Laopu Gold (6181) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025, surged 251.0% year-over-year to RMB12,354.24 million, with net profit up 286% to RMB2,267.55 million, driven by strong brand influence and expansion in both online and offline channels.

• Gross profit increased 223.4% to RMB4,705.21 million, with a gross margin of 38.1%, slightly down due to rising gold prices.

• Non-IFRS adjusted net profit grew 290.6% to RMB2,350.85 million, with an adjusted net margin of 19.0%.

• Overseas revenue grew 455.2% year-over-year, reflecting international expansion.

• Five new boutiques were opened, including the first overseas store in Singapore and expansion in top commercial centers.

Financial highlights

• Revenue: RMB12,354.24 million (up 251.0% year-over-year).

• Net profit: RMB2,267.55 million (up 286% year-over-year).

• Gross profit: RMB4,705.21 million (up 223.4% year-over-year).

• Basic EPS: RMB13.38 (vs. RMB4.11 in prior year period); diluted EPS: RMB13.34.

• Interim dividend of RMB9.59 per share proposed.

Outlook and guidance

• Plans to continue expanding boutique network domestically and internationally, focusing on brand internationalization and product innovation.

• Confident in future growth, aiming to become a leading global gold jewelry brand and enhance market share.