Laopu Gold Co. reported slower revenue and profit growth for the first half of 2026, missing analyst estimates as falling bullion prices reduced Chinese consumer demand for its jewelry. Revenue increased 60% to 19.8 billion yuan ($2.9 billion) for the six months ended June, below the analyst estimate of 20.9 billion yuan and a sharp decline from the 251% surge recorded in the same period last year. Net income rose 88% to 4.27 billion yuan, falling short of the projected 5 billion yuan and decelerating from over 280% growth a year earlier.

The earnings shortfall highlights how declining gold prices are impacting luxury jewelry sales in China, where Laopu Gold is a major player. The company attributed the slowdown to weaker consumer appetite driven by lower bullion valuations, which have made gold less attractive as both an investment and a purchase for adornment. Despite the miss, Laopu Gold remains a significant presence in the Chinese luxury market, though its growth trajectory has notably cooled amid shifting market dynamics.