Goldman Sachs: Kaluga Technology (6715.HK, NC): Next-Generation Call Highlights — Global Caviar Leader Driven by Overseas Expansion and Domestic Recovery
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Key Views
2026 guidance targets revenue of RMB 900 million and adjusted net profit of RMB 460 million, representing 15% year-over-year growth for both metrics. First-half 2026 overseas performance exceeded expectations, with resilient growth in the US and Europe and stronger-than-anticipated gains in Japan and Korea. Domestic sales, impacted by anti-corruption measures in H2 2025, showed gradual recovery from late Q2 2026. The proprietary Kaluga Queen brand currently contributes about 35% of revenue, with plans to increase this share. The company intends to open 50 dedicated stores in China over three years.
Outlook
Management expects domestic sales to stabilize in H2 2026 and has discussed approximately 10% price increases with overseas clients to offset RMB appreciation. Key risks include US tariff policy (currently 55%), foreign exchange volatility, and logistics costs.
Recommended Securities
Goldman Sachs designates Kaluga Technology (6715.HK) as NC (Not Covered), with no investment rating or target price assigned. The disclosed reference price is HK$73.50.