Laopu Gold (6181.HK): A Different Kind of Gold Jewelry Business

SG Visual Research
2025-12-26
$老铺黄金(06181)$  

Laopu Gold is still unfamiliar to many investors outside China.

Unlike traditional gold jewelers, Laopu sells craftsmanship and brand value, not gold weight. Its fixed-price model reduces exposure to gold price swings and supports premium pricing.

The company deliberately limits store expansion and focuses on top-tier locations. Long queues are treated as part of the brand experience, not an operational issue.

Despite having far fewer stores than mass-market peers, Laopu delivers very high revenue per store, suggesting strong pricing power.

This is a first-coverage view on the business model and long-term logic, rather than a short-term earnings story.

New consumer concept stocks in Hong Kong stocks generally rose, and Laopu Gold and Guming rose significantly
Most of the new consumer concept stocks in Hong Kong stocks rose. Laopu Gold and Guming rose nearly 5%, Mao Geping rose more than 3%, Weilong Delicious rose more than 2%, and Shanghai Aunt and Miniso rose more than 1%. The overall performance was positive.
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