Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported impressive financial results for 2024, achieving revenue of 8.505 billion RMB, a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% [1][4] - The company's brand influence is expanding, with significant contributions to revenue growth from user acquisition and same-store sales, which increased by 120.9% year-on-year [2] - The company is set to open its first store in Singapore in 2025, marking its entry into international markets [3] Financial Performance Summary - For 2024, the company achieved a gross margin of 41.2%, maintaining stability, while the adjusted net profit margin increased to 17.7% from 13.4% in 2023 [4] - The company plans to distribute a generous dividend of 6.35 RMB per share, totaling 1.07 billion RMB, which represents 73% of its 2024 profits [4] - Revenue projections for 2025-2027 are 17.92 billion RMB, 25.89 billion RMB, and 35.16 billion RMB, reflecting growth rates of 111%, 44%, and 36% respectively [5][7] Store Expansion and Market Strategy - The company added 7 new stores in 2024, bringing the total to 36 self-operated stores across 15 cities, with a focus on high-end commercial centers [3] - The company plans to open 8 new stores in mainland China and 5 in Hong Kong, Macau, and Singapore over the next two years [3] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 8.75 RMB, with forecasts of 21.03 RMB, 31.58 RMB, and 44.23 RMB for 2025, 2026, and 2027 respectively [7][9] - The price-to-earnings (P/E) ratios for the next three years are projected at 36, 24, and 17 [5][9]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 老铺黄金(6181.HK) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 老铺黄金(6181.HK)2024 业绩点评：业绩高 增如期兑现，上市首年高比例分红 [Table_ReportDate] 2025 年 4 月 3 日 [Table_S 事件：公司披露 ummary] 2024 年业绩，实现收入 85.05 亿元，同增 167.5%，年内 利润 14.73 亿元，同增 253.9%，经调整净利润 15.02 亿元，同增 253.4%。 公司 2024 年亮眼业绩如期兑现，位于此前预告的右区间。 点评： 品牌影响力持续扩大，用户破圈、同店增长为收入高增主要贡献。公司 2024 年在单个商场的平均销售业绩为 3.28 亿元，根据弗若斯特沙利文统计，老 铺黄金在所有国内外知名珠宝品牌当中，在中国大陆的单个商场平均收入、 坪效均为第一。2 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company announced a strong performance for 2024, with revenue projected at 8.5 billion yuan, a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, reflecting a 254% increase [1][9]. - The company's brand influence is expanding, with same-store sales growth of 120.9% and leading average sales performance in shopping malls among all jewelry brands in China [9]. - The company is optimizing its product offerings and expanding its store network, with a total of 36 direct stores by the end of 2024 [9]. - The company has a strong focus on high-end positioning and brand strength, with plans for new store openings in Singapore and Japan [9]. Financial Performance - Revenue for 2023 was 3.18 billion yuan, with a growth rate of 145.67%. The projected revenue for 2024 is 8.506 billion yuan, with a growth rate of 167.51% [8]. - The net profit for 2023 was 416 million yuan, with a growth rate of 340.40%. The projected net profit for 2024 is 1.473 billion yuan, with a growth rate of 253.86% [8]. - The company plans to distribute a dividend of 6.35 yuan per share, with a payout ratio of approximately 73% [1]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is 3.152 billion yuan, 4.638 billion yuan, and 6.181 billion yuan, representing growth rates of 114%, 47%, and 33% respectively [3]. - The corresponding price-to-earnings (P/E) ratios for 2025-2027 are projected at 43, 29, and 22 times [3].

