Editor’s Note
Laopu Gold’s inaugural annual report reveals remarkable growth, with revenue and net profit soaring by 166% and 254% year-on-year, respectively. This performance underscores the strong market traction of its “ancient-method gold” products since its 2023 listing.
Laopu Gold (HK: 6181), known as the “first stock of ancient-method gold,” released its first annual financial report on March 31 after its listing on the Hong Kong Stock Exchange Main Board on June 28 last year. In 2024, the company achieved revenue of 98.0 billion yuan, a year-on-year increase of 166%. Its net profit reached 14.8 billion yuan, surging 254% year-on-year. The adjusted net profit under non-IFRS standards amounted to 15.02 billion yuan, a 253.4% increase. Following the earnings release, the company’s stock price rose 19.07% to HK$868 per share at the close of the next trading day (April 1), with its total market capitalization once exceeding HK$140 billion, approximately 1.5 times that of Chow Tai Fook.
Gold products remain the company’s core business, accounting for 99.9% of sales revenue. Leveraging the synergy between online and offline channels, the company’s same-store revenue grew by over 120.9%.
In terms of offline channels, the company continues to expand in the high-end market. By the end of 2024, Laopu Gold had a total of 36 directly operated stores, located in high-end commercial centers such as SKP (5 stores) and MixC (11 stores). Compared with the same period in 2023, seven new stores were added, including Beijing China World Mall, Hong Kong flagship store, Tianjin MixC, Wuhan SKP, Zhengzhou Dennis David City, Shenzhen MixC L2, and Hong Kong Harbour City. Four stores were optimized and expanded.
Due to the limited total number of stores, “queuing to buy goods” at Laopu Gold stores has repeatedly become a hot topic. The financial report shows that the average sales performance per store reached 328 million yuan in 2024. According to Frost & Sullivan data, in 2024, among all well-known jewelry brands (including international and domestic brands), Laopu Gold ranked first in mainland China in terms of average revenue per store and sales per square foot, surpassing international jewelry brands such as Van Cleef & Arpels, Bvlgari, Cartier, and Tiffany. In the first two months of 2025, the brand’s average store performance reached 170 million yuan, with Beijing store performance hitting 740 million yuan, both higher than traditional luxury giants like Chanel and LV.
This statement was made by Xu Gaoming, Chairman of Laopu Gold, at the company’s 2024 annual results briefing on April 1.
The online channel also performed remarkably. The company’s online flagship store achieved sales of 1.26 billion yuan during the 2024 Double Eleven period, topping the list for online jewelry store sales. As of December 31, 2024, the company had approximately 350,000 loyal members, an increase of 150,000 from 2023.
The financial report also stated that Laopu Gold adheres to a high-end brand strategy, successfully shaping its image as “China’s premier professional brand of ancient-method handmade goldware.” It has been listed in the “Hurun Best of the Best” for three consecutive years, significantly enhancing its influence in the high-end market. The company continues to increase product innovation and R&D efforts. By the end of 2024, it had launched nearly 2,000 original designs and accumulated 1,314 domestic patents. Building on this foundation, innovative products such as “pure gold inlaid with diamonds” and “gold body enamel firing” meet the personalized and high-quality demands of high-end consumers.
Simultaneously, in 2024, the company’s sales and distribution expenses also surged to 1.237 billion yuan, a 113.5% year-on-year increase, primarily due to rising rents and employee costs. Laopu Gold stated that it will maintain its high-end brand positioning while further optimizing cost control and improving operational efficiency to ensure long-term stable growth. According to previous Nandu reports, currently, 60% of Laopu Gold’s products are priced between 10,000 and 50,000 yuan. Pricing does not change with fluctuations in the per-gram price of the gold market but is adjusted two to three times a year based on market conditions. The most recent price adjustment was on February 25, with an increase of 5% to 10%. Through these adjustments, the company basically maintains a gross profit margin of around 40%.
In contrast, Chow Tai Fook announced on the Hong Kong Stock Exchange on January 22 that for the third quarter of the 2025 fiscal year ending December 31, 2024, the group’s retail value decreased by 4.2% year-on-year. Specifically, the retail value in the Chinese mainland market fell by 13.0%, accounting for 85.4% of the group’s retail value. The retail value in Hong Kong, Macau, and other markets dropped by 20.4%, accounting for 14.6%. Same-store sales volume in the mainland market declined by 27.4%, while in Hong Kong and Macau, it fell by 32.4%. Gold products are also the main source of income for Chow Tai Fook, accounting for 82.1% of retail value.
Since the second half of last year, well-known gold store brands including Chow Tai Fook and Luk Fook have reported store closures. In the announcement, Chow Tai Fook revealed a net closure of 261 retail points in mainland China during the third quarter of the 2025 fiscal year, citing retail network optimization. As of December 31, 2024, Chow Tai Fook had a total of 7,331 retail points globally, with 7,186 in mainland China, 87 in Hong Kong and Macau, and 58 in other markets. During the quarter, e-commerce contributed 6.9% to the retail value in mainland China, with a sales volume share of 16.1%.