On July 15, Laopu Gold rose 3.1% in regular trading, trading at 384.8 HKD/share, with turnover of HKD 123 million.

On the news front, Goldman Sachs slashed its target price from HKD 1,108 to HKD 650 but maintained a Buy rating, implying approximately 69% upside from the current price. UBS, Citi, and CICC have also recently voiced support, broadly agreeing that Laopu Gold shares are oversold and that Q2 results likely represent the annual trough. UBS noted that even if gold prices remain weak, new store contributions should offset same-store sales pressure. CICC projected that gross margins will improve significantly, benefiting from price hikes and low inventory costs. Goldman Sachs tracking data showed that Tmall flagship store sales fell 63% year-over-year in Q2, yet the bank still forecasts H1 net profit of RMB 4.7 billion and full-year earnings of RMB 8 billion, with H2 gross margins potentially reaching 48%.

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