Lunar New Year (LNY) promotional activities at the SKP mall in Mainland China kicked off on January 24, Citi said in its report. Based on the broker's on-site observations, LAOPU GOLD (06181.HK) +54.000 (+6.853%) Short selling $205.56M; Ratio 10.442% experienced noticeable in-store foot traffic over the weekend. The broker assumed that the recent upsurge in gold prices further fueled strong demand, and it expected the triple-digit revenue growth from this holiday promotion to continue through the LNY period. In light of higher SSSG expectations, the broker raised its 2026 and 2027 forecasts for LAOPU GOLD by 5%, offsetting the impact of a downward revision in gross margin assumptions due to the rapid increase in gold prices. The Buy rating was reiterated, with a target price of HKD1,119.Related NewsHSBC Research: Increased Confidence in HK Mkt; Banking/ Real Estate Sectors FavoredFollowing the previous 30-day positive watch on LAOPU GOLD and the upward revision of earnings forecasts due to the potential of LNY sales, the broker further raised its 2026 revenue forecast by 6% based on a 15% SSSG assumption. Meanwhile, the gross margin forecast was slightly lowered to 38%. After comprehensive adjustments, the broker raised its 2026 net profit forecast by 5%. The 2027 net profit forecast was also raised by 5%, on higher 2026 base with the same growth assumption. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-01-26 12:25.)