Changes in Hong Kong stocks | Old Shop Gold (06181) fell more than 5%. Second quarter results were affected by falling gold prices, and short-term sales performance still depended on gold price trends

The Zhitong Finance App learned that Old Shop Gold (06181) fell by more than 5%. As of press release, it fell 5.73% to HK$365.4, with a turnover of HK$215 million.

According to news, in the first half of this year, Laosou Gold achieved revenue of 19.808 billion yuan, an increase of 60.3% year on year; net profit to mother of 4.267 billion yuan, up 88.2% year on year; adjusted net profit of 4.317 billion yuan, up 83.6% year on year. According to previous announcements, the company's revenue range for the first quarter of this year was 165-17.5 billion, and net profit was 3.6 to 3.8 billion yuan. Based on this calculation, revenue for the second quarter was about 2.33 billion yuan and net profit of about 467-667 million yuan. Affected by the rapid decline in gold prices during the quarter, the second-quarter results fell significantly from month to month.

It is worth noting that recent inflation and oil prices have boosted expectations of interest rate hikes, putting pressure on precious metals. Galaxy Securities previously stated that old stores are currently in the light luxury stage, their pricing power is weaker than that of top international luxury brands, and their performance is related to strong gold prices. J.P. Morgan still expects the old gold store's performance to gradually pick up. The profit for the third and fourth quarter is expected to be about 800 million yuan and 1.2 billion yuan. Although short-term sales performance still depends on gold price trends, the Mid-Autumn Festival and National Day holidays will be the next key observation point.