Lao Pu Gold H1'26 First Take: headline revenue was mediocre, landing at the low end of prior guidance, pointing to weaker-than-expected June sales.

By mix, online and overseas channels materially beat Dolphin Research's prior view, with online share hitting a new high.

Profit delivery was solid, aided by low-cost gold inventory stocked in H2 last year and a Feb price hike, bringing GPM back to prior peaks.

On opex, as brand momentum strengthened, leading malls lowered take rates in H1, trimming the opex ratio; core OPM hit a record high.

Separately, inventory has reached RMB 19bn, indicating heavy restocking in H1 at higher gold prices and lifting the blended inventory cost.

This suggests GPM could see notable pressure in H2.$LAOPU GOLD(06181.HK)