Laopu Gold (6181) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 60.3% year-over-year to RMB19,808.37 million, with sales reaching RMB22,778.73 million, up 60.6%.

• Gross profit increased 73.7% to RMB8,173.74 million, and net profit surged 88.2% to RMB4,267.23 million, with basic EPS at RMB24.16.

• Growth was driven by brand influence, product innovation, high-end customer demand, boutique expansion, and strong online and offline channel performance.

• Overseas revenue more than doubled, aligning with the internationalization strategy.

Financial highlights

• Gross profit margin increased to 41.3% from 38.1% year-over-year; net profit margin rose to 21.5% from 18.4%.

• Non-IFRS adjusted net profit reached RMB4,316.51 million, with an adjusted net margin of 21.8%.

• Total assets grew to RMB23,723.02 million, and total equity increased to RMB13,224.06 million as of June 30, 2026.

• Inventory turnover days increased to 271 from 216, reflecting higher inventory for expansion.

• Interim dividend proposed at RMB18.02 per share, nearly double the prior year.

Outlook and guidance

• Plans to optimize 10–12 boutiques in 2026, with seven already completed and continued expansion domestically and overseas.

• Focus on internationalization, product innovation, and expanding market presence.

• Confident in sustaining growth through brand strength and global expansion.