On July 17, Laopu Gold declined 6% in regular trading to HK$351, erasing gains from earlier this week as selling pressure resumed.

The stock continues to face headwinds from deteriorating sales data and gold price weakness. Goldman Sachs recently slashed its target price from HK$1,108 to HK$650, citing tracking data showing Laopu Gold's Tmall flagship store sales plunged 63% year-over-year in Q2, reversing 155% growth in Q1. The decline was attributed to high base effects from the prior year's 618 shopping festival and cannibalization from offline channels. Goldman cut its full-year earnings forecast by 9% to RMB 8 billion, with 2027-2028 estimates reduced 19%-22%.

Gold prices have retreated over 25% from their early-year highs, directly pressuring Laopu's fixed-price model. Citigroup noted price-sensitive customers are defecting as the company's premium over traditional jewelers has widened to approximately 60%. The stock has now fallen over 54% from its 52-week high of HK$884.35.

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