更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 高端黄金珠宝专家交流 20260104 摘要 Q&A 2025 年 12 月黄金珠宝行业的线上和线下销售情况如何? 2025 年 12 月,黄金珠宝行业的线上销售额为 5. 23 亿元,同比增长 398.09%,去 年同期为 1.05 亿元。线下销售额为 16.24 亿元，同比增长 150.23%,去年同期 不到 7 亿元。整体来看, 12 月份线上和线下的增速均显著增长。 2025 年全年黄金珠宝行业的销售额及同比增速如何? 根据市场运营口径,2025年全年黄金珠宝行业的总销售额为 283.21 亿元,同比 增长 232.95%。这一数据远超公司预期,公司原本预计全年增速在 200%至 210% 之间。特别是在10月和11月,由于调价和用户积极性提高,线上和线下分别超 争 男 - · 2025 年黄金珠宝行业总销售额达 283.21 亿元,同比增长 232. 95%,远超 公司预期。线上销售额 75.07 亿元,线下 208.14 亿元。元旦假期线上销 售额同比增长 93.9%,线下增长 45.2%。 2025年三次调价累计涨幅 45%,通过增加克重 ...

金吾财讯 | 爱建证券研报指出，据弗若斯特沙利文，国内黄金珠宝市场规模稳步增长，2018-2023年 CAGR为 7.2%，其中古法金细分赛道高速扩容，同期 CAGR 高达64.6%。老铺黄金(06181)是国内率先 推广"古法黄金"概念的品牌先行者，产品类型包括足金镶嵌产品和足金黄金产品。公司凭借差异化的品 牌定位与高净值客群的深度运营，2017-2024 年营收CAGR 达53%，增速领先同行。 该机构指出，公司股价表现的催化剂如下：1）门店网络扩张空间广阔。对标宝格丽、卡地亚在国内分 别开设114、68 家门店，公司目前仅 45 家，高线城市加密与新一线城市存在增长空间。北京已布设13 家门店但核心门店排队时长并未缩短，说明多店模式可行且潜在需求尚未充分释放。2）同店增长动力 持续。忠诚会员数量保持高速增长，2023 年复购会员同比增加超130%，购买频次提升趋势明确，叠加 年消费 30 万元以上高净值客户占比从2021 年22.6%提升至2023年26.7%，会员价值贡献持续提升。购买 频次与单客产出共同驱动同店收入增长。3）高坪效与快速盈利形成正向循环。2023 年收入前五门店坪 效达每平米每月12 ...

