HK Stock Market Move | LAOPU GOLD (06181) fell more than 5% as concerns over inflation were boosted by the Middle East situation, causing gold price fluctuations and putting pressure on sales.

LAOPU GOLD (06181) dropped more than 5%, falling by 5.68% to 352.2 Hong Kong dollars, with a trading volume of 1.6 billion Hong Kong dollars. In terms of news, the continued tension in the Middle East has raised concerns about inflation, causing spot gold to once again fall below $4000 per ounce. Goldman Sachs research report pointed out that the target price of LAOPU GOLD was significantly reduced from 1108 Hong Kong dollars to 650 Hong Kong dollars, while maintaining a "buy" rating. The bank stated that the gold price has fallen by over 20% since the end of February, putting pressure on LAOPU GOLD's sales using a fixed pricing model, hence reducing profit forecasts for 2026 by 9%, to 8 billion RMB. Goldman Sachs tracking data shows that LAOPU GOLD's Tmall flagship store sales in the second quarter of 2026 plummeted by 63% year-on-year, reversing the strong growth of 155% in the first quarter, mainly due to the high base of the 618 shopping festival and the dilution effect of offline channels. The bank expects overall offline sales performance to outperform online sales, with continued acquisition of new customers providing support, but demand from relatively price-sensitive customers (including resellers) contributed to a high base last year, and is expected to be relatively weak this year.