Lanzhou-based gold brand "Linchao" secures RMB 100 million strategic financing, exclusively invested by RICH Capital | Exclusive from 36Kr

Author | Li Xiaoxia

36Kr exclusively learned that the gold handicraft brand "Linchao Jewelry" has completed a strategic investment in the hundreds of millions of yuan range. The exclusive investor is Richen Capital. This round of investment will be used for product innovation, brand upgrading, channel construction, and the construction of a production base.

In the past year, the gold market has shown an unprecedented dual - hot scenario. On the one hand, the gold price has been rising all the way, repeatedly breaking historical records. On the other hand, on the consumer side, Chinese - style gold represented by "Ancient - craft Gold" has emerged, and there have been some popular brands. "Linchao Jewelry", which originated from Lanzhou, is one of them.

"Linchao Jewelry" was established in 2006. The founder, Ma Chaoxian, had an earlier connection with gold. Even before he was born in 1977, his family had been engaged in gold processing for many years. His childhood was spent in the workshop listening to the sound of his father hammering gold.

For a long time, Linchao's influence was limited to a small area, and its business scope was confined to Lanzhou. It wasn't until 2020, affected by the pandemic, that Linchao turned to online live - streaming, and its brand popularity soared. Ma Chaoxian wasn't surprised by this. "I firmly believe all the time that as long as more people know about Linchao, it will surely shine."

Although it only has one offline store, its annual revenue has increased several times. As of November 2025, Linchao's annual sales have exceeded 500 million yuan.

However, behind the popularity is a situation where the brand is overwhelmed with orders and the products are in short supply. The fundamental reason for this "scarcity" lies in Linchao's insistence on ultimate handicraft. In an era when industrial mass production has become the mainstream, Linchao goes against the trend. For example, for a complex filigree work, the polishing process may take several months or even up to a year. Additionally, 99% of the products are original, which also makes it difficult for Linchao to speed up.

"The effort put into original creation and innovation from scratch is beyond what outsiders can imagine. Every day, I'm in a state of anxiety, always on tenterhooks. You never know what the final product will look like. Looking at the Chinese gold and jewelry industry, no brand has ever taken the path we're on." Ma Chaoxian told 36Kr.

Due to the customization model, Linchao doesn't need to stock a large amount of goods like traditional brands. This makes its demand for funds not so urgent, so much so that Chen Feng, the founder of Richen Capital, was turned away more than ten times.

It took more than a year for Ma Chaoxian to be gradually convinced. "People talk about the story of 'Three Visits to the Thatched Cottage'. He made thirteen visits. Moreover, every time he talked, he was extremely sincere. Whether it was about company operation, management, or future planning, every point resonated with me."

In Chen Feng's view, the Chinese jewelry industry is undergoing a major transformation. In the past twenty years, it was driven by channels and models, while in the future, it will be driven by culture, products, and originality. Today, China doesn't lack gold and jewelry brands. What China lacks is a global brand with ultimate craftsmanship, cultural originality, design originality, and craftsmanship originality. In the future, the industry won't be a hundred flowers blooming situation. Only the unique can stand firm in the market.

As Richen Capital's transformative project, before and after this round of investment, Richen Capital organized a post - investment empowerment team of nearly ten people to provide all - around support, including team building, brand building, supply - chain optimization, and channel construction. At the turning point of the development of the gold and jewelry industry, both parties hope to create a cultural brand that originated in China and influences the world.

"We believe that Chinese brands will surely appear in the world's luxury ranks."

The following is an edited dialogue between 36Kr and Ma Chaoxian, the founder of Linchao Jewelry:

A Road No One Has Ever Taken

36Kr: Although Linchao has only come into the view of more people in the past two years, in fact, I see that the company has been established for almost 20 years.

Ma Chaoxian : Linchao was established in 2006. The opportunity was that the state first allowed individuals to register gold companies at that time.

But our family's connection with gold goes back much further. We got involved in the gold - processing field even before 1977. When I was a child, I grew up listening to the sound of my father hammering gold every day. Influenced by this environment, I could make rings at the age of 14.

36Kr: In the past nearly 20 years, has Linchao adjusted its positioning according to market changes?

Ma Chaoxian: It has never changed and has been very stable. For the rest of my life, it won't change the slightest bit. It will always follow this line: Insist on ultimate handicraft, original design, and culture - oriented output.

