Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Insights - The company reported a revenue of HKD 6.84 billion for FY26H1, representing a year-on-year increase of 25.6%, and a net profit of HKD 600 million, up 44.1%, aligning with previous forecasts [1]. - The growth in revenue is attributed to effective product differentiation and sales strategies, particularly in the pricing jewelry segment, which saw a revenue increase of 67.9% [2]. - The company plans to distribute an interim dividend of HKD 0.55 per share, with a payout ratio of 52%, indicating a commitment to shareholder returns [1]. Revenue Breakdown - By product, revenue from gold and platinum products was HKD 4.10 billion, up 11.0%, while pricing jewelry revenue reached HKD 2.28 billion, up 67.9%, increasing its share of total sales by 8.8 percentage points to 35.7% [2]. - Retail business revenue was HKD 5.26 billion, up 12.8%, and wholesale revenue surged to HKD 1.12 billion, up 190.6%, driven by increased product categories and strong demand for new items [2]. - Regionally, revenue from Hong Kong, Macau, and overseas markets was HKD 3.86 billion, up 9.9%, while mainland China revenue was HKD 2.98 billion, up 54.2% [2]. Profitability and Margin Analysis - The company's gross margin improved by 2.0 percentage points to 34.7%, reaching a historical high, with gold and platinum products' gross margin increasing by 2.8 percentage points to 30.3% [3]. - The net profit margin increased by 1.1 percentage points to 8.8%, supported by operational leverage and a decrease in selling and administrative expense ratios [3]. Store Expansion and Market Strategy - The company operated a total of 3,113 stores globally, with 3,000 in mainland China and 113 in Hong Kong, Macau, and overseas, closing 174 stores in the first half of FY26 [4]. - The company is nearing the end of its store closure phase and plans to open at least 50 new overseas stores by FY28, including its first entry into the Vietnamese market [4]. Earnings Forecast and Valuation - The net profit forecasts for FY26 to FY28 have been raised by 5% to 6%, now projected at HKD 1.55 billion, HKD 1.73 billion, and HKD 1.92 billion respectively [5]. - The target price is set at HKD 35.10, corresponding to a 14x PE for FY26, reflecting the company's improving same-store sales and balanced regional coverage [5].

Financial Data and Key Metrics Changes - The group's revenue increased by 25.6% to HKD 6.8 billion compared to the same period last year [3] - Operating profit margin rose by 1.6 percentage points to 11.4%, boosting operating profits by 45.4% to HKD 518 million [4] - Profit attributable to equity holders increased by 42.5% to HKD 619 million, with basic earnings per share rising by 41.9% to HKD 1.05 [4] - Gross profit increased by 33.2% to HKD 2.37 billion, with overall gross margin reaching a record high of 34.7% [5][4] - Net borrowings increased by 282% to around HKD 1.1 billion, primarily due to increased gold losses [6] Business Line Data and Key Metrics Changes - Retailing revenue increased by 12.8% to HKD 5.26 billion, accounting for 76.8% of total revenue [8] - Wholesale revenue rose significantly by 119.6% to HKD 1.12 billion, turning a profit of HKD 108 million [9] - Licensing income increased by 16.6% to HKD 471 million, contributing 6.9% of total revenue [9] Market Data and Key Metrics Changes - Revenue from the Hong Kong/Macau/Overseas market increased by 9.9% to HKD 3.86 billion, accounting for 56.4% of total revenue [6] - Revenue from the mainland market surged by 54.2% to HKD 2.98 billion, representing 43.6% of total revenue [8] - Retailing revenue in the mainland increased by 23.6% to HKD 1.5 billion, but recorded a selling loss of HKD 14 million due to gold hedging losses [13] Company Strategy and Development Direction - The company has initiated a three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancement [17] - Plans to enter at least three additional countries and add a net of 50 overseas shops within three years [18] - The company aims to optimize product mix and enhance product differentiation to meet diverse customer needs [20] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical tensions and rising gold prices, the group's performance remained strong across all regions [3] - The company expects double-digit growth in simple sales to continue in the second half of the financial year [40] - Management remains optimistic about future growth and network expansion, particularly in overseas markets [66] Other Important Information - The average international gold price increased by nearly 91% year-on-year, impacting sales by weight but increasing gross margins [10] - The company has integrated ESG principles into its corporate planning and operational decision-making processes [26] Q&A Session Summary Question: Can you compare November sales momentum versus October? - Management indicated that overall simple sales growth for the mainland market exceeded 30% in November, with fixed-price jewelry products growing faster than gold sales by weight [36] Question: What is the guidance for simple sales growth for the second half? - Management expects double-digit growth to continue in the second half, despite a higher base from the previous year [40] Question: What is the outlook for gold loan hedging loss for the second half? - Management stated that hedging loss is not expected to significantly impact overall performance, as revenue and profit are rising [50] Question: What are the drivers behind the strong performance in wholesale revenue? - The shift in strategy to include exclusive and promotional products in the wholesaling business has driven significant revenue growth [56] Question: What are the plans for entering new markets? - Management has plans to enter new markets in Europe and Southeast Asia, with at least two new countries expected next year [72]

