Is Laopu Gold becoming the next “Bubble Mart”? Scalpers make 10,000 yuan a day, and their share price has soared tenfold in half a year

(Photo source: Visual China)

Blue Whale News February 12 (Reporter Shao Yuting)After the Spring Festival, temperatures in Beijing plunged to zero,2months11on the morning of9point30Points, away from BeijingSKPThere is still half an hour before the mall opens, but there is already a long line at the door and the number has arrived.50After the name, the snake-like team’s tail spread to the street. At this time, the outside temperature has reached below zero5After a strong wind blew, the people in line just wrapped their thick coats tightly and had no intention of leaving.

What makes them willing to wait in the cold wind is the recent crazy gold brand Laopu Gold (06181.HK）。Not long ago, the brand launched a 100-yuan reduction event, BeijingSKPShopping malls have also launched Valentine’s Day activities, with attractive discounts and points. However, the old shop gold after being superimposed with various preferential mechanisms is still expensive, and product pricing is mostly concentrated in1million Yuan to5Ten thousand yuan range.2months11On the 20th, Chow Tai Fook’s gold jewelry quoted price per gram873Yuan, and the gold ornaments of Laopu Gold amount to more than 1,000 yuan in grams. They are called Hermes in the gold world.

2025During the Spring Festival of 2019, international gold prices broke through2880dollars/ounces, domestic gold jewelry prices are approaching870Yuan/gram, the gold market ushered in a new round of rising cycle.“There is a rush to buy.

The scalper market is also growing savagely with the dual help of discounts and gold craze. A person in line“The scalper told Blue Whale News that the old shop was raided for gold before the year. After returning to work, the number was queued for at least one hour every day. Popular styles such as gourd and diamond pestle might not be available even if they were queued for four hours.

Line up for four hours to buy gold, scalpers team up to make tens of thousands of yuan a day

10 a.m., BeijingskpThe mall opens for business, and the first batch of customers in line enters, and each time they enter10For more than one person, each person is limited to five items, and the purchase time for a single customer is basically as long as possible1Hours.

Although the waiting time was very long, the crowd in line did not choose to leave. Blue Whale News reporter asked five customers one after another, and they all were in the purchasing business.“scalpers, several of the team leaders claimed to be in the morning8They came to line up at o’clock, and there were still many complaints in the line that they had waited for four or five hours the day before yesterday.

Purchasing agent Lei Ge (pseudonym) told Blue Whale News that he was not fighting alone, but formed a company with several friends.“Buying team. them from6Starting from the 1990s, we can come early every morning to pick up the number and queue up in batches. We can get about ten items in one morning and then sell them at a 10% discount on the original price.& ldquo; The daily flow of water must be 300 to 500 thousand yuan, but we only make hard money.” rdquo;

It’s only been a few days since I worked hard, and another overseas purchasing agentY(pseudonym) too“In the purchasing group formed, she was responsible for sweeping the goods behind the team, and her teammates lined up early in front of the team to grab hot money. smallYTell reporters that the event is2months14The day is over, and you can get a reduction if you don’t need the box now.300Yuan,4You can go to the store to replace it in the month with the receipt. Now, littleYDispatch can provide88Discount, and queuing yourself is875Discount, but you can’t arrange it well enough to get the money you want.

Later, littleYEnthusiasm pulled the reporter in“the13Online purchasing group, there are already400No. 1, there are constant news of inquiries in the group early in the morning. The most inquired items mainly include pendants of gourd, butterfly, cross diamond pestle, rose window and other styles. Like a medium-sized diamond pendant, the total quality is about14grams, sold for18350Yuan, approximately per gram1300Yuan.

noon12At that time, the number of teams had not decreased. Finally got to the small lineY, she immediately photographed the counter from left to right. After two hours of ransacking, there were not many styles left. There were only pure gold bracelets. Now there was nothing she wanted.” rdquo; The number of people entering the group is still increasing, but smallYWe send notices over and over again that there are no goods now. We will wait until we replenish the goods before going in. Later, we will post in the group and buy whatever we have.

