Glonghui, April 16 | Goldman Sachs released a report saying that in the fourth fiscal quarter ending the end of March, same-store sales in mainland China fell 2.7% year-on-year, lower than management guidelines, but slightly better than the bank's expected 5% decline. There was a net decrease of 95 stores during the quarter; the net increase in 2024 was 126, less than the bank's anticipated net increase of 200 and 300 to 400 stores as directed by management. However, it was offset by the franchise's better performance. At the management meeting, positive messages included the franchisee's better same-store sales performance, improved product portfolios driving higher profit margins, and rising gold prices supporting brand upgrading. According to the bank, Chow Tai ?$#@$ has a leading position in the industry and its market share continues to rise, but it is still facing weak sales pressure in the short term because the first two fiscal quarters of the current fiscal year have a high comparison base, and market competition is intensifying, and rising gold prices may also put pressure on gross margin. The rating for Chow Tai ?$#@$ is “neutral”, and the target price is HK$12.