Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 1,200.00 [1][7]. Core Views - The company is experiencing strong growth momentum driven by rapid store expansion both domestically and internationally, particularly in high-end markets [1][2]. - The premium gold jewelry market is expanding, with the company leading the trend through product innovation and high craftsmanship [2]. - The company has successfully opened new stores in key locations, enhancing its brand positioning and targeting high-net-worth customers [3]. - Strong same-store sales growth is observed, with a significant increase in online sales contributing to overall revenue growth [4]. - Profit forecasts have been adjusted upwards due to sustained high demand and successful overseas market entry, with net profit projections for 2025-2027 increased by 40%-43% [5][12]. Summary by Sections Store Expansion and Upgrades - As of the end of 2024, the company has established 36 self-operated stores in 15 major cities, focusing on high-end shopping centers [3]. - Recent openings include stores in Beijing, Shenzhen, and Singapore, with plans for further expansions [3]. Sales Performance - The company reported a same-store revenue growth of over 120.9% in 2024, with a remarkable 170% growth in the first five months of 2025 [4]. - Online sales through platforms like Tmall and JD.com reached HKD 12.8 billion in early 2025, marking a 333% year-on-year increase [4]. Financial Projections - Revenue forecasts for 2025-2027 have been significantly raised, with expected revenues of RMB 23.6 billion, RMB 29.2 billion, and RMB 35.4 billion respectively [10][12]. - The adjusted net profit for 2025 is projected at RMB 4.9 billion, reflecting a 233.6% increase from the previous year [12][17]. Market Positioning - The company is recognized as the leading brand in traditional handcrafted gold jewelry, continuously innovating with products that blend heritage craftsmanship with modern aesthetics [2]. - The brand's positioning in high-end markets is reinforced by its strategic store locations and product offerings [3].