11 March 2026 | 3:49PM HKT Equity Research Laopu Gold (6181.HK) Profit warning: 2025 earnings beat with better-than-feared margin; Buy 6181.HK 12m Price Target: HK$1,168.00 Price: HK$639.00 Upside: 82.8% What happened: Laopu Gold announced a profit alert on Mar 11, expecting 2025 full year revenue to be in a range at Rmb27bn-28bn (in line with GSe of Rmb27.9bn), while expecting net profit to be in a range of Rmb4.8bn-4.9bn (beating GSe of Rmb4.6bn and already-lowered VA consensus of Rmb4.7bn) and adj. net p ...