Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][15][6]. Core Insights - The company reported a revenue of HKD 89.66 billion for FY2025, a decrease of 17.5% year-on-year, while the profit attributable to shareholders was HKD 5.916 billion, down 9.0% year-on-year [1][5]. - The overall gross margin increased by 5.5 percentage points to 29.5% in FY2025, primarily due to rising gold prices and an increase in the proportion of fixed-price products [2]. - The company has successfully implemented a transformation strategy, with a net reduction of 905 stores, while launching differentiated product series that have gained consumer popularity [3]. Revenue and Profit Forecast - The company has adjusted its profit forecasts upward for FY2026 and FY2027 by 11% and 10% respectively, now projecting profits of HKD 6.924 billion and HKD 7.734 billion [4]. - The report also introduces a new forecast for FY2028, estimating a profit of HKD 8.232 billion [4]. Store Performance and Strategy - As of March 31, 2025, the total number of stores was 6,644, with a net decrease of 905 stores compared to the previous year [3]. - The company has focused on optimizing store quality and has seen improvements in same-store performance, with a narrowing decline in same-store sales over three consecutive quarters [4]. Financial Metrics - The report provides a summary of key financial metrics, including a projected revenue growth rate of 5.32% for FY2026 and a profit growth rate of 17.04% for the same period [5]. - The earnings per share (EPS) is projected to increase from HKD 0.59 in FY2025 to HKD 0.69 in FY2026 [5].