HULAOPU@EC2610B

Citi Maintains Old Shop Gold's Target Price and Buys Rating

Phillip Securities Maintains Buy Rating on Lao Pu Gold H Shares

Lao Pu Gold Clarifies International Strategy, Expanding into Southeast Asia and Europe Americas Markets

GF Securities and Citibank Maintain Buy Rating for LaoPu Gold's H-Share

CGS International Maintains Buy Rating on Lao Pu Gold H Shares

CICC Maintains Buy Rating on Laopu Gold's H-Share, Sets Target Price at HKD 1,079.06

Morgan Stanley Upgrades Old Shop Gold's Profit Forecast and Maintains Overweight Rating

Nomura Raises Forecast and Target Price for Old Store Gold

UBS Raises Old Shop Gold Target Price to 930 HKD

Goldman Sachs Report: LaoPu Gold Surpasses Expectations in 2025, Maintains Buy Rating

Citi Analyst Gives Buy Rating to Lao Pu Gold

LAOPU GOLD released FY2025 Q3 earnings on March 23 (BJT), actual revenue HKD 0, actual EPS HKD 0

LAOPU GOLD released FY2025 9 Months Earnings on March 23, 2026 (BJT), with actual revenue of HKD 21.55 B and EPS of HKD 22.5817

Laopu Gold Raised Funds at High Position

Lao Pu Gold Announces Preliminary Q1 2026 Financial Data

Laopu Gold's Full-Year Net Profit Exceeds Expectations at 4.87 Billion Yuan

Old Shop Gold Reports Significant Revenue and Profit Growth in 2025 Fiscal Year

LAOPU GOLD released FY2025 earnings on March 23 During-Market (BJT), actual revenue HKD 29.84 B (forecast HKD 30.6 B), actual EPS HKD 30.8761 (forecast HKD 30.7408)

LAOPU GOLD released FY2025 Q4 earnings on March 23 During-Market (BJT), actual revenue HKD 8.312 B, actual EPS HKD 8.2782

LAOPU GOLD to release FY2025 earnings on March 23 during market hours (BJT), forecast revenue HKD 31.39 B, EPS HKD 31.5203

ECHO INT HOLD

ASIA TELE-NET

TIAN CHENG HLDG

ABC MULTIACTIVE

FU SHEK FIN

SINO-LIFE GROUP

JIAYUAN SER

GBG HOLDINGS

LOPAL TECH

BIREN TECH

06990

09926

06181

01801

01177

00100

02513

03317

06869

01772

SKB BIO(06990) rose 6.97%, with a trading turnover 458.1 Million HKD, and a year-to-date rose 32.3%. AKESO(09926) rose 6.89%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 30.4%. MINIMAX-W(00100) fell 10.88%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 413.6%. KNOWLEDGE ATLAS(02513) fell 8.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 646.1%.

Top Gainers & Losers

SKB BIO

AKESO

LAOPU GOLD

INNOVENT BIO

SBP GROUP

MINIMAX-W

KNOWLEDGE ATLAS

XUNCE

YOFC

GANFENGLITHIUM

Top 5 HK Stock Gainers/Losers (>100B) (4.15)

TCEHY

BABA

00700

518880

The Hang Seng Index rose 197 points in the half-day session, with Alibaba and Tencent leading the gains, and Laopu Gold surged 6%. The market opened higher on expectations of easing tensions in the US-Iran conflict, reaching a peak increase of 344 points. Half-day turnover was HKD 134.9 billion. AIA and the "two oil giants" fell against the market trend, dragging down the overall market. Internet healthcare stocks such as JD Health and Alibaba Health generally rose. Lingrui's shares changed hands, with the stock price soaring 275% at one point

- The Hong Kong stock market opened positively, with the Hang Seng Index initially rising 295 points, reaching a peak of 26,216 points, before settling at 26,069 points, up 197 points or 0.76%.  
- Notable movers included Alibaba and JD.com, which gained 4% and 6% respectively, while AIA and two major oil companies saw declines.  
- In U.S. markets, oil prices dropped significantly, and Nvidia shares surged 18%, reflecting a general optimism about easing tensions in the Middle East.

