Laopu Gold released its 2026 interim results (six months ended 30 June) with sharp top-line and earnings acceleration, underpinned by robust demand for heritage gold jewellery, expanded boutique network and surging online sales.
Financial highlights • Sales (tax-inclusive) reached RMB 22.78 billion, +60.6% YoY. • Revenue rose 60.3% YoY to RMB 19.81 billion; overseas markets contributed 16.7% (RMB 3.32 billion), more than doubling year-on-year. • Gross profit advanced 73.7% to RMB 8.17 billion; gross margin widened 3.2 ppts to 41.3%. • Profit before tax grew 88.4% to RMB 5.58 billion; net profit increased 88.2% to RMB 4.27 billion, lifting net margin to 21.5% (+3.1 ppts). • Adjusted net profit (excluding share-based payments) climbed 83.6% to RMB 4.32 billion, with margin at 21.8%. • Interim dividend proposed at RMB 18.02 per share (RMB 9.59 a year earlier).
Operational drivers • Boutique network expanded to 45 self-operated stores across 16 cities; six new high-traffic locations added and nine existing boutiques enlarged or repositioned. • Boutiques delivered 77.8% of total revenue; average sales exceeded RMB 500 million per mall, sustaining industry-leading store productivity. • Online revenue surged 171.9% YoY to RMB 4.40 billion, accounting for 22.2% of the total. • Member base reached c.730,000, up 20% versus end-2025, while customer overlap with top global luxury brands rose to 84.6%.
Balance sheet and cash flow • Total assets grew 11.6% since end-2025 to RMB 23.72 billion; equity climbed to RMB 13.22 billion. • Inventory increased to RMB 19.02 billion, reflecting store expansion and higher goldware reserves; inventory days lengthened to 271 (2025: 216). • Trade and bills receivables fell to RMB 0.52 billion as turnover days improved to 8 (2025: 14). • Net cash inflow from operations reached RMB 2.01 billion; cash and bank balances stood at RMB 2.76 billion. • Interest-bearing debt rose 8.0% to RMB 6.76 billion; debt-to-asset ratio eased to 44.3% (end-2025: 47.8%).
Capital actions • HK$2.70 billion net proceeds from May 2025 share placement fully deployed, mainly to fund store expansion and working capital. • Remaining HK$19.90 million of HK$957.1 million IPO proceeds earmarked for IT upgrades and R&D, targeted for use by end-2027.
Strategic outlook Management reaffirms the “brand internationalisation and market globalisation” strategy, with continued investment in boutique optimisation, overseas expansion, product R&D and intangible cultural heritage craftsmanship to maintain leadership in high-end heritage gold jewellery.
Key dates • Extraordinary General Meeting: 25 November 2026 (register closed 20–25 November). • Ex-dividend date: 1 December 2026; dividend payment expected 22 January 2027.