Lao Pu Gold's 2025 net profit doubles, tea beverage sector's overall profitability performance stood out last year, Hong Kong Stock Connect consumer ETF Huaxia (513230) surges 3.42%

On March 24, the Hong Kong stock market’s consumer sector continued to strengthen in the afternoon. The Huaxia Hong Kong Stock Connect Consumer ETF (513230) surged by 3.42%. Among its holdings, Lao Pu Gold rose over 12%, Tingyi (Master Kong) gained more than 8%, and Snow Group and China Resources Beer both increased nearly 7%. The entire portfolio was in the green, indicating strong overall sentiment in the sector. As of March 23, the Huaxia Hong Kong Stock Connect Consumer ETF (513230) had a size of 424 million yuan, attracting 117 million yuan in net inflows over the past 10 trading days, making it highly favored by investors.

In terms of news, on March 23, Lao Pu Gold, a traditional handmade gold jewelry brand, released its annual performance report ending December 31, 2025, along with a forecast for the first quarter of 2026. The financial report shows that Lao Pu Gold’s sales for 2025 were approximately 31.375 billion yuan (RMB), a year-on-year increase of 220.3%. Operating revenue was about 27.303 billion yuan, up 221% year-on-year. The net profit attributable to the parent company was approximately 4.868 billion yuan, an increase of 230.5%. Lao Pu Gold’s gross profit was about 10.274 billion yuan, up 193.4% year-on-year.

On March 18, Founder Securities released a research report indicating that the tea beverage sector is expected to benefit from delivery subsidies in 2025, with overall strong profitability. Among them, Tea Baidao is projected to see an adjusted net profit growth of 23%-32% in 2025. Gongmei and Snow Group are both expected to have a net profit attributable to the parent company increase by 86% and 31%, respectively. CITIC Construction Investment pointed out that, under the background of expanding domestic demand as a top priority for economic work in 2026, combined with many core consumer assets potentially bottoming out and entering an upward cycle, as well as the emergence of new consumption models, investment opportunities in the consumer sector should be given attention.

The Huaxia Hong Kong Stock Connect Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which covers leading traditional service industries such as hospitality and catering, as well as high-elasticity assets like trendy toys and gold jewelry, and high-dividend targets such as sportswear and white goods. Its constituent stocks nearly encompass all areas of Hong Kong consumer stocks, including Pop Mart, Yum China, Lao Pu Gold, Anta Sports, Nongfu Spring, and Snow Ice City.