BILAOPU@EC2607A

Aurum Antique Plans Product Price Adjustment on February 28, 2026

Gold Market Fluctuations and Store Promotions During the Spring Festival

BOA Securities Cuts Old Gold's Earnings Forecast, Targets Price at HKD 860

JPMorgan Raises Profit Forecast for LaoPu Gold and Maintains Overweight Rating

JPMorgan Raises Earnings Forecast and Maintains Target Price for Lao Pu Gold

Citi Maintains 'Buy' Rating on Laopu Gold with Target Price of HKD 1119

China Merchants Securities International Expects Old Gold's 2026 Revenue Growth to Significantly Slow Down

Old Shop Gold Store Sales Forecasted to Double Year-over-Year

Citi Upgrades Sales and Profit Projections for Laopu Gold

Daiwa Raises Target Price and Earnings Forecast for Old Pawn Gold

Ping An Securities Predicts Rapid Revenue and Profit Growth for Lao Pu Gold in Next Three Years

CICC Maintains Buy Rating on Laopu Gold's H-Share

Rise of Lao Pu Gold Draws Attention and Concern from Luxury Groups

Guosen Analyst Maintains Strong Buy Rating and Sets Target Price for Lao Pu Gold H Shares

LaoPu Gold Attends UBS Conference Discussing Sales and Future Development

Jefferies analysts lower Old Gold's net profit forecast

Citibank Raises Target Price for Lao Pu Gold to HKD 1,119

Goldman Sachs Sees Positive Growth Prospects for Laopu Gold, Issues Buy Rating

Citibank Reiterates Buy Rating on Old Gold Store

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Hong Kong stocks fell sharply, dropping 489 points (1.8%) to 26,604, reversing a previous rally. This decline followed a significant drop on Wall Street due to renewed U.S. trade policy uncertainty after President Trump's new tariffs. The tech sector fell over 2%, and local jobless rates reached a three-year high of 3.9%. Despite this, a rebound in the Shanghai Composite limited losses. Notable decliners included Tencent Music (-4.3%) and Laopu Gold (-3.9%). Investors are awaiting key economic data releases this week.

Trading Economics

LAOPU GOLD

Hang Seng Index

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Hong Kong Stocks Drop Sharply

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On the first trading day of the Year of the Horse for Hong Kong stocks, the Hang Seng Index opened down 0.18%, and the Hang Seng TECH Index opened nearly 0.7% lower. BILIBILI-W fell nearly 4%, while Alibaba and Baidu Group both dropped about 3%. LAOPU GOLD rose nearly 1%, and the company will adjust product prices on February 28. The market has risks, and investment should be cautious

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Baidu

Hang Seng TECH Index

Hong Kong stock market's first trading day of the Year of the Horse: Hang Seng Index opened down 0.18%, Hang Seng TECH Index opened nearly 0.7% lower

LAOPU GOLD will adjust product prices on February 28, 2026, with specific price adjustments based on actual online and offline pricing. The company typically makes 2-3 price adjustments each year, having raised prices three times in 2025 in February, August, and October

LAOPU GOLD will adjust product prices on February 28

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MINIMAX-WP(00100) rose 24.56%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 413.3%. MONTAGE TECH(06809) rose 14.05%, with a trading turnover 572.0 Million HKD, and a year-to-date rose 97.4%. YUM CHINA(09987) fell 4.58%, with a trading turnover 136.7 Million HKD, and a year-to-date rose 13.1%. SERES(09927) fell 3.2%, with a trading turnover 31.0 Million HKD, and a year-to-date fell 9.5%.

Top Gainers & Losers

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Top 5 HK Stock Gainers/Losers (>100B) (2.16)

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The Hong Kong stock market closed up 138 points today, with the Hang Seng Index at 26,705 points, the National Index up 37 points, and a total turnover of HKD 84.997 billion. The Hang Seng Index has risen 6,480 points or 32% in the Year of the Snake, marking its best performance ever. Contemporary Amperex Technology Co., Limited, CMOC, and LAOPU GOLD all saw increases, rising 2.7%, 6.4%, and 6.6% respectively. Meituan issued a profit warning, expecting a loss of RMB 23.3 billion last year, with its stock price slightly down by 0.1%

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"Hong Kong Stocks" Hong Kong stocks closed up 138 points in the half-day market, Luoyang Molybdenum and Laopu Gold rose 6%, and the Hang Seng Index has accumulated a 32% increase in the Year of the Snake

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The Hong Kong Hang Seng Index closed up 0.52%, and the Hang Seng Tech Index rose 0.13%. MINIMAX-WP increased by 24.56%, and KNOWLEDGE ATLAS rose by 4.74%. LAOPU GOLD rose by 6.64%, and CMOC increased by 6.35%. Contemporary Amperex Technology Co., Limited rose by 2.71%. Due to the Spring Festival holiday, the Hong Kong stock market will be closed this afternoon

KNOWLEDGE ATLAS

On the last trading day of the Year of the Snake, Hong Kong stocks closed up, with MINIMAX-WP rising 24.56%

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Shares of Laopu Gold and CMOC Group surged over 7% in Hong Kong after their addition to the Hang Seng Index, effective March 9. The index will increase its members from 88 to 90, removing Zhongsheng Group Holdings, which fell 3.2%. The rebalancing is expected to generate nearly US$8 billion in gross passive flows, according to Goldman Sachs strategists.

