Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$496, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Total loss to shareholders of 35% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$893 per share. Upcoming Dividend • May 05
Upcoming dividend of CN¥11.95 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 08 July 2026. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Hong Kong dividend payers (6.8%). In line with average of industry peers (4.7%). Major Estimate Revision • Mar 30
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥36.8b to CN¥41.7b. EPS estimate increased from CN¥39.05 to CN¥45.73 per share. Net income forecast to grow 66% next year vs 5.9% growth forecast for Luxury industry in Hong Kong. Consensus price target broadly unchanged at HK$1,010. Share price rose 10% to HK$617 over the past week. Declared Dividend • Mar 25
Final dividend of CN¥11.95 announced Shareholders will receive a dividend of CN¥11.95. Ex-date: 12th May 2026 Payment date: 8th July 2026 Dividend yield will be 3.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 90% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥28.35 (up from CN¥9.47 in FY 2024). Revenue: CN¥27.3b (up 221% from FY 2024). Net income: CN¥4.87b (up 231% from FY 2024). Profit margin: 18% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Buy Or Sell Opportunity • Mar 23
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to HK$559. The fair value is estimated to be HK$741, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 228% over the last year. Earnings per share has grown by 226%. Revenue is forecast to grow by 134% in 2 years. Earnings are forecast to grow by 142% in the next 2 years. Announcement • Mar 11
Laopu Gold Co., Ltd. to Report Fiscal Year 2025 Results on Mar 23, 2026 Laopu Gold Co., Ltd. announced that they will report fiscal year 2025 results on Mar 23, 2026 Buy Or Sell Opportunity • Jan 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to HK$788. The fair value is estimated to be HK$656, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 228% over the last year. Earnings per share has grown by 226%. Revenue is forecast to grow by 126% in 2 years. Earnings are forecast to grow by 135% in the next 2 years. Announcement • Nov 18
Laopu Gold Co., Ltd. Approves Interim Dividend for the Six Months Ended June 30, 2025, Payable on January 15, 2026 The Board of Laopu Gold Co., Ltd. announced that the EGM was convened on November 18, 2025, approved an interim dividend of RMB 9.59 per share of the Company for the six months ended June 30, 2025 will be paid in RMB for unlisted Shares, Hong Kong Stock Connect shares and H-Share "Full Circulation" shares, and in HKD for other H Shares respectively on January 15, 2026 to the Shareholders whose names shall appear on the register of members of the Company on November 27, 2025. The relevant exchange rate for conversion calculated by the average of the RMB/Hong Kong dollar central parity rates of the five business days prior to November 18, 2025 as quoted by the People's Bank of China was HKD 100 to RMB 91.15. Accordingly, the amount of the Interim Dividend payable per H Share is HKD 10.52. Also considered and approved the proposed adoption of the Dividend Policy. Upcoming Dividend • Nov 13
Upcoming dividend of CN¥9.59 per share Eligible shareholders must have bought the stock before 20 November 2025. Payment date: 15 January 2026. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Hong Kong dividend payers (6.6%). Lower than average of industry peers (3.8%). Announcement • Oct 30
Laopu Gold Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 2.718856 billion. Laopu Gold Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 2.718856 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 3,711,800
Price\Range: HKD 732.49
Transaction Features: Subsequent Direct Listing Announcement • Oct 22
Laopu Gold Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 2.718856 billion. Laopu Gold Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 2.718856 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 3,711,800
Price\Range: HKD 732.49
Transaction Features: Subsequent Direct Listing Buy Or Sell Opportunity • Oct 16
Now 22% overvalued Over the last 90 days, the stock has fallen 5.7% to HK$804. The fair value is estimated to be HK$661, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 228% over the last year. Earnings per share has grown by 226%. Revenue is forecast to grow by 118% in 2 years. Earnings are forecast to grow by 133% in the next 2 years. Reported Earnings • Sep 30
First half 2025 earnings released: EPS: CN¥13.38 (vs CN¥4.11 in 1H 2024) First half 2025 results: EPS: CN¥13.38 (up from CN¥4.11 in 1H 2024). Revenue: CN¥12.4b (up 251% from 1H 2024). Net income: CN¥2.27b (up 286% from 1H 2024). Profit margin: 18% (up from 17% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Buy Or Sell Opportunity • Sep 09
