$LAOPU GOLD(06181.HK) rose by over three percentage points, moving more steadily than several gold mining companies. Its story is actually different from that of gold price miners. Its pricing relies more on the brand premium of high-end gold jewelry and store expansion, rather than the rise and fall of gold prices themselves. The fact that it managed a small, counter-trend rise in the overall cautious environment of the Hong Kong stock market indicates that capital attention to the high-end consumption theme is still there. However, valuations are already not low, and it relies on continuous store openings and the realization of average transaction value to support them. After this small counter-trend rise, can the brand premium of high-end gold jewelry still withstand the caution in the broader consumer market? In the short term, I think it can still hold, but in the medium to long term, we need to closely watch whether the pace of store expansion and average transaction value can be continuously realized. 🤔