Group 1 - The international gold price is reported at $4531.8 per ounce, while international palladium is at $1923.4 per ounce, and international silver is at $79.13 per ounce [1] - The domestic gold price is reported at ¥1016.5 per gram [1] Group 2 - Major domestic gold retailers have varying prices, with Lao Miao Gold at ¥1417 per gram as the highest and China Gold at ¥1312 per gram as the lowest [1] - Other notable prices include Chow Tai Fook at ¥1413 per gram, Chow Sang Sang at ¥1412 per gram, and Liufuk Jewelry at ¥1413 per gram [1] - Additional prices from other retailers include Xie Rui Lin at ¥1413 per gram, Jin Zhi Zun at ¥1413 per gram, Chao Hong Ji at ¥1413 per gram, Cai Bai Jewelry at ¥1372 per gram, Lao Feng Xiang at ¥1408 per gram, and Zhou Liu Fu at ¥1398 per gram [1]

Financial Data - China Merchants Bank (03968.HK) reported a net profit of 97.342 billion yuan, an increase of 4.82% year-on-year [1] - Fast Retailing (06288.HK) saw a 0.7% decline in first-quarter net profit to 70.3 billion yen, with trading resuming tomorrow [1] - Highgate Group (08412.HK) narrowed its mid-term loss by 62.47% to 4.094 million Hong Kong dollars [1] - Dongjun Holdings (08383.HK) reported a first-quarter net profit of 3.92 million ringgit, a year-on-year increase of 113% [1] - Qian Sheng Group Holdings (08475.HK) narrowed its first-quarter loss by 55.37% to 216,000 Singapore dollars [1] Earnings Forecast - Jia Hong Logistics (02130.HK) expects a significant increase in annual net profit attributable to shareholders [1] - Zhongdi Dairy (01492.HK) anticipates a substantial increase in net profit for the ten months ending in October [1] - Guonong Financial Investment (08120.HK) expects a significant reduction in annual losses [1] - PIK Far East (00752.HK) forecasts a decrease of over 80% in annual profit attributable to shareholders [1] - Weiyali (00854.HK) expects to turn a profit of 59.3 million Hong Kong dollars in the first three quarters [1] - Jiuxing Holdings (01836.HK) anticipates annual net profit between 0 and 5 million US dollars [1] Operational Data - Ping An Insurance (02318.HK) reported original premium income of 797.34 billion yuan for 2020 [1] - Zhong An Online (06060.HK) achieved original premium income of 16.703 billion yuan in 2020, a year-on-year increase of 14.13% [1] - Luk Fook Holdings (00590.HK) reported a same-store sales decline of 29% in the third quarter [1] - Chalco International (02068.HK) signed new contracts worth 15.965 billion yuan in the fourth quarter, a year-on-year increase of 12.61% [1] - Yongjia Group (03322.HK) reported an 11% decrease in same-store sales for its high-end fashion retail business in the fourth quarter [1] - Delta Electronics Holdings (00179.HK) reported revenue of 2.242 billion US dollars for the first three fiscal quarters, a year-on-year decline of 4% [1] - Beijing Energy International (00686.HK) achieved a total power generation of 2.7567 million megawatt-hours in 2020 [1] - TRUE PARTNER (08657.HK) reported an asset management scale of approximately 1.59 billion US dollars by the end of December [1] Shareholding Changes - Minsheng Education (01569.HK) saw its chairman and controlling shareholder Li Xuechun increase his stake by 1.95 million shares [2] Mergers and Acquisitions - Non-Fan China (08032.HK) announced that LionRock intends to acquire a majority stake in Clark for £51 million [3] - Tan Carpenter (00837.HK) plans to acquire the remaining 9.09% stake in Jiangsu Tan Carpenter for 15.873 million yuan [3] - Guan Hua International Holdings (00539.HK) subsidiary sold a Hong Kong office property for 33 million Hong Kong dollars [3] Capital Restructuring - China Dredging Environmental Protection (00871.HK) plans a "2-for-1" share consolidation and will place 508 million shares to Chairman Liu Kaijin [2] Share Buybacks - Shisi Pharmaceutical Group (02005.HK) repurchased 2.71 million shares for 11.365 million Hong Kong dollars on January 14 [3] - Hengdeli (03389.HK) repurchased 16.7 million shares for 4.9681 million Hong Kong dollars on January 14 [3] - China Star Group (00326.HK) repurchased 555,000 shares for 0.8325 million Hong Kong dollars on January 14 [3]