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Laopu Gold, CMOC shares jump on addition to Hang Seng index

Luoyang Molybdenumand Lao Pu Goldexperienced significant gains in their stock prices, rising by 5.9% and 5.6% respectively. According to Jin10, both companies have been included as constituent stocks in the Hong Kong Hang Seng Index. This inclusion is seen as a positive development for the companies, potentially increasing their visibility and attracting more investors.

CoinLive

STOCKS | Luoyang Molybdenum and Lao Pu Gold Rise as They Join Hang Seng Index

The Hang Seng Index Company announced the inclusion of CMOC and LAOPU GOLD as constituents of the Hang Seng Index, resulting in their stock prices rising by 5.25% and 5.55%, respectively. Contemporary Amperex Technology Co., Limited (CATL) was also included, with its stock price increasing by 2.22%. The stock price of Zhongsheng fell by 2.46% after being removed. All changes will take effect after the market closes on March 6, 2026, and will be effective from March 9, 2026

CMOC and LAOPU GOLD both rose over 5% in the initial stage after being included in the Hang Seng Index constituent stocks

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The Hong Kong stock market showed weakness in the half-day session before the Lunar New Year holiday, with the Hang Seng Index opening at 26,501 points, down 65 points or 0.25%. Alibaba fell 1.8%, and Meituan issued a profit warning, forecasting a loss of over 23.3 billion yuan last year, with its stock price slightly down 0.6%. Regulatory authorities interviewed several platform companies, affecting market sentiment. Stocks like CATL and LAOPU GOLD performed positively, with prices rising 1.3% and 0.2%, respectively. Sands China reported a net income of USD 7.443 billion for the year, an increase of 5.1% year-on-year

- The Hong Kong stock market is entering the Lunar New Year holiday, with only a half-day trading session today and full trading resuming this Friday.  
- Regulatory actions targeting major tech platforms in mainland China, along with a generally cautious market sentiment, are expected to lead to fluctuations in the Hang Seng Index around the 26,000 to 27,000 point range.  
- Analysts predict that stock prices, especially in the tech sector, will continue to face pressure due to ongoing price wars and muted investor interest.

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China Southern Hang Seng ETF

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Before the market closed for the half-day session, Alibaba fell nearly 2%, Meituan issued a profit warning and slightly declined, CATL and LAOPU GOLD turned blue and moved upward | Hong Kong stocks opened

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Hong Kong's benchmark stock index is set to include three new companies: electric vehicle battery-maker CATL, miner CMOC, and jeweler Laopu Gold. Bloomberg posted on X that this move aims to diversify the index and reflect the evolving market landscape. The inclusion of these companies highlights the growing importance of the electric vehicle and mining sectors, as well as the luxury goods market in Hong Kong's economy. This change is expected to attract more investors and enhance the index's representation of key industries.

STOCKS | Hong Kong Stock Index to Include CATL, CMOC, and Laopu Gold

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The Hang Seng Index Company announced the latest quarterly review results, with CATL, LAOPU GOLD, and CMOC being included in the Hang Seng Index constituent stocks, increasing the total to 90 stocks, while Zhongsheng Group was removed. In the case of the Hang Seng China Enterprises Index, BEKE and HORIZONROBOT-W were included, while China Resources Beer and Mengniu Dairy were removed, maintaining a total of 50 constituent stocks. There were no changes in the constituent stocks of the Tech Index

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The Hang Seng Index quarterly review reveals that CATL, LAOPU GOLD, and CMOC have turned blue, increasing the number of blue-chip stocks to 90

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Daiwa released a report listing its preferred stocks in the Hong Kong and A-share markets, including Tencent, LAOPU GOLD, WEICHAI POWER, CHINA RES LAND, Alibaba-W, KINGSOFT CLOUD, Midea Group A, NAURA, CATL A, Moutai, and Montage Technology

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Dai Hang Daiwa lists preferred AH stock selection (table)

Today’s Key News Recap

0109 | Dolphin Research Focus. 🐬 Macro/Industry 1) HKEX announced it will add six stock options effective Jan 19, covering names such as Zijin Gold Intl, Laopu Gold, and Horizon Robotics.The additions broaden derivatives choices and offer more risk management tools. They should also help lift liquidity in the underlying names.🐬 Single Stock 1) $Taiwan Semiconductor(TSM.US) TSMC reported Dec revenue of NT$335.03bn, down 2.5% MoM but up 20.4% YoY. 2025 YTD revenue rose 31.6% YoY...

