金价下跌，“黄金爱马仕”露底了？

中国新闻网08-03 22:29

中新网北京8月3日电(左雨晴)比大盘黄金跌得更快的，是老铺黄金在二级市场的价格。　　“8.46克的十字形金刚杵吊坠，今年3月花两万多购入的，现在二手回收商的报价只有1.2万元，差不多是6折。”近日，有消费者向记者表示。　　7月27日晚间，老铺黄金发布最新业绩预告，预计上半年销售业绩约227亿元至233.5亿元，同比增长60%至65%；经调整净利润约43.1亿元至43.6亿元，同比增长83%至85%...

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　　老铺黄金十字形金刚杵吊坠。 截图自官网。 　　“一口价”的生意经　　2024年6月28日，老铺黄金在香港交易所主板挂牌上市，IPO发行价为每股40.50港元。　　彼时，作为港股“新消费三姐妹”之一，老铺黄金向市场讲述的是一种有别于传统黄金消费的可能：成为高溢价的东方奢侈品。创始人徐高明在业绩会上曾放话：“如果卖黄金的比不过卖皮具的，我们要回去反省一下。”　　作为后起之秀，面对周大福、周生生等传统品牌，老铺黄金要突围做黄金奢侈品牌，就得找到差异化的切口。徐高明的答案是“一口价”模式。他彻底抛弃传统金铺“金价+工费”的定价方式，取消克重选项，再将搂胎、锤揲、錾刻、镶嵌、花丝等“古法黄金”工艺包装成非遗文化的载体，以此定义品牌调性。与此同时，老铺黄金的门店选址全部集中在SKP、恒隆广场、万象城等顶级商场。截至2025年末，全国自营门店数量控制在了45家。　　这套打法很快奏效。2025年7月8日，老铺黄金股价盘中创下1108港元的历史高点，股价较发行价暴涨超26倍。消费端同样火热，各大门店前长达数小时的排队，屡屡冲上热搜。2025年全年，老铺黄金收入273亿元，同比增长221%；归母净利润48.68亿元，同比增长230%。单商场年化销售业绩接近10亿元，店效与坪效在中国内地奢侈品品牌中排名第一。　　摆脱不掉的金价　　老铺黄金关于“东方奢侈品”的故事看似成功了，但这个故事的背后，始终有一个它想摆脱却又摆脱不掉的因素——金价。　　2025年以来，国际黄金价格一路突飞猛涨。由于老铺实行“一口价”，产品价格相对固定，其品牌溢价也在被上涨的金价挤压。对于消费者来说，金价越涨，一口价看起来就越便宜，老铺的产品在消费者眼中变成稳赚不赔的看涨期权。于是，每一次老铺宣布涨价前，门店门口都会排起长队。 　　排队中的老铺黄金门店。 左雨晴摄。 　　问题在于，消费者走进老铺黄金的门店，到底是为品牌买单，还是为金价买单？今年的市场给出了答案。　　2026年3月以来，国际金价连续4个月下跌，二季度自年内高点跌超28%。按克计价的黄金首饰都在跟随金价下调，老铺黄金却在2月底逆势涨价，涨幅达20%-30%，这让老铺黄金的品牌溢价迅速飙升。　　在徐高明看来，老铺已经“较大程度摆脱与金价的直接关联”，“不是只能赚金价上行的钱”。但二季度的数据给出了相反的回答——老铺黄金收入环比跌超8成，天猫旗舰店销售额同比下滑63%。　　市场的态度变化也反映在二手市场。记者注意到，老铺黄金的回收价格普遍在原价的5-7折，一些回收商对老铺黄金金饰的回收方式已不再按购买价的折扣计算，而是以克重计价，在黄金大盘价的基础上每克额外加价10至50元不等，以此作为老铺黄金的品牌溢价。　　“本质还是黄金，是会受金价波动影响的。”一名回收商向记者表示。　　兜兜转转，落在消费者手中的老铺黄金首饰，依然被按黄金克价重新标定了价值。　　“东方奢侈品”梦碎？　　当市场对老铺黄金的认知还无法摆脱对金价的依赖，老铺黄金的品牌力能否支撑得住产品溢价，就成了一大疑问。　　不过，在盘古智库高级研究员江瀚看来，金价下行也给了老铺黄金“沙里淘金”的机会。他认为，老铺的“一口价”模式，将在金价波动期起到了筛选高净值客群的“过滤器”作用。“从长期产业周期来看，老铺黄金不做对冲也彻底切断了品牌与金融投机属性的深度绑定，企业会将全部精力投入到产品力与渠道力的打磨上。这正是老铺黄金向国际顶级奢侈品靠拢的必经之路。” 　　2025年2月，北京SKP老铺黄金正在排长队。 左雨晴摄 　　弗若斯特沙利文(Frost & Sullivan)的调研数据显示，老铺黄金的消费者与路易威登(Louis Vuitton)、爱马仕(Hermès)、卡地亚(Cartier)、宝格丽(Bulgari)等五大国际奢侈品牌消费者的平均重合率从2025年7月的77.3%提升至2026年3月的82.4%。　　但现实是，LVMH、开云、爱马仕、历峰等奢侈品集团的毛利率一般维持在65%到80%之间，而老铺黄金的毛利率目标长期维持在40%至43%之间。在业内看来，这距离真正的奢侈品尚有相当距离。老铺黄金想要讲一个超越黄金本身的故事，还有很长的路要走。　　在线下门店，多地老铺黄金已开始推出打折促销活动。据媒体报道，深圳多家老铺黄金门店金饰开始直接打9折。一名北京SKP销售向记者表示，在七夕主题活动期间，老铺黄金部分款式最低可至7.9折。　　记者就第二季度业绩不及市场预期、金价波动对经营的影响等问题采访老铺黄金，截至发稿时，对方尚未就相关问题进行回复。(完)（文章来源：中国新闻网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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