更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 25 March 2026 | 1:35AM HKT Equity Research Laopu Gold (6181.HK) Earnings review: Confidence on growth sustainability under different gold price cycle; margin target a positive surprise; Buy | 6181.HK | | --- | | 12m Price Target: HK$1,108.00 | | Price: HK$648.50 | | Upside: 70.9% | We attended Laopu Gold's results briefing offline in Beijing on Mar 24 post its 2025 results (see our first take). Key takeaways include: 1) Growth outlook: Management expressed confidence on Laopu's ...