Company Reports

Laopu Gold's first-half revenue and net profit grew 61% and 88% year on year, respectively, consistent with its profit alert. The firm flagged sales pickups in July-August, supported by a gold price rebound and higher discounts. The interim dividend rose to CNY 18.02 per share from CNY 9.59 in 2025.

Since 2023, Laopu Gold has pioneered the development and retailing of heritage gold products, which combine traditional Chinese cultural elements with intricate manufacturing techniques. We think Laopu has effectively appealed to affluent customers in China through trendy product design, sophisticated craftsmanship, and luxury-oriented brand positioning. Following its initial success in China’s wealthy cities, Laopu now views established luxury brands such as Richemont’s Cartier and Van Cleef & Arpels as key competitors. That said, we expect it will take time for the firm to approach these global peers in terms of brand prestige.

Laopu Gold's reported preliminary first-half revenue of CNY 19.8 billion-CNY 20.5 billion was up 60%-66% year on year. Adjusted net profit of CNY 4.31 billion-CNY 4.36 billion implies a net margin of 21.3%-21.8%, higher than the prior-year period 18.4% .

In recent years, Laopu Gold has pioneered the development and retailing of heritage gold products, which combine traditional Chinese cultural elements with intricate manufacturing techniques. We think Laopu has effectively appealed to affluent customers in China through trendy product design, sophisticated craftsmanship, and luxury-oriented brand positioning. Following its initial success in China’s wealthy cities, Laopu now views established luxury brands such as Richemont’s Cartier and Van Cleef & Arpels as key competitors. That said, we expect it will take time for the firm to approach these global peers in terms of brand prestige.

We initiate coverage of Laopu Gold, a leading Chinese heritage gold jewelry designer and retailer focused on premium-priced products for affluent consumers. Laopu maintained over 100% year-on-year revenue growth in the first quarter of 2026, thanks to the continued popularity of main products.

In recent years, Laopu Gold has pioneered the development and retailing of heritage gold products, which combine traditional Chinese cultural elements with intricate manufacturing techniques. We think Laopu has effectively appealed to affluent customers in China through trendy product design, sophisticated craftsmanship, and luxury-oriented brand positioning. Following its initial success in China’s wealthy cities, Laopu now views established luxury brands such as Richemont’s Cartier and Van Cleef & Arpels as key competitors. That said, we expect it will take time for the firm to approach these global peers in terms of brand prestige.