越赚越“穷”，老铺黄金生意真得好吗？

海豚投研

2025/06/18

看似暴利的 “黄金爱马仕” 生意，却藏着 “越赚越穷” 的现实困境。老铺黄金 2024 年账面利润 15 亿，剔除非现金支出后现金性利润 17 亿，经营活动却消耗 34 亿现金，最终需靠 IPO 融资和借款填补 17 亿资金窟窿。这一矛盾本质在于其利润严重依赖黄金原材料，2024 年存货价值激增 28 亿，赚来的钱全用来囤黄金，甚至要靠外部融资维持运营，形成 “营收越高、存货占款越多” 的特殊现象...

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Is the old shop's gold business really good?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06181":1},"content_text":"看似暴利的 “黄金爱马仕” 生意，却藏着 “越赚越穷” 的现实困境。老铺黄金 2024 年账面利润 15 亿，剔除非现金支出后现金性利润 17 亿，经营活动却消耗 34 亿现金，最终需靠 IPO 融资和借款填补 17 亿资金窟窿。这一矛盾本质在于其利润严重依赖黄金原材料，2024 年存货价值激增 28 亿，赚来的钱全用来囤黄金，甚至要靠外部融资维持运营，形成 “营收越高、存货占款越多” 的特殊现象。这源于老铺生意的特殊性。黄金既是原材料又是产品，价格波动直接影响业绩。金价上涨时，公司屯金虽有嫌疑，但更多是为未来收入做准备，2024 年末存货占当年成本的 82%。这种模式下，公司看似利润丰厚，实则现金流被存货大量占用。这种 “利润与现金流背离” 的生意模式，决定了老铺估值需兼顾成长性与金价周期。当前金价上行周期助推其业绩高增，但投资者需清醒认识到：老铺虽用奢侈品模式包装，却未摆脱黄金原材料的 “地心引力”，其价值判断需同时考量品牌溢价潜力与黄金周期波动风险，客观看待这门 “高利润与高存货占用并存” 的特殊生意。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}