Laopu Gold Triples Profit as Gold Prices, Demand Soar

By Amanda Lee

China's Laopu Gold recorded sharply higher annual profit and revenue, buoyed by surging gold prices and growing demand for the luxury brand's products as consumers sought to protect their wealth.

Laopu, known for its Chinese motifs and designs, generates most of its revenue from mainland China, where it has strategically set up shop in high-end malls in major cities, cementing its brand status.

The Chinese jewelry company on Monday said full-year net profit more than tripled to 4.87 billion yuan, equivalent to $707.2 million. Revenue also more than tripled, reaching 27.3 billion yuan last year.

The results were in line with Laopu's annual estimates provided earlier this month. The company opened 10 boutiques and expanded nine stores last year, and projected strong annual earnings, citing its growing brand influence.

Gold prices also topped $4,000 a troy ounce for the first time last October as investors flocked to the precious metal amid rising global uncertainty, seeking shelter in the safe-haven asset. The weighted average price of gold was 979.29 yuan a gram in December, up 55% from January 2025.

Citi analysts said ahead of the results that Laopu Gold's brand influence and market leadership significantly boosted overall revenue from both online and offline channels.

"We expect the annualization of those new stores and optimized/enlarged stores to continue to contribute meaningful growth in [2026]," Citi wrote a note.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

March 23, 2026 06:33 ET (10:33 GMT)