On August 31, LAOPU GOLD fell 7.08% in regular trading, trading at 390.6 HKD/share, with turnover of 118 million HKD.

On the news front, Chairman Xu Gaoming explicitly stated in a recent interview that the company would not pursue share buybacks or stake increases to support its stock price, emphasizing that strong business operations and product innovation are the best responses to investor concerns. He also denied allegations of hiring people to queue at stores to create a false sense of demand.

The company reported H1 revenue of 19.81 billion yuan (+60.3% YoY) and adjusted net profit of 4.32 billion yuan (+83.6% YoY). However, Q2 performance deteriorated sharply on a sequential basis, with net profit plunging over 80% QoQ. Management attributed the slowdown to gold price volatility following a February price adjustment and weakened consumer sentiment. Additionally, secondary market resale values have drawn scrutiny, with some items reportedly trading at nearly half their original purchase price, raising questions about the sustainability of the brand's premium pricing power. Bank of America maintained a Neutral rating while raising its target price to 399 HKD, citing low earnings visibility amid soft consumption and intensifying competition.

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