Financial Data and Key Metrics Changes - The group's revenue increased by 25.6% to HKD 6.8 billion compared to the same period last year [3] - Operating profit margin rose by 1.6 percentage points to 11.4%, boosting operating profits by 45.4% to HKD 518 million [4] - Profit attributable to equity holders increased by 42.5% to HKD 619 million, with basic earnings per share rising by 41.9% to HKD 1.05 [4] - Gross profit increased by 33.2% to HKD 2.37 billion, while operating expenses rose by 12.4% to around HKD 1.3 billion [5] - The overall gross margin increased by 2 percentage points to 34.7%, marking a record high for both interim and annual results [4][5] Business Line Data and Key Metrics Changes - Retailing revenue increased by 12.8% to HKD 5.26 billion, accounting for 76.8% of total revenue [8] - Wholesale revenue rose significantly by 119.6% to HKD 1.12 billion, turning a profit of HKD 108 million [9] - Licensing income increased by 16.6% to HKD 471 million, contributing 6.9% of total revenue [9] Market Data and Key Metrics Changes - Revenue from the Hong Kong/Macau/Overseas market increased by 9.9% to HKD 3.86 billion, accounting for 56.4% of total revenue [6] - Revenue from the mainland market surged by 54.2% to HKD 2.98 billion, representing 43.6% of total revenue [8] - Retailing revenue in the mainland increased by 23.6% to HKD 1.5 billion, but recorded a selling loss of HKD 14 million due to gold hedging losses [13] Company Strategy and Development Direction - The company has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancement [17] - Plans to enter at least three additional countries and add a net of 50 overseas shops within three years [18] - The company aims to optimize product mix and enhance product differentiation to meet diverse customer needs [20] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical tensions and rising gold prices, the group's performance remained strong across all regions [3] - The company expects double-digit growth to continue in the second half of the financial year [40] - Management is optimistic about future growth and network expansion, particularly in overseas markets [66] Other Important Information - The company experienced a net decrease of 174 shops globally, including 173 Luk Fook shops and one 3DG Jewelry shop [4] - The average international gold price increased by nearly 91% year-on-year, impacting sales by weight [10] - The company has integrated ESG principles into its corporate planning and operational decision-making processes [26] Q&A Session Summary Question: Can you compare November sales momentum versus October? - Management indicated that overall sales growth in the mainland market exceeded 30% in November, with fixed-price jewelry products growing faster than gold sales by weight [36] Question: What is the guidance for simple sales growth for the full year of FY 2026? - Management expects double-digit growth to continue in the second half of the year, despite a higher base [40] Question: What is the outlook for gross profit margin next year? - Management stated that if gold prices stabilize, the gross margin would return to standard levels, but they anticipate maintaining a record high gross margin in the second half [44][48] Question: What are the drivers behind the strong performance in wholesale revenue? - The company shifted exclusive and promotional products into the wholesaling business, leading to significant revenue increases [56] Question: How long will the current trend of store closures in mainland China continue? - Management expects a net reduction of around 200 shops for the full year, with fewer closures anticipated in the second half [65]

Financial Data and Key Metrics Changes - The group's revenue increased by 25.6% to HKD 6.8 billion compared to the same period last year [3] - Operating profit margin rose by 1.6 percentage points to 11.4%, boosting operating profits by 45.4% to HKD 518 million [4] - Profit attributable to equity holders increased by 42.5% to HKD 619 million, with basic earnings per share rising by 41.9% to HKD 1.05 [4] - Overall gross margin increased by 2 percentage points to 34.7%, marking a record high for both interim and annual results [4][5] - Inventory balance grew to around HKD 12.3 billion, with inventory turnover days increasing by over 60 days year-on-year [5][6] Business Line Data and Key Metrics Changes - Retailing revenue increased by 12.8% to HKD 5.26 billion, accounting for 76.8% of total revenue [8] - Wholesale revenue rose significantly by 119.6% to HKD 1.12 billion, turning selling profit from a loss to a profit of HKD 108 million [9] - Licensing income increased by 16.6% to HKD 471 million, driven by improved sales in the mainland [9] Market Data and Key Metrics Changes - Revenue from the Hong Kong/Macau/Overseas market increased by 9.9% to HKD 3.86 billion, accounting for 56.4% of total revenue [6] - Revenue from the mainland market surged by 54.2% to HKD 2.98 billion, accounting for 43.6% of total revenue [7] - Retailing revenue in the mainland increased by 23.6% to HKD 1.5 billion, despite selling losses due to gold hedging [13] Company Strategy and Development Direction - The company has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancement [17] - Plans to enter at least three additional countries and add a net of 50 overseas shops within three years [18][19] - Emphasis on product differentiation and optimizing product mix to cater to both premium and affordable luxury segments [20] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical tensions and rising gold prices, the group's performance remained strong across all regions [3] - The company expects to see continued double-digit growth in simple sales for the second half of the financial year [36] - Management is optimistic about future growth and network expansion, particularly in overseas markets [45] Other Important Information - The company experienced a net decrease of 174 shops globally, including 173 Luk Fook shops and one 3DG Jewelry shop [4] - The average international gold price increased by nearly 91% year-on-year, impacting sales by weight [10] - The company has integrated ESG principles into its corporate planning and operational decision-making processes [26] Q&A Session Summary Question: Can you compare November sales momentum versus October? - Management indicated that overall simple sales growth for the mainland market exceeded 40% from October to November, with self-operated shops showing mid-teen growth and licensed shops over 40% [32] Question: What is the sales momentum by products for November? - Fixed-price jewelry products are growing faster than gold sales by weight, with gold sales by weight increasing faster in November compared to fixed-price jewelry [33][34] Question: What is the guidance for simple sales growth for the full year of FY 2026? - Management expects double-digit growth to continue in the second half, despite a higher base in the second half compared to the first [36] Question: What is the outlook for gross profit margin next year? - Management anticipates maintaining a high gross margin due to the new VAT policy and lower cost inventory, with expectations for a record high margin in the second half [39] Question: What are the drivers behind the strong performance in wholesale revenue? - The shift in strategy to include exclusive and promotional products in the wholesaling business has driven significant revenue growth [41]

