On July 27, Laopu Gold (06181.HK), an ancient handmade goldware brand, issued a pre-profit announcement. As of the first half of June 30, 2025, Laopu Gold achieved sales performance (tax-including revenue) of approximately RMB 13.8 billion to RMB 14.3 billion, an increase of approximately 240% to 252% year-on-year; the company’s revenue was approximately RMB 12 billion to RMB 12.5 billion, an increase of approximately 241% to 255% year-on-year. Net profit was approximately RMB 2.23 billion to RMB 2.28 billion, an increase of approximately 279% to 288% over the same period last year. Adjusted net profit was approximately RMB 2.30 billion to RMB 2.36 billion, an increase of approximately 282% to 292% year-on-year.
Laopu Gold pointed out that the above-mentioned increase in revenue and net profit is due to the significant market advantages formed by the continuous expansion of brand influence, which has brought about a significant increase in overall revenue of online and offline stores; the continuous optimization of the group’s products and new promotion have also promoted the continuous growth of revenue.
According to Laopu Gold’s financial report, as of December 31, 2024, Laopu Gold has opened a total of 36 self-operated stores in 15 cities, with an average single-store efficiency of up to 300 million yuan. In April this year, Xu Gaoming, founder of Laopu Gold, once bluntly stated that Laopu Gold is benchmarking high-end brands, and the average store efficiency in the future will exceed 1 billion yuan. Now, Laopu Gold is moving towards this goal firmly.
Since 2025, Laopu Gold has opened new stores in many places such as Beijing SKP-S, Shanghai Ganghui Henglong, Shanghai IFC, Shenzhen Bay Vientiane City, Singapore Sands Shopping Center, etc. According to the on-site store fence decoration, the company is also preparing new stores such as Hong Kong IFC and Shanghai Xintiandi.
According to Puyin International’s research, the same-store sales of Laopu Gold SKP’s stores increased by about 200% year-on-year in the first half of 2025. Goldman Sachs channel survey data shows that even against the background of fluctuations in gold prices and high bases, Laopu Gold’s same-store sales from April to May still maintained strong growth in triple-digit growth.
However, the record highs did not seem to have spilled in the capital market. As of the close of July 28, Laopu Gold was at HK$733.00 per share, a drop of 4.12%. It is worth mentioning that after reaching an all-time high of HK$1,108 per share on July 8, Laopu Gold’s stock price plummeted all the way. Since July 8, Laopu Gold’s stock price has fallen by nearly 30%, with its current latest market value of HK$126.6 billion.
At the same time, old shop gold, which is competing with luxury goods such as Bulgari and Van Clerk Arpels, has also been questioned due to its excessive reliance on gold raw materials, as well as the contradiction between channel expansion and brand scarcity positioning.
One of the manifestations is that even though most of the materials are not rare and valuable, the classic models of international brands such as Bulgari and Cartier are still “hard currency” in the second-hand market. The liquidity of Laopu gold in the second-hand market depends on the precious metal attributes of gold itself. According to 21st Century Business Herald, a gold recycling party revealed in March this year that Laopu Gold’s current recycling price is between 70% and 75% of the original price, and the trading market’s recognition of the premium of the brand itself is still doubtful.
