MORGAN STANLEY said Laopu Gold (06181.HK) issued a profit alert that fell short of both the market and the bank’s expectations. The company reported 1H sales (incl. tax) and revenue up 60–66% YoY to RMB22.7–23.35 bln and RMB19.8–20.45 bln, respectively; the midpoint is about 10% below Morgan Stanley and street forecasts. Non‑IFRS profit came in roughly 9% below expectations. Using the midpoint, Q2 sales were RMB3.5 bln, implying average monthly sales of ~RMB1.2 bln — only about 40% of March’s le

MORGAN STANLEY said Laopu Gold (06181.HK) issued a profit alert that fell short of both the market and the bank’s expectations. The company reported 1H sales (incl. tax) and revenue up 60–66% YoY to RMB22.7–23.35 bln and RMB19.8–20.45 bln, respectively; the midpoint is about 10% below Morgan Stanley and street forecasts. Non‑IFRS profit came in roughly 9% below expectations. Using the midpoint, Q2 sales were RMB3.5 bln, implying average monthly sales of ~RMB1.2 bln — only about 40% of March’s level — and Q2 net profit of RMB600–700 mln, also below consensus. Morgan Stanley expects analysts to cut earnings forecasts for this year and next and warns near‑term share sentiment may be weak; it will monitor shareholder returns and management guidance in the mid‑term. The bank reiterated its overweight rating and maintained a HK$590 target price.