老铺黄金 - 2025 年下半年业绩符合初步结果；2026 年第一季度表现显著超预期，利润率表现良好

23 March 2026 | 9:20PM HKT Equity Research Laopu Gold (6181.HK): First take: 2H25 in line with preliminary result; 1Q26 performance notably ahead of expectation with margin well In line with the profit alert earlier, Laopu reported results with 2025 net profit of Rmb4.87bn (mid-high end of Rmb4.8bn-4.9bn range, implied 2H25 NI of Rmb2.6bn largely in line with GSe). While reported revenue growth of 200% yoy in 2H25 was slightly below GSe (or Rmb27.3bn for the full year, in line with the Rmb27bn-28bn range), ...