Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company, Lao Pu Gold (06181), has increased prices by 20% to 30% since the end of February, with the average increase slightly above market expectations, particularly for pure gold products [1] - This price adjustment is expected to help protect the company's gross margin, as management aims for a gross margin of 40% by 2026, especially since the company's pricing had lagged behind gold price increases prior to the October price hike [1] - The company had pre-stocked inventory in October to prepare for the peak season, which is anticipated to mitigate the risk of declining gross margins during the January to February peak season [1] - Despite market concerns regarding sustainability of growth post-price increase and after the Lunar New Year promotional period, strong performance during January and February is expected to support a solid growth outlook for the first half of the year [1] - The brand upgrade cycle remains robust, which is expected to support performance in the context of rising gold prices [1]