MS-Laopu Gold Asia Pacific Asia Pacific Summit 2025 Feedback-20251120

The company sees a big total addressable market: it has 660K members now(those who have purchased Laopu's product at least once), vs. >6mn HNWhouseholds, not to mention a much bigger entry-level consumer market. It aims tohave a footprint in 50 high-end shopping malls in China in the long run; it has storesin 33 of them currently.

It aims to strengthen its high-end brand position and change consumers'impression that Laopu is value-for-money": The price hike in late October (>+25%vs. the last price hike in late August) was higher than the rise in gold prices. This isdifferent from the first and second price hikes, which were both lower in magnitudethan the gold price increases. Consumers perceived Laopu's product as a "bargain"during the period of rapidly rising gold prices, period especially during September-October 2025. The company will target HNWIs in terms of product offering, storesexpansion, customer service, and membership management system.