Core Viewpoint - The gold market in 2025 has experienced an unprecedented surge, with international gold prices rising from $2,600 per ounce at the beginning of the year to $4,500 per ounce by December, marking an increase of over 70% [2][4]. Price Surge - Domestic gold jewelry prices have also seen significant increases, with prices per gram rising from around 800 yuan to over 1,400 yuan, and some high-end products exceeding 2,000 yuan per gram [2]. - The gold price has shown a remarkable increase of nearly 72% within a year, leading to a consumer rush driven by the mentality of "buying on the rise" [2]. Historical Context - The last time gold experienced such a dramatic annual increase was in the 1970s, but the current market dynamics are influenced by different factors, including geopolitical uncertainties and a weakening dollar [4]. - The World Gold Council attributes the strong performance of gold in 2025 to a combination of geopolitical and economic uncertainties, a weaker dollar, and the momentum of rising gold prices [4]. Consumer Behavior - The low-interest-rate environment has led to a shift in consumer behavior, with younger generations adopting new investment strategies, such as the "new three gold" model, which includes gold ETFs [5]. - There is a growing trend towards smaller gold items and high-premium ancient gold products, reflecting a change in consumer preferences [6]. Industry Dynamics - The continuous rise in gold prices has created challenges for downstream retail businesses, leading to high inventory levels and increased operational pressures [8]. - Upstream mining companies have benefited from the price surge, with major firms reporting significant profit increases, prompting them to expand resource acquisitions through mergers and acquisitions [7]. Retail Challenges - Retailers are facing multiple pressures, including high inventory levels and the need to close down franchise stores, as seen with major brands like Chow Tai Fook [8]. - Banks are also adjusting their gold investment thresholds in response to market risks, raising minimum investment amounts for gold accumulation plans [9]. Investment Risks - The surge in gold prices has led to risky investment behaviors, such as using consumer loans to purchase gold, which poses significant risks to investors [10]. - The phenomenon of bidding on judicial auction platforms for gold bars has created both opportunities and risks, with some investors experiencing significant losses due to impulsive bidding [10].

Core Insights - The gold price has surged dramatically, reaching 1403 yuan per gram, reflecting a significant increase in consumer interest and urgency to purchase gold jewelry as the holiday season approaches [1][3][14] Price Variations - On December 24, 2025, major jewelry brands like Chow Tai Fook and Lao Feng Xiang listed their gold prices at around 1403 yuan per gram, while other brands like Cai Bai offered prices between 1342 and 1345 yuan, showing a price difference of nearly 60 yuan per gram for the same gold quality [3][5] - The price of investment gold bars varies significantly, with brand names like Chow Tai Fook pricing their gold bars at 1230 yuan per gram, while banks like ICBC offer prices as low as 990 to 1014 yuan per gram, which is closer to the raw material price [6][8] Market Dynamics - The gold market is experiencing a split, with high retail prices for jewelry supported by brand value, while investment gold prices reflect a more competitive landscape with significant price differences based on the sales channel [8][10] - In the Shenzhen Shui Bei market, the base price for gold is around 1165 yuan per gram, with additional costs for craftsmanship, indicating that consumers can access gold at much lower prices than retail [10] Consumer Behavior - For consumers purchasing gold for personal milestones, brand stores remain the preferred choice due to their reputation and after-sales service, while those focused on investment should consider bank offerings for lower costs [11][13] - Younger consumers interested in unique designs are turning to alternative channels like Shui Bei for lower-priced options, understanding that these purchases are more about personal enjoyment than investment [13][14] Market Sentiment - The current gold price surge is driven by both panic buying and investment strategies, reflecting a broader sentiment of uncertainty and the desire for tangible assets during volatile times [14]

N O T I F I C AT I O N L E T T E R 通 知 信 函 29 December 2025 Dear Non-registered holder (Note 1) Luk Fook Holdings (International) Limited (the "Company") – Notice of Publication of Interim Report 2025/26 (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the HKEXnews website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and the Company's website at lukfook.com. If you have any dif ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 29 December 2025 Dear Shareholder, Luk Fook Holdings (International) Limited (the "Company") – Notice of Publication of Interim Report 2025/26 (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the HKEXnews website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and the Company's website at lukfook.com. If you have any difficulty in receivi ...

