Laopu Gold (6181.HK): Gold price weighs on sales yet supports margin; cut earnings/TP on growth deceleration but remain Buy rated

研报英文原文证据摘录

Laopu Gold (6181.HK): Gold price weighs on sales yet supports margin; cut earnings/TP on growth deceleration but remain Buy rated

Equity Research

10 July 2026 | 10:09PM HKT

Laopu Gold (6181.HK): Gold price weighs on sales yet supports margin;

cut earnings/TP on growth deceleration but remain Buy rated

Since Laopu’s price hike on Feb 28th, the gold price has corrected by >20% to Xinyu Ruan

+852-2978-7347 | xinyu.ruan@gs.com

~US$4,100/oz, which has weighed on Laopu’s sales performance as a fixed Goldman Sachs (Asia) L.L.C.

price-based player. Based on our tracker, Laopu’s Tmall flagship store sales declined Michelle Cheng

by 63% yoy in 2Q26 compared to 155% yoy growth in 1Q26 with pressure during +852-2978-6631michelle.cheng@gs.com|

618 from a high base/with offline dilution; while we expect the overall offline sales Goldman Sachs (Asia) L.L.C.

Molly Daiperformance to be better than online and continuous customer acquisition should +852-3966-4000 | molly.dai@gs.com

still provide support, the relatively price sensitive demand (including reseller Goldman Sachs (Asia) L.L.C.

demand) also contributed to the high base last year and we expect it to be relatively

weak, with Laopu’s per gram price at high DD% to >100% premium to weight based

product currently. We also note weight-based products have been outperforming

amid the gold price pull back, where both Chow Tai Fook and Luk Fook saw solid

SSSG in 2Q driven by strong growth of fixed priced products.

On the positive side, we note Laopu’s brand popularity remains healthy and ahead of

other heritage gold-focused brands, evidenced by an increase in

followers/discussions on social media platforms. The company has been testing

LSD%-MSD% lower price via new products/allowing stacks of membership discount