New stock news: The old store submits an application to the Hong Kong Stock Exchange with an average store income of 44.8 million yuan.

According to the disclosure by the Hong Kong Stock Exchange on November 11th, Laopu Gold Limited (referred to as "Laopu Gold") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International acting as its exclusive sponsor. According to the prospectus, based on Frost Sullivan data, Laopu Gold is the only brand in China National Gold Group Gold Jewelry market that focuses on the design, production, processing, and sale of traditional gold products. In addition, the company operates all of its offline stores through a fully self-operated model and a themed store model. As of the last feasible date, the company operated 29 themed concept stores in high-end commercial centers nationwide. According to Frost Sullivan data, the company ranked first in terms of single-store revenue among all gold jewelry brands in China in 2022, and its average store revenue has reached 44.8 million RMB as of June 30, 2023, close to its full-year performance in 2022. According to Frost Sullivan data, the company is the first brand in China to promote the concept of "traditional gold," the first brand to launch gold-inlaid diamond products, and the first brand to launch gold-fired blue products. Based on traditional craftsmanship and high standards in design and production, Laopu Gold has become a brand highly recognized and valued by high net worth individuals. According to the Hurun Research Institute's "2023 Hurun Toshang Boutique - China's High Net Worth Brand Preference Report" released in March 2023, the company's brand is among the top ten jewelry brands favored by high net worth individuals, and it is one of only two Chinese jewelry brands on the list. Regarding products, as of June 30, 2023, the company has developed over a thousand products and owns 976 copyrighted works. These include daily-wear accessories, decorative ornaments, as well as collectible and usable gold items, catering to consumers of different ages and consumption needs. According to Frost Sullivan data, the company's innovative product capabilities have driven industry development. For example, in 2019, the company was the first to introduce gold-inlaid diamond products, subverting the traditional standards of the diamond jewelry industry using K gold as the base material. In 2022, the company's gold-fired blue products crafted using traditional copper base blue technology sparked a new trend in traditional gold products in the industry. The table below shows the revenue breakdown by product type during the indicated period: In terms of stores, the company's offline stores operate under a fully self-operated model. As of the last feasible date, the company has opened 29 stores in high-end commercial centers in first-tier and new first-tier cities in China, all of which are located in high-end fashion department stores including SKP and WFJ. Financially, in 2020, 2021, 2022, and the six months ending June 30, 2023, Laopu Gold achieved revenues of approximately 896 million RMB, 1.265 billion RMB, 1.294 billion RMB, and 1.416 billion RMB respectively. During the same periods, the net profits were approximately 88.025 million RMB, 114 million RMB, 94.529 million RMB, and 197 million RMB respectively. According to the prospectus, some of the main risks faced by Laopu Gold include its reliance on the influence of the "Laopu Gold" brand, as any deterioration in brand image may have adverse effects on the company's sales, profitability, and growth strategy execution. The company outsources the production of certain products to external manufacturers, and if these contractors do not comply with product quality standards, it may negatively impact the company's brand image and business. Furthermore, failure to collect a significant portion of accounts receivable in a timely manner could have significant adverse effects on the company's business and financial performance. Additionally, the company faces the risk of inventory impairment.