LAOPU GOLD (6181.HK) Unfazed by gold price fluctuations, both performance and luxury status are doubly validated

17 Apr 2026

Overview
Laopu Gold (6181.HK) is the top heritage gold jewelry brand in China. Based on data of Frost
& Sullivan, Laopu Gold was the first brand in the industry to introduce diamond-inlaid pure
gold jewelry, leading trends for the industry. In 2025, the company’s average annualized
sales per shopping mall approached nearly RMB 1 billion. According to Frost & Sullivan data,
among global luxury groups operating in mainland China in 2025, the company ranked first
in both sales per shopping mall and sales per unit area.

Strong performance growth was achieved in both the full year of 2025 and the first
quarter of 2026
In 2025, the company’s revenue reached RMB 27.30 billion, + 221% YOY. Among this,
revenue from mainland China was RMB 23.36 billion, + 205.4% YOY, accounting for 85.6% of
total revenue; overseas revenue was RMB 3.94 billion, + 361% YOY, accounting for 14.4% of
total revenue with an increase of 4.3 pct. Laopu Gold’s first overseas store officially opened
in June 2025 at Marina Bay Sands Shopping Mall in Singapore, located in a high-end luxury
area. In addition, Laopu Gold has three stores in Hong Kong, including a flagship store at IFC.
The company plans to further expand by opening 6–9 overseas stores in 2026 and 2027,
entering markets such as Japan, North America, Australia, and the Middle East, in order to
further expand its international footprint. We expect the overseas revenue share to
continue climbing, contributing more significantly. Gross profit was RMB 10.27 billion, +
193.4% YOY; net profit attributable to the parent company was RMB 4.87 billion, + 230.45%
YOY; EPS was RMB 28.35, + 299.4% YOY. In 2025, the company paid an interim dividend of
RMB 9.59 per share and a final dividend of RMB 11.95 per share, resulting in a full-year
dividend payout ratio of 76%. The above growth was mainly driven by brand advantages,
product update, and store expansion (10 new stores added and 9 optimized in 2025). For
the first quarter of 2026, the company expects to achieve sales (revenue including tax) of
approximately RMB 19.0–20.0 billion, revenue of approximately RMB 16.5–17.5 billion, and
net profit of approximately RMB 3.6–3.8 billion.

As of the end of 2025, the company’s total assets reached RMB 21.25 billion, + 235.4% YOY;
total liabilities were RMB 10.16 billion; the asset-liability ratio stood at 47.8% with an
increase of 9.5 pct YOY, mainly due to continuous store expansion and increased demand for
gold raw material procurement, which drove up the scale of borrowings. Shareholders’
equity was RMB 11.10 billion, + 183% YOY, reflecting a significant increase in owners’ equity
and further strengthening of the company’s capital base. Cash and bank balances amounted
to RMB 2.07 billion, + 252.3% YOY, indicating a substantial enhancement in cash reserves.
Inventory was RMB 16.04 billion, covering raw materials, work in progress, and finished
goods, + 292.5% YOY, primarily due to stockpiling in preparation for expected sales growth
during the peak Spring Festival season. As a result, inventory turnover days extended from
195 days in the same period last year to 216 days. Accounts payable, other payables, and
accrued expenses + 178.7% and 581.2% YOY respectively, reflecting the company’s strong
ability to occupy funds from upstream suppliers and downstream customers, highlighting its
advantage in trade credit utilization, which helps free up its own funds for operating
activities such as R&D investment and store expansion.

About the author

Margaret Li
Analyst
Research

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

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