--- title: "Laopu Gold: Secondary offering at highs; the gold 'Hermès' bet paid off! ---" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/39455329.md" description: "Gold soars; legacy shops’ big bet on stockpiling pays off" datetime: "2026-03-23T13:52:13.000Z" locales: - [en](https://longbridge.com/en/topics/39455329.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39455329.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39455329.md) author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/39455329.md) | [简体中文](https://longbridge.com/zh-CN/topics/39455329.md) # Laopu Gold: Secondary offering at highs; the gold 'Hermès' bet paid off! --- On the afternoon of Mar 23 Beijing time,$LAOPU GOLD(6181.HK) released its H2 FY2025 results. With a prior profit alert in place, actuals landed around the midpoint of guidance, and both revenue and profit remained on a high-growth trajectory, delivering a solid print. Key takeaways are as follows. $LAOPU GOLD(06181.HK) **1) Revenue growth moderated QoQ**. In H2 FY2025, revenue reached RMB 14.9bn (+200% YoY), slightly ahead of the RMB 14.7bn street. As pricing was raised sharply in 2H, some consumers stayed on the sidelines, so growth decelerated vs. 1H but remained in rapid expansion. The core drivers were the gold upcycle and continued brand-strength-led customer expansion and crossover. **2) Disciplined domestic openings, continued push overseas**. Net adds were four stores in 2H, all in Shanghai’s top-tier ultra-luxury malls, and the company has essentially achieved full coverage of China’s first-tier luxury and top-10 high-luxury malls. On the call, management indicated that in 2026 it will build on Singapore and continue to enter Macau, Singapore and Japan to elevate Intl brand awareness. **3) Same-store revenue still growing fast**. For FY2025, same-store revenue grew 161%, driven by maturation of legacy stores. In 2H, the company also increased display and promotion of inlay pieces (higher ASP and GPM), supporting further gains. Based on Dolphin Research estimates, average revenue per store for the full year reached RMB 560mn. Store productivity in 2H was broadly in line with 1H, indicating new stores did not dilute legacy stores. **4) Online mix surged**. Benefiting from brand spillover and the scarcity of offline stores, online revenue in 2H rose 358% YoY and accelerated QoQ, with mix jumping from 13% to 20%. This suggests the brand is penetrating consumer segments beyond Tier-1 cities, filling gaps where offline has limited coverage. **5) GPM declined**. With gold prices surging in 2H, the company implemented dense price hikes in Aug and Oct (cumulative \>30%). However, as pricing lagged gold’s ascent, GPM fell 3.8ppt YoY to 37.2%. **6) Operating leverage drove lower opex ratio**. On selling expenses, Dolphin Research believes rental costs eased as the brand strengthened and entered top-tier malls, and the mix shift to online further reduced rent and marketing costs, pushing the selling expense ratio down 2.8ppt to 11.3%. Admin expenses were temporarily higher due to share-based comp; net profit came in at RMB 2.6bn (+194% YoY), beating the street. **7) Detailed financials:** **Dolphin Research view:** On pure fundamentals, H2 performance was unquestionably solid. Through two consecutive price hikes in Aug and Oct, the company not only offset margin pressure from rapidly rising gold prices but also drove faster top-line growth. As discussed in prior work on the biz model, unlike typical gold jewelers,$LAOPU GOLD(6181.HK) uses no financial hedges such as gold futures or leasing. It relies on pre-purchasing inventory as a natural hedge, effectively running a long-gold strategy. **The upside of this model is dual benefits from inventory appreciation and price hikes in an upcycle. But if gold enters a prolonged downtrend, the lack of hedges means losing inventory gains while facing potential inventory write-downs and slower turns, a key reason why the market assigns a lower multiple.** Against this backdrop, its high-price placement in Oct last year to 'add' gold exposure proved right again ex-post, with gold rallying another 30%+ after the stock-up. Operationally, 2H execution focused on deepening product strength and broadening the audience. a) Product: most new launches in 2H were iterations on classic design codes (butterfly, rose window, vajra), using craft upgrades and meticulous detailing to turn these into proprietary visual signatures. This aims to strengthen brand-element associations and lift brand power, akin to LV’s Monogram or Hermès’ Birkin—classic luxury playbooks. b) Channel: the company set up a VIC management dept. for Black Gold members with annual spend above RMB 500k and staffed each store with dedicated VIC service teams to offer one-on-one advisors and private try-on spaces, enhancing the premium experience. As shown below, customer overlap with five major luxury brands (LV, Hermès, Cartier, Bulgari, etc.) rose from 77.4% in 1H to 82.4% in 2H, indicating further share gains from luxury peers. On valuation, per Dolphin Research forecasts, after a sustained pullback the stock now trades at only 14x FY2026, similar to traditional gold retailers such as Chow Tai Fook and Lao Feng Xiang. Given the 35%+ profit CAGR projected for FY2026, this looks undervalued. That said, the key overhang is that if gold enters a downcycle, the zero-hedge strategy may trigger inventory impairments. If consumer sentiment also turns cautious and hurts turns, earnings could be hit hard, potentially even pressuring same-store trends, which logically warrants some discount depending on investors' risk appetite. **Detailed earnings review below:** **I. Overall growth moderated sequentially** In H2 FY2025, revenue reached RMB 14.9bn (+200% YoY), in line with prior guidance midpoint. Helped