On July 28, LAOPU GOLD fell 15% in regular trading. The sell-off was triggered by the company's H1 positive profit alert released on July 27, which revealed a significant sequential slowdown in Q2 and actual growth rates well below analyst expectations.

The company forecast H1 non-IFRS adjusted net profit of approximately RMB 4.31 billion to 4.36 billion, up 83% to 85% year-over-year, with revenue of RMB 19.8 billion to 20.5 billion, up 60% to 66%. While year-over-year growth remains robust, Q2 revenue declined materially from Q1 on a sequential basis, falling notably short of UBS's prior forecast of 93% revenue growth and 118% net profit growth for the half. The deceleration was attributed to gold price declines during Q2, which dampened consumer spending. Management indicated it has implemented promotional measures including more attractive purchase incentives and lower-priced new products to counter the headwind. Goldman Sachs had previously flagged that the company's Tmall flagship store sales plunged 63% year-over-year in Q2, reversing a 155% surge in Q1.

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