Core Viewpoint - The company's 1HFY26 performance met market expectations, with a revenue increase of 26% to HKD 6.8 billion and a net profit increase of 43% to HKD 620 million, alongside a declared interim dividend of HKD 0.55 per share, reflecting a payout ratio of 52% [1][2] Revenue Growth - The company's revenue in 1HFY26 grew by 26%, with mainland China revenue increasing by 54% to HKD 3 billion, driven by strong wholesale business performance, which saw a 203% increase [1] - Retail and brand business revenues in mainland China grew by 24% and 18%, respectively, with a net addition of 23 self-operated stores and a reduction of 202 brand stores during the period [1] - Revenue from Hong Kong, Macau, and overseas markets increased by 10% to HKD 3.9 billion, with retail, wholesale, and brand business revenues growing by 9%, 89%, and 4%, respectively [1] Profitability and Margins - The gross margin rose to a historical high of 35%, an increase of 2.0 percentage points, attributed to rising gold prices and a higher proportion of high-margin priced jewelry [2] - Operating leverage improved, leading to a decrease in sales and management expense ratios by 1.5 percentage points and 0.8 percentage points, respectively [2] - The net profit for the period increased by 43% to HKD 620 million, despite a loss of HKD 410 million from gold hedging [2] Market Expansion and Strategy - The company is actively expanding its overseas market presence, with management confident in achieving a net addition of 50 stores by FY27 as part of a three-year plan [2] - In the context of rapid domestic business growth, the company is also optimizing its domestic channels, anticipating a net closure of 200 stores in mainland China for FY26 [2] Future Trends - From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets showed double-digit growth, with significant improvement in mainland same-store sales compared to 2QFY26 [2] - The company is expected to benefit from improved market orientation of products and enhanced operational efficiency [2] Earnings Forecast and Valuation - Due to strong gross margin performance and operating leverage, the FY26 EPS forecast has been raised by 6% to HKD 2.70, while the FY27 EPS forecast remains at HKD 3.02 [2] - The current stock price corresponds to 9x and 8x FY26 and FY27 P/E ratios, respectively, maintaining an outperform rating and a target price of HKD 30.55, indicating a 25% upside potential [2]

机构：中信建投证券 港澳同步增长，海外布局占据先机 截至2025 年9 月30 日，公司全球共有3,113 家门店，上半财年净关闭174 家门店，主要是内陆地区的品 牌门店，但公司坚定推进海外拓展战略，海外门店从24 家同比提升到39 家，海外收入提升58.4%至4.82 亿港元。公司在现有国家深耕多年的基础上，制定三个财年新进入3 个国家和净增50 家店铺，同步开展 海外电商拓展的规划，有望成本本轮珠宝品牌出海的先驱。 投资建议:公司自25/26 财年推进包括海外市场拓展、市场导向产品、营运效益优化的三大重心战略，在 现有获得市场认可的独家定价产品基础上，进一步推出高端和轻奢产品，强化品牌战略。公司此次上半 财年表现出领先行业的收入利润增速，品牌化带动黄金珠宝公司估值提升的逻辑仍在持续验证。考虑到 金价上涨带来的多头收益，我们更新公司2026-2028 财年归母净利润分别为15.58、17.10、19.27 亿港 元，对应PE 分别为9.2X/8.4X/7.4X，维持"增持"评级。 风险分析 核心观点 公司在港澳及内陆地区具有良好的品牌声誉，品牌化战略推进积极，旗下冰钻系列产品取得极佳的销售 表现，公司经营 ...

该行认为，六福集团在未来几个季度将继续在行业中表现强劲。特别是内地以外的自营零售业务(占 2026财年上半年收入的50%以上)，使其成为黄金产品增值税政策的主要受益者。展望2026财年全年， 该行预计六福集团的业绩将受益于多重利好因素，包括较低的库存成本、可控的对冲损失，以及更重要 的香港和澳门市场销售表现的提升。这些因素将有助于支持公司估值的持续上调。 智通财经APP获悉，中银国际发布研报称，六福集团(00590)2026财年上半年净利润同比增长43%至6.19 亿元，超出该行预期，反映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。维持"买入"评 级，并将目标价上调至29.2港元。 ...

中银国际发布研报称，六福集团(00590)2026财年上半年净利润同比增长43%至6.19亿元，超出该行预 期，反映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。维持"买入"评级，并将目标价上 调至29.2港元。 该行认为，六福集团在未来几个季度将继续在行业中表现强劲。特别是内地以外的自营零售业务(占 2026财年上半年收入的50%以上)，使其成为黄金产品增值税政策的主要受益者。展望2026财年全年， 该行预计六福集团的业绩将受益于多重利好因素，包括较低的库存成本、可控的对冲损失，以及更重要 的香港和澳门市场销售表现的提升。这些因素将有助于支持公司估值的持续上调。 ...

