Distributors

Gold.com

Laopu Gold 

Conference Minutes

06181

GOLD

09618

89618

HJDD

00101

00010

HLPD

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

900905

600612

01929

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

K3SD

AAPL

603020

09866

02015

BIDU

89888

09888

HBUD

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

601339

BROS

01810

81810

XIACY

HXXD

PARA

01211

81211

HYDD

002594

BYDDF

BYDDY

09863

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

---

Robinhood

HOOD

AMZN

BITS

03066

03068

03009

03179

AMZU

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 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.

Gold.com Inc. releases new investor presentation on precious metal pricing and distribution strategy

DA Davidson Raises Gold.com Inc. Target Price to $60

Financial giants maintain optimistic view on Gold.com, call option trading active

Gold.com Reports Strong Q4 2025 Earnings, Announces North American Gold Asset IPO

Gold.com released FY2026 Q2 earnings on February 5 After-Market EST, actual revenue USD 6.477 B (forecast USD 3.024 B), actual EPS USD 0.46 (forecast USD 0.4725)

Gold.com released FY2026 Semi-Annual earnings on February 5 After-Market EST, actual revenue USD 10.16 B, actual EPS USD 0.42

Gold.com's Q2 Earnings Fall Short of Expectations

Neuberger Berman Income Funds - Neuberger High Yield Strategies Fund Inc.

Snail

Mint Incorporation

Arrive AI

Avanos Medical

Ambitions Enterprise

ESH ACQUISITION CORP COM USD0.0001 CL A (S/R 13/06/2028)

Mega Fortune

Tradr 2X Long BE Daily ETF

Perfect Moment

Pinned News

置顶新闻

As Oil Prices Oscillate at High Levels, Wells Fargo Advises: It's Time to Take Profits on Energy Stocks!

Gold.com(GOLD.US)

Gold.com Stock Performance Chart

Trending