HULAOPU@EP2703A

Citi Maintains Buy Rating on Lao Pu Huang with Target Price of 1162 Yuan, Stating Concerns Are Priced In

Goldman Sachs Maintains Buy Rating on Lao Shop Gold

Macquarie downgrades Lupas Gold's H-shares to 'underperform'

JPMorgan Raises Profit Forecast for Lao Pu Gold and Maintains Overweight Rating

Morningstar Provides First Fair Value Estimate for Lao Pu Gold

Citi Report: Gold Price Drop Leads to Double-Digit Decline in SKP Same-Store Sales

Old Shop Gold to Hold 2025 Annual General Meeting to Approve Dividend Plan

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 9 Months Earnings on March 23, 2026 (BJT) with actual revenue of HKD 21.55 B and EPS of HKD 22.6131

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

RADIANCE HLDGS

ANCHORSTONE

RIVERINE CHINA

REACH NEW HLDGS

FINELAND LIVING

NUR HOLDINGS

GOLDEN LEAF INT

UBOT HOLDING

MAN YUE TECH

06181

518880

Citi has initiated a 30-day upside catalyst watch on LAOPU GOLD, citing potential for re-rating despite concerns over same-store sales growth. The report indicates that current valuation reflects these concerns, with limited downside risk to earnings. The upcoming 618 online promotion is expected to act as a catalyst for growth. Citi maintains a Buy rating with a target price of HKD1162.

AASTOCKS News

LAOPU GOLD

Huaan Yifu Gold ETF

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Laopu Gld HK SDR 50to1

Citi Initiates 30-Day Upside Catalyst Watch on LAOPU GOLD , Sees Re-rating Potential

GDXJ

NUGT

As of May 14, 2026, gold bar prices across major brands have shown mixed trends. Notably, Yayi Gold Store, Lao Feng Xiang, and Laopu Gold have seen price declines, with Laopu Gold experiencing the largest drop of 8 yuan per gram compared to the previous day.

CoinLive

VanEck Junior Gold Miners ETF

Direxion Daily Gold Miners Bull 2X

Microsectors Gold Miners 3x Leveraged ETN

EFUND GOLD MI ETF

EFUND GOLD MI-R

Sprott GLD Miners Etf

SPDR Gold Minishares

Sprott JR Gold Miners ETF

EFUND GOLD MI-U

GLOBAL X Gold Explorers

iShares MSCI Global Gold Miners

Pro Ultr GLD

iShares Gold Trust

ChinaAMC Gold ETF

Abrdn Gold ETF Trust

VanEck Gold Miners ETF

PRECIOUS METALS | Gold Bar Prices Show Mixed Trends Across Major Brands

G Sachs has reiterated a Buy rating for LAOPU GOLD, noting a 4% increase in share price despite an 18% pullback since March. The report highlights attractive risk-reward dynamics, supported by brand momentum and customer acquisition. Performance during Labor Day met expectations, with gross margins exceeding 45%. Management plans to upgrade 8-12 stores in mainland China and open 5-6 new stores abroad. G Sachs anticipates a recovery in consumer sentiment if gold prices stabilize, setting a 12-month target price of HKD1,108.

Goldman Sachs

GS Hldg R

G Sachs: LAOPU GOLD  Brand Momentum Continues; Reiterate Buy Rating

01929

600489

517520

GOAU

At yesterday's close, Chow Tai Fook's daily MACD bearish signal has initially formed, indicating a weakening of the upward momentum in the short term. The total trading volume for the day was approximately HKD 60 million, with trading activity at a relatively low level, showing insufficient short-term trading interest in this jewelry retail leader. As a representative stock in the Hong Kong consumer sector, Chow Tai Fook's performance reflects changes in market expectations regarding the recovery of consumption in mainland China to some extent. The current weakening of technical indicators may suggest that consumer confidence still carries uncertainties. On the news front, Dalio recently suggested allocating 5%-15% to gold assets, and the attention on gold as a safe-haven asset is increasing, but this has a dual impact on Chow Tai Fook. On one hand, high gold prices are beneficial for increasing the unit price and gross margin of gold jewelry; on the other hand, high gold prices may suppress some consumers' willingness to purchase, especially in an environment of increasing macro uncertainties, where the spending elasticity of non-essential consumer goods is more easily squeezed. In the same sector, Laopu Gold rose 3.08% yesterday, performing relatively well, but it is positioned in the high-end gold jewelry segment, with a different customer base and pricing strategy compared to Chow Tai Fook. Hong Kong's GDP growth in the first quarter was strong, and the unemployment rate fell to 3.7%, providing a positive tone for the consumption environment, but the market is more concerned about the quality of consumption recovery in first- and second-tier cities in mainland China. From a technical perspective, Chow Tai Fook's trading volume was approximately HKD 60 million, indicating thin liquidity. The bearish signal appeared in a low-volume environment, and while it does not represent a large-scale sell-off, the lack of willingness from bulls to take over is also clear

