The old shop gold you rushed to buy earned 4.868 billion yuan in one year.

How does AI · Laopu Gold Store expansion drive performance skyrocketing?

On March 23, amid a sharp decline in gold prices, Laopu Gold released its 2025 annual performance report.

The financial report shows that Laopu Gold’s revenue during the period was 27.303 billion RMB, a year-on-year increase of 221.0%; net profit attributable to the parent company was 4.868 billion RMB, up 230.5%; gross profit grew by 193.4% to approximately 10.274 billion RMB.

According to the fashion observation and commentary platform “Huali Zhi,” when converted to euros, Laopu Gold’s annual revenue is about 3.4 billion euros, comparable to top global luxury brands like Prada (3.39 billion euros), placing it among the world’s leading luxury brands by scale.

Regarding the record high performance, Laopu Gold attributes it in the financial report to: the brand’s absolute market advantage, continuous product optimization and innovation, store expansion and upgrades during the period.

Offline stores are Laopu Gold’s core sales channel, accounting for over 82.9% of total revenue, reaching 22.646 billion RMB. Compared to 2024, Laopu Gold added 10 new stores and optimized or expanded 9 stores in 2025, generating incremental revenue.

The financial report reveals that in 2025, Laopu Gold’s average annual sales per store in a single mall nearly reached 1 billion RMB. According to data from Frost & Sullivan, in 2025, among global luxury groups, the group’s per-mall store performance and sales per square meter in mainland China ranked first. From this perspective, Laopu Gold has surpassed Hermès.

Among global luxury brands, Laopu Gold ranked second in mainland China’s revenue in 2025. Meanwhile, Laopu Gold is the only Chinese brand among the top five global luxury groups in revenue in mainland China.

At the same time, online platforms are a strong supplement to Laopu Gold’s sales channels. In 2025, online revenue was about 4.657 billion RMB, a year-on-year increase of 341.3%, accounting for approximately 17.1% of total revenue (up from 12.4% in 2024).

Its brand influence is rapidly penetrating consumer groups beyond first- and new-first-tier cities. As of December 31, 2025, Laopu Gold had 610,000 members, a 74.3% increase year-on-year.

Frost & Sullivan’s research shows that the overlap rate between Laopu Gold consumers and those of Louis Vuitton, Hermès, Cartier, Bulgari, and other top five international luxury brands increased from 77.3% in July 2025 to 82.4% in March 2026. The original report states, “Laopu Gold consumers highly overlap with international luxury brand consumers, characterized by high-end consumption, confirming the brand’s high-end positioning.”

Despite this, its product pricing, production costs, and gross profit margins are still affected by fluctuations in gold prices. The financial report shows that during the period, gold prices continued to rise—from 633.21 RMB/gram in January 2025 to 979.92 RMB/gram in December 2025, an increase of 54.8%. As a result, Laopu Gold’s gross profit margin temporarily dipped to 37.6%, but scale effects boosted net profit margin to 18.4%. This gross margin is significantly higher than other gold companies but still lags behind luxury giants like Hermès (71%) and Richemont (67%).

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Editor: Xiao Xu

Review: Mao Di, Wang Chenyu

Proofreading: Ye Qin