大行评级丨中银国际：上调六福集团目标价至29.2港元 预计2026财年业绩将受益于多重利好因素 大行 评级丨海通国际：首予六福集团"跑赢大市"评级及目标价40.35港元 中银国际发表报告指，六福集团2026财年上半年净利润按年增长43%至6.19亿港元，超出该行预期，反 映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。该行认为，六福集团在未来几个季度将 继续在行业中表现强劲，特别是内地以外的自营零售业务(占2026财年上半年收入的50%以上)，使其成 为黄金产品增值税政策的主要受益者。 展望2026财年全年，该行预计六福集团的业绩将受益于多重利 好因素，包括较低的库存成本、可控的对冲损失，以及更重要的香港和澳门市场销售表现的提升。这些 因素将有助于支持公司估值的持续上调。该行维持对其"买入"评级，并将目标价上调至29.2港元。 相关事件 ...

报告指，六福集团2026上半财年收入68.43亿元，按年增长25.6%，毛利23.73亿元，按年增长33.2%，毛 利率34.7%，按年增长2个百分点；经营利润7.8亿元，按年增长45.4%，经营利润率11.4%，按年增长1.6 个百分点；净利润6.19亿元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55 元，分红率52%。 海通国际发表报告，首予六福集团(00590)"跑赢大市"评级。预测2026至2028财年净利润分别为15.78 亿、18亿及19.77亿元，参考可比公司估值，给予2026财年市盈率15倍，目标价40.35元。 ...

报告指，六福集团2026上半财年收入68.43亿元，按年增长25.6%，毛利23.73亿元，按年增长33.2%，毛 利率34.7%，按年增长2个百分点；经营利润7.8亿元，按年增长45.4%，经营利润率11.4%，按年增长1.6 个百分点；净利润6.19亿元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55 元，分红率52%。 海通国际发表报告，首予六福集团(00590)"跑赢大市"评级。预测2026至2028财年净利润分别为 15.78 亿、18亿及19.77亿元，参考可比公司估值，给予2026财年市盈率15倍，目标价40.35元。 ...

海通国际发表报告，首予六福集团"跑赢大市"评级，参考可比公司估值，给予2026财年市盈率15倍，目 标价40.35港元，预测2026至2028财年净利润分别为 15.78亿、18亿及19.77亿港元。报告指，六福集团 2026上半财年收入68.43亿港元，按年增长25.6%，毛利23.73亿港元，按年增长33.2%，毛利率34.7%， 按年增长2个百分点；经营利润7.8亿港元，按年增长45.4%，经营利润率11.4%，按年增长1.6个百分 点；净利润6.19亿港元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55港 元，分红率52%。 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 40.35 HKD based on a 15x PE for FY2026 [5][13]. Core Insights - The company is experiencing improved same-store sales, particularly in Mainland China, and is accelerating its overseas expansion efforts [15]. - Rising gold prices and an increased share of priced jewelry are driving improvements in gross profit margin (GPM), which reached 34.7% in FY26H1, up 2.0 percentage points year-on-year [3][16]. - The company plans to open 20 new overseas stores in FY26 and aims to enter at least three new countries and add 50 overseas stores over the next three years [15]. Financial Summary - For FY26H1, total revenue was 6.84 billion HKD, a year-on-year increase of 25.6%, with gross profit of 2.37 billion HKD, up 33.2% [14]. - The net profit attributable to shareholders for FY26H1 was 619 million HKD, reflecting a 42.5% year-on-year increase, with a net profit margin of 8.8% [14]. - The company forecasts total revenue for FY2026 to be 15.56 billion HKD, with a projected net profit of 1.58 billion HKD [4][5].

Core Viewpoint - CICC maintains a "outperform industry" rating for Luk Fook Holdings (00590) with a target price of HKD 30.55, driven by strong growth in wholesale business in mainland China and an increase in the proportion of high-margin priced jewelry, leading to a historical high gross margin of 35% [1] Group 1: Performance Summary - For 1HFY26, the company's revenue increased by 26% year-on-year to HKD 6.8 billion, and net profit attributable to shareholders rose by 43% to HKD 620 million, aligning with market expectations [1] - The company declared an interim dividend of HKD 0.55 per share, corresponding to a payout ratio of 52% [1] Group 2: Growth in Wholesale Business - In 1HFY26, revenue from mainland China grew by 54% to HKD 3 billion, with wholesale business benefiting from a diverse product range and popular new products, resulting in a 203% increase [2] - Retail/brand business revenue in mainland China increased by 24% and 18% respectively, while the number of self-operated/brand stores in mainland China changed by +23/-202 [2] - Revenue from Hong Kong, Macau, and overseas markets grew by 10% to HKD 3.9 billion, with retail/wholesale/brand business revenues increasing by 9%/89%/4% respectively [2] Group 3: Gross Margin and Operating Leverage - The gross margin for 1HFY26 increased by 2.0 percentage points to 35%, primarily due to rising gold prices and a higher proportion of high-margin priced jewelry [3] - Operating leverage improved, with sales and management expense ratios decreasing by 1.5 percentage points and 0.8 percentage points respectively [3] - Other income was HKD 90 million, while gold hedging losses amounted to HKD 410 million, compared to HKD 230 million in 1HFY25 [3] Group 4: Expansion and Channel Optimization - The company is focused on expanding its overseas market, with management confident in achieving a net increase of 50 stores overseas ahead of schedule by FY27 [4] - In the context of rapid domestic business growth, the company continues to optimize its domestic channels, expecting to close 200 stores in mainland China by FY26 [4] - From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets all showed double-digit growth, with significant improvement in mainland China compared to 2QFY26 [4]