行业与公司分析：据弗若斯特沙利文，国内黄金珠宝市场规模稳步增长，2018-2023 年CAGR为7.2%， 其中古法金细分赛道高速扩容，同期CAGR 高达64.6%。公司是国内率先推广"古法黄金"概念的品牌先 行者，产品类型包括足金镶嵌产品和足金黄金产品。公司凭借差异化的品牌定位与高净值客群的深度运 营，2017-2024 年营收CAGR 达53%，增速领先同行。 机构：爱建证券 研究员：范林泉 投资要点： 投资评级与估值：公司作为国内古法手工金器第一品牌，通过"一口价"定价模式实现产品价值与原材料 成本脱钩，依托足金镶嵌、金胎烧蓝等独创工艺构建技术壁垒，以高端商圈选址叠加克制拓店策略主动 进行稀缺性管理，成功在同质化竞争激烈的黄金珠宝赛道中开辟高端细分市场。预计公司 2025/2026/2027 年净利润分别为52.3/73.0/91.6 亿元，同比增长254.8%/39.7%/25.4%，对应PE 分别为 20.6X/14.8X/11.8X，维持"买入"评级。 关键假设点：1）线下门店：公司将维持克制且高质量的拓店节奏，预计2025/2026/2027年末门店数分 别达到46/52/57 家。随着品牌势能 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Insights - The company, Lao Pu Gold (6181.HK), is positioned as the first brand in high-end traditional gold craftsmanship, leveraging its scarcity for high growth potential [1]. - The company has successfully differentiated itself in a highly competitive jewelry market by implementing a fixed pricing model that decouples product value from raw material costs, and by utilizing unique craftsmanship techniques [4]. - Revenue projections for the company are optimistic, with expected net profits of RMB 52.3 billion, RMB 73.0 billion, and RMB 91.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 254.8%, 39.7%, and 25.4% [4]. Financial Performance and Projections - The company’s total revenue is projected to grow from RMB 3,179.6 million in 2023 to RMB 44,765.6 million by 2027, with a compound annual growth rate (CAGR) of 145.7% from 2023 to 2025 [6]. - The net profit is expected to increase significantly from RMB 416.3 million in 2023 to RMB 9,157.8 million in 2027, with a CAGR of 340.4% from 2023 to 2025 [6]. - The gross margin is projected to remain stable, with values of 41.9% in 2023, 39.3% in 2025, and 40.7% in 2027 [27]. Market and Competitive Analysis - The domestic gold jewelry market is experiencing steady growth, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding at a much higher rate of 64.6% during the same period [4]. - The company has established a strong brand presence among high-net-worth individuals, with a significant overlap in clientele with luxury brands such as Louis Vuitton and Cartier [4]. - The company’s membership program has shown impressive growth, with loyal members contributing approximately 97% of sales revenue, significantly higher than the industry average of 60%-70% [4]. Strategic Initiatives - The company plans to maintain a controlled and high-quality store expansion strategy, with projections of 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively [4]. - The average revenue per store is expected to increase from RMB 2.0 billion in 2024 to RMB 5.1 billion in 2025, driven by enhanced brand positioning and store optimization [4]. - The online sales channel is anticipated to grow significantly, with projected revenues of RMB 43.9 billion, RMB 67.8 billion, and RMB 82.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 315.9%, 54.6%, and 22.1% [4].

证券之星消息，11月26日南向资金减持7.97万股老铺黄金（06181.HK）。近5个交易日中，获南向资金 减持的有4天，累计净减持19.06万股。近20个交易日中，获南向资金增持的有9天，累计净增持121.09万 股。截至目前，南向资金持有老铺黄金（06181.HK）1916.92万股，占公司已发行普通股的13.37%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-26 | 1916.92万 | -7.97万 | -0.41% | | 2025-11-25 | 1924.88万 | -3.64万 | -0.19% | | 2025-11-24 | 1928.52万 | 7.45万 | 0.39% | | 2025-11-21 | 1921.07万 | -4.92万 | -0.26% | | 2025-11-20 | 1925.99万 | -9.99万 | -0.52% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 老铺黄金股份有 ...

Core Insights - The article discusses the unconventional pricing strategy of Laopu Gold, which sells gold at prices significantly higher than the market average, attracting a large number of consumers despite the high costs [2][19]. - Laopu Gold has successfully transformed the perception of gold from a mere investment to a luxury item, combining cultural experiences and emotional value in its offerings [25]. Pricing Strategy - Laopu Gold sells its core products at prices that are more than double the market rate, with some items priced at over 2000 yuan per gram, while the domestic gold price is around 925 yuan per gram [2]. - The company employs a "hunger marketing" strategy, increasing prices two to three times a year and implementing a limited edition mechanism for certain products [16]. Consumer Experience - The brand offers a unique shopping experience, including gourmet meals and high-end service, which positions consumers as VIPs and enhances the overall value proposition [11][9]. - Laopu Gold's stores are located in prime shopping districts, designed to reflect luxury and culture, further attracting high-net-worth individuals [7][6]. Market Positioning - Laopu Gold has carved out a niche in the market by focusing on "ancient method gold," appealing to consumers' desires for traditional craftsmanship and cultural significance [14]. - The brand's innovative approach to gold jewelry, such as the introduction of solid gold inlay products, has differentiated it from competitors [16]. Competitive Landscape - The rise of ancient method gold has led to increased competition, with traditional brands like Lao Feng Xiang and Chow Tai Fook entering the market, offering similar products at lower prices [19][21]. - Laopu Gold relies on third-party manufacturers for 40% of its products, raising concerns about the uniqueness of its offerings and the potential for price competition [21]. Brand Identity - The brand lacks strong visual identifiers that are characteristic of luxury goods, which may weaken its positioning in the high-end market [21]. - Despite its current success, Laopu Gold must focus on continuous innovation in craftsmanship and developing distinctive designs to maintain its luxury status [25].

