星展升六福集团目标价至21.03港元 评级"买入" 金十数据5月23日讯，星展发表研究报告指，由于近日市场波动，投资者因经济不确定因素上升而增持 黄金，而部分央行亦因全球能见度低以及对俄罗斯资产冻结的忧虑而买入更多黄金。市场预测至今年底 金价将上升超过10%。六福集团(00590.HK)受惠于不明朗时期潜在的黄金需求增长，3月底止末财季内 地零售收入按年增长1%，港澳地区则跌11%，较对上一季大幅改善。该行提到，六福轻资产模式有利 长远扩张，特别是中国内地低线城市。由于六福的黄金对冲亏损可能高于原先预期，星展对其今明两财 年的净利润预测分别下调11%和10%，维持"买入"评级，并延展估值基础至2026财年，以目标8倍市盈 率计，目标价由17.42港元上调至21.03港元。 ...

Group 1: Gold Price Trends - Recent international gold prices have declined, with COMEX gold futures dropping from $3329.10 per ounce on May 9 to $3180.70 on May 14, a decrease of approximately 4.46% [2] - The decline in gold prices is attributed to reduced market risk aversion following unexpected progress in US-China trade negotiations, which has led to a potential drop in COMEX gold prices below $3000 per ounce [2][3] - Short-term outlook suggests a fluctuating trend for gold prices, while long-term support factors remain intact, including increased inflation risks in the US and strong central bank demand [3] Group 2: Consumer Behavior and Market Dynamics - Consumer interest in gold jewelry remains strong, with many brands offering significant discounts; for instance, some gold jewelry prices have been reduced to below 1000 yuan per gram [1] - The market for traditional gold jewelry is expanding, with the ancient method gold jewelry market in China growing from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, reflecting a compound annual growth rate of 64.6% [4] - Companies are adapting to changing consumer preferences by enhancing product offerings, such as introducing unique designs and high-quality craftsmanship to attract customers [5][6] Group 3: Strategic Initiatives by Companies - Companies like Chow Tai Fook and others are focusing on high-end product strategies, optimizing product structures, and enhancing craftsmanship to stimulate demand in the premium gold jewelry market [6][7] - The introduction of culturally inspired product lines, such as the "Dunhuang" series by Luk Fook Jewelry, indicates a trend towards integrating cultural elements into product offerings [4] - Brands are increasingly targeting specific consumer segments with personalized and high-quality service, indicating a shift towards niche marketing strategies in the gold jewelry sector [7]

Group 1 - The core viewpoint of the news highlights a significant decline in gold prices, with spot gold dropping over 2% to near $3220 per ounce, and COMEX gold also experiencing a decline of over 2.4% [1][2] - As of April 30, the World Gold Council reported that global gold demand in Q1 2025 reached 1206 tons, marking a 1% year-on-year increase [7] - The demand for gold ETFs surged, with investment demand in Q1 2025 increasing by over 170% to 552 tons, the highest quarterly level since Q1 2022 [7] Group 2 - In the Chinese market, gold ETF demand saw a historic high with inflows of approximately 167 billion RMB (around $23 million, equivalent to 23 tons) [7] - The consumption of gold jewelry in China decreased by 26.85% year-on-year to 134.531 tons, while the demand for gold bars and coins increased by 29.81% to 138.018 tons [7] - The price of gold jewelry from various brands in China has also declined, with prices for brands like Chow Tai Fook and Lao Feng Xiang dropping below 1000 RMB per gram [4]

智通财经APP讯，六福集团(00590)发布截至2025年3月31日止财政年度第四季度的零售销售表现，尽管 季内金价继续破顶，各地表现保持了第三季的势头，叠加低基数效应，第四季整体零售销售表现优于前 三个季度。 集团2025财年第四季整体零售值(含自营店、品牌店及电子商务业务)及零售收入(含自营店及电子商务业 务)按年变化大致持平。 集团季内整体同店销售为-10%。季内国际平均金价(每盎司兑美元)按年升38%，引致黄金产品的同店销 售跌17%。 定价首饰产品的同店销售自2024年12月起开始转负为正，于本季更大幅改善至+12%，其中定价黄金产 品同店销售在第二季度已经转正，而本季在高基数下仍有79%增长，显示集团锐意以其他定价产品，尤 其以定价黄金产品逐步取代钻石产品的策略非常成功。 于2025年3月31日，集团全球共有3,287间店铺，于第四季净减少56间店铺，跌幅较前三季有所缓和。 集团全球共有159间"六福"自营店，包括74间设于内地、51间设于香港、18间设于澳门及16间设于海 外。于上述日期，连同2,633间内地及13间海外品牌店，集团在世界各地合共设有2,805间"六福"店铺。 除此之外，集团全球 ...

