Old Shop Gold "Made a Fortune," Nearly 1 Billion Yuan in Annual Sales per Mall | Big Fish Finance

How did Laopu Gold win the favor of over 80% of international luxury brand consumers?

“By 2025, achieving an average annual sales performance of nearly 1 billion RMB in a single mall.” “Among global luxury brands, our group ranks second in operating revenue in mainland China, and it is the only Chinese brand among the top five global luxury goods groups by operating revenue in mainland China.”

On March 23, Laopu Gold (06181.HK) released its performance announcement for 2025, with both revenue and profit achieving over 200% growth, and its brand influence is approaching that of international luxury brands. In the Hong Kong stock market, it has garnered capital enthusiasm through operations like full circulation of H shares, becoming a benchmark for the high-end transformation of domestic products and capital market success. On March 24, Laopu Gold’s stock price surged significantly, with a single-day increase of 16.11%.

Revenue and profit tripled, 80% of international luxury consumers also recognize it

In 2025, Laopu Gold’s operational data “exploded comprehensively,” with all core financial indicators achieving over 200% year-on-year growth.

Total revenue reached 27.303 billion RMB, a staggering increase of 221.0% compared to 8.506 billion RMB in 2024; annual profit was 4.868 billion RMB, with a year-on-year growth rate of up to 230.5%; basic earnings per share were 28.35 RMB, nearly doubling from 9.47 RMB the previous year, with profitability far exceeding the industry average.

What is even more noteworthy is that this domestic brand, centered on “ancient method gold,” has successfully entered the high-end consumption tier, engaging in direct dialogue with international luxury brands.

According to Frost & Sullivan research data, in 2025, Laopu Gold ranked second in revenue among global luxury brands in mainland China, and it is the only Chinese brand among the top five.

The single-store performance and sales per square meter rank first among global luxury goods groups, with annualized sales performance in a single mall nearing 1 billion RMB.

The core evidence of brand high-end transformation comes from the upgrade of user demographics: the average overlap of Laopu Gold consumers with users of the top five international luxury brands, including Louis Vuitton, Hermes, Cartier, and Bulgari, rose from 77.3% in July 2025 to 82.4% in March 2026, indicating that over 80% of international luxury brand consumers also acknowledge this domestic brand.

However, Laopu Gold still has a gap compared to top luxury brands. Hermes’ growth logic is built on extreme craftsmanship control, global scarcity, and long-term brand accumulation, forming a self-reinforcing growth flywheel. In contrast, Laopu Gold’s R&D expenditure in 2025 was only 24.93 million RMB, with insufficient supply chain control and depth in R&D, not yet fully constructing the core barriers of luxury goods.

Additionally, the company has been listed on the “Hurun Best Products” for four consecutive years, ranking among the top three jewelry brands favored by high-net-worth individuals in 2026, and is the only Chinese brand on the list, completely breaking the monopoly of international brands in the high-end jewelry field.

Supporting this “luxury-level” performance is Laopu Gold’s core competitiveness: on one hand, there is product originality, with 283 patents in mainland China, 1,683 copyrights, and 276 overseas patents, with 100% of products being original designs, leading the way in innovative products like “pure gold inlaid diamonds” and “gold body burning blue.” On the other hand, there is high-end channel development, with all 45 self-operated stores located in high-level commercial centers like SKP and MixC, adding 10 new stores in 2025 and optimizing and expanding 9 others, as well as opening its first overseas store in the Marina Bay Sands shopping center in Singapore, marking a steady start to global expansion.

Online and offline dual explosion, membership growth over 70%

Laopu Gold’s growth in 2025 is not a single breakthrough, but rather a collaborative effort across all channels online and offline, forming a comprehensive layout of high-end stores plus universal e-commerce.

Offline stores remain the main revenue driver, generating 22.646 billion RMB, accounting for 82.9% of total revenue, with a year-on-year growth of 204.0%, and a same-store growth rate as high as 160.6%, with the profitability of mature stores continuing to be released. Online channels experienced explosive growth, with revenue reaching 4.657 billion RMB, increasing to 17.1% of total revenue, with a year-on-year growth rate of 341.3%. During Tmall’s 618 and Double 11 events, it topped the gold category rankings, with Double 11 sales exceeding 2 billion RMB, becoming the first gold jewelry brand to achieve this milestone.

Behind the channel expansion is the dual support of product strength and brand power. Laopu Gold has been deeply engaged in ancient method gold for over a decade and is recognized by the China Gold Association as the “first brand of handcrafted gold artifacts using ancient methods.” It is also a drafting unit for industry standards such as “Ancient Method Gold Jewelry,” with products covering various categories, including daily wear jewelry, scholar’s accessories, and home decorations. By the end of 2025, the company had 610,000 loyal members, a growth of 74.3% from the previous year, continuously expanding its consumer base, forming a positive cycle of product-brand-user.

The breakthroughs in overseas markets are also impressive. In 2025, overseas revenue reached 3.942 billion RMB, a 361.0% increase from 855 million RMB the previous year, and the opening of the first store in Singapore marks a substantial step in the brand’s internationalization. In terms of regional distribution, revenue from mainland China accounted for 85.6%, while overseas accounted for 14.4%, indicating that the globalization strategy is beginning to show results.

Hong Kong stock performance rollercoaster, single-day increase of 16% after earnings report

Alongside the explosive performance, Laopu Gold’s performance in the Hong Kong stock market has also shone brightly, becoming a “hot commodity” in the eyes of capital.

As a new stock that listed on the Hong Kong Stock Exchange in June 2024, the company quickly solidified its market position through capital operations. In May 2025, it conducted its first placement of 4.31 million new H shares at a placement price of 630 HKD per share, raising approximately 2.698 billion HKD after deducting expenses. In October 2025, the second placement of 3.7118 million shares was conducted, with the placement price further raised to 732.49 HKD per share, raising approximately 2.707 billion HKD. Both placements were oversubscribed by the market, indicating capital’s recognition of its long-term value.

Another major breakthrough in capital operation is the implementation of full circulation of H shares. In April 2025, the company successfully converted 40.3889 million unlisted shares into H shares and listed them for trading, opening up the full channel for equity circulation, further enhancing the liquidity and valuation rationality of the Hong Kong stock market.

As of the end of 2025, the company’s asset-liability ratio was 47.8%, up from 38.1% the previous year, but cash flow remains stable, with cash and bank balances reaching 2.068 billion RMB, a growth of 182.3% compared to the previous year.

For shareholders, Laopu Gold represents “generous dividends.” In 2025, it paid a final dividend of 6.35 RMB per share for 2024 and an interim dividend of 9.59 RMB per share for 2025, totaling over 2.788 billion RMB in dividends. The board also proposed a final dividend of 11.95 RMB per share for 2025, which, if approved by shareholders, will reference 50% of undistributed profits as the total annual dividend, with the high dividend policy further boosting shareholder confidence.

However, its stock price trend experienced a rise followed by a decline, with significant volatility. In June 2024, Laopu Gold debuted at 40.5 HKD per share on the Hong Kong stock market, with the stock price skyrocketing over 20 times within a year, surpassing 1100 HKD in early July 2025. However, starting from July 9, 2025, the stock price continued to decline, falling 22 times in 31 trading days, and on August 1, it dropped below 700 HKD, with the market value evaporating by nearly 40% from its peak. Nevertheless, following the earnings announcement on March 24, the stock price rebounded, closing at 648.5 HKD, with a single-day increase of 16.11% and a transaction volume of 2.722 billion HKD.

Reporter: Liu Jinyang Editor: Cao Mengjia Proofreader: Tang Qi