On June 30, Laopu Gold fell 3.17% in regular trading, trading at 353.2 HKD/share, with turnover of 36.41 million HKD, extending its recent downtrend.

On the news front, international gold prices recently broke below the $4,000/oz threshold, retreating over 25% from the yearly high, placing sustained pressure on the gold jewelry sector. Citibank lowered its target price on Laopu Gold from 700 HKD to 659 HKD, citing weak performance during Q2 SKP promotions and Tmall 618 campaigns. The broker noted that the company's product premium, approximately 60% above peers, has accelerated the loss of price-sensitive customers, with related channel contributions declining from 30% to approximately 20%. At the industry level, domestic gold jewelry consumption plunged 37.1% year-over-year, with per-gram gold jewelry prices falling below 1,300 RMB across the board. Separately, CICC maintained a buy rating, estimating Q2 as the likely trough for the year, with margin improvements expected from earlier price hikes of 25%-30% and low inventory costs.

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