by Double 11 and SKP anniversary events in Nov, growth remained brisk after price hikes, but the \>20% Oct price increase prompted some consumers to wait, leading to softer growth vs. 1H. By channel, ongoing social media momentum (Xiaohongshu, Douyin) and the scarcity of offline doors drove strong Tmall performance, with online mix rising from 13% to 20%. This points to faster brand penetration among consumers beyond Tier-1 cities. In addition, online focuses on highly standardized SKUs that do not require try-on and have lower trial-and-error costs, becoming an entry-level luxury experience for many young consumers. Offline, the main battlefield, delivered RMB 11.9bn in 2H (+176% YoY), broadly tracking SSS growth, implying growth was driven mainly by store productivity. By region, overseas revenue reached RMB 2.35bn (+314% YoY), with offshore mix up from 13% in 1H to 15.7%. In Hong Kong, the IFC flagship (third store) opened in 2H, lifting brand awareness and driving \>400% YoY revenue growth, making Hong Kong the largest overseas contributor. In Singapore, after the Marina Bay Sands store opened in Jun, channel checks showed both footfall and ASP beat expectations, with single-store revenue above RMB 1bn. While the market base is still small, it evidences strong product resonance among overseas Chinese consumers. Domestic revenue reached RMB 12.6bn (+185% YoY), dispelling concerns about a domestic growth ceiling as omni-channel resonance powered rapid growth. **II. Disciplined domestic openings, continued push overseas** Store rollout: net four stores were added in 2H, all in Shanghai’s top ultra-luxury malls. As of end-2025, the company operated 45 stores, essentially covering China’s first-echelon luxury and top-10 high-luxury malls. Domestically, premium malls face clear footfall anxiety and typically charge on a commission basis, and the company’s exceptional sales per sqm is almost unrivaled in core CBDs. From the call, 2026 will focus on optimizing locations and sharpening brand positioning onshore, while shifting opening focus overseas, with multiple stores planned in Singapore and 3–4 new stores across Hong Kong, Macau, Singapore and Japan. On the key unit-economics metric of same-store revenue growth, FY2025 SSS rose 161%, accelerating QoQ. Beyond natural traffic from brand strengthening, 2H saw a proactive increase in inlay (high ASP/high margin) assortment and promotion: **a) Iterating classic lines**: in 2H, iterations on classic motifs such as butterfly, rose window and vajra were core, with the Butterfly 'Goddess of Light' pendant becoming a hit. By iterating core classics, Dolphin Research believes the brand can reinforce associations between itself and specific elements, boosting brand power. **b) New product lines**: in newly opened Shanghai Plaza 66 and IFC stores, the company launched heavy-weight, complex-craft zodiac beasts and thick bracelets, showcasing top-tier filigree and chasing techniques and positioning as 'collectible assets' akin to Hermès. Overall, both blockbuster creation and classic iterations attract new customers and drive repeat purchases. Based on Dolphin Research estimates, average revenue per store reached RMB 560mn for the year; 2H store productivity was similar to 1H, and within Mainland luxury groups the company ranks first by store and floor productivity. **III. Gold rally pressured GPM** With gold soaring in 2H, the company executed two price hikes in Aug and Oct (each pushing cumulative hikes above 30%), far larger than in 1H. But as pricing lagged the bullion rally, GPM fell 3.8ppt YoY to 37.2%, underscoring its sensitivity to gold prices. Given another broad-based \>20% price hike in Feb (with some blockbusters up \>30%), Dolphin Research expects GPM to gradually recover toward ~40% in 2026. **IV. Operating leverage lowered opex ratios** On selling expenses, Dolphin Research estimates rental costs eased as brand power improved and entry into premium malls progressed; combined with a higher online mix (no rent and lower marketing), the selling expense ratio fell 2.8ppt to 11.3%. Admin expenses, affected by share-based comp, edged down 0.8ppt to 2.2%, slightly ahead of the street; net profit reached RMB 2.6bn (+194% YoY), beating expectations. Prior Dolphin Research coverage on$LAOPU GOLD(6181.HK): In-depth: Jun 13, 2025 deep dive: [老铺黄金：一年十倍！老铺真是黄金界 “爱马仕”？](https://longbridge.cn/zh-CN/topics/30698065?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=390977a3-acd0-4f3f-883c-352da55854f3) Jun 17, 2025 deep dive: [老铺黄金：“黄金爱马仕” 还能 “壕” 多久？](https://longbridge.cn/zh-CN/topics/30804808?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=ea26d983-6855-4ea8-84ef-38614a8e16c8) Earnings: Aug 20, 2025 earnings take: [老铺黄金：金价” 熄火 “，” 黄金爱马仕 “还靠得住？](https://longbridge.cn/zh-CN/topics/33164311?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=4fcaf8b1-18f6-47ad-acfb-87807d4f074e) Aug 20, 2025 call transcript: [老铺黄金（纪要）：店效位居中国商场单店收入榜首](https://longbridge.cn/zh-CN/topics/33239718?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=248f25c0-d81d-4123-82c4-8d36bdc569b3) **Risk disclosure and disclaimer:** [**Dolphin Research Disclaimer and General Disclosure**](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### 相關股票 - [LFX (900905.CN)](https://longbridge.com/zh-HK/quote/900905.CN.md) - [LAOPU GOLD (06181.HK)](https://longbridge.com/zh-HK/quote/06181.HK.md) - [CHOW TAI FOOK (01929.HK)](https://longbridge.com/zh-HK/quote/01929.HK.md) - [LFX (600612.CN)](https://longbridge.com/zh-HK/quote/600612.CN.md) - [Laopu Gld HK SDR 50to1 (HLPD.SG)](https://longbridge.com/zh-HK/quote/HLPD.SG.md) ## 評論 (2) - **Hugo_5Rnavo · 2026-03-23T14:09:36.000Z**: It was a terrible drop today - **Dolphin Research** (2026-03-24T02:05:02.000Z): Sigh, the main thing yesterday was that gold got hit really hard.