PerpEquities

Laopu Gold Co., Ltd. (LAOPU) financials

HKSE · Consumer Cyclical · Luxury Goods · 2,190 employees · CEO Gao Ming Xu

Price
HK$269.00 -1.82%
Market cap
HK$47.5B
Enterprise value
CN¥44.6B
Last report
Q2 '26 filed 2026-06-30
Next report
2027-04-05
Revenue (TTM)CN¥34.2B+97.4% vs a year agoLast 2 half-years; bars = each half-year
Operating margin (TTM)26.5%+2.4 pp vs a year agoOperating income CN¥9.07B
Net income (TTM)CN¥6.77B+114.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-CN¥2.91B+24.0% vs a year agoCapex CN¥158M
Diluted EPS (TTM)CN¥38.49+106.9% vs a year agoSum of the last 2 half-years
Net cash-CN¥4.34B-291.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
HK$47.5B
EV CN¥44.6B
Revenue
CN¥34.2B
Trailing 12 months
Revenue growth
+26%
FY2026 consensus
Profit margin
19.8%
Net income / revenue, TTM
P/E
5.9×
P/S
1.2×
Price / sales, TTM
EV / EBITDA
4.7×
TTM
Free cash flow
-CN¥2.91B
Trailing 12 months
Net income
CN¥6.77B
Trailing 12 months
Revenue estimate
CN¥33.4B
FY2026 consensus
Earnings
2027-04-05
Dividend
HK$31.05
Per share, last 12 months

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth slowing: 58.1% year on yearQ2 '26 revenue CN¥19.5B, against an average of 191.6% over the four half-years before.
  • Operating margin 26.5% (TTM), +2.4 pp on a year agoOperating income grew 116.7% while revenue grew 97.4%.
  • Capex 0.5% of revenue (a year ago 0.6%)CN¥158M invested in the last 2 half-years (+58.5% on a year earlier). Free cash flow -CN¥2.91B = -43.0% of net income.
  • Diluted share count up 3.9% in a year177M diluted shares in Q2 '26, 170M a year earlier.
  • Net debt CN¥4.34BCash + short-term investments CN¥2.76B, debt incl. leases CN¥7.1B; a year ago net debt CN¥1.11B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '26Year agoChange
RevenueCN¥19.5BCN¥12.4B+58.1%
Gross margin41.3%38.1%+3.2 pp
Operating incomeCN¥5.61BCN¥3.01B+86.8%
Operating margin28.7%24.3%+4.4 pp
Net incomeCN¥4.21BCN¥2.27B+85.6%
Diluted EPSCN¥23.83CN¥13.34+78.6%
Operating cash flowCN¥1.92B-CN¥2.43B+179.0%
CapexCN¥70.9MCN¥61.5M+15.3%
Free cash flowCN¥1.85B-CN¥2.49B+174.2%
R&DCN¥0CN¥24.5M-100.0%
Stock-based compensationCN¥49.3MCN¥83.3M-40.8%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 2 half-years

cash flow statement
Operating cash flow
-CN¥2.75B
Capex
-CN¥158M
Buybacks
CN¥0
Dividends
-CN¥2.69B
Acquisitions
CN¥0
Net debt issued
CN¥3.77B
Stock-based compensation
CN¥49.3M
Free cash flow
-CN¥2.91B
Returned to shareholders / FCF
-92.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)5.9×44.6×20.1× – 89.6×
EV / EBITDA4.7×24.1×13.1× – 39.1×
EV / Sales1.3×4.8×2.8× – 6.7×
Price / FCF-13.8×82.9× 2 of 5 years67.2× – 98.7×
Price / Book3.0×8.6×5.8× – 10.1×
FCF yield-7.2%-1.9%-7.3% – 1.5%
Return on invested capital34.0%19.1%8.5% – 27.3%
Return on equity55.6%26.7%10.9% – 42.7%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026CN¥33.4B+25.5%CN¥38.54+40.0%–14
FY2027CN¥35.1B+5.1%CN¥39.27+1.9%–14
FY2028CN¥38.6B+10.2%CN¥43.69+11.3%–15

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in CNY as reported; price and market cap in HKD.