GLOBAL DISTRIBUTION NETWORK 全球分銷網絡 | | Countries and | Main-brands/Sub-brands/ | 30 September 2025 | 31 March 2025 | | 30 September 2024 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Regions | Product Lines | 2025年 | 2025年 | Changes | 2024年 | Y-o-Y Changes | | | 國家及地區 | 主品牌╱副品牌╱產品線 | 9月30日 | 3月31日 | 變化 | 9月30日 | 按年變化 | | | | Lukfook 六福 | 74 | 74 | 0 | 73 | +1 | | | | 3DG Jewellery 金至尊 | 124 | 99 | +25 | 79 | +45 | | | Chinese Mainland1 中國內地1 | Goldstyle | 0 | 1 | -1 | 1 | -1 | | | | Lukfook Joai ...

（文章来源：第一财经） 国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格较昨日均有上调，老凤祥报价1406元/克，老庙黄金报价1402元/克，周生生报价 1411元/克，周大福报价1410元/克，六福珠宝报价1401元/克。 ...

Group 1 - The core viewpoint of the articles highlights that gold prices have reached historical highs, with several jewelry brands increasing their gold prices above 1400 yuan per gram [1][4][7] - Major brands such as Chow Tai Fook and Chow Sang Sang have set their gold prices at 1403 yuan per gram, while Lao Miao Gold is at 1402 yuan per gram, and other brands like Liufuk Jewelry and King Precious are at 1401 yuan per gram [1][2] - The price of platinum has also risen, with 950 platinum jewelry priced at 861 yuan per gram as of December 23 [4] Group 2 - The surge in gold prices is attributed to rising market expectations for the Federal Reserve to lower interest rates by 2026, along with continuous net inflows into global physical gold ETFs [7] - A report from GF Securities indicates that weakening U.S. real interest rates and dollar index expectations are driving gold prices higher, with a potential for gold companies' performance to improve significantly in 2026 [7] - The World Gold Council's December report forecasts that gold prices may increase by 15% to 30% next year due to factors such as declining U.S. Treasury yields, escalating geopolitical tensions, and heightened risk aversion [7]

Core Viewpoint - The global precious metals market experienced a significant surge from December 22 to 23, with COMEX gold surpassing $4500 per ounce and spot gold breaking the $4400 per ounce mark, achieving an annual increase of over 68%, both reaching historical highs [1][15]. Price Movements - Current prices for precious metals include: - London Gold: $4421.35, up 1.91% - London Silver: $68.952, up 2.84% - COMEX Gold: $4453.5, up 1.51% - COMEX Silver: $69.040, up 2.30% [3][17]. - Domestic gold jewelry prices have also surged, with brands like Chow Sang Sang pricing their gold jewelry at ¥1403 per gram, an increase of ¥36 from the previous day [3][17]. Market Demand and Consumer Behavior - There has been a notable increase in consumer demand for gold, with reports of long queues at jewelry stores during promotional events, indicating a buying frenzy [6][20]. - The price of platinum has also risen, exceeding $2000 per ounce for the first time since 2008, with domestic platinum prices reaching ¥837 per gram [6][20]. Future Outlook - UBS Wealth Management anticipates that gold could achieve its best annual performance since 1979, supported by strong demand from central banks and a continued low-interest-rate environment from the Federal Reserve [10][24]. - Analysts from various institutions express optimism about the future of gold prices, suggesting that there is no immediate risk of a price peak, especially with the holiday trading period approaching [11][25]. Regulatory Response - The recent surge in precious metal prices has attracted regulatory attention, leading to the implementation of risk prevention measures for silver futures contracts by the Shanghai Futures Exchange [14][28].