Laopu Gold (06181) staged a rebound of more than 5% during Friday's trading session, with shares climbing 5% to HK$373.5 at the time of writing, on turnover of HK$232 million.

On the news front, Laopu Gold had previously released its interim results. Based on calculations from its first-quarter earnings guidance, its second-quarter revenue is projected to be approximately 2.3 billion to 3.3 billion yuan, with net profit ranging from 467 million to 667 million yuan.

Where to begin with the outlook

Pacific Securities believes that although the second quarter of 2026 saw a temporary slowdown in growth momentum due to falling gold prices and front-loaded demand, the company's growth drivers remain robust, supported by store optimization, deep penetration into the high-net-worth customer base, and strong contributions from both online channels and overseas expansion. The brokerage expects the company to sustain its high-growth trajectory going forward.

Meanwhile, JPMorgan's research note also indicated that the second-quarter sales slowdown appears more cyclical than structural in nature. While near-term sales performance will continue to depend on gold price movements, with the Mid-Autumn Festival and National Day holiday period serving as the next key observation point, the bank believes the company's brand competitiveness and medium-to-long-term profitability remain fundamentally solid.

The bank stated that Laopu Gold's earnings are expected to gradually recover, climbing from approximately 600 million yuan in the second quarter to around 800 million yuan in the third quarter and approximately 1.2 billion yuan in the fourth quarter.