[Open Source Business Society | Old Shop Gold: Preview of High Growth in Q1 2026 Performance, Brand Momentum Continues to Rise]

(Source: Ze Peng Business Observation)

Summary

Event: Company 2025 revenue up 221.0% YoY, net profit attributable to parent up 230.5% YoY

The company released its earnings announcement: 2025 revenue of 27.3B yuan (up 221.0% YoY, same below), net profit attributable to parent of 4.87B yuan (+230.5%), and expects Q1 2026 revenue of 16.5-17.5 billion yuan and net profit of 3.6-3.8 billion yuan. Considering the company’s strong sales demand, increasing channel count, and brand momentum, we have raised the profit forecasts for 2026-2027 and added a new forecast for 2028. The expected net profit attributable to parent is 9.012/12.305/15.54B yuan (original estimates for 2026-2027 were 7.200/9.5B yuan), corresponding EPS of 50.99/69.62/87.90 yuan, with current stock prices implying P/E ratios of 11.2/8.2/6.5 times, maintaining a “Buy” rating.

Product iteration and new launches, channel optimization and upgrade, and high-end brand positioning continue to be validated

Product: The company emphasizes product R&D innovation and upgrades, continuously launching competitive new products, with over 2,300 original designs created by the end of 2025. Channel: In 2025, online revenue reached 4.66B yuan, up 341.3% YoY, indicating that as brand influence expands, consumer groups beyond first-tier cities are also rapidly growing; offline: by the end of 2025, the company operated 45 stores (adding 10, optimizing and expanding 9), and 34 high-end shopping mall locations. In 2025, among global luxury groups, the company ranked first in both store efficiency and sales per square meter in mainland China, with same-store revenue up 160.6% YoY. Brand: The influence of Laopu Gold brand continues to grow. According to Hurun Research Institute’s “Hurun Top-Quality Brands for High-Net-Worth Individuals in China,” Laopu Gold is expected to enter the top three most favored jewelry brands among China’s high-net-worth population in 2026, setting a new record for Chinese brands. Additionally, according to data from Frost & Sullivan, the overlap rate of consumers between Laopu Gold and luxury brands like Louis Vuitton increased from 77.3% in July 2025 to 82.4% in March 2026, confirming high-end positioning.

Domestic store optimization and international influence enhancement are expected to drive sustained growth

(1) Domestic: The company continues to optimize stores in core commercial districts, with future expansion of store size and location upgrades likely to boost store performance; (2) International: The company continues to promote brand internationalization and market globalization. In 2025, overseas revenue reached 3.94B yuan, up 361.0% YoY. With the opening of the Marina Bay Sands store in Singapore and the IFC flagship store in Hong Kong, overseas store deployment is steadily progressing, with further growth potential.

Risk warnings: Weak consumer demand, intensified market competition, slower-than-expected channel expansion, sharp decline in gold prices, etc.

First published: March 25, 2026

Open Source Retail Social Service Research Team

Open Source Securities Retail Social Service Research Team, with deep coverage of gold jewelry, retail e-commerce, medical beauty and cosmetics, consumer services, and other sectors.

Team leader: Huang Zepeng, key member of the team ranked first in the 2016-2018 New Fortune Best Analysts for small-cap stocks, joined Open Source Securities in 2019, and served as a top retail industry analyst from 2020-2024 according to Wind, as well as a Golden Kirin Elite Analyst by Sina Finance, Best Analyst by Eastmoney Choice, and a 21st Century Gold Medal Analyst in 2023-2024.

We hope our diligence and professionalism can provide you with cutting-edge, in-depth business insights.

Huang Zepeng, Team Leader & Chief Researcher

huangzepeng@kysec.cn

Certificate No.: S0790519110001

Li Xintian, Researcher

lixintian@kysec.cn

Certificate No.: S0790526030002

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