Now 23% overvalued Over the last 90 days, the stock has fallen 5.5% to HK$817. The fair value is estimated to be HK$665, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 228% over the last year. Earnings per share has grown by 226%. Revenue is forecast to grow by 111% in 2 years. Earnings are forecast to grow by 126% in the next 2 years. Announcement • Aug 23
Laopu Gold Co., Ltd. Proposes Interim Dividend for the Six Months Ended 30 June 2025, Payable on 15 January 2026 Laopu Gold Co., Ltd. proposed interim dividend of RMB 9.59 per share for the six months ended 30 June 2025. Date of shareholders' approval is 18 November 2025. Ex-dividend date is 20 November 2025, Record date is 27 November 2025 and Payment Date is 15 January 2026. Announcement • Aug 22
Laopu Gold Co., Ltd. Proposes Dividend Policy The board of directors of the Laopu Gold Co., Ltd. announced that the Board has approved the proposed adoption of the following dividend policy on August 20, 2025, with an aim of providing stable and reasonable returns to the shareholders of the Company (the "Shareholders"). The Dividend Policy shall be subject to the consideration and approval by the Shareholders' meetings of the Company. Dividend policy: 1. Purpose: The board of directors (the "Board") of Laopu Gold Co., Ltd. (the "Company") is committed to maintaining the balance between shareholders' expectations and prudent capital management with a sustainable dividend policy (the "Policy"), while providing shareholders with foreseeable and reasonable returns. 2. Principles: The Company shall distribute dividends twice per annum. The amount of each dividend distribution by the Company shall be 50% of the accumulated undistributed profits recorded in the consolidated financial statements as of the end of the current period, and the distribution shall be made in cash. When proposing the declaration of dividends, the Board shall mainly consider the following factors: the characteristics of the industry, stage of corporate development, business strategy, business model, profitability, existence of significant capital expenditure plans, as well as any other conditions or factors deemed relevant by the Board. 3. Dividend Distribution Procedures and Statement The implementation of the Policy, and any future declaration and/or payment of dividends under the Policy, shall be subject to the Board's continuing assessment as to whether the Policy and the declaration and/or payment of dividends are in the best interests of the Company and its shareholders, as well as whether they comply with all applicable laws and regulations. The declaration and payment of dividends shall be approved and made in accordance with all applicable laws and regulations and the articles of association of the Company (as amended from time to time). After the resolution on the dividend distribution plan is adopted at the shareholders' meeting of the Company, or after the Board formulates a specific plan in accordance with the conditions and upper limits for dividend distributions other than annual dividend distribution as considered and approved by the shareholders' meetings, the Company shall complete the payment of the dividend distribution within two months. Any dividends that remain unclaimed after the expiry of applicable limitation period shall be forfeited by the Company in accordance with its articles of association or applicable provisions. The Policy shall in no way constitute a legally binding commitment by the Company with respect to its future dividends, and/or an obligation on the part of the Company to declare dividends at any time or from time to time. The Company makes no guarantee to pay any specific amount of dividends in any specified year. 4. Review of the Policy The Board will conduct regular reviews of the implementation and effectiveness of the Policy, ensuring its ongoing alignment with the Company's needs, while reflecting prevailing regulatory requirements and good corporate governance practices, and shall discuss and consider any amendments deemed necessary. 5. Supplementary Provisions The full text of the Policy shall be published on the Company's website. A summary of the Policy shall be partially disclosed in periodic reports of the Company. The Policy shall take effect from the date of approval by the shareholders' meetings of the Company". Reported Earnings • Aug 21
First half 2025 earnings released: EPS: CN¥13.38 (vs CN¥4.11 in 1H 2024) First half 2025 results: EPS: CN¥13.38 (up from CN¥4.11 in 1H 2024). Revenue: CN¥12.4b (up 251% from 1H 2024). Net income: CN¥2.27b (up 286% from 1H 2024). Profit margin: 18% (up from 17% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Announcement • Aug 09
Laopu Gold Co., Ltd. to Report Q2, 2025 Results on Aug 20, 2025 Laopu Gold Co., Ltd. announced that they will report Q2, 2025 results on Aug 20, 2025 Buy Or Sell Opportunity • Aug 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to HK$795. The fair value is estimated to be HK$653, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to grow by 40% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Major Estimate Revision • Jul 29