smallYto reportersrevealed that“now（purchasing）Basically what you can give is88Fold,875foldeven lowerthebasicareFor a long time‘old ox’, have shopping malls in hand50Ten thousand yuan is upgraded to a black card,Double or even ten times points,There is a discount on everything you buy andvariousReturn gift, can be realized。”

However, there are also loss-making deals“Loss of money cattle. On the Xiaohongshu platform, there is a user Dai Dai (pseudonym) who commented one by one under the gold purchasing posts of various old shops and asked if they needed to purchase. She told reporters that she had just started purchasing gold from old shops and had already invested in it.50Wan, he hasn’t recovered his capital yet.& ldquo; Personal purchasing can only earn a few hundred yuan. In the past few days, the team can do a daily job100With sales of 10,000 yuan, the profit must be tens of thousands of yuan.& rdquo;

During the break, Lei Ge was still at the counter observing the people passing by. A couple passed by and looked at the long line and the gold ornaments in the counter from afar. Brother Lei came forward and asked,“Buy gold? I have stock here.& rdquo; But most of the people passing by just wait and see. Purchasing agents make hard money, and they are the ones who really make money.” rdquo; Lei Ge pointed to the shining gold of the old shoplogo。

The classic of getting rich from old shops: From unpopular ancient methods to luxury narratives

In fact, even if gold from old shops is superimposed with various preferential mechanisms such as shopping malls and brands, it is not cheap.2months11On the 20th, Chow Tai Fook’s gold jewelry quoted price per gram873Yuan, while the gold ornaments of Laopu gold amount to more than 1,000 yuan in grams.

It’s expensive and difficult to buy, why can old shop gold still be used?“Crazy robbery?

In the purchasing group, the reporter asked the consumer glutinous rice (pseudonym) who was constantly asking for money. In addition to beautiful styles, hot markets, and chasing trends, glutinous rice also believes that Laopu gold is more valuable than other brands of gold ornaments.“Compared with first-line luxury brands, gold from old shops is still much cheaper. If you don’t like it in the future and sell it second-hand, it will be more cost-effective than luxury jewelry and won’t lose too much. rdquo;

Different from traditional gold jewelry recycling based on gram weight, Laopu Gold’s products are recycled by piece like first-line luxury brands.

Haitang (pseudonym), a shop owner who runs gold recycling in Laopu, told reporters that the recycling price of Laopu gold is higher than that of other gold brands. For example, an appointment14gram, value18350A medium diamond pestle of yuan, the recycling price is76Fold, that is14000Around yuan.2months11Day,999The recycling price of gold is667Yuan/gram,14K-gold jewelry recycling price approximate9300Yuan.

Haitang has a physical store in Shanghai, and the store has been running since last year11The month began to focus on the old shop gold. She told reporters that now basically press76-77Discount,8Discount sale, recently88More and more customers are coming to recycle. The high second-hand recycling prices have also contributed to the market enthusiasm of Laopu gold to a certain extent.

Making gold with the idea of luxury goods, Laopu Gold’s core competitiveness lies in its unique brand positioning.

2009In 1998, the Laopujin brand was founded,2016It only started to operate independently in 1999, which is still young compared to other traditional gold brands. However, Laopu Gold was the first to launch ancient gold jewelry, claiming that the craftsmanship originated from the Qing Dynasty court manufacturing office and focused on concepts such as pure handmade intangible cultural heritage skills. It is the first professional brand of ancient handmade gold ware in China, and it is different from other jewelry brands.

The so-called ancient gold refers to a kind of pure gold jewelry that combines modern design with China classical culture, has warm colors, exquisite appearance or other characteristics of ancient court gold ornaments, and uses at least two or more traditional China handmade gold manufacturing techniques specified in the group standards issued by China Gold Association. These skills mainly include hammering, carving, hollowing, filigree, inlay and blue burning.

In addition to the special craftsmanship, Laopu Gold’s products also abandon the gram-based pricing model and adopt“One-price sales strategy, with an average unit price per gram as high as1000Above yuan, the target customer group targets high-net-worth people. This pricing strategy is highly consistent with the scarcity narrative of luxury goods, and the sales price of gold bowls, gold pots and other items in its collection series is extremely high.25Ten thousand yuan.

