BILAOPU@EC2609A

LEOCH INT'L

STARGLORY HLDGS

INTELLIMARK W27

BEST FOOD HLDG

GAOYU FINANCE

EXTREME VISION

TIAN TU CAPITAL

HSC RESOURCES

EPI (HOLDINGS)

LAP KEI ENGRG

518880

JNUG

GLDM

SGDM

02824

82824

GDXJ

GOAU

600547

RING

GDXU

NUGT

06181

GOEX

Gold prices have plunged, erasing all gains made since the start of 2026 and leaving LAOPU GOLD stores deserted. Despite announcing a 30% price hike on February 28, the market is taking a wait-and-see approach regarding whether its ancient craftsmanship can support the rising prices. While LAOPU GOLD's performance surged in 2025, consumer purchasing enthusiasm has waned after the gold price crash. Revenue for the first quarter of 2026 is projected to reach 16.5 billion to 17.5 billion yuan, with a net profit of approximately 3.6 billion to 3.8 billion yuan

- Gold prices have sharply declined, erasing all gains since 2026, impacting consumer interest in premium gold brands like Laopul.  
- Despite a successful price increase of about 30% earlier this year, Laopul's prices now seem high amid falling market rates, raising concerns about the brand's future sales performance.  
- Analysts note that while Laopul's high profit margins have driven growth, ongoing price volatility and changing consumer sentiment may pose significant risks in the current market environment.

Wallstreetcn

Huaan Yifu Gold ETF

Direxion Daily Jr Gold Miners Bull 2X

SPDR Gold Minishares

ZHONGJIN GOLD

Sprott GLD Miners Etf

EFUND GOLD MI ETF

Kinross Gold

Zijin Mining

EFUND GOLD MI-R

VanEck Junior Gold Miners ETF

EFUND GOLD MI-U

Us Gbl GLD & Met

Pro Ultr GLD

SD-GOLD

Sprott JR Gold Miners ETF

VanEck Gold Miners ETF

Abrdn Gold ETF Trust

iShares MSCI Global Gold Miners

Roundhill Gold Miners Weeklypay ETF

Microsectors Gold Miners 3x Leveraged ETN

SPDR Gold Shares

Direxion Daily Gold Miners Bull 2X

YieldMax Gold Miners Opt Inc Strgy ETF

ChinaAMC Gold ETF

LAOPU GOLD

GLOBAL X Gold Explorers

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

iShares Gold Trust

Gold Prices Plunge, Putting Newly Price-Hiked LAOPU GOLD in an Awkward Position

GF Securities analyst maintained a Buy rating on Laopu Gold Co. Ltd. Class H yesterday and set a price target of HK$762.22.End of Quarter Sale - 50% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks In a report released on March 23, Citi also maintained a Buy rating on the stock with a HK$1,162.00 price target.

Tip Ranks

GF Securities Sticks to Their Buy Rating for Laopu Gold Co. Ltd. Class H (6181)

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As of April 1, 2026, gold bar prices have shown a mixed trend across major banks and brands. Brands like Ya Yi Gold Store, Laopu Gold, and Luk Fook Jewellery have seen price increases, with Ya Yi Gold Store experiencing the largest rise of 65 yuan per gram compared to the previous day.

CoinLive

LUK FOOK HOLD

PRECIOUS METALS | Gold Bar Prices Rise Across Major Brands

In a report released yesterday, from CGS International maintained a Buy rating on Laopu Gold Co. Ltd. Class H, with a price target of HK$1,002.00.End of Quarter Sale - 50% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on Laopu Gold Co. Ltd. Class H is a Strong Buy with an average price target of HK$1,027.50.

Laopu Gold Co. Ltd. Class H (6181) Receives a Buy from CGS International

As of March 27, 2026, gold bar prices have shown mixed movements, with some increasing and others decreasing. Laopu Gold experienced the largest drop, falling by 45 yuan per gram. Other brands, including Tse Sui Luen and Ya Yi Gold Store, also reported declines in their gold bar prices.

