---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43584650.md"
description: "Lao Pu Gold H1'26 First Take: headline revenue was mediocre, landing at the low end of prior guidance, pointing to weaker-than-expected June sales.By mix, online and overseas channels materially beat Dolphin Research's prior view, with online share hitting a new high.Profit delivery was solid, aided by low-cost gold inventory stocked in H2 last year and a Feb price hike, bringing GPM back to prior peaks.On opex, as brand momentum strengthened, leading malls lowered take rates in H1, trimming the opex ratio; core OPM hit a record high.Separately, inventory has reached RMB 19bn, indicating heavy restocking in H1 at higher gold prices and lifting the blended inventory cost.This suggests GPM could see notable pressure in H2.$LAOPU GOLD(06181.HK)"
datetime: "2026-08-25T10:10:56.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43584650.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43584650.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43584650.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Lao Pu Gold H1'26 First Take: headline revenue was…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**