每经AI快讯，六福集团(00590.HK)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49万 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。 六福集团(00590)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49万港元。 消息面上，11月27日，六福集团发布截至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。 ...

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获悉，六福集团(00590)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49 万港元。 消息面上，11月27日，六福集团发布截至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。 ...

Group 1 - The core viewpoint of the report indicates that the company's same-store sales are continuously improving, driven by the pricing of jewelry, and it has made its first entry into the Vietnamese market [1][2]. - The investment recommendation is to maintain a "Buy" rating, with projected net profits for the fiscal years 2026-2028 at 1.578 billion, 1.800 billion, and 1.977 billion HKD respectively, and a target price of 40.35 HKD based on a 15x PE for FY26 [1]. - For FY26H1, the company reported revenues of 6.843 billion HKD, a year-on-year increase of 25.6%, with a gross profit of 2.373 billion HKD, reflecting a 33.2% increase [1]. Group 2 - Same-store sales improved by 7.7% year-on-year in FY26H1, with jewelry pricing driving a 22.2% increase in same-store sales for priced jewelry [2]. - As of FY26H1, the total number of global stores was 3,113, with a net decrease of 174 stores, while the company plans to open 20 new stores overseas in FY26 and enter at least three new countries by FY28 [2]. - The gross profit margin for FY26H1 was 34.7%, up 2.0 percentage points year-on-year, benefiting from rising gold prices and an increased proportion of priced jewelry sales [3].

Core Viewpoint - Six福 Group reported strong financial performance for FY26H1, with revenue of HKD 6.84 billion, up 25.6% year-on-year, and net profit of HKD 600 million, up 44.1%, aligning with previous forecasts [1][2] Financial Performance - Revenue breakdown shows significant growth in pricing jewelry, with revenue from gold and platinum products at HKD 4.1 billion, up 11.0%, and pricing jewelry revenue at HKD 2.28 billion, up 67.9%, increasing its share of total sales by 8.8 percentage points to 35.7% [1][2] - Gross margin improved by 2.0 percentage points to 34.7%, reaching a historical high, driven by rising gold prices and operational leverage [2] - The net profit margin increased by 1.1 percentage points to 8.8% due to reduced selling and administrative expenses [2] Market Expansion and Store Strategy - The company operates a total of 3,113 stores globally, with a net closure of 174 stores in FY26H1, primarily in mainland China, while opening 8 new overseas stores, including its first in Vietnam [2] - The company plans to open at least 50 new overseas stores and enter at least 3 new countries from FY26 to FY28 [2] Profit Forecast and Valuation - The profit forecast for FY26-FY28 has been raised by 5%/6%/6% to HKD 1.548 billion, HKD 1.733 billion, and HKD 1.918 billion respectively, reflecting continued positive same-store sales [3] - The target price is set at HKD 35.1, corresponding to a 14 times PE for FY26, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a 42.5% year-on-year growth in net profit attributable to shareholders for the first half of the fiscal year 2026, driven by product and store efficiency optimization, as well as an increase in gross margin [1][3] - Same-store sales continued to show double-digit growth from October 1 to November 21, indicating a sustained positive trend [1] - The company announced an interim dividend of HKD 0.55 per share, with a payout ratio of 52% [1] Summary by Sections Financial Performance - For the first half of the fiscal year 2026, the company achieved revenue of HKD 6.843 billion, a year-on-year increase of 25.6%, and a net profit of HKD 619 million, reflecting a growth of 42.5% [1] - The gross margin improved by 2 percentage points to 34.7%, reaching a historical high, benefiting from rising gold prices and an increased proportion of high-margin priced jewelry [2] - The retail business revenue grew by 12.8%, accounting for 76.8% of total revenue, while wholesale business revenue surged by 190.6%, making up 16.3% of total revenue [2] Business Segmentation - The revenue from weight-based products increased by 11%, while fixed-price products saw a growth of 67.9%, with the latter's share rising by 8.8 percentage points to 35.7%, and the proportion of priced gold is expected to reach around 25% [2] - The revenue from the mainland China market grew by 54.2%, accounting for 43.6% of total revenue, while revenue from Hong Kong, Macau, and overseas markets increased by 9.9%, making up 56.4% [2] Future Outlook - The company is expected to continue benefiting from product innovation, channel optimization, and accelerated overseas development, with projected net profits of HKD 1.501 billion, HKD 1.787 billion, and HKD 2.028 billion for fiscal years 2026, 2027, and 2028, respectively [3][4] - The price-to-earnings ratio (PE) is projected to be 9.5, 8.0, and 7.1 for the fiscal years 2026, 2027, and 2028, indicating a favorable valuation [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company's same-store sales continue to improve, driven by pricing jewelry and its first entry into the Vietnamese market [2][3]. - The company plans to increase its overseas store count and expand into at least three new countries over the next three years [10]. Financial Performance - For FY26H1, the company reported revenue of HKD 6.843 billion, a year-on-year increase of 25.6%, with a gross profit of HKD 2.373 billion, up 33.2% year-on-year, resulting in a gross margin of 34.7% [10]. - The operating profit reached HKD 780 million, reflecting a 45.4% year-on-year increase, with an operating margin of 11.4% [10]. - The net profit attributable to shareholders was HKD 619 million, a 42.5% increase year-on-year, with a net margin of 8.8% [10]. Same-Store Sales and Market Expansion - Overall same-store sales increased by 7.7% year-on-year in FY26H1, with gold and platinum same-store sales up 2.7% and pricing jewelry same-store sales up 22.2% [10]. - The company plans to add 20 new stores overseas in FY26 and aims to increase its global store count [10]. Profitability and Cost Management - The gross margin improved to 34.7%, benefiting from rising gold prices and an increased proportion of pricing jewelry sales [10]. - The sales expense ratio decreased to 16.3%, and the administrative expense ratio fell to 2.7%, indicating effective cost management [10]. Financial Projections - The forecast for net profit attributable to shareholders for FY26, FY27, and FY28 is HKD 1.578 billion, HKD 1.800 billion, and HKD 1.977 billion, respectively [10]. - The report assigns a target price of HKD 40.35 based on a 15x PE ratio for FY26 [10].

