On September 15, LAOPU GOLD fell 3.25% in regular trading, trading at HK$357.2/share, with turnover of HK$142 million, extending its recent downtrend.

The decline reflects continued pressure from multiple fronts. The company's Q2 performance retreated sharply from Q1, with net profit growth decelerating to 88% year-over-year from the prior 200-300% pace. Morgan Stanley trimmed its full-year net profit forecast by 2-3%, projecting H2 revenue to decline 11% year-over-year, implying H2 net profit growth of just 3%. JPMorgan, while maintaining an Overweight rating with an HK$891 target, estimated H2 revenue and earnings could fall approximately 24% and 21% year-over-year respectively due to elevated base effects, though it views the slowdown as cyclical rather than structural.

Adding to near-term sentiment headwinds, gold jewelry prices per gram recently fell below RMB 1,330, and controversy surrounding secondhand resale discounts of nearly 50% on the company's products has intensified scrutiny of its premium brand narrative. Bank of America maintained a Neutral stance, citing weak consumer sentiment and low earnings visibility despite undemanding valuations.

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