Laopu Gold Co’s shares jumped as much as 10.7 percent after the Chinese mainland jeweler reported strong full-year revenue and profit, as demand from the country’s middle-class shoppers rose alongside soaring gold prices.

Shares surged to the highest intraday gain in nearly two months on Tuesday in the Hong Kong Special Administrative Region.

An exchange filing Monday showed revenue jumped 221 percent in 2025 from a year ago to 27.3 billion yuan ($3.95 billion), topping the Bloomberg consensus estimate of 26.9 billion yuan. Net income climbed 230 percent to 4.87 billion yuan, in line with forecasts. The company also declared a dividend of 11.95 yuan per share.

Laopu expects first-quarter sales this year to reach as much as 17.5 billion yuan, with net profit projected at as much as 3.8 billion yuan.

The preliminary results for the first three months of 2026 implied more than double year-on-year sales growth in the quarter, according to a post-earnings note from Goldman Sachs analyst Xinyu Ruan.

The results reinforce Laopu’s position as a leading Chinese high-end consumer brand at a time when Western luxury giants from LVMH Moet Hennessy Louis Vuitton SE to Kering SA have grappled with sluggish demand in the country. Surging gold prices have also been a tailwind for Laopu, as mainland consumers increasingly turn to the precious metal as a store of value.

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The company attributed its strong performance to market leadership and an expanding retail footprint, including its first overseas shop in Singapore. Laopu opened 10 new boutiques and upgraded nine existing locations in 2025.

It also highlighted growing customer overlap with five Western luxury labels including Louis Vuitton, Hermes, Cartier and Tiffany, citing data from consultancy Frost & Sullivan. The jeweler has long targeted China’s luxury consumers as it positions itself as a homegrown premium brand.

Laopu has grown rapidly in the last two years, with its culturally inspired designs appealing to increasingly nationalistic shoppers who favor domestic labels. Laopu sells pieces and ornaments at fixed prices, decoupled from daily gold benchmarks, letting it command higher premiums.

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The jeweler routinely raises prices in pursuit of Western luxury positioning, and last month implemented its biggest hike yet — an average of 27 percent, according to Citigroup Inc.

Still, Citigroup warned that future sales remain uncertain, as demand from customers sensitive to the price of gold may weaken following its recent, significant decline.

“We believe investors are eyeing future sales momentum after the gold price turbulence,” analyst Tiffany Feng wrote in a post-earnings note.