Shen Wan Hongyuan released a research report saying that in the short term, the recovery in gold prices is expected to drive an increase in demand for jewellery. At the same time, the company is expanding its products and categories, and market feedback is good; in the long run, the company's high-end gold luxury goods positioning is clear, and brand potential, member assets, and internationalization space still form long-term growth support. The bank maintained the company's adjusted net profit forecast of 64.99/74.52/8.458 billion yuan for 26-28, respectively. Based on the uniqueness of the company's brand value, with reference to PE, a comparable gold and jewellery retailer, the bank gave old gold a 13-fold adjusted PE in 2027, with a target price of HK$639.25, maintaining a “buy” rating.

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