Everbright Securities has issued a research report maintaining a "Buy" rating on LAOPU GOLD (06181). Considering the company's performance exceeded expectations, the firm has raised its profit forecasts for 2025-2027. Net profit attributable to shareholders has been adjusted upwards by 2%, 5%, and 4% respectively compared to previous estimates, reaching 4.854 billion yuan, 6.880 billion yuan, and 8.799 billion yuan. Based on the latest share count, this translates to earnings per share (EPS) of 27.52 yuan, 38.92 yuan, and 49.78 yuan, with corresponding price-to-earnings (P/E) ratios of 20, 14, and 11 times at the current share price.
The key points from Everbright Securities are as follows:
LAOPU GOLD recently released its 2025 performance forecast. For 2025, the company expects to achieve sales performance (including tax revenue) of approximately 310-320 billion yuan, representing a year-on-year increase of approximately 216%-227%. Revenue is projected to be around 270-280 billion yuan, up 217%-229% year-on-year. Adjusted net profit (excluding the impact of employee share-based compensation expenses) is estimated to be between 5.0-5.1 billion yuan, a surge of about 233%-240%. Net profit is anticipated to be approximately 4.8-4.9 billion yuan, growing 226%-233% compared to the previous year.
LAOPU GOLD delivered an impressive performance in 2025, exceeding the securities firm's expectations. This strong showing is primarily attributed to the continuous expansion of the company's brand influence, which has created a significant market advantage, leading to substantial revenue growth both online and offline.
The company has persistently optimized its product offerings and introduced new iterations. LAOPU GOLD has consistently launched new products, enriching its product matrix and leading the aesthetic trend in ancient-style gold. Since 2025, it has introduced items such as the Baby Gourd Pendant, No. 3 Rose Window Pendant, Goddess of Light Pendant, Nine-Strand Mysterious Black Vajra Pendant, Year of the Horse Series, Pixiu Baby Diamond Pendant, and Rose Window No. 1 Gemstone Pendant. On one hand, the company is deepening consumer recognition of its existing major product lines; on the other hand, it continues to innovate with new releases to attract repeat purchases from existing customers and expand its customer base.
The company is making coordinated efforts online and offline while progressing further towards internationalization. Offline, in 2025, LAOPU GOLD added 10 new stores and optimized/expanded 9 existing stores, contributing incremental revenue. According to statistics from the company's official WeChat account, as of March 11, 2026, the total number of stores reached 50. Geographically, 43 stores are located in Mainland China, and 7 are overseas, with 4 in Hong Kong, China, 2 in Macau, China, and 1 in Singapore. Online, based on Mojing data, LAOPU GOLD's cumulative sales on Taotian and JD.com in 2025 increased by 499% and 462% year-on-year, respectively. In January and February 2026, monthly sales on Taotian grew 264% and 332% year-on-year, respectively. On JD.com, sales surged 159-fold year-on-year in January (from a small base) and increased 446% year-on-year in February.
As a leader in the ancient-style gold segment, LAOPU GOLD continues to steer the industry's development. Internally, the brand is expanding its reach, the company is continually upgrading its products, further tapping into the consumption potential of its existing high-value customers, and persistently broadening its new customer base, all while optimizing store locations and sizes to enhance store efficiency. Externally, the company is steadily advancing its internationalization process, with room for further expansion of overseas stores.
Potential risks include fluctuations in gold prices, intensifying industry competition, and store expansion falling short of expectations.
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