Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1,200 [6][7]. Core Views - The company is expected to achieve a revenue of approximately RMB 120-125 billion in the first half of 2025, representing a year-on-year growth of about 241%-255% [1][2]. - The adjusted net profit is projected to be around RMB 23-23.6 billion, reflecting a year-on-year increase of approximately 282%-292% [2][3]. - The strong performance is attributed to contributions from both online and offline stores, as well as the opening of new large stores in key locations [1][4]. Summary by Sections Revenue Growth - The company anticipates sales performance (including tax revenue) of about RMB 138-143 billion in 1H25, which is a year-on-year increase of approximately 240%-252% [2]. - The revenue growth is driven by the rapid expansion of brand influence, continuous product innovation, and significant growth in both online and offline channels [2][3]. Profitability - The expected adjusted net profit margin for 1H25 is around 19%, an increase of approximately 1.3 percentage points compared to 2024 [2]. - The improvement in net profit margin is primarily due to operational leverage optimization, which has led to a significant reduction in expense ratios [2][3]. Product Innovation - The company continues to innovate on traditional craftsmanship, launching new products such as "Seven Sons Gourd" and "Cross Diamond Pendant" in 1H25, which have received positive market feedback [3]. - The introduction of these new products enhances the diversity of gold jewelry offerings and broadens the customer base [3]. Channel Expansion - The company has made significant breakthroughs in both domestic and international high-end markets, opening stores in premium locations such as Shenzhen, Shanghai, and Singapore [4]. - The ongoing optimization of store locations, member operations, and brand building is expected to further enhance single-store performance [4]. Financial Forecast - The report maintains net profit forecasts for 2025-2027 at RMB 49.1 billion, RMB 62.1 billion, and RMB 75.8 billion respectively [5]. - The target price of HKD 1,200 corresponds to a PE ratio of 38.5 times for 2025, reflecting the company's strong growth momentum and high-end brand positioning [5].