越赚越“穷”,老铺黄金生意真得好吗?

海豚投研
18 Jun

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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