Haitong International cut Laopu Gold (06181.HK) target price 21% to HK$435 and
maintained an Outperform rating. It forecasts 2026–28 revenue of CNY
32.255/30.263/32.896 bln (YoY +18.1%/‑6.2%/+8.7%) and adjusted net profit of CNY
6.823/6.443/7.127 bln. The broker cited a high base, weak consumer demand and
gold-price volatility as drivers of operational uncertainty that prompted the PT
cut while leaving the rating unchanged.