Shares of LAOPU GOLD (06181) climbed more than 9% during the session. As of writing, the stock is up 8.39%, trading at HK$405.80 with a turnover of HK$446 million.

In a research note, Nomura stated that LAOPU GOLD's management indicated during an investor conference call that second-quarter sales this year were impacted by the decline in gold prices. During the period, the company implemented countermeasures, such as introducing more attractive rebates and gifts, launching new products at more affordable price points, and providing support and promotions for high-end clients, with satisfactory results. These measures are set to be expanded to more stores in the second half of the year.

Nomura expressed continued confidence in LAOPU GOLD's long-term growth prospects. However, due to a slower-than-expected recovery in second-quarter sales growth, the firm has lowered its performance forecasts, valuation benchmarks, and target price, while maintaining its "Buy" rating.