According to a research report published by Nomura, the sales momentum of old gold stores continued to weaken in the third quarter. According to the bank's estimates, there was no substantial improvement from month to month, while revenue for the second quarter fell by about 30% year on year. The bank believes that sales in the second half of the year may be dragged down by various factors, including fluctuations in gold prices. Despite this, the bank believes that as a gold jewelry/collectibles brand with heritage positioning, the company still has a unique leading position and high consumer awareness, and that the established core customer base should support long-term sales. Nomura lowered the revenue forecast for the 2026-2028 fiscal year by 15% to 26%, cut the net profit forecast by 18% to 28%, and reduced the target price-earnings ratio for the 2026 fiscal year from 20 times to 12 times, to be close to the company's 2025-2028 compound annual increase of about 12%. The bank maintained its “buy” rating, and the target price dropped by about 50.3% from HK$905 to HK$450.

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