Citigroup has issued a research report stating that, following an investigation at a top-tier luxury shopping mall in Nanjing, it believes Laopu Gold (06181) continues to exhibit strong triple-digit growth momentum, with recent gold price corrections having a limited impact on the group's sales. The firm has set a target price of HK$1,119 for Laopu Gold, equivalent to a projected 2026 price-to-earnings ratio of 24 times, and maintains a "Buy" rating. Although more new entrants are joining the jewelry sector, the high-end gold jewelry market is expanding rapidly, which limits the market share erosion caused by new competitors for the group. Furthermore, leveraging its rapidly growing customer base and consistently increasing average transaction value, the group has begun to capture mid-to-high-end Very Important Clients (VIC) from its luxury sector peers. Citigroup views Laopu Gold as its preferred stock selection within China's jewelry domain.