After market close on 23 March, Lao Pu Gold (HK: 6181), positioned as “China’s leading brand in traditional handcrafted gold jewellery”, released its full-year 2025 results, extending its strong explosive growth momentum, with revenue surging 221% year-on-year to RMB 27.303 billion (USD 3.79 billion).
In terms of profitability, the Group’s gross profit increased by 193.4% year-on-year to RMB 10.274 billion (USD 1.43 billion). Affected by the continued rapid rise in gold prices following the first two price adjustments in 2025, the Group’s gross margin slightly declined to approximately 37.6% during the year. After the third price adjustment in October 2025, the gross margin returned to above 40%. Benefiting from the scale effect generated by explosive performance growth, net profit rose 230.5% year-on-year to RMB 4.868 billion (USD 676 million).
Luxe.CO noted that, when converted into euros, Lao Pu Gold’s annual revenue amounts to approximately EUR 3.4 billion, comparable to leading global luxury brand Prada of Italy (EUR 3.39 billion). In terms of scale, the company has entered the ranks of global first-tier luxury brands. Notably, this power of “scale” is reflected not only in tangible aspects such as store network and sales volume, but also in intangible dimensions including brand awareness and share of attention, jointly building a wide and deep moat for Lao Pu Gold.
Core Growth Drivers:
In the financial report, the company attributed the substantial increases in revenue and gross profit mainly to the following three factors:
Factor One: The continued expansion of the Group’s brand influence has formed a dominant market advantage, driving significant growth in overall revenue across both online and offline stores.
- Store efficiency and revenue: In 2025, the company achieved average annualised sales of nearly RMB 1 billion (USD 139 million) per shopping mall location. According to Frost & Sullivan, among global luxury groups, the Group ranks first in both per-store revenue and sales per square metre in the Chinese Mainland, and ranks second in revenue in the Chinese Mainland, being the only Chinese brand among the top five.
- Customer base: As of 31 December 2025, the number of loyal members reached approximately 610,000, an increase of 260,000 compared with the end of 2024, representing a growth rate of 74.3%. The customer base continues to expand. The average customer overlap rate between Lao Pu Gold and five leading international luxury brands, including Louis Vuitton, Hermès, Cartier and Bulgari, increased from 77.3% in July 2025 to 82.4% in March 2026.
- Online channels: Although the brand focuses primarily on offline channels, during Tmall’s 618 and Double 11 shopping festivals in 2025, its Tmall flagship store ranked first in the gold category in terms of sales, with transaction values exceeding RMB 1 billion (USD 139 million) and RMB 2 billion (USD 278 million) respectively, making it the first gold jewellery brand to achieve this milestone.
Factor Two: Continuous product optimisation and iterative launches have ensured sustained high growth across both online and offline channels.
Lao Pu Gold adheres to original design, places strong emphasis on product research, development, innovation and premiumisation, and maintains strict quality control. As of 31 December 2025, it had created more than 2,300 designs, with 100% of its products being original designs. The company holds 283 patents in the Chinese Mainland, 1,683 copyrights for works, and 276 overseas patents. Its in-house research and development capabilities support ongoing product iteration, premiumisation and optimisation.
Factor Three: Compared with 2024, the Group added 10 new stores and upgraded or expanded 9 stores in 2025, contributing incremental revenue.
Lao Pu Gold demonstrates strong channel expansion capabilities, enabling it to systematically open new stores in renowned commercial centres with stringent entry requirements.
As of 31 December 2025, Lao Pu Gold operated 45 self-operated stores across 16 cities, all located in 34 well-known commercial centres with strict entry requirements, including six SKP malls and 12 MixC malls.
In terms of channel breakthroughs:
- On 21 June 2025, Lao Pu Gold opened its store at The Shoppes at Marina Bay Sands in Singapore, marking its first overseas store and an important step in its internationalisation journey.
- On 25 October 2025, Lao Pu Gold opened its store at Plaza 66 in Shanghai, signifying the completion of its presence in China’s top ten leading commercial centres.
Financial Review (by channel, product and region)
By sales channel:
Lao Pu Gold’s product sales are primarily generated through offline stores, which accounted for approximately 82.9% of total revenue, reaching RMB 22.646 billion (USD 3.15 billion). Online platforms serve as a strong complement, generating approximately RMB 4.657 billion (USD 647 million) in 2025, representing a year-on-year increase of 341.3% and accounting for approximately 17.1% of total revenue, compared with 12.4% in 2024. In addition, the Group’s same-store annual revenue growth rate was approximately 160.6% in 2025.
Lao Pu Gold stated that the further increase in revenue contribution indicates that, with the expansion of brand influence, the consumer base beyond first-tier cities has also expanded rapidly.
By product category:
Nearly all of Lao Pu Gold’s revenue is derived from gold product sales. Pure gold products, including items for daily wear, scholarly objects and home ornaments, as well as pure gold inlaid products, generated revenue of RMB 27.283 billion (USD 3.79 billion), accounting for 99.9% of total revenue and representing a year-on-year increase of 221.0%. Other products and services accounted for only 0.1%.
By region:
Revenue from the Chinese Mainland reached RMB 23.361 billion (USD 3.25 billion), accounting for 85.6% of total revenue and increasing 205.4% year-on-year. Benefiting from continued overseas channel expansion and the growing global influence of the brand, overseas revenue surged by approximately 361.0% year-on-year to RMB 3.942 billion (USD 548 million) in 2025, raising its contribution to 14.4% of total revenue, in line with the Group’s strategic objective of brand internationalisation and market globalisation.
Looking ahead, Lao Pu Gold stated that it will actively expand market boundaries and space, adhere to its strategy of “brand internationalisation and market globalisation”, and strive to build the world’s most competitive leading gold jewellery brand.
| Source: Company financial report
| Image Credit: Company official website
| Editor: Luxeplace
