According to a report published by Macquarie, the revenue of the old store Gold increased 60-66% year-on-year in the first half of the year, 17-19% lower than the bank's forecast; non-IFRS adjusted net profit increased 83-85% year over year, 27% lower than the bank's forecast. The estimated revenue for the second quarter was approximately $2.3 billion to $3.95 billion, and net profit was only $510 million to $760 million. The bank believes that same-store sales growth in the second half of the year may still face downside risks due to high base figures, unstable gold prices, increased competition, and inventory speculators. The bank maintained its “outperforming the market” rating. The target price was lowered by 39% to HK$275 due to lower same-store sales and profit margin forecasts for the next quarter. The bank expects that gross margin will still have room to decline, as low-cost gold raw materials may have been exhausted, and under weak demand, gold and jewelry market promotions may become more intense. The company plans to focus on new product launches and high-value customer management, which may drive up operating expenses and thus drag down operating profits. The bank lowered its 2026-28 net profit forecast by 39% to 41%, respectively, to reflect lower than expected results for the first half of the year and more conservative assumptions about same-store sales and profit margins.

According to a report published by Macquarie, the revenue of the old store Gold increased 60-66% year-on-year in the first half of the year, 17-19% lower than the bank's forecast; non-IFRS adjusted net profit increased 83-85% year over year, 27% lower than the bank's forecast. The estimated revenue for the second quarter was approximately $2.3 billion to $3.95 billion, and net profit was only $510 million to $760 million. The bank believes that same-store sales growth in the second half of the year may still face downside risks due to high base figures, unstable gold prices, increased competition, and inventory speculators. The bank maintained its “outperforming the market” rating. The target price was lowered by 39% to HK$275 due to lower same-store sales and profit margin forecasts for the next quarter. The bank expects that gross margin will still have room to decline, as low-cost gold raw materials may have been exhausted, and under weak demand, gold and jewelry market promotions may become more intense. The company plans to focus on new product launches and high-value customer management, which may drive up operating expenses and thus drag down operating profits. The bank lowered its 2026-28 net profit forecast by 39% to 41%, respectively, to reflect lower than expected results for the first half of the year and more conservative assumptions about same-store sales and profit margins.