---
title: "Understanding the Market | LAOPU GOLD rose over 4% during trading, the impact of gold tax reform on gross margin is limited, and both major banks and management are optimistic about next year's prospects"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/265646176.md"
description: "LAOPU GOLD rose over 4% during trading, and as of the time of writing, it has increased by 2.12%, priced at HKD 673, with a transaction volume of HKD 408 million. JP Morgan released a research report stating that discussions with LAOPU GOLD regarding the new value-added tax (VAT) policy for gold jewelry, which will be implemented on November 1, indicate that the new VAT policy will lead to an increase in raw material costs of about 6%, putting pressure of 3-4 percentage points on the group's gross profit margin. However, management believes that considering inventory reserves and price adjustment mechanisms, the actual impact on gross profit margin may be limited. They are optimistic about the outlook for 2026, with a solid growth foundation, including an increase in average selling prices and new store expansions. Citigroup stated that LAOPU GOLD's management is confident about sales and gross profit margins for 2026, expecting high growth in revenue in the second half of 2025, and believes that the growth in 2026 will mainly come from this year's price adjustments, which will contribute to 20-30% growth, with new store sales contributing approximately 20% growth on an annualized basis, and same-store sales still having room for improvement. Management acknowledged that the gross profit margin in the second half of 2025 will be lower than in the first half, but believes that after price adjustments, it has rebounded to over 40%, and this growth will be mainly reflected in 2026"
datetime: "2025-11-13T05:51:03.000Z"
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  - [en](https://longbridge.com/en/news/265646176.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265646176.md)
---

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# Understanding the Market | LAOPU GOLD rose over 4% during trading, the impact of gold tax reform on gross margin is limited, and both major banks and management are optimistic about next year's prospects

According to Zhitong Finance APP, LAOPU GOLD (06181) rose over 4% during the session, and as of the time of writing, it is up 2.12%, trading at HKD 673, with a transaction volume of HKD 408 million.

JP Morgan released a research report stating that discussions with LAOPU GOLD regarding the new value-added tax (VAT) policy for gold jewelry implemented on November 1 indicate that the new VAT policy will lead to an increase in raw material costs of about 6%, putting pressure on the group's gross profit margin by 3-4 percentage points. However, management believes that considering inventory reserves and price adjustment mechanisms, the actual impact on gross profit margin may be limited. They are optimistic about the outlook for 2026, with a solid growth foundation, including an increase in average selling prices and new store expansions.

Citigroup stated that LAOPU GOLD's management is confident about sales and gross profit margins for 2026, expecting high revenue growth in the second half of 2025. They believe that the growth in 2026 will mainly come from this year's price adjustments, which will contribute 20-30% growth, with new store sales contributing approximately 20% growth on an annualized basis, and same-store sales still having room for improvement. Management acknowledged that the gross profit margin in the second half of 2025 will be lower than in the first half, but they believe it has rebounded to over 40% after the price adjustment, and this growth will be mainly reflected in 2026

### 相關股票

- [LAOPU GOLD (06181.HK)](https://longbridge.com/zh-HK/quote/06181.HK.md)

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