摘要 | 零售值 | 集團整體 | | | 及中國澳門特別行政區(8) | 內地 +1% | | | --- | --- | --- | --- | --- | --- | --- | | | -2% | | -11% | | | | | 產品佔比： | (9) 黃金及鉑金 | ：77% | 黃金及鉑金 | ：68% | 黃金及鉑金 | ：79% | | | 定價首飾 | ：23% | 定價首飾 | ：32% | 定價首飾 | ：21% | | 零售收入 | -1% | | -11% | | +20% | | | 同店銷售 | -10% | | -14% | | +2% | | | 店舖數目 | 3,287 | | 77 | | 3,179 | | 中國香港特別行政區(7) 備註︰ 交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 截至 2025 年 3 月 31 日止財政年度第四季度之零售銷售表現 (1) (1) 零售銷售數據已包含集團完成收購金至尊後其 ...

董事名單與其角色和職能 六福集團(國際)有限公司董事會成員之角色和職能載列如下表。 | | 董事委員會 | | | | | --- | --- | --- | --- | --- | | 董事 | | 審核委員會 | 薪酬委員會 | 提名委員會 | | 執行董事 | | | | | | 黃偉常 | | | | M | | ( 主席兼行政總裁 ) | | | | | | 黃浩龍 | | | | | | ( 副主席 ) | | | | | | 黃蘭詩 | | | | | | 王巧陽 | | | | | | 陳素娟 | | | | | | 非執行董事 | | | | | | 謝滿全 | | | | | | 許照中 太平紳士 | | | | | | 李漢雄 BBS, MH | 太平紳士 | | | | | 獨立非執行董事 | | | | | | 葉澍堃 GBS 太平紳士 | | M | C | M | | 麥永森 | | C | M | C | | 黃汝璞 太平紳士 | | M | M | M | | 許競威 | | M | M | M | 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，2025 ...

交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 截至 2025 年 3 月 31 日止財政年度第三季度之零售銷售表現 (1) 摘要 | | 集團整體 | | 香港及澳門 | | 內地 | | | --- | --- | --- | --- | --- | --- | --- | | 零售值 | -6% | | -20% | | -2% | | | 產品佔比： | (9) 黃金 及鉑金 ：79% | | 黃金及鉑金 | ：73% | 黃金及鉑金 | ：81% | | | 定價首飾 | ：21% | 定價首飾 | ：27% | 定價首飾 | ：19% | | 零售收入 | -9% | | -20% | | +27% | | | 同店銷售 | -22% | | -24% | | -11% | | | 店舖數目 | 3,343 | | 76 | | 3,239 | | (8) 同店銷售為同一間自營店於可比較期內有完整日營運的銷售比較，有關數據並不包括品牌店及中國 ...

Financial Performance - Total revenue for the six-month period ended September 30, 2023, was HK$7,486,031,000, a significant increase compared to the previous period[28]. - Operating profit for the same period was HK$1,140,331,000, reflecting a strong performance despite rising costs[28]. - The Group's profit attributable to equity holders decreased to HK$434,469,000 for the six-month period ended September 30, 2024, down from HK$942,651,000 in 2023, representing a decline of approximately 54%[12]. - Basic and diluted earnings per share for the period remained the same at HK$0.74, as there were no potential dilutive ordinary shares outstanding[12]. - Overall profit before income tax was HK$1,137,458,000, demonstrating robust financial health[28]. - Total revenue decreased by 27.2% year-over-year to HK$5,449 million, with segment profit down 55.0% to HK$553 million[56]. - Profit for the period dropped by 55.7% to HK$417 million, resulting in a net margin decrease of 4.9 percentage points to 7.7%[95]. - The Group's overall gross profit margin decreased by 6.2 percentage points to 14.4%[113]. Revenue Breakdown - Revenue from retailing in Mainland China reached HK$4,801,201,000, while retailing in Hong Kong and overseas generated HK$1,286,671,000[28]. - Retailing revenue fell by 22.7% to HK$4,660 million, while segment profit dropped 42.2% to HK$383 million, resulting in a segment profit margin of 8.2%[57]. - Gold and Platinum sales decreased by 24.1% to HK$3,689 million, but gross profit increased by 9.5% to HK$1,014 million, leading to a gross margin of 27.5%[58]. - Wholesaling revenue declined by 57.8% to HK$385 million, with a segment profit margin of -12.4%[57]. - Licensing income fell by 26.0% to HK$403,808,000, accounting for 7.4% of total revenue, with a segment profit margin of 59.2%[102]. Operational Changes - The total number of shops in Mainland China decreased to 3,311, down by 179 from the previous year[25]. - The total number of shops in Mainland China decreased by 175 to 3,408 as of September 30, 2024[51]. - The total number of self-operated shops increased by 23 to 257 compared to the previous year[51]. - The number of licensed shops in Cambodia decreased by 199 to 3,123[51]. - The number of self-operated shops in Hong Kong remained at 50, while in Macau, it increased from 16 to 18[134][135]. Financial Position - The Group's bank borrowings decreased to HK$20,000,000 as of September 30, 2024, down from HK$362,000,000 as of March 31, 2024[9]. - Total liabilities of Luk Fook Holdings were HK$3,925,726,000, with bank borrowings of HK$20,000,000 and gold loans of HK$1,388,060,000[19]. - The debt-to-equity ratio improved to 29.7%, a decrease of 1.3 percentage points from 31.0% on March 31, 2024[62]. - The Group's cash and bank balances decreased by 3.2% to HK$1,934 million from HK$1,998 million on March 31, 2024, and down 14.2% year-over-year[62]. - The Group's net cash position decreased by 7.8% to HK$526 million from HK$570 million on March 31, 2024[62]. Inventory and Capital Expenditures - As of September 30, 2024, inventories increased by 3.1% to HK$9,863 million compared to HK$9,567 million on March 31, 2024[62]. - Average inventory turnover days rose significantly by 194 days to 504 days from 310 days on March 31, 2024[62]. - Capital expenditures as of September 30, 2024, totaled HK$3,494,956,000, reflecting an increase from HK$3,304,885,000 as of September 30, 2023[80]. - Capital commitments as of September 30, 2024, amounted to HK$17 million, down from HK$20 million as of March 31, 2024[168]. Market Presence and Brand Strategy - During the review period, Luk Fook Jewellery opened its first Hong Kong-style themed shop in Shanghai, enhancing its market presence[15]. - The company launched a series of new wedding products during the "Sweet Journey" roadshow on May 20, 2024, targeting the luxury market[15]. - The Group has implemented a multi-brand strategy to cater to changing consumer preferences, enhancing its brand portfolio with offerings such as Lukfook Jewellery and Goldstyle[187]. - The Group adopted a multi-brand strategy, introducing various sub-brands to cater to different customer profiles[153]. Risk Management - The Group's activities expose it to various financial risks, including foreign exchange risks, cash flow and fair value interest rate risks, credit risk, liquidity risk, and commodity price risk[9]. - There have been no changes in the Risk Management Committee or risk management policies since March 31, 2024[9]. - The Group's financial risk management information does not include all disclosures required in the annual financial statements[9]. Changes in Employee Count - The number of employees increased to approximately 6,600 as of September 30, 2024, up from 6,200 in 2023, reflecting a growth of about 6.45%[187].

