According to a research report from Morgan Stanley, despite LAOPU GOLD's (06181) recent 12.5% product price increase, queues can still be observed outside its stores, indicating strong demand performance. The company believes that consumers have begun to accept LAOPU GOLD's pricing mechanism and will continue its practice of adjusting prices twice annually. While short-term gold price fluctuations will impact gross margins, the company's long-term objective is to maintain gross margins at approximately 40%. The report states that LAOPU GOLD's focus for its China business in 2026 will be upgrading its existing store network. Following the recent opening of its Singapore store, the next location is planned to open in Japan during 2026-2027, with the specific timing dependent on property handover schedules. Additionally, the financing scale required for the group's inventory procurement will depend on the fourth quarter performance trajectory and the group's growth expectations for the first quarter of 2026.