Technical Forecast

CHOW TAI FOOK

Agnico Eagle Mines

ZHONGJIN GOLD

SD-GOLD

MaxWealth CSI SH-SZ-HK Gold Industry Equity ETF

Us Gbl GLD & Met

Roundhill Gold Miners Weeklypay ETF

SPDR Gold Shares

YieldMax Gold Miners Opt Inc Strgy ETF

MENGNIU DAIRY

LI NING

LI NING-R

Pre-market trend | CHOW TAI FOOK (1929.HK) 5/4 Jewelry leader weakens, consumer recovery encounters cooling?

J.P. Morgan analyst Qian Yao has reaffirmed a Buy rating for Laopu Gold Co. Ltd. Class H (6181) as of April 28, with a price target set at HK$1,296.00. The stock has a consensus rating of Strong Buy among analysts, with an average price target of HK$997.91. Yao is ranked #6195 out of 12163 analysts according to TipRanks.

Tip Ranks

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

J.P. Morgan Sticks to Their Buy Rating for Laopu Gold Co. Ltd. Class H (6181)

159562

JPM's research report indicates a lower likelihood of LAOPU GOLDshare placement in the near term, despite a 22% decline in shares since April due to retail sales concerns and gold price volatility. The bank maintains an Overweight rating, citing resilient demand and upgraded distribution channels. JPM raised its earnings forecasts by 5% to 8% and set a target price of HKD1,296, reflecting a 19x forecast price-to-earnings ratio for next year, highlighting an attractive risk-reward profile.

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

JPM: Lower Likelihood of Share Placement by LAOPU GOLD  in Near Term; Attractive Valuation, Rated Overweight

As of yesterday's close, LAOPU GOLD (6181.HK)

Morning Trend | LAOPU GOLD (6181.HK) Approaching Resistance Level, Short-term Variables Increasing

06869

06809

01208

02476

00763

02714

06288

03750

06618

YOFC(06869) rose 17.16%, with a trading turnover 6.7 Billion HKD, and a year-to-date rose 378.1%. MONTAGE TECH(06809) rose 8.3%, with a trading turnover 580.9 Million HKD, and a year-to-date rose 109.9%. MUYUAN(02714) fell 6.14%, with a trading turnover 220.5 Million HKD, and a year-to-date rose 2.6%. FAST RETAIL-DRS(06288) fell 5.35%, with a trading turnover 63.9 Thousand HKD, and a year-to-date rose 26.2%.

- The Hang Seng Index fell by 1.22%, with a year-to-date increase of 2.1%, while the Hang Seng Technology Index decreased by 1.93%, reflecting a year-to-date decline of 10%.  
- Longi Green Energy (06869) rose by 17.16% with a transaction volume of 6.67 billion HKD, marking a cumulative increase of 378.1% for the year.  
- Meanwhile, companies like Yangtze Memory (06809) and Muyuan Food (02714) experienced mixed results, with Yangtze Memory increasing by 8.3% and Muyuan decreasing by 6.14%.

Top Gainers&Losers

YOFC

MONTAGE TECH

MUYUAN

FAST RETAIL-DRS

CATL

JD HEALTH

Top 5 HK Stock Gainers/Losers (>100B) (4.22)

Huachuang Securities analyst maintained a Buy rating on Laopu Gold Co. Ltd. Class H yesterday and set a price target of HK$806.00.Claim 30% 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 Laopu Gold Co. Ltd. Class H has an analyst consensus of Strong Buy, with a price target consensus of HK$994.64.

Polaris

Huachuang Securities Reaffirms Their Buy Rating on Laopu Gold Co. Ltd. Class H (6181)

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06862

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Most Hong Kong consumer stocks declined, with YUM China falling more than 5%, CHOW SANG SANG dropping over 4%, and LAOPU GOLD, ZHOU HEI YA, and HAIDILAO each falling more than 3%

Wallstreetcn

ZHOU HEI YA

HAIDILAO

YUM CHINA

CHOW SANG SANG

YUM China

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

Financial Analysis

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

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)

HULAOPU@EP2703A(29041.HK)

Citi Initiates 30-Day Upside Catalyst Watch on LAOPU GOLD , Sees Re-rating Potential

PRECIOUS METALS | Gold Bar Prices Show Mixed Trends Across Major Brands

G Sachs: LAOPU GOLD Brand Momentum Continues; Reiterate Buy Rating

Pre-market trend | CHOW TAI FOOK (1929.HK) 5/4 Jewelry leader weakens, consumer recovery encounters cooling?

J.P. Morgan Sticks to Their Buy Rating for Laopu Gold Co. Ltd. Class H (6181)