Laopu Gold Revenue Triples in 2025, Profit Surges 230% on Gold Rally

Laopu Gold, the Beijing-based jeweler known for its fixed-price, high-carat gold pieces, more than tripled its revenue in 2025, bucking both volatility in gold prices and weakness in China's luxury market. An exchange filing showed revenue jumped 221% from a year ago to 27.3 billion yuan, topping the Bloomberg consensus estimate of 26.9 billion yuan. Net income climbed 230% to 4.87 billion yuan, in line with forecast. The company also declared a dividend of 11.95 yuan per share.

Looking ahead, Laopu signaled that momentum could continue, with first-quarter 2026 sales projected at as much as 17.5 billion yuan and net profit potentially reaching 3.8 billion yuan.

The numbers are striking in context. While Western luxury groups such as LVMH and Kering have been dealing with softer demand in China, Laopu appears to be benefiting from shifting consumer behavior, particularly as rising gold prices encourage purchases tied to store-of-value dynamics. Spot gold climbed nearly 65% in 2025, approaching 1,000 yuan per gram by year-end, compared with sub-600 yuan levels throughout 2024.

What separates Laopu from conventional gold retailers is its pricing architecture. The company sells pieces and ornaments at fixed prices, decoupled from daily gold benchmarks, letting it command higher premiums. According to Citi research, Laopu implemented its steepest price hike of 27% in February 2025, following three earlier markups of 18% and 25% during the year. Rather than deterring shoppers, each increase was met with longer queues outside stores.

Retail expansion drove a meaningful share of the growth. As of December 31, 2025, Laopu operated 45 self-operated stores across 16 cities, adding 10 new stores throughout the year while optimizing and expanding nine existing ones. The new additions include the store at Marina Bay Sands in Singapore, which opened in June 2025 as Laopu Gold's first overseas outlet, and the store at Shanghai Plaza 66, which opened in October 2025. Located in The Shoppes at Marina Bay Sands, the Singapore boutique sits alongside Louis Vuitton, Hermès, and Chanel.

The brand's customer profile is increasingly indistinguishable from that of global luxury. Laopu highlighted growing customer overlap with five Western luxury labels including Louis Vuitton, Hermes, Cartier and Tiffany, citing data from consultancy Frost & Sullivan. The jeweler has long targeted China's luxury consumers as it positions itself as a homegrown premium brand, growing rapidly over the last two years with culturally inspired designs that appeal to increasingly nationalistic shoppers who favor domestic labels.

According to Frost & Sullivan data, Laopu ranked first globally among luxury groups for both sales efficiency per store and sales per square meter in mainland China in 2025, with mainland revenue ranking second globally among luxury brands — the only Chinese brand in the top five.

The company plans to add three to four additional stores in Hong Kong, Macau, Singapore and Japan this year, with Tokyo's Ginza among the locations under consideration. For a brand founded in 2009 on the premise of reviving imperial Chinese goldsmithing techniques, the trajectory from domestic niche to global luxury contender has been unusually swift — and, for Western incumbents, unusually hard to ignore.