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from CN¥25.71 to CN¥28.95. Revenue forecast unchanged at CN¥25.2b. Net income forecast to grow 223% next year vs 6.2% growth forecast for Luxury industry in Hong Kong. Consensus price target of HK$1,028 unchanged from last update. Share price fell 10% to HK$749 over the past week. Buy Or Sell Opportunity • May 21
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 71% to HK$801. The fair value is estimated to be HK$638, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to grow by 38% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. Announcement • May 16
Laopu Gold Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 2.7153 billion. Laopu Gold Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 2.7153 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 4,310,000
Price\Range: HKD 630
Transaction Features: Subsequent Direct Listing Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥9.47 (up from CN¥3.03 in FY 2023). Revenue: CN¥8.51b (up 168% from FY 2023). Net income: CN¥1.47b (up 254% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.4%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to HK$685, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$567 per share. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 154% to HK$685. The fair value is estimated to be HK$567, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to grow by 38% per annum. Earnings are also forecast to grow by 40% per annum over the same time period. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Hong Kong stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 33% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥13.9b to CN¥18.5b. EPS estimate increased from CN¥14.36 to CN¥21.10 per share. Net income forecast to grow 139% next year vs 11% growth forecast for Luxury industry in Hong Kong. Consensus price target up from HK$576 to HK$882. Share price rose 9.7% to HK$800 over the past week. Announcement • Apr 01
Laopu Gold Co., Ltd. Proposes Final Ordinary Cash Dividend for the Year Ended 31 December 2024, Payable on 02 July 2025 Laopu Gold Co., Ltd. proposed final ordinary cash dividend of RMB 6.35 per share for the year ended 31 December 2024, payable on 02 July 2025. Record date is 29 May 2025. Ex-dividend date is 22 May 2025. Date of shareholders' approval is 20 May 2025. Announcement • Mar 17
Laopu Gold Co., Ltd. to Report Fiscal Year 2024 Results on Mar 31, 2025 Laopu Gold Co., Ltd. announced that they will report fiscal year 2024 results on Mar 31, 2025 Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥7.60b to CN¥8.06b. EPS estimate increased from CN¥7.59 to CN¥8.42 per share. Net income forecast to grow 114% next year vs 16% growth forecast for Luxury industry in Hong Kong. Consensus price target up from HK$373 to HK$502. Share price rose 18% to HK$532 over the past week. Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥7.54b to CN¥7.90b. EPS estimate increased from CN¥7.36 to CN¥8.19 per share. Net income forecast to grow 104% next year vs 16% growth forecast for Luxury industry in Hong Kong. Consensus price target up from HK$346 to HK$483. Share price rose 11% to HK$549 over the past week. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$337, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$203 per share. New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (56% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$244, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$218 per share. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$236, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$219 per share. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$190, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 9x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$301 per share. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$186, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Simply Wall St's valuation model estimates the intrinsic value at HK$310 per share. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to HK$151, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$108, the stock trades at a trailing P/E ratio of 20.5x. Average forward P/E is 7x in the Luxury industry in Hong Kong. Reported Earnings • Aug 31
First half 2024 earnings released First half 2024 results: EPS: CN¥4.11. Net income: CN¥587.8m (up CN¥587.8m from 1H 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Luxury industry in Hong Kong. Announcement • Aug 16
Laopu Gold Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 Laopu Gold Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Board Change • Jul 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Tak Wah See was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 