来源：最闻，山西证券研究所 | 市场数据：2025 年 3 月 | 31 | 日 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 729.00 | | 年内最高/最低（港元）： | | | 798.00/60.950 | | 流通股/总股本（亿股）： | | | 0.95/1.68 | | 流通市值（亿港元）： | | | 690.91 | | 总市值（亿港元）： | | | 1,227.39 | 来源：最闻，山西证券研究所 黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2024 年营收业绩强劲增长，2025 年推动品牌出海 2025 年 4 月 1 日 公司研究/公司快报 事件描述 3 月 31 日，公司披露 2024 年年报，2024 年，公司实现收入 85.06 亿元，同比增长 167.5%，实现归母净利润 14.73 亿元，同比增长 253.9%。公司董事 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% year-on-year. The strong performance is attributed to the brand's rapid expansion and high same-store sales growth [7] - The company plans to distribute a dividend of 6.35 yuan per share, totaling approximately 1.07 billion yuan, with a payout ratio of 72.6% [7] - The company's gross margin for 2024 was 41.2%, with a net profit margin of 17.3%, benefiting from improved cost control and economies of scale [7] - The company is experiencing a dual-channel growth with significant increases in both offline and online sales, with offline revenue reaching 7.45 billion yuan (up 164.3%) and online sales at 1.26 billion yuan (up 192%) [7] - The company is positioned as a leading brand in the ancient gold category in China, with a strong reputation among high-net-worth clients, and is expected to continue its growth trajectory with international expansion [7] Financial Summary - For 2024, the total revenue is projected at 8.506 billion yuan, with a net profit of 1.473 billion yuan, and an EPS of 8.75 yuan [1][8] - The company’s net profit forecasts for 2025-2027 have been revised upwards to 3.556 billion yuan, 5.644 billion yuan, and 7.232 billion yuan respectively, with corresponding P/E ratios of 32, 20, and 16 [7] - The company’s total assets are projected to reach 6.337 billion yuan by 2024, with a debt ratio of 24.57% [6][8]

Summary of Lao Pu Gold Co., Ltd. Conference Call Company Overview - Lao Pu Gold Co., Ltd. has emerged as one of the most outstanding consumer brands in China, achieving significant growth in 2024 amidst profound industry changes [3][4][5]. Key Financial Performance - Revenue reached 8.51 billion RMB in 2024, a year-on-year increase of 168% [3][5]. - Gross profit was 3.501 billion RMB, up 163% year-on-year, with a gross margin of 41.2% [3][5]. - Net profit stood at 1.47 billion RMB, reflecting a 253% increase, with a net profit margin of 17.7% [3][5]. - Operating cash flow showed a net outflow of 1.2 billion RMB, primarily for inventory replenishment [5]. Business Strategy and Growth Drivers - The growth was driven by continuous product optimization, store expansion, and improved single-store efficiency [3][4]. - The company plans to expand into major domestic shopping centers and international markets, including Singapore and Japan, with a target of exceeding 1 billion RMB in sales per store [3][4][6][9]. - Lao Pu Gold maintains a high-end brand positioning, focusing on internationalization and increasing membership from 150,000 to 350,000 [3][4][6]. Product Development and Innovation - The company has created nearly 2,000 original designs and holds numerous patents, indicating a strong commitment to innovation [4]. - Future product strategies will focus on optimizing classic designs and introducing new collections, including a series of gold-inlaid products [11][12]. Market Positioning and Competitive Landscape - Lao Pu Gold positions itself against international luxury brands, establishing a unique competitive state in the industry [21]. - The company emphasizes the importance of maintaining high-quality standards and original designs to combat imitation and counterfeiting [22][45]. Customer Experience and Service Quality - The company is implementing measures to ensure consistent service quality across different stores, including performance incentives for employees and strict service standards [16]. - A new high customer management department has been established to enhance the experience for high-value clients [8][18]. Future Outlook and Expansion Plans - The company aims to open eight new stores domestically and internationally, balancing capital expenditure with shareholder returns [36][37]. - Marketing strategies for 2025 will include enhancing brand visibility and expanding global influence through partnerships and flagship stores [40]. Challenges and Risk Management - Lao Pu Gold is aware of potential challenges such as product shortages during peak seasons and is working to restore production capacity to meet demand [38]. - The company has no immediate plans for financing but is prepared to utilize bank credit if necessary to manage inventory and production needs [47]. Conclusion - Lao Pu Gold Co., Ltd. is positioned for continued growth through strategic expansion, product innovation, and a strong focus on brand positioning in the luxury market. The company’s commitment to quality and customer experience will be crucial in maintaining its competitive edge in both domestic and international markets [31][42].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 840 HKD [6][7]. Core Insights - The company reported a revenue of 8.506 billion RMB for 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% year-on-year [1][2]. - The company is experiencing strong growth momentum, with significant increases in both offline and online sales channels, and is expanding its store presence domestically and internationally [1][2]. - The company’s gross profit margin for 2024 was 41.2%, slightly down by 0.7 percentage points year-on-year, but the net profit margin improved significantly to 17.3%, up 4.2 percentage points year-on-year [3]. Revenue and Profit Forecast - The company’s revenue is projected to reach 18.08 billion RMB in 2025, with a growth rate of 112.56%, and a net profit of 3.518 billion RMB, reflecting a growth of 138.79% [5][12]. - The report anticipates continued strong performance, with net profit estimates for 2025 and 2026 adjusted upwards by 44% and 40% respectively [4][12]. Sales Performance - The company’s offline store revenue reached 7.45 billion RMB in 2024, a 164.3% increase year-on-year, with same-store sales growth exceeding 120.9% [2][3]. - Online sales surged by 192.2% to 1.055 billion RMB, driven by increased brand recognition [2]. Market Position and Valuation - The company is positioned as a high-end brand with increasing competitive barriers, leading to a valuation of 37x PE for 2025, resulting in a target price of 840 HKD [4][6]. - The company’s market capitalization is approximately 122.739 billion HKD, with a closing price of 729 HKD as of March 31 [7].

