** Shares of Laopu Gold HKEX:6181 fall 4.3% to HK$732, their lowest level since May 20
** Stock on course for a ninth straight session of decline, if losses hold
** Shares were up nearly 4% in early trade after the jeweller forecast robust first-half earnings, in line with market expectations.
** Shares shed all gains later, as investors continued to lock in profits following the stock's strong performance in recent months
** YTD, stock up 203.9%
** Laopu Gold, with a current market capitalisation of $16.2 billion, expects first-half net profit to jump 279%-288% y/y and revenue up 241%-255% y/y due to expansion of brand influence, optimization and promotion of products
** "The stock has retreated >30% from the peak due to resetting market expectation and unwinding fund flow in our view," Citi says, adding valuation looks undemanding
** Citi reiterates "buy" on the stock, citing preliminary 1H25 results largely in line with market expectation
** Nomura lifts target price to HK$1,148 from HK$1,023, cites 1H25 positive profit alert in line with market's expectation with improving net margin a positive signal
($1 = 7.8487 Hong Kong dollars)