公司簡介
老鋪黃金是中國古法手工金器專業第一品牌。根據弗若斯特沙利文資料，公司是行業
內第一家推出足金鑲鑽產品的品牌，引領行業趨勢。2025 年，公司單商場年均化銷售
額近人民幣 10 億元。據弗若斯特沙利文數據，2025 年公司在中國內地全球奢侈品集
團中，單商場店效與坪效均位列第一。
2025 年全年及2026 Q1均實現業績高增
2025 年公司收入為 273.03 億元（人民幣，下同），同比+ 221%，其中中國內地收
入為 233.61 億元，同比+ 205.4%，占比 85.6%；境外收入為 39.42 億元，同比+
361%，占比14.4%，同比+ 4.3 pct，占比有所上升。老鋪黃金海外首店已於2025年
6 月在新加坡濱海灣金沙購物中心正式開業，該店選址于高端奢華區域。此外，老鋪
黃金在香港設有三家門店，包括IFC金融中心旗艦店。老鋪黃金計畫在2026-27年間
進一步拓展 6-9 家境外門店，進入日本、北美、澳洲、中東等市場，以實現國際化版
圖的進一步擴張。我們預計海外收入占比有望繼續攀升，貢獻度進一步強化。毛利為
102.74 億元，同比+ 193.4%；歸母淨利為 48.68 億元，同比+ 230.45%；每股基本
盈利為 28.35 元，同比+299.4%。公司 2025 年派發中期股息 9.59 元，末期股息
11.95 元，全年派息比率達到 76%。以上增長主要得益於品牌優勢、產品迭代及門店
擴張（2025 年新增 10 家、優化 9 家）。 2026 年 Q1 預計實現銷售業績（含稅收
入）約 190 – 200億元、收入約165 – 175億元及淨利潤約36 – 38億元。
截至 2025 年末，公司總資產為 212.53 億元，同比+235.4%；總負債為 101.57 億
元；資產負債率為 47.8%，同比+9.5 pct，主要系持續門店擴張及黃金原料採購需求
增加，帶動貸款規模上升。股東權益為 110.95 億元，同比+183%，所有者權益規模
顯著增厚，公司資本實力持續夯實。現金及銀行結餘為 20.68 億元，同比大幅
+252.3%，現金儲備顯著增強。存貨為 160.44 億元，涵蓋原材料、半成品、製成品
等，同比大幅+292.5%，主要系為應對春節旺季銷售增長而提前備貨，受此影響，存
貨周轉天數由上年同期的195天延長至216天。應付帳款、其他應付款項及應計費用
分別同比+178.7%及+581.2%，反映出公司對上游供應商及下游客戶的資金佔用能力
較強，商業信用占款優勢明顯，有助於釋放自有資金用於研發投入及門店拓展等經營
活動。
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本科主修市場行銷和英語，並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師，主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作，對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.
