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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!'

LAOPU GOLD

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

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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!---

Today’s Key News Recap

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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

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NIO Inc. USD OV

NIO Inc

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Li Auto

Meta Platforms

Baidu

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BIDU-SW

Baidu HK SDR 10to1

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

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0302 | Dolphin Research Focus: 🐬 Macro/Industry1) Geopolitical tensions in the Middle East have flared, with US/Israel–Iran frictions escalating and risk aversion rising across global markets. As a result, international gold and silver opened broadly higher on Mon., with safe-haven assets bid. Geopolitics remains the key near-term catalyst for precious metals, as flight-to-safety inflows support gold and silver.2) With the Lunar New Year holiday and a slower spending cadence, the dual impact was evident. Feb deliveries among China EV startups were mixed...

Dutch Bros

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Xiaomi HK SDR 2to1

Paramount Global

Warner Bros. Discovery

BYD COMPANY

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

LEAPMOTOR

Netflix

BOYD Gaming

Haven Rush Ignites Gold & Silver; BYD to Host 'Disruptive Tech' Press Event｜Daily News Recap

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BITS

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Stocks, virtual assets, tokens, private equity, social... all need to be done

Amazon

Global X Blockchain & Bitcoin Strategy ETF

FA CSOP BTC

FA CSOP ETH

BOS HSK ETH

HGI ETH

Direxion Daily AMZN Bull 2X Shares

Ameriprise Financial

Robinhood (Minutes): Not only to trade, but also to be the 'origin' of trading ideas

After the market closed yesterday, Lao Pu announced its second rights issue of the year. Coupled with the recent decline in gold prices, this has triggered a continuous pullback in Lao Pu's stock price. So, how should we view this rights issue by Lao Pu? Dolphin Research will briefly discuss:First, compared to the first rights issue in May, although the total fundraising amount is similar (around HKD 2.7 billion), this time Dolphin Research estimates that the discount rate is only 4.5%, and the placement size accounts for 2.6% of the expanded total share capital (the discount rate in May was 8%, accounting for 3.2% of the total share capital). Therefore, in terms of the dilution ratio to the stock price, it is obviously more friendly to investors. As for the use of the proceeds, unlike the 80% of funds in May that were used for store expansion, location optimization, and personnel expansion, this time 70% of the funds will be used to purchase inventory (gold) (only 10% for store expansion), making the use of funds more focused. The question is, why is Lao Pu raising funds to buy inventory at this time?In fact, the reason is quite straightforward—both inventory and cash are insufficient! We can do a simple calculation: Lao Pu's revenue in the second half of 2024 was RMB 5.3 billion, corresponding to year-end inventory of RMB 4 billion, while Lao Pu's revenue in the first half of 2025 was RMB 12.3 billion, corresponding to inventory of RMB 8.5 billion. This means that during the high growth phase of Lao Pu's revenue, the ratio of inventory to revenue must remain basically consistent to ensure no supply issues (inventory/revenue at around 70%-75%). According to last year's operating pace, if revenue in the second half of the year reaches RMB 18 billion, it means that inventory must be at least RMB 13.5 billion to match. As of the first half of 2025, Lao Pu's inventory was only RMB 8.7 billion, and an additional RMB 5 billion in inventory is needed in the second half of the year. However, Lao Pu's current cash on hand is only RMB 2.5 billion, meaning the remaining RMB 2.5 billion gap can only be filled through external financing, which aligns with the proportion of this rights issue.Additionally, from the profit side, due to the recent surge in gold prices, Lao Pu announced on October 17th that it would implement its third price increase of the year starting from the 26th, with an expected increase of about 15%. Combined with the previous two increases (10% in February, 12% in August), the overall price increase for the year is close to 40%. At this rate, the gross profit margin in the second half of the year should remain stable.Therefore, based on the above analysis, as long as Lao Pu can use this rights issue to stockpile inventory and continue to achieve high turnover from inventory to sales, while gradually strengthening its brand power, it is a positive move from an operational perspective. Finally, from a valuation perspective, after the previous decline, the current performance of Lao Pu corresponding to 2026 is only about 17x. According to Dolphin Research's revised model based on the interim report, the DCF valuation exceeds HKD 170 billion, with an upside potential of over 40%. Whether to invest ultimately depends on whether Lao Pu can attract more consumers to focus on its logo rather than its design and the underlying gold price during this main upward wave of gold prices.