Stheadline

Tencent

Alibaba

TENCENT

BABA-W

CSOP HS TECH

FI2 CSOP HSI

BABA 2x Long Daily ETF - GraniteShares

Hwabao CSI HK Equities Internet ETF

Krne Csi China Internet

KraneShares 2x Long BABA Daily ETF

E Fund CSI HK Connect Internet ETF

FI CSOP HSI

FL2 CSOP HSI

Huaan Yifu Gold ETF

The Hang Seng Index rose 197 points in the half-day session, with Alibaba and Tencent leading the gains. Laopu Gold surged 6%, and another stock changed hands skyrocketed by 233% | Hong Kong stock market opens

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GOLD

600547

00116

RING

GOAU

GDXJ

GLDM

NUGT

JNUG

On April 14, Jin10 reported that gold jewelry prices in China have increased compared to the previous day. According to Jin10, Laopu Gold's pure gold jewelry is priced at 1,543 yuan per gram, marking an 8 yuan increase from yesterday. Meanwhile, Chow Sang Sang's pure gold jewelry (selling price) is listed at 1,455 yuan per gram, reflecting a 12 yuan rise.

CoinLive

ZHONGJIN GOLD

Gold.com

SD-GOLD

CHOW SANG SANG

SPDR Gold Shares

iShares MSCI Global Gold Miners

Pro Ultr GLD

Abrdn Gold ETF Trust

Us Gbl GLD & Met

VanEck Junior Gold Miners ETF

iShares Gold Trust

SPDR Gold Minishares

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Abrdn Precious Metals Basket ETF Trust

Sprott JR Gold Miners ETF

Direxion Daily Gold Miners Bull 2X

VanEck Gold Miners ETF

Sprott GLD Miners Etf

ChinaAMC Gold ETF

Direxion Daily Jr Gold Miners Bull 2X

PRECIOUS METALS | Gold Jewelry Prices Rise in China

09866

03808

06809

01211

06618

01138

01276

XUNCE(03317) rose 15.61%, with a trading turnover 2.7 Billion HKD, and a year-to-date rose 609.7%. NIO-SW(09866) rose 7.47%, with a trading turnover 339.3 Million HKD, and a year-to-date rose 27.9%. JD HEALTH(06618) fell 9.43%, with a trading turnover 695.0 Million HKD, and a year-to-date fell 16.3%. COSCO SHIP ENGY(01138) fell 4.45%, with a trading turnover 571.4 Million HKD, and a year-to-date rose 94.5%.

- The Hang Seng Index decreased by 0.9%, with a year-to-date increase of 0.1%.  
- The Hang Seng Technology Index fell by 0.79%, down 12.6% year-to-date, while Xunji (03317) surged by 15.61% with a trading volume of 2.66 billion HKD, totaling a 609.7% increase this year.  
- NIO-SW (09866) rose by 7.47%, with a trading volume of 340 million HKD, and JD Health (06618) dropped by 9.43%, totaling a 16.3% decrease year-to-date.

NIO-SW

SINOTRUK

MONTAGE TECH

BYD COMPANY

JD HEALTH

COSCO SHIP ENGY

HENGRUI PHARMA

Top 5 HK Stock Gainers/Losers (>100B) (4.13)

Phillip Securities has reaffirmed its Buy rating for Laopu Gold Co. Ltd. Class H (6181), setting a price target of HK$815.96. The stock closed at HK$654.00. The analyst consensus for the company is a Strong Buy, with an average price target of HK$995.71.

Tip Ranks

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

82824

GDXU

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

EFUND GOLD MI ETF

Kinross Gold

Zijin Mining

EFUND GOLD MI-R

EFUND GOLD MI-U

Roundhill Gold Miners Weeklypay ETF

Microsectors Gold Miners 3x Leveraged ETN

YieldMax Gold Miners Opt Inc Strgy ETF

GLOBAL X Gold Explorers

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.

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

00590

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.

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

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.

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

HULAOPU@EC2610B(28293.HK)

HULAOPU@EC2610B Stock Performance Chart

Top 5 HK Stock Gainers/Losers (>100B) (4.15)

The Hang Seng Index rose 197 points in the half-day session, with Alibaba and Tencent leading the gains. Laopu Gold surged 6%, and another stock changed hands skyrocketed by 233% | Hong Kong stock market opens

PRECIOUS METALS | Gold Jewelry Prices Rise in China

Top 5 HK Stock Gainers/Losers (>100B) (4.13)

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