Core Viewpoint - Southbound funds reduced their holdings in Laopu Gold (06181.HK) by 65,200 shares on November 19, 2025, indicating a slight decrease in investor confidence in the short term [1]. Group 1: Shareholding Changes - Over the past five trading days, there were two days of net increases in holdings by southbound funds, totaling an increase of 322,800 shares [1]. - In the last twenty trading days, there were eleven days of net increases, with a total increase of 1,636,500 shares [1]. - As of now, southbound funds hold 19,359,800 shares of Laopu Gold, accounting for 13.51% of the company's total issued ordinary shares [1]. Group 2: Trading Data - On November 19, 2025, the total number of shares held was 19,359,800, reflecting a decrease of 65,200 shares, or 0.34% [2]. - On November 18, 2025, the total number of shares held was 19,425,000, with a decrease of 23,600 shares, or 0.12% [2]. - On November 17, 2025, the total number of shares held was 19,448,600, with a decrease of 12,100 shares, or 0.06% [2]. - On November 14, 2025, the total number of shares held was 19,460,700, with an increase of 154,700 shares, or 0.80% [2]. - On November 13, 2025, the total number of shares held was 19,306,000, with an increase of 269,000 shares, or 1.41% [2]. Group 3: Company Overview - Laopu Gold Co., Ltd. is engaged in the research, production, and sale of gold jewelry in China [2]. - The company offers product manufacturing and maintenance services, focusing on pure gold products and gold-inlaid products [2]. - Pure gold products are crafted using traditional handcraft techniques and include various daily wear accessories and larger decorative items [2].

Summary of Conference Call Records Industry Overview - The records focus on the gold jewelry industry, specifically the performance of a company referred to as "老铺" (Old Shop) during the 2025 sales period, particularly around the Double Eleven shopping festival. Key Points and Arguments Sales Performance - From July to mid-November 2025, the company's online and offline sales saw significant growth, with online revenue in October increasing by over 600% year-on-year, and online sales in early November surpassing offline sales for the first time, showing a nearly 1,000% increase compared to the previous year [1][5] - In July 2025, online revenue was 123 million yuan, with a year-on-year growth of 179%, while offline revenue was 1.324 billion yuan, growing by 163% [2] - The company experienced a notable drop in daily online sales after price increases in August and October, but sales recovered in November, with expectations for further growth during the Christmas and New Year promotions [1][7] Pricing Strategy - The company implemented price increases in August and October, which had a significant impact on sales volume, particularly after the October price hike [1][7] - Despite the initial drop in sales post-price increase, the company noted a recovery in November, indicating resilience in consumer demand [7] Future Projections - For 2026, the company anticipates a slowdown in membership growth and a reduction in new store openings, with a target sales revenue of 38 to 39 billion yuan [1][7] - The company plans to open five new stores domestically and internationally, focusing on partnerships with established real estate companies to secure policy support [1][9] Product Strategy - The company aims to optimize its product structure by increasing the proportion of gold inlaid products to 63%-65% and reducing the supply of traditional products like the 瑞兽 series [1][8] - High-margin products with religious elements have shown stable sales, while the company plans to enhance its offerings for younger consumers through fashionable designs [1][11][24] Store Performance - The average sales per store are projected to be around 4.663 billion yuan, with expectations of 20%-30% growth in existing stores [3][13] - The company has successfully optimized store layouts to improve efficiency, with some locations seeing sales increases of over 30% [13][14] Market Trends - The jewelry industry is experiencing a trend towards younger and higher-end consumers, with the company recognizing the need to adapt its offerings to attract this demographic [20][29] - The company faces challenges in attracting high-end customers and enhancing brand influence, particularly in comparison to established luxury brands [20] International Expansion - Plans for international market expansion include targeting Asian markets like Singapore and Japan, with potential collaborations with luxury groups for global outreach [24] Financial Metrics - Online gross margins are approximately 43%-45%, while offline margins are around 36%, indicating a strategic focus on enhancing online sales profitability [17] Consumer Behavior - The company noted that fluctuations in gold prices significantly impact consumer interest and purchasing behavior, with a projected overall upward trend in gold prices over the next few years [26] Additional Important Insights - The company is actively working to enhance its brand positioning and product offerings to compete effectively in a rapidly evolving market landscape [20][29] - The records highlight the importance of e-commerce as a growth engine for the jewelry industry, suggesting a shift in traditional retail dynamics [5][29]