CORPORATE PRESENATION 1H FY2025/26* Interim Results 企业简报 2025/26上半财年*业绩 * Hereafter refers to as "1H FY2026" 往后称为「2026上半财年」 1 1 CONTENT 目录 1H FY2025/26 FINANCIAL HIGHLIGHTS 2025 /26上半财年财务亮点 FINANCIAL REVIEW 财务回顾 FUTURE PLANS AND STRATEGIES 未来计划与策略 BRANDING 品牌推广策略 SUSTAINABILITY 可持续性 OPEN FORUM 公开讨论 CORE COMPETENCES 核心竞争优势 COMPANY PROFILE 公司简介 APPENDICES 附录 2 1H FY2026 FINANCIAL HIGHLIGHTS 2026上半财年财务亮点 3 1H FY2026 FINANCIAL HIGHLIGHTS 2026上半财年财务亮点 | Revenue 收入 | | | Basic Earnings per Share 每股基本盈利 | | | | -- ...

六福集团(00590)发布公告，该公司将于2025年12月24日派发截至2025年9月30日止6个月的中期股息每 股0.55港元。 ...

智通财经APP讯，六福集团(00590)发布公告，该公司将于2025年12月24日派发截至2025年9月30日止6个 月的中期股息每股0.55港元。 ...

受惠于金价上升及毛利率较高的定价首饰产品销售占比增加，本集团整体毛利率上升2.0个百分点至 34.7%的历史高位。营运杠杆效益带动经营溢利率提升1.6个百分点至11.4%，经营溢利因此上升45.4%至 7.8亿港元。 智通财经APP讯，六福集团(00590)发布截至2025年9月30日止6个月中期业绩，该集团取得收入68.43亿 港元，同比增加25.6%;权益持有人应占溢利6.19亿港元，同比增加42.5%;每股基本盈利1.05港元，拟派 中期股息为每股0.55港元。 ...

Core Insights - The company reported a revenue of HKD 6.843 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.6% [1] - Profit attributable to equity holders reached HKD 619 million, up 42.5% year-on-year [1] - Basic earnings per share were HKD 1.05, with an interim dividend proposed at HKD 0.55 per share [1] Financial Performance - The overall gross margin increased by 2.0 percentage points to a historical high of 34.7%, driven by rising gold prices and a higher proportion of sales from high-margin jewelry products [1] - Operating leverage contributed to an increase in operating profit margin by 1.6 percentage points to 11.4%, resulting in a 45.4% rise in operating profit to HKD 780 million [1]

Core Viewpoint - The company reported a significant increase in revenue and profit due to effective product differentiation and sales strategies, alongside a favorable market environment with rising gold prices [1] Financial Performance - Revenue increased by 25.6% year-on-year to HKD 6.8 billion [1] - Overall gross margin rose by 2.0 percentage points to a historical high of 34.7% [1] - Operating profit margin improved by 1.6 percentage points to 11.4%, leading to a 45.4% increase in operating profit to HKD 780 million [1] - Net profit for the period increased by 44.1% to HKD 600 million [1] Dividend and Payout - The company proposed an interim dividend of HKD 0.55 per share, with a payout ratio of 52% [1] Market Expansion - The company added 8 new overseas stores during the period and made its first entry into the Vietnamese market [1] - Same-store sales in both Hong Kong, Macau, and overseas markets, as well as the mainland market, recorded double-digit growth from October 1 to November 21, with a notable improvement in the mainland market compared to the second quarter of the fiscal year [1]