On June 29, Laopu Gold fell 3.07% in regular trading, trading at 358.2 HKD/share, hitting a new correction low with turnover of approximately 83.08 million HKD.

On the news front, international gold prices recently broke below the $4,000 mark, retreating over 25% from the annual high, placing sustained pressure on the gold jewelry sector. Citi recently cut its target price on Laopu Gold from 700 HKD to 659 HKD, noting that both Q2 SKP promotions and Tmall 618 campaigns showed weak performance. The bank highlighted that price-sensitive customers have accelerated their departure after product premiums surged to approximately 60% above peers, with the two major channels' revenue share declining from 30% to about 20%. At the industry level, domestic gold jewelry prices have fallen below 1,300 RMB per gram across the board, while mainland gold jewelry consumption plunged 37.1% year-over-year. UBS separately noted that the stock has largely priced in sales pressure, with gross margin improvement to approximately 41% and a potential free cash flow inflection point being underappreciated.

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