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Hong Kong Exchanges and Clearing (HKEX)

Apple

Taiwan Semiconductor

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JD HK SDR 10to1

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TSM Q4 rev. seen >NT$1 tn; GOOGL integrates Gemini into Gmail | Daily News Recap

1022 | Dolphin Research Focus: 🐬 Macro/Industry 1. Recently, gold prices have experienced a significant decline. The French presidential office issued a joint statement with several European countries supporting the U.S. proposal for an immediate ceasefire between Russia and Ukraine. The Ukrainian president also indicated that the conflict is nearing an end, breaking the market's expectation of a prolonged geopolitical conflict. Coupled with recent mild tariff signals, risk aversion sentiment has cooled. Previously, gold prices had been rising continuously and were at a high level. When negative news emerged, the technical adjustment demand was activated, and long positions took profits and exited, leading to a drop in gold prices. 🐬 Individual Stocks 1. $LAOPU GOLD(06181.HK) Lao Pu Gold announced...

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AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

POP MART HK SDR 20to1

OpenAI showcases 'AI Browser' aiming at Chrome; Laopu Gold plans discounted share placement for financing | Today's Important News Recap

Laopu Gold 

Conference Minutes

The following are the minutes of the Laopu Gold Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Laopu Gold: With Gold Prices 'Cooling Down', Can the 'Hermès of Gold' Still Be Trusted?&#34;

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SPDR Gold Shares

Lao Pu Gold (Minutes): Store efficiency ranks first in single-store revenue in Chinese malls

Financial Analysis

On the afternoon of August 20th, Beijing time, Lao Feng Xiang (6181.HK) released its H1 2025 performance. As the company had previously disclosed a profit forecast, the actual performance, in terms of both revenue and profit, approached the upper limit of the guidance, making it a fairly good performance. The specific highlights are as follows:

Lao Pu Gold: Gold Prices 'Cool Down', Can the 'Hermes of Gold' Still Be Trusted?

Lao Pu Gold 1H25 Quick Interpretation: Overall, Lao Pu's performance in the first half of the year was quite good, with both revenue and profit reaching the upper limit of the pre-announced growth forecast. Apart from sales expenses slightly exceeding market expectations, all other indicators generally surpassed expectations. In terms of revenue, benefiting from the upward cycle of gold and the continuous enhancement of Lao Pu's brand power leading to customer base expansion and market penetration, Lao Pu's performance in the first half of the year remained in a state of accelerated growth, achieving revenue of 12.35 billion yuan, a year-on-year increase of 251%. By channel, with Lao Pu's ongoing promotion and influence on social media platforms (Xiaohongshu, Douyin) in the first half of the year, the proportion of online platforms slightly increased by 2 percentage points to 13.1%, while offline stores remain the primary sales channel. Regarding store opening pace, as of the first half of the year, Lao Pu opened 5 new stores, accelerating compared to the same period last year. Additionally, in June, Lao Pu opened its first overseas store in Singapore, marking the company's official start of global expansion. In terms of product structure, although Lao Pu canceled the disclosure of the specific proportion of pure gold and pure gold inlaid categories, based on research information, the proportion of Lao Pu's high gross margin category, pure gold inlaid products, continues to increase. Regarding gross margin, due to the surge in gold prices in the first half of the year, although Lao Pu raised prices once in February, the price increase range (between 5%-12%) was less than the increase in gold prices (around 24% in the first half of the year), resulting in a year-on-year decrease in gross margin by 3.2 percentage points to 38.1%. On the expense side, with the release of operating leverage, both the sales expense ratio and management expense ratio significantly declined, ultimately achieving a net profit of 2.27 billion yuan, a year-on-year increase of 286%, with net profit margin increasing by 1.7 percentage points to 18.4%. For detailed information and related judgments, please follow Dolphin Research's subsequent financial report commentary and conference call minutes. $LAOPU GOLD(06181.HK)

The US imposed a 39% tariff on imported gold bars, sparking a rally in gold stocks, with Lao Feng Xiang rising nearly 4% again. The semiconductor sector was dragged down by SMIC's Q2 net profit plunging 19%, with most stocks falling.

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SMIC HK SDR 5to1

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Zijin Mining

SD GOLD

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ZHAOJIN MINING

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Hengrui Pharma

LINGBAO GOLD

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ZAI LAB

Hot Trades in Hong Kong Stocks (8.8)｜Gold Sector Rises Across the Board on Tariff Catalysts, SMIC Leads Decline by 6%

BILAOPU@EC2607A(24112.HK)

Hong Kong Stocks Drop Sharply

Hong Kong stock market's first trading day of the Year of the Horse: Hang Seng Index opened down 0.18%, Hang Seng TECH Index opened nearly 0.7% lower

LAOPU GOLD will adjust product prices on February 28

Top 5 HK Stock Gainers/Losers (>100B) (2.16)

"Hong Kong Stocks" Hong Kong stocks closed up 138 points in the half-day market, Luoyang Molybdenum and Laopu Gold rose 6%, and the Hang Seng Index has accumulated a 32% increase in the Year of the Snake