PRECIOUS METALS | Gold Bar Prices See Mixed Movement as Laopu Gold Experiences Largest Drop

In a report released yesterday, from Goldman Sachs maintained a Buy rating on Laopu Gold Co. Ltd. Class H, with a price target of HK$1,108.00.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential In a report released on March 23, Citi also maintained a Buy rating on the stock with a HK$1,162.00 price target.

New Buy Rating for Laopu Gold Co. Ltd. Class H (6181), the Basic Materials Giant

In a report released yesterday, from CICC maintained a Buy rating on Laopu Gold Co. Ltd. Class H, with a price target of HK$1,079.06.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Laopu Gold Co. Ltd. Class H has an analyst consensus of Strong Buy, with a price target consensus of HK$963.21.

Laopu Gold Co. Ltd. Class H (6181): New Buy Recommendation for This Basic Materials Giant

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Nomura has lowered the target price for LAOPU GOLD to 1,114 yuan due to valuation impacts from gold price fluctuations. Despite the company's performance last year and the first quarter of this year exceeding expectations, Nomura remains confident in growth for 2026, anticipating that new products, store upgrades, and expansion of high-end customers will drive growth. The firm has raised its revenue and profit forecasts for 2026 and 2027 by 12% to 14% and 23% to 24%, respectively, but has reduced the target price-to-earnings ratio from 30 times to 22.5 times, maintaining a "Buy" rating

AASTOCKS

MaxWealth CSI SH-SZ-HK Gold Industry Equity ETF

SHANGSHAN GOLD

SD GOLD

Nomura lowers LAOPU GOLD's target price to 1,114 yuan, with valuation affected by gold price fluctuations

Citi raised the net profit forecast for LAOPU GOLD, setting a target price of HKD 1,162, and maintained a "Buy" rating. The report noted that LAOPU GOLD's performance in the first quarter was strong, and management holds a positive view on gold prices, expecting gross margin and net profit margin to reach 40% and 20% respectively by 2026. Key factors for sales growth include store upgrades, online penetration, and overseas expansion

Citi raised the net profit forecast for LAOPU GOLD, target price 1,162 yuan, continues to recommend "buy"

JP Morgan released a report stating that LAOPU GOLD had strong performance last year, with revenue and profit increasing by 221% and 230%, respectively. It is expected that sales in the first quarter of this year will reach RMB 16.5 billion to 17.5 billion, with profits of RMB 3.6 billion to 3.8 billion. The number of loyal members increased by 27%, with an overlap rate with international luxury brand customers rising to 82.4%. Despite a decline in gross margin, it is expected to rebound by 2026. JP Morgan maintains an "Overweight" rating with a target price of HKD 1,296

"Big Banks" JP Morgan: LAOPU GOLD's first quarter guidance is strong, maintaining "Overweight" rating

Goldman Sachs has lowered the target price for LAOPU GOLD to HKD 1,108 while raising its earnings forecast. The management expressed confidence in the growth resilience under future gold price scenarios, expecting a net profit margin of 20% by 2026. The company plans to complete the optimization and upgrading of 8 to 12 stores in mainland China this year and will focus on opening new stores overseas. Goldman Sachs expects LAOPU GOLD's earnings to grow by 19% over the next two years, with revenue and net profit increasing by 59% and 80%, respectively. Despite the target price-to-earnings ratio being lowered to 20 times, it maintains a "Buy" rating

Goldman Sachs lowers the target price for LAOPU GOLD to 1,108 yuan and raises profit forecasts

Laopu Gold 

Conference Minutes

Below is Dolphin Research's Trans from Laopu Gold's 2H2525 earnings call. For the earnings analysis, please see 'Laopu Gold: High-price follow-on; the Hermes of gold's big bet paid off!'

ETFS Capital Ltd.

