Lao Pu Gold Falls Short on Revenue, Sees Boost from Inventory and Price Hikes

Lao Pu Gold's first half of 2026 results showed mixed performance. Revenue was mediocre, meeting only the lower end of guidance and indicating weaker-than-expected June sales.

The company's profit delivery, however, was solid due to low-cost gold inventory stocked in the second half of last year and a February price hike that brought gross profit margin back up to prior peaks.

Inventory levels have increased to RMB 19 billion, indicating heavy restocking in the first half at higher gold prices. This has lifted the blended inventory cost.