机构：华西证券 研究员：刘文正/徐林锋/许光辉 事件概述 公司发布2025 年中期报告，2025H1 实现营收123.54 亿元， 同比+250.90%，净利润22.68 亿元，同比 +285.76%，扣非归母净利润22.68 亿元，同比+284.89%；分红方面，中期股息每股人民币9.59 元，合计 分红约16.6 亿元人民币，分红率达73%。 分析判断: 品牌势能提升+产品优化创新，驱动收入利润大幅增长 收入和利润增长主因系（1）品牌影响力持续扩大形成的市场显著优势，带来线上线下店铺整体营收大 幅增长；线下方面，2025H1 公司在单个商场平均实现销售业绩约为4.59 亿元，根据弗若斯特沙利文资 料，2025H1 在所有珠宝品牌（含国际、国内珠宝品牌）中，公司在中国内地单个商场持续保持平均收 入、坪效均第一。2025H1同店收入增长约为200.8%；线上方面，2025H1 公司线上实现总销售业绩约为 19.43 亿元人民币，618 期间天猫旗舰店登顶黄金类目销售业绩榜首，成交额破10 亿元人民币；（2）用 户群体不断破圈增长，与国际高奢品牌用户高度重合。截至2025 年6 月30 日，公司的忠诚会员达到约 ...

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].

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 21 日 [Table_Title] 25H1 中奢黄金品牌强势增长，高分红回馈股 东 [Table_Title2] 老铺黄金(6181.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 6181 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 1082.0/103.0 | | 目标价格(港元)： | | 总市值(亿港元) | 1,350.33 | | 最新收盘价(港元)： | 782 | 自由流通市值(亿港元) | 1,090.68 | | | | 自由流通股数(百万) | 139.47 | [Table_Summary] 事件概述 公司发布 2025 年中期报告，2025H1 实现营收 123.54 亿元，同比+250.90%，净利润 22.68 亿元，同比 +285.76%，扣非归母净利润 22.68 亿元，同比+284.89%；分红方面，中期股息每股人民币 9.59 元，合计分红约 16.6 亿元人民币，分红率达 ...

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]

Core Insights - The Labor Day holiday consumption showed robust growth despite high base effects, indicating a recovery in consumer spending, particularly in the retail and tourism sectors [1][10] - Key retail and catering enterprises reported a year-on-year sales increase of 6.3%, up from 4.1% during the Spring Festival holiday, with tourism revenue also exceeding pre-pandemic levels [1][4] Consumption Trends by Category - Home appliances, automobiles, and communication equipment saw significant sales growth of 15.5%, 13.7%, and 10.5% respectively, driven by the "old for new" policy [2][11] - The catering sector experienced an 8.7% increase, benefiting from high consumer willingness to spend on experiential dining [2] - Jewelry sales improved due to lower base effects and fluctuating gold prices, with some brands reporting a shift from negative to positive growth [8] Regional Consumption Insights - Consumption growth was balanced across different city tiers, with key tourist cities performing strongly and lower-tier cities benefiting from increased foot traffic [3][9] - Major cities like Beijing and Shanghai outperformed the national average in consumption growth, supported by domestic tourism and favorable visa policies for inbound travelers [3][9] Tourism and Travel Data - Domestic tourism revenue grew by 8%, with total visitor numbers increasing by 6.4%, indicating a recovery to 123% of pre-pandemic levels [4][11] - Outbound travel saw a robust year-on-year growth of 21%, with Hong Kong and Macau leading the increase in inbound tourism [4] Industry Performance Highlights - The sports and leisure retail sector reported a 15% increase in sales, attributed to rising outdoor activities and favorable weather conditions [5] - The high-end liquor market faced challenges, with increased discounting in the mid-to-high price segments due to cautious consumer spending [6] - The restaurant sector showed varied performance, with some brands like Nayuki's Tea achieving significant growth in both dine-in and delivery sales [7] Box Office and Entertainment - The box office revenue during the holiday period fell sharply by 51% to CNY 747 million, primarily due to a lack of blockbuster films [8][11]