Gold.com

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

HANG LUNG PPT

HANG LUNG GROUP

Laopu Gld HK SDR 50to1

Laopu Gold (Trans): Target GPM to stay at 40%-43%

Financial Analysis

Gold soars; legacy shops’ big bet on stockpiling pays off

CHOW TAI FOOK

Laopu Gold: Secondary offering at highs; the gold 'Hermès' bet paid off!---

Lao Pu Gold 2H25 First Take: Overall, H2 results were solid, with revenue and profit both growing rapidly. Ex admin expenses, which were slightly elevated on share-based comp, most metrics were marginally ahead of the Street. On revenue, the company benefited from the gold upcycle and stronger brand reach that broadened its customer base. H2 revenue came in at RMB 14.9bn (+200% YoY). By channel, online share jumped to 20% from 13%, helped by brand spillover and the scarcity of offline stores. Offline, sales rose 176% YoY, with same-store revenue +161%, pointing to throughput-driven growth at physical stores. The company net-added four stores in H2, remaining disciplined on expansion. It prioritized enlarging footprints and optimizing locations at existing stores. While management no longer breaks out the mix between plain gold and gold-inlay categories, channel checks suggest the share of higher-margin inlay products continued to rise in H2. This followed a dense slate of launches in the gold-inlay series. With gold prices surging through H2, GPM compressed 3.8ppt to 37.2% as price hikes in Aug and Oct lagged bullion. On opex, operating leverage drove modest declines in selling and G&amp;A ratios. Net profit reached RMB 2.6bn (+194% YoY), beating the Street; for more detail and the earnings call readout, stay tuned for Dolphin Research's follow-up review and transcript. $LAOPU GOLD(06181.HK)

Today’s Key News Recap

0312 | Dolphin Research Watchlist.🐬 Macro/Industry 1) The U.S. will release Feb CPI at 20:30 Beijing time on Wed, a key input for the Fed's rate-cut path. Recent Middle East tensions have lifted oil prices, increasing uncertainty around the print.An upside surprise could push back cut expectations and weigh on growth stocks. In-line or softer readings would be supportive of risk assets.🐬 Single Stock 1) $Meta Platforms(META.US) Meta announced the acquisition of AI agent community Moltbook. It is known in the industry as the 'Lobster Community'...

BIDU ADR US

Apple

Apple Group

NIO-SW

NIO Inc. USD OV

NIO Inc

LI AUTO-W

Li Auto

Meta Platforms

Baidu

BIDU-SWR

BIDU-SW

Baidu HK SDR 10to1

META secures 'Shrimp Pool' Moltbook; Laopu Gold issues a positive profit alert on strong earnings | Daily 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...

HKEX

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

Taiwan Semiconductor

Alphabet

Alphabet - C

Direxion Auspice Broad COM

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...

OpenAI

Destiny Tech100

POP MART

Coca Cola

Netflix

Tesla

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

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

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;

FL2CSOPGOLD

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

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.

SMIC

SMIC HK SDR 5to1

ZIJIN MINING

FORTIOR

Asymchem

ZHAOJIN MINING

HORIZONROBOT-W

HENGRUI PHARMA

Hengrui Pharma

LINGBAO GOLD

INNOSCIENCE

CE HUADA TECH

BATELAB

ZAI LAB

Zai Lab

TIGERMED

Tigermed

FRONTAGE

CHIFENG GOLD

TONGGUAN GOLD

CHI SILVER GP

HUA HONG SEMI

Hua Hong

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

BILAOPU@EC2609A(27311.HK)

BILAOPU@EC2609A Stock Performance Chart

Gold Prices Plunge, Putting Newly Price-Hiked LAOPU GOLD in an Awkward Position

GF Securities Sticks to Their Buy Rating for Laopu Gold Co. Ltd. Class H (6181)

PRECIOUS METALS | Gold Bar Prices Rise Across Major Brands

Laopu Gold Co. Ltd. Class H (6181) Receives a Buy from CGS International

PRECIOUS METALS | Gold Bar Prices See Mixed Movement as Laopu Gold Experiences Largest Drop