招商证券国际研究报告指,预期老铺黄金(06181.HK) 2026年将出现转折,收入增长将由2025年的220%大幅回落至2026年预期的约30%。该行认为公司营收目前主要依赖FOMO营销抢购,即消费者害怕错过机会、折扣或热门产品的心理,而非真正奢侈品同行所具备的内生性销量增长。同时,公司盈利质量亦正在恶化。该行表示,公司今年门店扩张规划相对保守,焦点从门店扩张转向效率提升,限制了其在国内市场的...
Source Link招商证券国际研究报告指,预期老铺黄金(06181.HK) 2026年将出现转折,收入增长将由2025年的220%大幅回落至2026年预期的约30%。该行认为公司营收目前主要依赖FOMO营销抢购,即消费者害怕错过机会、折扣或热门产品的心理,而非真正奢侈品同行所具备的内生性销量增长。同时,公司盈利质量亦正在恶化。该行表示,公司今年门店扩张规划相对保守,焦点从门店扩张转向效率提升,限制了其在国内市场的...
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