Core Viewpoint - The report from Guosen Securities indicates that Luk Fook Holdings (00590) has shown strong retail performance for the period of October to December 2025, with overall retail value increasing by 26% year-on-year and same-store sales growing by 15%, accelerating compared to the previous quarter [1] Group 1: Regional Performance - Global markets performed well, with same-store sales growth of 15% in Hong Kong, 22% in Macau, and 11% overseas; same-store sales growth for self-operated stores in mainland China was 7%, while franchise stores saw a significant increase of 31% [2] Group 2: Product Structure - The same-store sales of priced gold grew by 32% despite a high base, accounting for 17% of the company's overall retail value; the same-store sales of 18K gold diamonds remained flat, showing significant improvement from a 10% decline in the previous quarter, which is expected to enhance the company's gross margin [3] Group 3: Store Expansion - The company closed a net of 40 stores during the quarter, a slowdown from the 49 stores closed in the previous quarter, ending with a total of 3,073 stores; overseas, the company continued its expansion with 9 new stores opened, bringing the total overseas store count to 48 [4] Group 4: Overall Growth and Future Outlook - The company continued its strong growth performance from 2025 into the October to December 2025 period, with promising same-store sales in the first seven days of January 2026; this growth is attributed to product innovation, channel optimization, and accelerated overseas development, with a focus on the "fashion + value preservation" trend in jewelry consumption to capture market share [5]