These core elements will never change. Gold is just a material for us.

36Kr: Why did a brand like Linchao emerge in Lanzhou?

Ma Chaoxian: I don't know either.

36Kr: Maybe there are fewer temptations in Lanzhou?

Ma Chaoxian: It's possible.

36Kr: How did you feel after Linchao became popular?

Ma Chaoxian : It's a mixture of pain and joy.

I can't deny that I felt a bit complacent after it became popular. After all, we're all ordinary people. At the beginning, the joy outweighed the pain.

But gradually, especially this year, the quotas are completely insufficient, and the production capacity can't keep up at all. Many people can't buy our products, and there are complaints about Linchao everywhere. At this time, I felt the pain brought by the popularity and have been actively trying to find solutions.

We have to rely on limited - quantity sales and quota - grabbing for consumers to buy our products, and the customization period can be as long as a year. I'm very clear that the longer the customization period, the higher the customers' expectations, and the greater the probability of them being critical of the products.

When it's quiet at night, I also think about it. Looking at the Chinese gold and jewelry industry, no brand has ever taken the path we're on. I've even studied old brands from a hundred years ago, and I've never seen such a model.

36Kr: What do you think are Linchao's advantages?

Ma Chaoxian : Our greatest advantage is originality, ultimate handicraft, and culture - oriented output.

Now many brands are taking the path of "modified - style innovation". To put it bluntly, it's making changes to existing styles. But Linchao is about creating from scratch.

Take the dragon as an example. We're the first in the industry to show the dragon's belly. We reviewed a large amount of historical materials to restore the patterns on the dragon's belly.

Why show the dragon's belly? Because I like small animals. They only show their bellies when they're most intimate with their owners. In our view, the dragon shouldn't just be a symbol of power. Some people say that ordinary people can't handle the dragon, but Linchao has given a new interpretation in terms of culture.

In terms of style production, take our "Dragon - Phoenix Match" work. It's the first time to use ordinary threads instead of gold or silver threads for stitching. In the global gold and jewelry industry, this work is also remarkable.

36Kr: So what special barriers does Linchao have in terms of craftsmanship?

Ma Chaoxian : There are too many to count.

For example, we've integrated gold - carving craftsmanship with Chinese - style jewelry. We've also combined the filigree craftsmanship of all countries in the world into our Chinese - style jewelry.

The combination of engraving and micro - inlaying is our original creation; the combination of K - gold and gold; using ordinary threads to stitch gold works; the way of mixing bracelets; and the way of stringing necklaces and bracelets with a stopper every ten beads. There are so many, countless.

I'm very proud to say that Linchao is like the Whampoa Military Academy in the gold - jewelry industry. We're not only transmitting culture, design, and original craftsmanship but also these most basic craftsmanship techniques.

36Kr: What's the current gross - profit level?

Ma Chaoxian : The gross profit is quite low, only about 40%. For products with complex craftsmanship and many inlaid gemstones, they're sold at about 2,000 yuan per gram; for ordinary styles, it's from 1,500 to 1,800 yuan per gram. But now the gold price plus taxes is almost 1,100 yuan per gram. If we want to achieve a 50% gross profit, the average price has to be raised above 2,300 yuan.

I don't have high requirements for the gross profit. First, it has to cover the company's expenses. Second, a large part of this money should be invested in R & D and craftsmanship reserve. We just focus on making good products and leave the pricing to the consumers.

36Kr: Is the R & D cost very high?

Ma Chaoxian : For example, a 10 - gram ring, priced at 2,000 yuan per gram, has a selling price of only 20,000 yuan, but its R & D cost can exceed 500,000 yuan. That's right, over 500,000 yuan. Just polishing the details can take a year. If it's not good the first time, we'll modify it the second time, and if it's still not good, we'll modify it the third time, over and over again.

36Kr: What's a product that has made you very painful recently?

Ma Chaoxian : There's a snake - head work. 98% of it is done, and it's just missing a piece of filigree on the snake's head. For such a small accessory, we've been working on it for almost a year, and no matter how we place it, it doesn't look good. Finally, the master sat there and cried for half an afternoon. When he saw me, he was shaking, and I was so nervous that I could hardly breathe when I saw him.

36Kr: I'm very curious about the production process. Are the filigrees all hand - twisted manually?