Core Viewpoint - The company reported a significant increase in revenue and profit due to effective product differentiation and sales strategies, leading to a 25.6% rise in total revenue to HKD 6.84 billion [1][2]. Financial Performance - Total revenue increased by 25.6% to HKD 6,843,384,000 compared to HKD 5,448,634,000 in the previous year [1]. - Gross profit rose by 33.2% to HKD 2,373,233,000, with an overall gross margin increase of 2.0 percentage points to a historical high of 34.7% [1][2]. - Operating profit increased by 45.4% to HKD 779,648,000, with an operating margin improvement of 1.6 percentage points to 11.4% [1][2]. - Net profit rose by 44.1% to HKD 601,190,000, with a net profit margin increase of 1.1 percentage points to 8.8% [1][2]. - Earnings attributable to equity holders increased by 42.5% to HKD 619,186,000, resulting in a basic earnings per share increase of 41.9% to HKD 1.05 [1][2]. Dividend and Payout - The company declared an interim dividend of HKD 0.55 per share, maintaining the same dividend as the previous year, with a payout ratio of 52% [2]. Sales Performance - Retail revenue increased by 12.8% to HKD 5,255,286,000, accounting for 76.8% of total revenue [2]. - Wholesale revenue surged by 190.6% to HKD 1,117,398,000, representing 16.3% of total revenue [2]. - Same-store sales growth was recorded at +7.7%, with significant improvements in the mainland market [5][6]. Market Expansion - The company opened 8 new overseas stores and entered the Vietnamese market for the first time [1]. - The company plans to focus on overseas market expansion, market-oriented products, and operational efficiency optimization as part of its new three-year corporate strategy starting from the 2025/26 fiscal year [6].

证券研究报告 六福集团 (590 HK) 港股通 定价产品及海外拓展贡献增长亮点 2025 年 11 月 28 日│中国香港 可选消费 六福集团公布 FY26H1 业绩（2025 年 4-9 月）：收入为 68.4 亿港元，同比 +25.6%；净利润为 6.0 亿港元，同比+44.1%，符合此前业绩预告（收入同 比+20-30%，净利润同比+40-50%）。集团有效的产品差异化和销售策略带 动定价首饰收入快速增长，产品结构优化、金价上升助推毛利率创历史新高， 叠加经营杠杆效应释放，净利润增速表现亮眼。公司拟派中期股息 0.55 港 元/股，派息比率为 52%，持续积极分红回馈股东。此外，10 月 1 日至 11 月 21 日，集团中国内地、中国港澳及海外市场同店均实现双位数增长，其 中，中国内地市场较 FY26Q2 明显改善，有望延续进一步向好势头。维持 "买入"评级。 得益于有效的产品差异化策略，定价首饰产品收入高增 1）分产品看，FY26H1 黄金及铂金产品营收 41.0 亿港元/同比+11.0%，定 价首饰产品营收 22.8 亿港元/同比+67.9%，占整体销售额的比重同比提升 8.8pct 至 35. ...

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]