经过一整年观望，Patrick终于在2025年初下手了老铺黄金的第一件金器。 直至年尾，Patrick已经在老铺黄金消费了9件商品，花费达六位数。"我买的老铺，不一定极贵但有特色有代表性，比如刻龙印章、烧蓝工艺的七子葫芦、 福字对印、烧蓝毛笔等，都能做到日常使用，工艺也是其他品牌难以模仿。" 时间退回五年前，市场上鲜有老铺黄金的忠实粉丝。如今，老铺黄金已成功跻身千亿市值阵营。同属高端古法黄金赛道的琳朝、寶蘭等品牌，也相继披露 融资动态。中国消费者们用真金白银，买出了老铺、寶蘭、琳朝、君佩"古法黄金四姐妹"。 据汇丰11月发布的报告估算，仅老铺黄金北京SKP一家门店，年销售额突破30亿元。花旗预计，老铺黄金2025年在SKP的销售额或达50亿元。 热闹背后，离开了黄金的上行行情，老铺黄金们能否真正撑起东方奢侈品的雏形。 爱马仕贵妇，给老铺黄金们砸钱 图源：时代财经 在各大高端商场，老铺黄金不断创造排队奇观。 10月25日，老铺黄金入驻上海恒隆广场首日，买金的队伍从前天晚上就开始排，一直排到了开业当日凌晨两点，品牌不得不在深夜发布公告：接待人数已 达上限。这一幕，在爱马仕、香奈儿等顶级奢侈品牌的发售现场也不常见。 ...

Core Insights - The article discusses the rise of traditional gold brands in China, particularly focusing on Laopu Gold, which has successfully entered the high-end luxury market, achieving a market valuation in the hundreds of billions [2][7][10]. Market Performance - Laopu Gold has seen significant growth, with revenue exceeding 123.5 billion yuan in the first half of 2025, marking a 251% year-on-year increase, and a net profit of 22.7 billion yuan, up 286% [6]. - The brand's market share in the high-end jewelry segment has surged from 10% in 2023 to 26% in 2024, while traditional luxury brands like Tiffany and Cartier have experienced declines [7]. Consumer Behavior - Laopu Gold has attracted a growing customer base, with membership increasing to 480,000 by mid-2025, up from 36,000 in 2021 [6]. - The brand's clientele overlaps significantly with consumers of luxury brands such as Louis Vuitton and Hermès, with a 77.3% overlap rate [6]. Retail Expansion - Laopu Gold has expanded its retail presence, opening five new stores in the first half of 2025, bringing the total to 41 locations in high-end shopping centers [10]. - Other brands in the traditional gold sector, such as Lin Chao and Bao Lan, are also expanding, indicating a trend towards increased competition in the luxury gold market [8][10]. Investment Trends - The success of Laopu Gold has sparked interest from investors, with Lin Chao and Bao Lan securing significant funding in late 2025 [8]. - Laopu Gold's stock performance has been remarkable, with its share price increasing over 2500% since its IPO, reflecting strong market confidence [9]. Brand Positioning - Despite its success, Laopu Gold is still perceived as not fully reaching the status of a luxury brand, lacking the emotional value and pricing power associated with established luxury brands like Hermès [11]. - The brand's gross margin is around 40%, significantly lower than the 70-80% margins of top luxury brands, indicating room for improvement in brand positioning and pricing strategy [11]. Future Outlook - The traditional gold jewelry market in China is projected to grow significantly, with an expected market size of approximately 421.4 billion yuan by 2028, indicating a robust future for brands like Laopu Gold [13]. - The challenge remains for these brands to transition from high-quality gold products to luxury items with cultural significance, requiring a focus on brand development and consumer loyalty [14].