Lao Pu Gold: Expected Revenue and Net Profit Both to Increase More Than Twofold Year-over-Year in 2025

The continuous expansion of brand influence has created an absolute market advantage, allowing Laopu Gold to maintain high growth.

On March 11, the traditional handmade gold jewelry brand Laopu Gold (6181.HK) released a positive earnings forecast, estimating revenue for 2025 to be approximately RMB 27 billion to 28 billion, a growth of about 217% to 229% compared to 2024; sales performance (including tax revenue) is expected to be about RMB 31 billion to 32 billion, a growth of approximately 216% to 227% over 2024.

In terms of profit, Laopu Gold expects its adjusted net profit (excluding the impact of employee equity incentives) for 2025 to be about RMB 5 billion to 5.1 billion, an increase of approximately 233% to 240% compared to 2024; net profit is expected to be about RMB 4.8 billion to 4.9 billion, a growth of approximately 226% to 233% over 2024.

Regarding the main reasons for the increase in revenue and net profit, Laopu Gold stated in its financial report that: first, the continuous expansion of the group’s brand influence has formed an absolute market advantage, leading to significant growth in overall revenue from online and offline stores; second, ongoing product optimization and new iterations ensure sustained high growth in online and offline revenue; third, compared to 2024, the group will add 10 new stores and optimize and expand 9 existing stores in 2025, contributing additional revenue.

Unlike other gold shops that expand through franchising, Laopu Gold has always focused on building a high-end brand image. Its products are mostly sold at fixed prices (“one-price” gold), which do not fluctuate in real-time with daily gold price changes. Overall, its pricing is positioned between luxury brands and ordinary gold shops.

On February 28, a reporter from The Paper learned that Laopu Gold will implement its first price adjustment in 2026 within the year, with a range of 20% to 30%. For example, a necklace weighing about 20.8 grams was priced at approximately RMB 47,300 before the adjustment and RMB 60,100 after, representing a 27.6% increase.

The three price adjustments in 2025, along with this round, have synchronized with the rise in gold prices.

It is reported that before this price adjustment, many Laopu Gold stores experienced long queues. Industry insiders analyzed to The Paper that this price change is not simply a transmission of gold prices but a natural response supported by the brand’s growing momentum and product value. After two to three price adjustments each year, Laopu Gold still maintains high popularity.

On August 20, 2025, Laopu Gold released its interim results for the six months ending June 30, 2025, with revenue of RMB 12.354 billion, a year-on-year increase of 251%; adjusted net profit was RMB 2.35 billion, up 290.6%, with both revenue and profit showing high growth.

In its mid-year financial report for 2025, Laopu Gold noted that the company adjusts prices two to three times annually. In the first half of 2025, it only made one price adjustment in February. Due to the rapid and sustained increase in gold prices after the adjustment, the company’s gross profit margin slightly declined to about 38.1%. Short-term fluctuations in gross profit margin did not affect the company’s earnings. Benefiting from explosive growth, the scale effect resulted in the company’s non-IFRS adjusted net profit margin rising from 17.1% for the six months ending June 30, 2024, to 19.0%.

According to Dazhihui VIP, as of the close on March 11, Laopu Gold rose 2.35%, trading at HKD 654 per share.