Financial Performance - For the year ended December 31, 2024, the company reported sales revenue of RMB 19,795,210 thousand, a 166.4% increase compared to RMB 3,677,382 thousand in 2023[2] - The company's income for the same period was RMB 8,505,560 thousand, reflecting a growth of 167.5% from RMB 3,179,564 thousand in the previous year[2] - Gross profit reached RMB 3,501,220 thousand, up 162.9% from RMB 1,331,957 thousand in 2023[2] - The profit before tax surged to RMB 1,946,547 thousand, marking a 251.7% increase from RMB 553,469 thousand in the prior year[3] - Net profit for the year was RMB 1,473,106 thousand, a 253.9% rise compared to RMB 416,302 thousand in 2023[3] - The company announced a non-IFRS adjusted net profit of RMB 1,501,732 thousand, which is a 253.4% increase from RMB 424,935 thousand in the previous year[2] - Total revenue for 2024 reached RMB 8,505,560 thousand, a significant increase from RMB 3,179,564 thousand in 2023, representing a growth of approximately 167%[11] - Revenue from product sales accounted for RMB 8,504,554 thousand in 2024, compared to RMB 3,179,188 thousand in 2023, indicating a growth of about 167%[11] - The company's net profit attributable to ordinary shareholders for 2024 was RMB 1,473,106,000, a significant increase from RMB 416,302,000 in 2023, representing a growth of approximately 253%[27] - The adjusted net profit under non-International Financial Reporting Standards (IFRS) for 2024 was approximately RMB 1,501.7 million, representing a significant increase from RMB 424.9 million in 2023, with an adjusted net profit margin of 17.7% compared to 13.4% in the previous year[62] Assets and Liabilities - Total assets increased significantly to RMB 4,088,192 thousand from RMB 1,684,403 thousand in 2023, indicating strong growth in asset base[4] - The company's cash and cash equivalents rose to RMB 732,650 thousand, up from RMB 69,838 thousand in the previous year[4] - The company’s total equity increased to RMB 3,920,323 thousand from RMB 1,515,416 thousand in 2023, reflecting robust financial health[4] - The total amount of bank loans and other borrowings as of December 31, 2024, was RMB 1,750,000,000, a substantial increase from RMB 127,754,000 in 2023[36] - The asset-liability ratio increased to approximately 38.1% as of December 31, 2024, compared to 29.8% as of December 31, 2023[67] - Interest-bearing bank loans rose significantly to approximately RMB 1,373.5 million as of December 31, 2024, from approximately RMB 127.8 million as of December 31, 2023[68] Inventory and Receivables - The company's total inventory for 2024 reached RMB 4,087,849,000, up from RMB 1,267,932,000 in 2023, reflecting a growth of about 222%[28] - Trade receivables increased to RMB 812,001,000 in 2024 from RMB 381,082,000 in 2023, marking a rise of approximately 113%[29] - Trade receivables rose from approximately RMB 376.3 million as of December 31, 2023, to approximately RMB 801.2 million as of December 31, 2024, with a stable turnover period of 25 days in 2024 compared to 28 days in 2023[65] - The company reported a net impairment loss on trade receivables of RMB 6,028,000 for 2024, compared to RMB 3,536,000 in 2023[32] Expenses and Costs - The cost of goods sold for 2024 was RMB 5,004,340 thousand, compared to RMB 1,847,607 thousand in 2023, which is an increase of approximately 171%[17] - Total financial costs rose to RMB 30,434 thousand in 2024, up from RMB 18,182 thousand in 2023, marking an increase of about 67%[16] - Selling and distribution expenses rose by 113.5% to approximately RMB 1,236.7 million in 2024, primarily due to increased rental costs and e-commerce platform service fees[53] - Administrative expenses increased by 62.5% to approximately RMB 272.2 million in 2024, driven by higher employee costs and bank fees related to increased sales[54] - Research and development expenses grew by 78.8% to approximately RMB 19.2 million in 2024, reflecting the company's investment in enhancing product development capabilities[55] - Other net expenses increased by 218.3% to approximately RMB 16.9 million in 2024, mainly due to increased credit impairment and asset disposals related to store optimization[56] Store Expansion and Sales Performance - The company opened 7 new stores and optimized 4 existing stores, contributing to incremental revenue[43] - The average sales performance per store in 2024 was approximately RMB 328 million, ranking first among all jewelry brands in mainland China[44] - The online flagship store achieved total sales of approximately RMB 1,260 million during the 2024 Double Eleven shopping festival[44] - Same-store revenue growth for 2024 exceeded 120.9%[40] - Offline store sales accounted for 87.6% of total revenue in 2024, while online platform sales