Ge Long Hui·2026-01-23 20:50Company Performance - The company reported a retail value growth of 18% year-on-year for 3QFY26, exceeding management expectations [1] - In mainland China, retail value increased by 17%, with same-store sales for direct and wholesale channels growing by 21% and 26% respectively [1] - The Hong Kong and Macau markets saw same-store sales growth of 10% and 31%, respectively, with a net opening of 3 stores during the quarter [1] Retail Insights - The performance of retail in mainland China was driven by strong demand and price increase expectations, particularly in October [2] - The retail value and same-store sales for priced jewelry in mainland China grew by 60% and 53% respectively, with sales contribution rising by 11 percentage points to 40% [2] - In the Hong Kong and Macau markets, retail value for priced jewelry decreased, while gold jewelry saw significant growth [2] Future Outlook - The company is optimistic about the upcoming quarter, planning to launch new products for the Spring Festival and expecting same-store sales growth in the low single digits [2] - The full-year guidance has been raised, with revenue growth expected in the low single digits and gross margin projected to improve to 31.5%-32.5% [2] - The company has adjusted its FY26/27 EPS forecast upwards by 3% to HKD 0.90 and HKD 0.96, respectively, maintaining an outperform rating [2]