Urban Edge Properties

Hasbro

Pathward Fin

AMTD Digital

Gold.com CEO Sells Shares After Exercising Options

Tether Global Investments Fund Subsidiary Acquires Gold.com Shares for $23.6 Million

Gold.com released FY2026 9 Months Earnings on May 6 After-Market EST, Actual Revenue USD 20.51 B, Actual EPS USD 2.51

Gold.com released FY2026 Q3 earnings on May 6 After-Market EST, actual revenue USD 10.35 B (forecast USD 4.809 B), actual EPS USD 2.09 (forecast USD 1.275)

Gold.com Inc Reports Third Quarter Earnings

Gold.com to release FY2026 Q3 earnings on May 6 After-Market EST, forecast revenue USD 4.809 B, EPS USD 1.275

Nations Financial Group Invests in Gold.com

Gold.com Inc Increases Share Repurchase Plan

Gold.com director sells stocks

Gold.com Director Benjamin Jeffrey D Sells 25,000 Common Shares

Gold.com Inc. EVP Disposes of Common Stock

Gold.com Director Benjamin Jeffrey D Sells 50,000 Shares of Common Stock

Jeffrey D. Benjamin sold common stock of Gold.com Inc.

Gold.com Inc. revises credit agreement, increases credit limit to $427.5 million

Gold.com Inc. Submits Beneficial Ownership Statement Confirming Tether Global Investments Fund as Beneficial Owner

Gregory Roberts Sells 20,117 Shares of Gold.com Inc., Leaving with 28,202 Shares

Gold.com Director Jess Ravich Sells Significant Shares

Beverley Lepine Sells Common Stock of Gold.com Inc.

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

Ordinary dividend (cash)

Ex Date: Today 2026.05.20 (EST), Cash dividend 0.2 USD

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Gold prices are under pressure, with spot gold falling 0.3% to $4,467.59 and US gold futures down 0.9% to $4,471.10. The decline is attributed to rising US Treasury yields and a stronger dollar, which increase the opportunity cost of holding non-yielding gold. Despite these challenges, geopolitical risks and high oil prices keep the long-term bullish case for gold intact, as investors await signals from the Federal Reserve.

Invezz

Newmont

Kinross Gold

ZHONGJIN GOLD

Agnico Eagle Mines

SD-GOLD

Sprott JR Gold Miners ETF

Us Gbl GLD & Met

ChinaAMC Gold ETF

EFUND GOLD MI ETF

GLOBAL X Gold Explorers

Sprott GLD Miners Etf

VanEck Gold Miners ETF

EFUND GOLD MI-R

Direxion Daily Gold Miners Bull 2X

Direxion Daily Jr Gold Miners Bull 2X

EFUND GOLD MI-U

VanEck Junior Gold Miners ETF

SPDR Gold Shares

Gold prices weaken: two big reasons bullion is under pressure

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European stock futures fell as U.S. stocks retreated and bonds sold off amid inflation concerns linked to rising oil prices. A Bank of America report indicated a record rise in equity allocations. The U.S. dollar strengthened ahead of Fed minutes, while U.S. Treasurys remained steady despite selling pressure. Oil prices dipped amid geopolitical tensions, and gold fell due to higher yields and a firm dollar. Iron ore prices declined, reflecting concerns over China's infrastructure investment and potential impacts on steel exports.

- European stock futures are lower due to retreats in Asia and U.S. stocks, with concerns over rising oil prices and inflation remaining high.  
- Bank of America's report shows a record increase in equity allocations, while geopolitical tensions impact commodities like gold and oil.  
- The UN predicts weakened global economic growth, attributing the slowdown to ongoing Middle East conflicts affecting energy prices.

Gold.com(GOLD.US)

Gold prices weaken: two big reasons bullion is under pressure

EMEA Morning Briefing: Bond Selloff Deepens

Wall St slips as inflation fears push yields higher

High oil prices suppress the global economy, and the market is expected to shift towards stagflation, which will be favorable for gold

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