Changes in Hong Kong stocks | Old Shop Gold (06181) opened nearly 13% lower, net profit in the first half of the year increased by more than 80% year-on-year, and second-quarter results declined significantly month-on-month

The Zhitong Finance App learned that Old Shop Gold (06181) was nearly 13% lower. As of press release, it fell 12.97% to HK$345, with a turnover of HK$29.325 million.

According to the news, Laopu Gold released a positive profit forecast. Revenue for the first half of the year was 22.7 billion yuan to 23.35 billion yuan, up about 60% to 65% year on year; net profit is expected to be about 4.31 billion yuan to 4.36 billion yuan, up about 83% to 85% year on year. According to preliminary financial data for the first quarter previously released by the company, it is estimated that revenue for the second quarter was 2.3 billion yuan to 3.95 billion yuan, and net profit was 510 million yuan to 760 million yuan, a sharp decline from the previous quarter.

CICC said that the operating performance of long-established gold stores in a volatile environment will be a litmus test for high-end brand narratives and capital market confidence. Considering the negative impact of fluctuations in gold prices on demand, the 2026/27 EPS forecast was lowered by 14%/26% to 39/42 yuan. The current stock price corresponds to 9/8 times the 2026/27 price-earnings ratio. The dividend rate is expected to be about 9% in 2026, which is at a high level, maintaining an outperforming industry rating. The target price was lowered by 44% to HK$604.48, taking into account the decline in the industry's valuation center.