While the pricing is high, Laopu Gold’s store locations are basically concentrated in high-end shopping malls in first-tier and new first-tier cities such as Beijing, Shanghai, and Shenzhen, such as Beijing International Trade Mall and Nanjing Deji Plaza, all of which are self-operated stores. Laopu Gold said in the prospectus that“Select high-end store locations and select high-end consumers who are consistent with our brand positioning.& rdquo; As of2024years6months30Day, the number of members of Laopu Gold has reached27.5Ten thousand people.

2024Demand for investment gold bars in China increased in 200024.54%However, traditional gold ornaments account for the selling price due to processing fees30%The above cold wave hit, and gold consumption fell year-on-year9.58%to985.31tons. Before the Spring Festival holiday, Mingpai Jewelry, Laishen Tongling, and Yuyuan Shares successively released2024Annual performance forecast, all expected2024Annual performance declined. Zhou Dasheng, Lao Fengxiang2024Net profit attributable to parents in the third quarter of 2001 fell year-on-year respectively21.95%and9.60%。

But the old shop gold relies on30Yujia Store rose against the trend and exceeded its revenue30100 million yuan, and the revenue from a single store is hundreds of millions of yuan.2024In the first half of 2019, Laopu’s gold revenue increased year-on-year148%to35.2100 million yuan, net profit increased by198.75%, gross profit margin remains at41.3%, far beyond Chow Tai Fookthe31.4%andlaofengxiangthe9.21%。

Dr. Zhou Ting, President of the Yaoke Research InstituteSaid to Blue Whale News, other China gold brandsis stillsellgoldmaterialAt that time, Laopu Gold was selling designs. Choosing the brand operation model of a luxury brand would make it easier for it to have long-term vitality and obtain a brand premium. It would also snatch the customer market with design needs for gold jewelry. Naturally, the performance is high.

Gold prices rise, and financially beautified old-shop gold is being snatched up in the secondary market

As the price of gold rose, the inventory value of Laopu gold climbed, rising from2023at the end12.68Billion yuan rose2024of year21.08100 million yuan. In the asset structure of Laopu Gold, the value of inventories accounts for more than half of the total assets. The rise in inventory value directly pushes up the value of total assets. As of2024During the year, Laopu Gold’s total assets were38.41billion yuan, the owner’s equity attributable to the parent company nearly doubled to28.97100 million yuan.

It is worth noting that among the liabilities of Laopu Gold, the ones with the largest changes were accounts payable and bills, which were from2023at the end5766.20Ten thousand yuan increased to2.26Billion yuan, it is not difficult to see that Laopu gold’s status in the upstream and downstream of the industrial chain has gradually increased.

With the soaring performance and the objective beautification of the asset structure brought about by soaring gold prices,Laopu Gold is also very prosperous in the secondary market.2months12In Japan, the stock price of Laopu Gold increased from2024years6At the time of launch in the month40.5HK $/Shares soared to422HK $/Shares, total market value breakthrough711100 million Hong Kong dollars, approaching Chow Tai Fook (1929.HK）747The total market value of HK$100 million.

According to predictions from institutions such as CICC and Goldman Sachs, Lao Pu gold2024-2026Annual net profit annual growth rate will exceed150%。The luxury narrative and sufficient gold reserves are still very beneficial to the stability of gross margins.

butDr. Zhou Ting, President of the Yaoke Research InstituteIt is believed that in order to maintain the current momentum, Laopu Gold must maintain high-end brand tonality and continuous product innovation capabilities for a long time, which is a huge challenge for China brands.

The prospectus shows that2023In 2000, the market size of ancient gold jewelry in China was approximately1573100 million yuan, the top five manufacturersthetotal income was about724Billion yuan, occupying the entire market46.1%Share. In terms of income, Laopu Gold only ranks first in the ancient gold and jewelry market in China7, the market share is only2%。Chow Tai Fook, Chow Sang Sang and others are all trying to surpass the ancient gold craftsmanship.

When ancient craftsmanship becomes standard in the industry, become a scalperhypeThe bubble gradually dissipates, can the old shop gold truly escape“net red”transformed into“Changhong”Under the bright light of gold, Lao Pu Jinjin’s adventure may have just begun.