Core Viewpoint - The luxury goods industry is facing challenges, while domestic brands like Lao Pu Gold are gaining attention, with significant stock performance and market capitalization growth [1] Group 1: Company Performance - Lao Pu Gold's stock price reached a historical high of 994 HKD per share, with a total market capitalization exceeding 170 billion HKD [1] - Since its listing on the Hong Kong Stock Exchange on June 28, 2024, Lao Pu Gold's stock has surged by 2375.61% [1] - In Q1 2024, Lao Pu Gold reported a revenue of 8.506 billion CNY, a year-on-year increase of 167.5%, and a net profit of 1.473 billion CNY, up 253.9% year-on-year [1] Group 2: Market Positioning - Lao Pu Gold's brand positioning and unique operational model, including a "one-price" strategy, direct sales, and handcrafted products, differentiate it from traditional gold and international luxury brands [1] - The company has managed to stabilize its pricing strategy, reducing the impact of gold price fluctuations on its profitability [2] - The stable gross margin performance from 2020 to Q1 2024 supports the company's goal of maintaining stable profitability without heavily speculating on gold price movements [2]