HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

HK Banks - Dah Sing's Credit Costs in Macau and China Rose 4x YoY in 1H25

Pre-IPO Zijin Gold (PHIP Updates) - Thoughts on the Business, the Forecast and Valuation Outlook

Laopu Gold (6181.HK) - Gold Stocks Are Different from Gold Commodities

Pop Mart (9992 HK) - Core Reasons for High Growth and Performance Forecast

Wuxi Biologics (2269 HK) 25H1 - Concerns Behind the Performance Rebound

Laopu Gold (6181.HK) - The Business Model, the Concerns, the Valuation Outlook

BeiGene (6160.HK/​ONC US) 25Q2 - The High Growth of BRUKINSA May Not Bring High Valuation

Equity Bottom-Up

<ul>
<li>Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.</li>
<li>The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.</li>
<li>Laopu cannot “escape” the gold price cycle.The Fed's rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  </li>
</ul>


Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.
The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.
Laopu cannot “escape” the gold price cycle.The Fed's rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  


Laopu Gold (6181.HK) 25H1 - Remember to Escape Before Collapsing