contributed 12.4%, showing a slight increase in online revenue share[49] - Gold product sales generated approximately RMB 9,787.2 million, representing 99.9% of total revenue for 2024, with a year-on-year increase of 15.2%[50] Corporate Governance and Management - The company has committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[89] - The board of directors has met once since the company’s listing on June 28, 2024, and plans to hold at least four meetings annually going forward[91] - The audit committee has conducted one meeting since the listing and will continue to meet at least twice a year as per governance guidelines[92] - The company is committed to maintaining transparency and compliance with corporate governance standards as outlined in the listing rules[94] - The management team emphasizes the importance of corporate governance and oversight by the supervisory board[104] Employee and Workforce - As of December 31, 2024, the group employed a total of 1,303 employees, with 1,244 located in mainland China and 59 in Hong Kong and Macau[76] - The employee distribution by function as of December 31, 2024, was as follows: 21% in administration, 44% in sales and marketing, 33% in production, and 2% in research and design[77] - The company encourages a work-life balance culture and provides comprehensive compensation and benefits to its employees[75] Future Plans and Investments - The company plans to distribute a final dividend of RMB 6.35 per share for the year ending December 31, 2024, amounting to approximately RMB 1,070 million, pending shareholder approval[25] - The company plans to allocate 73.3% (HKD 701.6 million) of the proceeds for expanding the sales network, with a target completion date by December 31, 2027[85] - The company has no significant investments or acquisitions as of December 31, 2024, and no specific plans for major investments or capital assets beyond new store openings[69][70] Miscellaneous - The company has not declared or paid any dividend policy recently but will review its situation periodically to consider adopting one[92] - The company has not engaged in any purchase, sale, or redemption of its listed securities from the listing date to the date of the annual performance announcement[95] - The company confirms that all directors and supervisors have adhered to the standard code of conduct for securities trading since the listing date[94] - The company is registered as a limited company in China since December 5, 2016, and its H shares were listed on the Hong Kong Stock Exchange on November 25, 2019[100]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company, Laopu Gold, is a new-style luxury brand with a high brand premium, catering to high-net-worth individuals through craftsmanship and cultural identity, while also ensuring value retention. The company has shown significant same-store growth and has ample room for expansion, with a clear growth logic. The company plans to start its international expansion in Southeast Asia, marking the beginning of its second growth curve [4][6]. Summary by Sections 1. Global Gold Jewelry Consumption Culture - The global gold jewelry consumption culture is diverse, with varying preferences for demand, purity, style, and cultural significance across different regions. China and India are the largest markets, with a combined consumption of 1,042 tons in 2024, accounting for 56% of global consumption [9][10]. 2. Current Status of Chinese Gold Jewelry Brands Going Abroad - Chinese gold jewelry brands are still in the exploratory phase of international expansion, with Chow Tai Fook, Luk Fook, and Lao Feng Xiang having a limited number of overseas stores concentrated mainly in Southeast Asia and East Asia [18][19]. 3. Global Market Layout of Leading International Luxury Jewelry Brands - Leading luxury jewelry brands such as Cartier, Tiffany, and Van Cleef & Arpels have significant market shares and store layouts primarily in the US, China, Japan, and South Korea, contributing to over half of their revenue [22][23]. 4. Potential Space for Laopu Gold's International Expansion - Laopu Gold has initiated its international expansion, planning to open flagship stores in Hong Kong and Singapore, with a target of establishing 39 stores across various international cities, including 9 in Southeast Asia and 12 in Japan and South Korea [32][41]. The selection of target cities is based on criteria such as luxury consumption density and cultural affinity for gold [33][36]. 5. Financial Projections - The projected net profits for Laopu Gold for the years 2024, 2025, and 2026 are estimated at 1.462 billion, 2.842 billion, and 3.649 billion yuan respectively, reflecting significant year-on-year growth rates of 251.6%, 94.3%, and 28.4% [6].