Ma Chaoxian : All the filigrees are hand - twisted manually. Now there's cast filigree that can be made 0.5 millimeters thick, but when compared with hand - made filigree, the texture is completely different.

Every piece of Linchao's products has a soul. The details knocked out by the master with each breath will be passed on to the products. That's why hand - made products can be called artworks, while machine - made ones can at most be called commodities or handicrafts.

So far, I've never seen any machine that can produce something as charming, soulful, and full of life as hand - made products. If you come to our workshop, you'll see people sitting everywhere with few machines. Everyone is holding tweezers for wire - bending and small hammers for hammering. That's the scene.

"What Linchao Has Is a Scarce Resource"

36Kr: Does Linchao often face the conflict between the handicraft model and large - scale production?

Ma Chaoxian : Yes. Handicraft and large - scale production can never be compatible, just like water and fire. If we force them to be compatible, we'll surely lose our original intention and craftsmanship.

36Kr: Is the limited production capacity because it's difficult to train handicraft masters?

Ma Chaoxian : First, it's difficult to train mature masters. Second, Linchao has extremely high requirements for products.

Even if there are more craftsmen, the high requirements will slow down the production speed. If we lower the current requirements by 20%, the production capacity can directly double. But on the contrary, our requirements are increasing every year.

36Kr: How many more masters need to be added each year to meet the demand?

Ma Chaoxian : It can't be matched. Even if we add 100 masters a year, it won't work. Now, there's more and more attention on Linchao, and the sales volume is astonishing. Customers can swipe their cards to buy millions or even tens of millions of products in just a few seconds, but it takes us a long time to make them.

36Kr: Are most of the current masters young people?

Ma Chaoxian : They must be young people, otherwise, the precision can't be guaranteed.

36Kr: There are quite a few young people who can be patient enough to make hand - made artworks these days.

Ma Chaoxian : It's not quite a few; it's extremely few. So I always say that what Linchao has now is a scarce resource that's hard to find in the world. Every piece is irreplaceable.

36Kr: Does the delivery period for all of Linchao's products have to be a year?

Ma Chaoxian : It's currently a year, but we're also trying to see if we can shorten it. However, it seems very difficult at present because the orders keep pouring in.

36Kr: This is completely different from industrial production.

Ma Chaoxian : It's completely different. We call industrial products commodities, while our products are truly artworks that can satisfy people's spiritual needs.

36Kr: Do you make decisions unilaterally?

Ma Chaoxian : I really hate bosses who say, "I like it this way, so you have to do it like this." Why should your aesthetic represent everyone's? Excellent people should be allowed to let their creativity fly. You can't raise flying chickens in a chicken coop.

I never make unilateral decisions on aesthetics. If six out of ten people say it's not good, then it's really not good.

For example, for the snake - shaped hairpin designed this year, there was originally a small copper coin in the snake's mouth. I thought it was too tacky and asked the designer to change the element. After drawing countless versions, none of them were as good as the copper coin. Finally, I had to compromise. Some things are just so magical that a little more or a little less won't work.

36Kr: Aren't you worried that the design styles won't be unified?

Ma Chaoxian : Is this matter really that important? Linchao is an all - encompassing brand. The style doesn't matter as long as the cultural value orientation is the same.

So people may think that Linchao's products are "all over the place", with different styles every year. But everyone can recognize that "this is Linchao's" when they see the products.

Now Anything Can Be Called "Ancient - craft"

36Kr: In recent years, big brands like Chow Tai Fook have been doing "Ancient - craft Gold", and there are also many small brands doing it. I want to know, what's the difference between good and ordinary "Ancient - craft" products?

Ma Chaoxian : If you buy a piece of Linchao's products or even just take a look at them, you'll know the difference.

If I were to elaborate, first, look at originality. Our originality is not "modified - style originality". What is modified - style originality? For example, for a vajra pestle, if I add a frame around it, that's called modified - style originality. I actually quite approve of this kind of innovation. At least the brand is moving towards innovation. But Linchao's innovation is different. We create from scratch.

Take the cheongsam - shaped gold pendant as an example. We made the cheongsam into a pendant and added additional craftsmanship to it, perfectly combining engraving and micro - inlaying. This kind of craftsmanship has never been seen before. Moreover, presenting the cheongsam shape and floral design