Less than six months after a price hike, LAOPU GOLD has launched a rare large-scale discount promotion, sparking widespread attention. Stores in high-end shopping malls across Beijing, Shanghai, Guangzhou, and Shenzhen, along with online channels, are offering special deals.

Just before the Qixi Festival, LAOPU GOLD stores in premium locations such as Beijing SKP, Wuhan SKP, Xi'an SKP, Chengdu SKP, Shanghai IFC, Shanghai Plaza 66, Guangzhou Taikoo Hui, and Shenzhen Mixc have rolled out discounts. A reporter who visited the Beijing SKP store on August 16 learned that from August 6 to 19, customers can enjoy a 50 yuan discount for every 1,000 yuan spent on gold jewelry, with 10x points on the actual payment amount. Additionally, for every 250,000 yuan spent, customers receive a free 5g gold coin. "For iterative-style items, there's a 5% discount, and combined with the mall's black card or our black gold membership, you can get an extra 5% off," a salesperson explained. For example, a gold necklace priced at 22,870 yuan would be discounted to approximately 21,730 yuan, saving about 1,140 yuan.

The strong discounts have attracted many shoppers. A reporter observed long queues at the Beijing SKP store, with wait times of about 40 minutes due to one-on-one service. "It's slightly less crowded now, but during peak times, you might wait one to two hours," a scalper revealed. "In previous months, there weren't many buyers, and no queues. Since this event started, customers have increased significantly. This brand rarely participates in such promotions, so we usually can't offer much in discounts. During the April event at Wangfujing Zhonghuan, we could get about 86% off. This Qixi Festival discount is the biggest, with the lowest we've seen at 82% off." Another customer mentioned she had previously bought LAOPU GOLD jewelry through a scalper at 79% off, calling it the lowest historical discount, and was returning to shop for more. Online channels are also offering significant discounts, with the Tmall flagship store providing 100 yuan off for every 1,000 yuan spent, and additional 5% off on some iterative items. A 27g antique coin pattern safety buckle pendant, originally priced at 62,220 yuan, sells for 52,198.1 yuan, about 84% off, a better deal than in-store.

The key reason for the rare discount

In the second quarter, LAOPU GOLD experienced a decline in profits, and its shares have fallen over 46% year-to-date. Founded in 2009, LAOPU GOLD is known as the first brand to promote the "ancient method gold" concept in China and is a top player in handmade gold items. Unlike brands like Chow Tai Fook, Chow Sang Sang, and Luk Fook, LAOPU GOLD differentiates itself as a "luxury gold brand," operating in high-end malls with a fixed-price model rather than traditional "gold price plus labor cost" pricing. Its popular products, such as rose window, cross vajra, and diamond-set gourd designs, have earned it the nickname "Hermès of gold." Listed on the Hong Kong Stock Exchange on June 28, 2024, its shares surged to a historic high of 1,108 Hong Kong dollars per share in July 2025, a 26-fold increase from the IPO price. In 2025, the company reported revenue of 27.3 billion yuan, up 221%, and a net profit of 4.868 billion yuan, up 230%. According to Frost & Sullivan, LAOPU GOLD's store performance in 2025 was nearly 1 billion yuan, ranking first globally among luxury brands in single-store efficiency and sales per square meter.

Despite strong performance, management remains confident. Company founder and chairman Xu Gaoming stated at last year's earnings conference that LAOPU GOLD has moved beyond the impact of gold price fluctuations, unlike other domestic pure gold products. At this year's earnings conference, he boldly claimed that the company has the ability to manage gold prices, maintaining good market performance whether prices rise or fall. "Don't think Lao Pu can only make money when gold prices go up and not when they go down. That would underestimate our understanding," he said. However, industry insiders see challenges in sustainability. A senior gold industry expert noted that in 2025, as gold prices soared, LAOPU GOLD's fixed-price model made its brand premium less apparent. To consumers, the higher gold prices rose, the more cost-effective the brand seemed. Since the start of this year, gold prices have been volatile, falling for four consecutive months since March, prompting domestic gold jewelry brands to lower per-gram prices. In contrast, LAOPU GOLD raised prices by 20%-30% in February, widening its premium. "Consumers still link gold jewelry to gold prices. With many domestic gold brands, LAOPU GOLD isn't the only one in the ancient method gold space. Brands like Lin Chao, Jun Pei, Chow Tai Fook, Lao Miao Gold, and Lao Feng Xiang all offer similar series, often priced by weight with lower premiums," the expert said. "In this context, why would consumers choose LAOPU GOLD? Is it about price or brand? The market will tell."

In the secondary market, prices for LAOPU GOLD jewelry have dropped. One netizen reported that a Jun Pei bamboo full-diamond bracelet, previously quoted at 86,000 yuan for recycling, saw its quote fall to 57,500 yuan by late June, a drop of over 30%. Another netizen said a Pi Xiu item bought for 80,000 yuan now has a recycling quote below 60,000 yuan, while a gold phoenix incense pouch previously quoted at around 120,000 yuan has dropped to 90,000 yuan. On-site reports indicate some products have recycling quotes as low as 60% of original price. On July 27, LAOPU GOLD released a performance forecast for the first half of this year, expecting revenue of 19.8 billion to 20.45 billion yuan, up 60% to 66%, and adjusted net profit of 4.31 billion to 4.36 billion yuan, up 83% to 85%. However, based on Q1 data, Q2 revenue was approximately 2.3 billion to 3.95 billion yuan, with adjusted net profit of 510 million to 760 million yuan, down about 70% to 80% quarter-on-quarter. In the secondary market, LAOPU GOLD shares have been volatile this year, hitting a low of 282.2 Hong Kong dollars per share on July 29. As of August 14, the stock closed at 333.6 Hong Kong dollars, down 46.02% year-to-date, with a market capitalization of 59 billion Hong Kong dollars.