presence while focusing on product innovation and cultural value, aspiring to become a leading global gold brand [13].

Core Viewpoint - The traditional handcrafted gold brand, Laopu Gold, has reported impressive financial results for the first half of 2025, showcasing significant growth in revenue and profit, indicating strong market performance and brand positioning [1][3]. Financial Performance - For the six months ending June 30, 2025, Laopu Gold achieved revenue of 12.35 billion RMB, a year-on-year increase of 251.0% [3][4]. - The company's profit for the same period was 2.27 billion RMB, reflecting a year-on-year growth of 285.8% [3][4]. - Adjusted net profit under non-IFRS standards reached 2.35 billion RMB, up 290.6% compared to the previous year [3][4]. - Gross profit amounted to 4.71 billion RMB, with a year-on-year increase of 223.4% [3][4]. - Basic earnings per share were 13.38 RMB, compared to 4.11 RMB in the same period last year [3][4]. Dividend Distribution - The company declared a final dividend of 6.35 RMB per share for 2024 and proposed an interim dividend of 9.59 RMB per share, with a payout ratio of approximately 50% [3][4]. Sales Performance - Offline store revenue reached 10.74 billion RMB, a year-on-year increase of 243.2%, accounting for 86.9% of total revenue [4][5]. - Online platform revenue was 1.94 billion RMB, showing a significant growth of 313.3%, representing 13.1% of total revenue [4][5]. - Gold products remained the primary revenue driver, generating 12.35 billion RMB, which accounted for 99.9% of total revenue [5][6]. Market Expansion - Revenue from mainland China constituted 87.1% of total sales, while overseas markets, although only 12.9% of total revenue, experienced a remarkable growth rate of 455.2% [6][7]. - The company operates 41 self-owned stores across 16 cities, with five new stores opened in the first half of 2025, including its first store in Singapore [7]. Cost and Profitability - The gross margin slightly decreased to approximately 38.1% due to a single price adjustment in February 2025 amidst rising gold prices [9][10]. - However, the adjusted net profit margin improved from 17.1% to 19.0%, attributed to economies of scale and effective cost control [10]. - Sales and distribution expenses rose to 1.46 billion RMB, a year-on-year increase of 175.2%, primarily due to rent, e-commerce platform service fees, and employee costs [10][11]. Inventory and Cash Flow - As of June 30, 2025, the company's inventory reached 8.69 billion RMB, a 112.5% increase from the end of 2024, mainly to support store expansion and sales growth [11][12]. - The cash balance at the end of the period was 2.52 billion RMB, significantly higher than the previous year, despite a net cash outflow from operating activities of 2.22 billion RMB due to gold procurement and production cycles [12]. Brand Positioning - Laopu Gold's consumer demographic overlaps significantly with high-end luxury brands, indicating a strong premium positioning in the market [13]. - The company aims to enhance its brand influence and expand its market presence through continuous product innovation and internationalization strategies [15].

Industry Overview - In 2024, international gold prices continue to rise, while consumer demand is suppressed, leading to significant challenges for the gold and jewelry industry. More than half of the listed companies in this sector reported declines in revenue and net profit, with major brands like Chow Tai Fook and Chow Sang Sang also experiencing store closures [1][3] - According to the China Gold Association, gold consumption in China for the first quarter of this year was approximately 290 tons, a year-on-year decrease of 5.96%. Gold jewelry consumption was about 135 tons, down 26.85% year-on-year, indicating a dual pressure from high costs and weak terminal sales [1] Company Performance - Despite the overall industry pressure, three companies—Lao Pu Gold, Caibai Co., and Mankalon—have achieved growth through differentiated strategic positioning and precise market demand capture [3] - Lao Pu Gold has successfully transitioned gold from an investment product to a luxury item by combining traditional culture, craftsmanship, and modern design. In 2024, its revenue from gold products reached 9.787 billion yuan, accounting for 99.9% of total revenue, with a significant gross profit increase of 162.9% to 3.501 billion yuan [5] - Caibai Co. has seen a 45.28% year-on-year increase in revenue from precious metal investment products, reaching 12.906 billion yuan, which constitutes 63.8% of total revenue. The company has also enhanced product value through cultural IP, with cultural product sales growing by 40.87% [8] - Mankalon's online revenue reached 1.293 billion yuan in 2024, accounting for 54.83% of total revenue, with a year-on-year growth of 40.76%. The company has adopted a fast-fashion model, focusing on lightweight and affordable designs that appeal to the younger generation [9] Market Trends - The consumption attributes of gold and jewelry are undergoing a fundamental shift, moving from traditional wedding and value preservation needs to self-consumption, cultural consumption, and investment preservation. This shift allows companies to target specific market segments effectively [10] - The integration of channels and digital capabilities is becoming a key competitive advantage. While Lao Pu Gold focuses on offline sales, it achieved significant online sales during major shopping events, indicating the importance of both online and offline channels [10][11] - Companies are also upgrading their supply chain and organizational capabilities to ensure product innovation and operational efficiency. Lao Pu Gold relies on a strong R&D team, while Mankalon utilizes a flexible supply chain for rapid product iteration [11] Future Directions - The gold and jewelry industry is expected to face increased differentiation by 2025. Companies should focus on enhancing brand value by shifting from selling material to selling culture, integrating products with narratives that resonate with younger consumers [12] - Building a comprehensive channel ecosystem is essential, transforming offline stores into experience centers while leveraging online platforms for customer engagement and sales growth [12] - Companies need to balance investment and consumer demand by dynamically adjusting product structures, promoting investment products during price increases, and exploring value-added services to enhance customer loyalty [12][13]