MAO GEPING (01318) rose more than 5%, and as of the time of writing, the stock was up 5.33% to HK$90.9, with a turnover of HK$155 million.

A research report from CLSA cited MAO GEPING's management, which anticipates that, benefiting from the Double Eleven promotional event and a robust performance in December, the company's online and offline sales in the previous quarter increased by over 40% and approximately 20% year-on-year, respectively, alongside the opening of two new high-end stores.

By the end of 2025, the number of offline members is expected to grow by about 25% year-on-year to 6 million.

The report noted that MAO GEPING plans to launch diversified products in the first quarter of 2026.

From a medium-term perspective, management forecasts that, starting in 2026 and based on volume growth, online and offline sales will increase by 35% and 20%, respectively.

According to statements from MAO GEPING's management, the company's offline same-store sales growth should be maintained at a low double-digit percentage level, while gross profit margin and operating profit margin are expected to remain stable, with a net profit margin that can be sustained at over 20%.

The company projects that its sales will reach RMB 10 billion by 2028, implying a compound annual growth rate of 27% from 2024 to 2028.