Open Source Securities: LAOPU GOLD (06181) Shanghai Guojin and Singapore Xindian simultaneously open stores, further breaking through the layout of high-end channels at home and abroad.

Open Source Securities released a research report stating that LAOPU GOLD (06181) officially opened its Shanghai Guojin store and Singapore Marina Bay Sands store, achieving another breakthrough in domestic and international channels upgrade. Last Saturday (28th), LAOPU GOLD officially opened its store in the Shanghai Guojin Center, one of China's luxury landmarks. The store is located on the LG1 floor, and on the opening day, they implemented a promotion of "every thousand deducted by one hundred" and enjoyed triple points at the shopping mall, resulting in strong sales and nearly a 2-hour queue. The Guojin Center store is the third store opened by LAOPU GOLD in Shanghai, and it is expected that LAOPU GOLD will open stores in high-end business districts such as Newland Pharmaceutical Shanghai and Shanghai Rong Long Plaza in Shanghai later this year, continuing to intensively expand in Shanghai. As of April this year, LAOPU GOLD has completed contracts with all leading commercial centers in China. In addition to exploring new channels, they will also focus on optimizing the locations of existing stores to drive a comprehensive upgrade in high-end channels in China. Furthermore, LAOPU GOLD has also taken the first step in overseas expansion, with the Singapore store officially opening on June 21 at the Marina Bay Sands Hotel. The overall product structure of the Singapore store is similar to that in China, including new cross diamond pendants targeting overseas consumers, incorporating Western religious elements. The bank believes that the opening of the Shanghai Guojin store and the Singapore store signifies a new stage in the expansion of LAOPU GOLD's high-end channels at home and abroad, with the continuous enhancement of the brand momentum in domestic high-end shopping centers, and the opening of the first overseas store will promote brand internationalization and further open up opportunities for overseas growth.