Laopu Gold (6181) H2 2025 earnings summary

Executive summary

• Revenue surged 221.0% year-over-year to RMB27,303.18 million, driven by brand expansion and boutique growth.

• Gross profit rose 193.4% to RMB10,273.73 million, with non-IFRS adjusted net profit up 234.9% to RMB5,029.33 million.

• Net profit reached RMB4,867.94 million, up 230.5% year-over-year, with EPS at RMB28.35 (basic).

• Offline boutiques contributed 82.9% of revenue, while online platforms grew to 17.1%.

• Overseas revenue increased 361.0%, reflecting successful international expansion.

Financial highlights

• Sales: RMB31,374.53 million, up 220.3% year-over-year.

• Gross profit margin was 37.6%, slightly down due to gold price volatility but recovered above 40% after price adjustments.

• Non-IFRS adjusted net profit margin improved to 18.4% from 17.7%.

• Selling and distribution expenses rose 155.2% to RMB3,156.31 million; administrative expenses up 99.5% to RMB543.11 million.

• Finance costs increased 356.8% to RMB139.03 million due to higher borrowings.

Outlook and guidance

• Plans to continue expanding boutique network and international presence.

• Focus on product innovation, R&D, and brand globalization.

• Confident in sustaining growth through market expansion and product upgrades.