Laopu Gld HK SDR 50to1

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Invezz · Mar 24 at 12:22 AM

Hang Seng Index is rising today: is this a bull trap or start of a rally?

Laopu Gold (Trans): Target GPM to stay at 40%-43%

Laopu Gold: Secondary offering at highs; the gold 'Hermès' bet paid off!---

Lao Pu Gold 2H25 First Take: Overall, H2 results were solid, with revenue and profit both growing rapidly. Ex admin expenses, which were slightly elevated on share-based comp, most metrics were marginally ahead of the Street. On revenue, the company benefited from the gold upcycle and stronger brand reach that broadened its customer base. H2 revenue came in at RMB 14.9bn (+200% YoY). By channel, online share jumped to 20% from 13%, helped by brand spillover and the scarcity of offline stores. Offline, sales rose 176% YoY, with same-store revenue +161%, pointing to throughput-driven growth at physical stores. The company net-added four stores in H2, remaining disciplined on expansion. It prioritized enlarging footprints and optimizing locations at existing stores. While management no longer breaks out the mix between plain gold and gold-inlay categories, channel checks suggest the share of higher-margin inlay products continued to rise in H2. This followed a dense slate of launches in the gold-inlay series. With gold prices surging through H2, GPM compressed 3.8ppt to 37.2% as price hikes in Aug and Oct lagged bullion. On opex, operating leverage drove modest declines in selling and G&A ratios. Net profit reached RMB 2.6bn (+194% YoY), beating the Street; for more detail and the earnings call readout, stay tuned for Dolphin Research's follow-up review and transcript. $LAOPU GOLD(06181.HK)

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