Lao Pu Gold's 500% Online Sales Surge: Citi's July Report Triggers "Catalyst Watch" - Heritage Gold Bubble or Value?

Citi's July 13 report forecasts Lao Pu Gold's 1H25 revenue up 198% to RMB 10.5bn, net profit surging 260% to RMB 2.1bn, target price HK$1,084. Key metrics: online sales expected up 500%, 200k units sold on Tmall in six months, same-store growth 90-100%, net margin rising to 20.3%. Analysts initiate 30-day upside catalyst watch but warn of gold price volatility, cash flow pressure, and lock-up expiry risks. Core debate: sustainability of high valuation and heritage gold market ceiling.