On June 22, Lao Pu Gold declined 4.06% in regular trading, trading at 437.8 HKD/share with turnover of 34.23 million HKD, continuing its recent downward trajectory.

On the news front, international gold prices remain in a deep correction, with spot gold retreating over 20% from its annual high, broadly pressuring the gold jewelry sector. Citibank previously slashed its target price on Lao Pu Gold from 1,162 HKD to 700 HKD, noting that the company's premium over traditional gold jewelers has exceeded 55% following its February price hike. The bank also flagged weaker-than-expected Tmall 618 performance and estimated that national store sales declined approximately 30% year-over-year in March and April, attributing the weakness to price-sensitive customer attrition. Meanwhile, JPMorgan maintained that the market is underestimating the company's proactive measures to navigate gold price volatility cycles, including flexible product launches and channel upgrades, reiterating an Overweight rating.

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