厉峰集团被打趴下了？老铺黄金今年收入将超越历峰集团中国区珠宝业务

Core Insights - Rothschild's latest industry report indicates that Chinese high-end gold brand Laopu Gold is expected to surpass Richemont's jewelry business in China by 2025, showcasing a successful case of local brands breaking into the international luxury market through differentiated strategies centered on intangible cultural heritage and Eastern culture [1][3] Performance Metrics - Laopu Gold's average sales per store reached 459 million yuan in the first half of 2025, significantly outperforming domestic and international competitors, with its Beijing SKP store achieving annual sales exceeding 3 billion yuan [3] - The brand's membership has grown to 480,000, and it has over 2,100 original design reserves, indicating a strong core competitive advantage [3] Market Positioning - Laopu Gold's differentiation strategy focuses on traditional gold craftsmanship and resonates with high-net-worth individuals, achieving a consumer overlap rate of 77.3% with international luxury brands [5] - Richemont has acknowledged the competitive landscape with Laopu Gold, adopting an open stance towards competition [5] Challenges and Variables - Laopu Gold's growth is challenged by its heavy reliance on offline stores, with online revenue accounting for only 13.1% (approximately 1.618 billion yuan) in the first half of 2025, limiting penetration in non-first-tier cities [7] - The brand's customer structure shows that about 12% of revenue comes from high-frequency buyers, indicating a significant portion of sales is driven by specific channel attributes [7] Industry Context - Richemont's global sales for the fiscal year 2025 are projected to reach 21.4 billion euros, with a year-on-year growth of approximately 4%, contrasting with Laopu Gold's explosive growth [8] - Laopu Gold's breakthrough provides a differentiated reference path for the development of local high-end jewelry brands [8]