薪酬委員會 - 職權範圍書 1. 成立 1.1 根據六福集團（國際）有限公司（「本公司」）於2005年4月7日召開 之董事會會議，董事會（「董事會」）決議成立一個董事會轄下的委 員會，稱為薪酬委員會（「委員會」）。 2. 成員 3. 秘書 第 1 頁 共 5頁 2.1 委員會成員（「成員」）須由董事會委任。委員會由至少三位成員 組成。 2.2 委員會之主席須由獨立非執行董事（「獨立非執行董事」）擔任， 成員須由獨立非執行董事佔大多數。 2.3 如委員會主席及／或被委任之代表缺席時，其餘出席之委員須推選 其中一位成員主持會議。惟當處理有關主席繼任人事宜時，董事會 主席不能出任委員會主席。 3.1 委員會秘書須由本公司之公司秘書擔任。 3.2 委員會可不時委任其他任何具備合適資格及經驗之人士為委員會之 秘書。 4. 法定人數 4.1 會議法定人數最少為兩名成員，並須為獨立非執行董事。正式召開及達 到法定人數出席之委員會會議，應有權行使賦予委員會或其可行使之所 有或任何職權，權力及酌情權。 5. 會議 6. 會議通告 7. 出席會議 7.1 在委員會之邀請下，董事會主席、董事會成員、董事總經理、外聘顧問及／ 或其他 ...

審核委員會 - 職權範圍書 1. 成立 1.1 根據六福集團（國際）有限公司（「本公司」）於 1999 年 2 月 1 日召開之董 事會會議，董事會（「董事會」）決議成立一個董事會轄下的委員會，稱為 審核委員會（「委員會」）。 2. 成員 第1頁, 共7頁 2.1 委員會的成員須由董事會從本公司中的非執行董事中委任，而大部份成員 必須為獨立非執行董事，且當中至少須有一位獨立非執行董事具備適當專 業資格、或會計或相關財務管理專長。 2.2 委員會須由不少於兩名成員組成，而大部份成員必須為獨立人士。 2.3 委員會主席須由董事會委任，並須為獨立非執行董事。 2.4 現時負責審核本公司賬目的核數公司的前任合夥人在以下日期（以日期較 後者為準）起計兩年內，不得擔任委員會的成員： (i) 他/她終止成為該公司合夥人的日期；或 (ii) 他/她不再享有該公司財務利益的日期。 3. 秘書 4. 法定人數 4.1 會議法定人數須為兩名成員。正式召開及達到法定人數出席之委員會會 議，應有權行使賦予委員會或其可行使之所有或任何職權、權力及酌情權。 5. 會議 6. 會議通告 第2頁, 共7頁 3.1 委員會秘書須由本公司之公司秘 ...