Apparel, Accessories and Luxury Goods

LAOPU GOLD

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1022 | Dolphin Research Focus: 🐬 Macro/Industry 1. Recently, gold prices have experienced a significant decline. The French presidential office issued a joint statement with several European countries supporting the U.S. proposal for an immediate ceasefire between Russia and Ukraine. The Ukrainian president also indicated that the conflict is nearing an end, breaking the market's expectation of a prolonged geopolitical conflict. Coupled with recent mild tariff signals, risk aversion sentiment has cooled. Previously, gold prices had been rising continuously and were at a high level. When negative news emerged, the technical adjustment demand was activated, and long positions took profits and exited, leading to a drop in gold prices. 🐬 Individual Stocks 1. $LAOPU GOLD(06181.HK) Lao Pu Gold announced...

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OpenAI showcases 'AI Browser' aiming at Chrome; Laopu Gold plans discounted share placement for financing | Today's Important News Recap

Laopu Gold 

Conference Minutes

The following are the minutes of the Laopu Gold Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Laopu Gold: With Gold Prices 'Cooling Down', Can the 'Hermès of Gold' Still Be Trusted?&#34;

FL2CSOPGOLD

SPDR Gold Shares

Lao Pu Gold (Minutes): Store efficiency ranks first in single-store revenue in Chinese malls

Financial Analysis

On the afternoon of August 20th, Beijing time, Lao Feng Xiang (6181.HK) released its H1 2025 performance. As the company had previously disclosed a profit forecast, the actual performance, in terms of both revenue and profit, approached the upper limit of the guidance, making it a fairly good performance. The specific highlights are as follows:

Lao Pu Gold: Gold Prices 'Cool Down', Can the 'Hermes of Gold' Still Be Trusted?

Lao Pu Gold 1H25 Quick Interpretation: Overall, Lao Pu's performance in the first half of the year was quite good, with both revenue and profit reaching the upper limit of the pre-announced growth forecast. Apart from sales expenses slightly exceeding market expectations, all other indicators generally surpassed expectations. In terms of revenue, benefiting from the upward cycle of gold and the continuous enhancement of Lao Pu's brand power leading to customer base expansion and market penetration, Lao Pu's performance in the first half of the year remained in a state of accelerated growth, achieving revenue of 12.35 billion yuan, a year-on-year increase of 251%. By channel, with Lao Pu's ongoing promotion and influence on social media platforms (Xiaohongshu, Douyin) in the first half of the year, the proportion of online platforms slightly increased by 2 percentage points to 13.1%, while offline stores remain the primary sales channel. Regarding store opening pace, as of the first half of the year, Lao Pu opened 5 new stores, accelerating compared to the same period last year. Additionally, in June, Lao Pu opened its first overseas store in Singapore, marking the company's official start of global expansion. In terms of product structure, although Lao Pu canceled the disclosure of the specific proportion of pure gold and pure gold inlaid categories, based on research information, the proportion of Lao Pu's high gross margin category, pure gold inlaid products, continues to increase. Regarding gross margin, due to the surge in gold prices in the first half of the year, although Lao Pu raised prices once in February, the price increase range (between 5%-12%) was less than the increase in gold prices (around 24% in the first half of the year), resulting in a year-on-year decrease in gross margin by 3.2 percentage points to 38.1%. On the expense side, with the release of operating leverage, both the sales expense ratio and management expense ratio significantly declined, ultimately achieving a net profit of 2.27 billion yuan, a year-on-year increase of 286%, with net profit margin increasing by 1.7 percentage points to 18.4%. For detailed information and related judgments, please follow Dolphin Research's subsequent financial report commentary and conference call minutes. $LAOPU GOLD(06181.HK)

Deep Research

In the previous analysis by Dolphin Research on Lao Pu Gold, the focus was on analyzing the pricing and business model of Lao Pu's fixed price strategy, and its distinction from luxury goods. Next, we will focus on analyzing the following aspects under the circumstance that Lao Pu adopts a fixed price approach for gold jewelry: a) How did Lao Pu emerge as a dark horse? b) As a high turnover consumer product, why does it become poorer the more profitable it is? How does this affect value judgment? c) After a tenfold increase in a year, how do we view Lao Pu's future growth potential?

Laopu Gold: How Long Can Its 'Hermès of Gold' Reign Last?

GF Securities Maintains Buy Rating and Sets Target Price for Lao Pu Gold's H Shares

Old Gold Shop Creates Queueing Phenomenon in High-End Malls

Laopu Gold Rapidly Expands in 2025, Surpassing International Luxury Brands in Sales

Old Mansion Gold Enters Luxury Shopping Centers and Surpasses International Luxury Brands

Everbright Securities and Citibank Maintain Buy Rating for Old Shop Gold H Shares

Everbright Securities Issues Positive Report on Laopu Gold's Prospects

Old Shop Gold Shares Fell More Than 7% in the Afternoon

Linchao Jewelry and Baolan and Others Ancient Gold Brands Complete Billions Level Financing

Gold Consumption Data Released for Q1-3 2025: Gold Bars and Coins Show 24.55% YoY Growth, Antique-Style Gold Jewelry Popular

Citi Reports Forecast Continuous Growth in Same-Store Sales for Lao Pu Gold

Old Shop Gold Donates HKD 10 Million for Fire Rescue

Nomura Maintains Buy Rating on Laopu Gold H Shares

Old Shop Gold Shifts Growth Logic to Brand-Driven Model

JPMorgan Maintains Profit Forecast for Laopu Gold, Reiterates 'Outperform' Rating

HSBC Global Research Gives Buy Rating to Lao Pu Gold with Price Target

Huatai Securities and Citibank Maintain Buy Rating for LaoPu Gold's H Shares, TR | OpenAI Reiterates Hold Rating

Double Eleven Gold Online Sales Boom with 95s as the Main Force

Lao Pu Gold Limited to Hold Extraordinary General Meeting

Laopu Gold Successfully Placed 3.7118 Million New Shares

Xu Gaoming and Son of Lao Pu Gold First Listed and Ranked in Top 100, Company Surges in H1 Revenue but Shares Dropped