Changes in Hong Kong stocks | Old Shop Gold (06181) fell more than 5% in the second quarter, revenue and profit plummeted month-on-month, and more than 80% of major banks lowered earnings estimates and target prices

The Zhitong Finance App learned that the old store Gold (06181) plummeted by nearly 24% yesterday and fell by more than 5% in early trading today. As of press release, it decreased by 4.3% to HK$289.2, with a turnover of HK$129 million.

According to the news, Laopu Gold released Yingxi for the first half of the year. Sales are expected to be 22.7 billion yuan to 23.35 billion yuan, up 60% to 65% year on year, and adjusted net profit is expected to be 4.31 billion yuan to 4.36 billion yuan, an increase of 83% to 85% year over year. However, based on first-quarter results estimates, Laosou Gold's second-quarter revenue was 2.3 billion yuan to 3.95 billion yuan, a sharp drop of 76.1% to 86.9% month-on-month; net profit for the second quarter was estimated to be only 510 million yuan to 760 million yuan, a sharp drop of 34% to 56% year-on-year, and a sharp drop of more than 80% month-on-month.

After the announcement was issued, several major banks simultaneously lowered their profit forecasts and target prices for old gold stores. Citi lowered its target price by 23% to HK$507, and its profit forecast by 17% to 22% from 2026 to 2028; Goldman Sachs lowered its target price by 14% to HK$560, and lowered its net profit forecast by 14% to 15% for the same period; Macquarie was the most pessimistic, drastically reducing the target price by 39% to HK$275 from HK$450, and downgraded the rating to “outperform the market”.