Summary of the Jewelry Industry Conference Call Industry Overview - The conference call focused on the jewelry industry, specifically discussing the company's performance and strategies in the online and offline sales channels [1][2]. Key Points and Arguments Online Sales Performance - The company reported significant growth in online sales, achieving sales of 15.39 billion yuan from November 1 to 14 through a specific e-commerce platform, alongside 7.47 billion yuan from prepaid orders in October, resulting in a total year-on-year growth of ten times compared to 2.11 billion yuan in the same period last year [2][4]. - Online sales for the first half of November reached 23.25 billion yuan, reflecting over 1,000% year-on-year growth [3]. Offline Sales Performance - Offline sales in October increased by 142.24% to 28.73 billion yuan, with November's first half sales at 10.34 billion yuan, expected to exceed 22 billion yuan in the latter half [2][6]. - The company noted a decline in some non-hotspot store channels, indicating mixed performance across different locations [6]. Pricing Strategy - The company plans to implement price increases of 11%-14% around the Spring Festival, depending on gold price fluctuations, with a second price increase expected in September [4][14]. - Despite the price increases, consumer enthusiasm remains high, although a slight reduction in demand is anticipated in the coming months [6]. Growth Projections - The company has set a sales target of 370 to 380 billion yuan for the next year, aiming for a growth rate of 50% [4][12]. - Same-store sales growth is projected to be around 20%-30% [14]. Product Mix and Margins - The current gross margin is approximately 37.9%, with a target to optimize it to over 38% by the end of the month [10]. - The product mix is shifting, with the proportion of gold inlay products expected to reach 59% this year, and some products achieving gross margins as high as 46-47% [10][11]. Marketing and Advertising Strategies - The company utilizes platforms like "Business Assistant" and "Magic Mirror" to predict online traffic and has signed cooperation agreements with e-commerce platforms to ensure ROI and online cleanliness [9]. - Advertising strategies include self-promotion and new product launches to increase average transaction values to over 20,000 yuan [9]. New Store Openings - The company plans to open new stores in various locations, including Japan and several cities in China, despite a public statement indicating a halt on new mall expansions [13]. Product-Specific Insights - The "Golden Seven Seven" product has achieved sales of 39 million yuan this year, with significant sales from the Shanghai store [15]. - The target consumer for "Golden Seven Seven" includes high-net-worth individuals and traditional cultural collectors [16][17]. Market Performance of New Products - The "Goddess of Light" series is currently underperforming compared to the "Mandala" series, achieving only about 6.6% of its sales target [18]. Additional Important Information - The company is optimistic about the online market's future growth, driven by large promotional events and strategic resource allocation [7][8]. - The company is actively engaging in international luxury brand marketing operations, particularly in December [11].

Core Insights - Southbound funds increased their holdings in Laopu Gold (06181.HK) by 537,600 shares on November 5, 2025, marking a 2.91% increase in total holdings [1][2] - Over the past five trading days, there were four days of net increases, totaling 1,028,400 shares, while in the last twenty trading days, there were ten days of net reductions, totaling 216,500 shares [1][2] - As of now, southbound funds hold 18,986,700 shares of Laopu Gold, representing 13.25% of the company's total issued ordinary shares [1][2] Company Overview - Laopu Gold Co., Ltd. is a Chinese company engaged in the research, production, and sale of gold jewelry [2] - The company offers product manufacturing and maintenance services, focusing on pure gold products and gold-inlaid products [2] - Its pure gold products include various daily wear accessories such as pendants, bracelets, rings, and earrings, as well as larger gold items for display and use [2]