Core Viewpoint - The recent reduction of the VAT rate for non-investment gold producers in China from 13% to 6% is expected to lower direct profit margin risks for Lao Pu Gold, enhancing its market position and attractiveness to consumers [1] Company Summary - Lao Pu Gold's stock rebounded nearly 4%, trading at 631 HKD with a transaction volume of 446 million HKD [1] - Daiwa believes that the significant price increase by Lao Pu Gold at the end of October, combined with a 3% decline in gold prices since then, will provide a buffer for the company [1] - UBS indicates that while short-term demand for Lao Pu Gold may face pressure, the company is expected to benefit from market consolidation in the long term [1] Industry Summary - The general increase in gold jewelry prices may make Lao Pu Gold's products more attractive, potentially encouraging consumers to purchase gold jewelry in advance [1] - The estimated impact of the VAT reduction on Lao Pu Gold's gross margin is a decrease of 3 to 4 percentage points, although the recent price increase of over 20% may offset some of this pressure [1] - Competitor Chow Tai Fook has also raised the prices of its gold products by 5%, passing the margin pressure onto consumers [1]
港股异动 | 老铺黄金(06181)反弹近4% 产品涨价及近期金价下跌 有望部分抵消黄金税收新政影响