壹评级：老铺黄金五一线下表现优于预期，金价回调或进一步打开利润上行空间

第一财经05-12

老铺黄金自3月以来股价回调近20%，主要反映了市场对金价波动和线下销售的双重担忧。不过，五一期间上海地区线下门店人流量表现优异，第一财经“壹评级”认为，这表明消费者对金价波动及品牌调价的接受度正逐步恢复。此外，受益于前期提价策略与近期金价回调的共振，公司2026年第二季度的毛利率有望攀升至45%，为利润端打开上行空间。　　在产品价格策略层面，面对金价波动，老铺黄金通过拓宽价格带、推出高性价比新品...

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