On September 2, LAOPU GOLD fell 4.39% in regular trading, trading at 372.8 HKD/share, with turnover of approximately 36.3 million HKD. The decline follows a confluence of negative catalysts including multiple investment bank earnings downgrades and concerns over a sharp sequential deterioration in second-quarter performance.

Morgan Stanley lowered its net profit forecasts for the current and next fiscal year by 2-3%, now projecting full-year net profit growth of 42% to 6.9 billion yuan, implying only 3% year-over-year growth in the second half. The bank also expects second-half revenue to decline 11% year-over-year, citing low demand visibility largely dependent on gold price trends. Separately, Bank of America maintained a neutral rating, flagging weak consumer sentiment and intensifying competition as headwinds to earnings visibility, while trimming its EPS estimate to 38.1 yuan.

The company reported first-half revenue of 19.81 billion yuan, up 60.3% year-over-year, and adjusted net profit of 4.32 billion yuan, up 83.6%. However, Q2 net profit plunged over 80% sequentially from Q1, underscoring significant intra-year volatility. Chairman Xu Gaoming stated the company would not pursue buybacks or share purchases to support the stock price, further dampening near-term sentiment.

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