Core Viewpoint - The new VAT policy on gold jewelry, effective November 1, is expected to increase raw material costs by approximately 6%, impacting the gross margin of the company by 3-4 percentage points, although management believes the actual effect may be limited due to inventory reserves and pricing adjustments [1][1][1] Group 1: Financial Performance - The stock of the company rose over 4% during trading, with a current price of 673 HKD and a trading volume of 408 million HKD [1][1] - Management is optimistic about the company's prospects for 2026, citing a solid growth foundation driven by average selling price increases and new store expansions [1][1][1] Group 2: Sales and Growth Projections - Citigroup reports that management is confident in achieving high revenue growth in the second half of 2025, with 20-30% of the growth in 2026 expected to come from this year's price adjustments and approximately 20% from new store sales [1][1][1] - Management acknowledges that the gross margin in the second half of 2025 will be lower than in the first half, but anticipates a recovery to over 40% post-price adjustments, with significant growth expected to manifest in 2026 [1][1][1]
老铺黄金盘中涨超4% 黄金税改对毛利率影响有限 大行及管理层均对明年前景乐观