差异化入局古法金，设计工艺具领先性：1）传统大众黄金品牌主要经营普通黄金产品，同质化竞争严 重，老铺以差异化入局高端古法金，与传统品牌的错位竞争，截至2025 年6 月，老铺消费者与LV、爱 马仕、卡地亚、宝格丽、蒂芙尼五大奢侈品牌的消费者平均重合率高达77.3%，会员数量达约48 万名。 2）经过多年淬炼，老铺拥有精湛的古法金工艺，引领创新，品牌护城河坚实，竞争对手亦难以快速复 刻。与同业相较，老铺产品享受更高溢价，盈利能力亦高于同业，2025 年上半年公司毛利率、净利率 为38.1%、18.4%。 产品引领审美风尚，内生外延协同增长：基于老铺在古法金赛道的长期积淀，在金价上涨催化下，老铺 由小而精走向大众视野，其能够实现高质量破圈主要系： 1）产品设计围绕中西方经典文化元素，传递美好寓意，并踩中新中式热潮，让黄金成为消费者日常穿 搭的时尚单品，引领黄金消费走向年轻化；2）门店集中于高端商圈，门店陈列精致，形象契合古法金 奢华之感，且其门店数量虽少，但单店产出能力突出，2023 年、2024 年及2025 年上半年同店收入均呈 翻倍及以上增长；3）线上加速古法金渗透，其通过低总价、低克重的单品引流，吸引年轻 ...

Core Viewpoint - The article emphasizes the growth and market positioning of Laopu Gold as a leader in the ancient gold concept in China, highlighting its high-end positioning and significant revenue growth driven by rising gold prices and changing consumer preferences towards luxury and collectible gold products [4][5]. Group 1: Company Performance - Laopu Gold achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit attributable to shareholders of 1.473 billion yuan, up 253.9% [4]. - For the first half of 2025, the company expects revenue and net profit to grow by 251.0% and 285.8% year-on-year, respectively [4]. Group 2: Market Trends - The market size for gold products in China reached 568.8 billion yuan in 2024, with the ancient gold segment's market share increasing from 4% in 2018 to 30% in 2023, projected to reach 52% by 2028 [5]. - The consumption of gold is evolving beyond traditional occasions, becoming a fashionable item for younger consumers, with various designs carrying emotional significance [5]. Group 3: Competitive Advantage - Laopu Gold differentiates itself in the high-end ancient gold market, achieving a consumer overlap rate of 77.3% with luxury brands like LV and Cartier, and has approximately 480,000 members [6]. - The company boasts superior craftsmanship in ancient gold, leading to higher product premiums and profitability, with gross and net profit margins of 38.1% and 18.4% in the first half of 2025 [6]. Group 4: Product and Design Strategy - Laopu Gold's product design incorporates elements from both Eastern and Western cultures, appealing to the trend of modern Chinese aesthetics and making gold a staple in daily fashion [8]. - The company focuses on high-end retail locations with exquisite store displays, achieving significant same-store revenue growth in 2023, 2024, and the first half of 2025 [8]. - Online sales strategies include offering lower-priced, lightweight products to attract younger consumers, which also support offline growth [8].