Major Estimate Revision • Jul 28
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥40.5b to CN¥35.9b. EPS estimate fell from CN¥46.91 to CN¥42.05 per share. Net income forecast to grow 47% next year vs 7.2% growth forecast for Luxury industry in Hong Kong. Consensus price target down from HK$774 to HK$707. Share price fell 19% to HK$302 over the past week. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$302, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 58% over the past year. Announcement • Jul 27
Laopu Gold Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ended June 30, 2026 Laopu Gold Co., Ltd. provided consolidated earnings guidance for the six months ended June 30, 2026. For the period, the Group expects to achieve sales (tax-inclusive revenue) in the range of approximately RMB 22,700 million to RMB 23,350 million, representing an increase of approximately 60% to 65% as compared to the six months ended June 30, 2025. Revenue is expected to be in the range of approximately RMB 19,800 million to RMB 20,450 million, representing an increase of approximately 60% to 66% as compared to the corresponding period of the previous year. To the best knowledge of the Board, the above increases in revenue and non-IFRS adjusted net profit were mainly due to: (i) the continuous expansion of brand influence, leading to the absolute market advantage of the Group which resulted in a growth of the Group's overall revenue; (ii) the continuing optimization and iteration of the Group's products which ensured the sustained growth in the Group's revenue; and (iii) the improvement in high-value customer consumption, gold ornaments and vessels consumption, repurchase rate and etc. which drove the growth of the Group's performance.