Core Viewpoint - Citigroup has issued a report indicating that the significant acceleration in fixed-price gold products will positively impact the profitability of Luk Fook Holdings (00590), expecting trends such as accelerated same-store sales growth and improved profit margins. The stock is rated as "Buy" with a target price of HKD 35.2 [1] Group 1: Sales Performance - For the third fiscal quarter ending December, Luk Fook reported strong same-store sales growth, with a 31% increase in mainland franchise stores and a 16% increase in Hong Kong, Macau, and overseas markets, aligning with Citigroup's expectations [1] - Although the same-store sales growth for mainland self-operated stores was only 7%, which fell short of expectations, it accounts for only about 10% of the group's revenue, thus having a limited impact [1] - The same-store sales growth performance from early this month to the 7th exceeded expectations, indicating a positive outlook for the upcoming Lunar New Year sales season [1] Group 2: Market Conditions and Strategy - Management noted that despite gold prices reaching a new high in December, consumers have gradually adapted to the high gold price environment, resulting in minimal impact on sales [1] - Following the implementation of a new gold value-added tax policy in mainland China, the price gap between products in Hong Kong, Macau, and mainland China has widened, benefiting the Hong Kong and Macau markets, along with the appreciation of the Renminbi [1] - The management remains optimistic about the significant growth potential in overseas markets and plans to allocate more resources for expansion, maintaining the target of adding approximately 20 new stores by the fiscal year 2026 [1]

Core Viewpoint - Citigroup's report indicates that the significant acceleration in fixed-price gold product growth will positively impact the profitability of Luk Fook Holdings (00590), predicting trends such as accelerated same-store sales growth and improved profit margins. The stock is rated "Buy" with a target price of HKD 35.2 [1] Group 1: Sales Performance - Luk Fook's same-store sales growth for the third fiscal quarter ending December showed strong performance, with a 31% increase in mainland franchise stores and a 16% increase in Hong Kong, Macau, and overseas markets, aligning with Citigroup's expectations [1] - Although the same-store sales growth for mainland self-operated stores was 7%, which fell short of expectations, it only accounts for about 10% of the group's revenue, thus having a limited impact [1] - The same-store sales growth from the beginning of this month until the 7th outperformed the third fiscal quarter, exceeding Citigroup's expectations, indicating a positive outlook for the upcoming Lunar New Year sales season [1] Group 2: Management Insights - Management noted that despite gold prices reaching a new high in December, consumers have gradually adapted to the high gold price environment, resulting in minimal impact on sales [1] - Following the implementation of a new gold value-added tax policy in mainland China, the price gap between products in Hong Kong, Macau, and mainland China has widened, coupled with the appreciation of the Renminbi, which is favorable for the Hong Kong and Macau markets [1] - The management remains optimistic about the significant growth potential in overseas markets and plans to allocate more resources for expansion, maintaining the target of adding approximately 20 new stores by the fiscal year 2026 [1]

Group 1 - The core viewpoint of the report is that Luk Fook Holdings (00590) has shown strong retail performance in Q4 2025, with overall retail value increasing by 26% year-on-year and same-store sales growing by 15%, indicating acceleration compared to the previous quarter [1] - The company is expected to achieve net profits attributable to shareholders of HKD 15.01 billion, 17.87 billion, and 20.28 billion for the fiscal years 2026-2028, with corresponding P/E ratios of 10.7, 9, and 7.9, maintaining an "outperform" rating [1] Group 2 - By region, same-store sales growth was strong across global markets, with Hong Kong at 15%, Macau at 22%, overseas at 11%, and same-store sales growth of 7% for self-operated stores in mainland China, while franchise stores saw a growth of 31% [1] Group 3 - In terms of product structure, same-store sales of priced gold grew by 32% despite a high base, accounting for 17% of the company's overall retail value, while same-store sales of 18K gold diamonds remained flat, showing significant improvement from a 10% decline in the previous quarter [2] Group 4 - The company experienced a net closure of 40 stores during the quarter, a slowdown from 49 closures in the previous quarter, ending with a total of 3,073 stores, including 9 new openings overseas, bringing the total overseas store count to 48 [3] Group 5 - Overall, the company continued its strong growth performance in Q4 2025, with promising same-store sales in the first week of January 2026, driven by product innovation, channel optimization, and accelerated overseas development [4]

智通财经APP获悉，国信证券发布研报称，六福集团(00590)发布2025年10-12月经营数据，整体零售值 同比增长26%，同店销售增长15%，均环比上一季度实现加速。该行维持公司2026-2028财年分别实现归 母净利润15.01/17.87/20.28亿港元，对应PE分别为10.7/9/7.9倍，维持"优于大市"评级。 国信证券主要观点如下： 分区域看，全球市场均表现较好 中国香港同店销售增长15%，中国澳门增长22%，海外增长11%；中国内地自营店的同店销售增长7%， 加盟店同店销售增长31%。 分产品结构看，定价黄金依旧表现领先 集团整体定价黄金的同店销售在高基数情况下增长达到32%。定价黄金在公司整体零售值中的占比达到 17%。此外，18K金钻石的同店销售持平，较上一季度下滑10%的表现实现显著改善。该品类复苏将有 助于公司毛利率提升。 门店拓展方面，季内整体净关店40家 环比上个季度的49家净关有所放缓，期末门店总数3073家。其中海外延续开店节奏，季内新开9家门 店，期末海外门店总数48家。 整体上，公司2025年10-12月继续延续了2025年以来的较好增长表现 2026年1月前七天整体同店 ...

Core Viewpoint - Multiple gold jewelry brands have reported divergent prices for domestic gold jewelry, with some maintaining previous prices while others have seen price reductions, generally around 1435 CNY per gram [1] Price Summary - Liufu Jewelry's domestic price for 999 gold is 1434 CNY per gram, unchanged from the previous day [1] - Chow Tai Fook's domestic price for gold (jewelry and crafts), as well as Xie Rui Lin's gold jewelry and Chao Hong Ji's gold (ornamental pieces), is 1436 CNY per gram, also unchanged from the previous day [1] - Chow Sang Sang's domestic price for gold jewelry is 1431 CNY per gram, which is a decrease of 5 CNY per gram compared to the previous day [1] - Lao Miao Gold's domestic price for gold jewelry in the Shanghai region is 1434 CNY per gram, reflecting an increase of 5 CNY per gram from the previous day [1]

证券研究报告 | 2026年01月16日 六福集团（00590.HK） 同店进一步加速增长，海外拓展顺利 |  | 公司研究·公司快评 |  | 商贸零售·专业连锁Ⅱ | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 张峻豪 | 021-60933168 | zhangjh@guosen.com.cn | 执证编码：S0980517070001 | | 证券分析师： | 柳旭 | 0755-81981311 | liuxu1@guosen.com.cn | 执证编码：S0980522120001 | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | 执证编码：S0980523090004 | 事项： 公司公告：公司发布 2025 年 10-12 月经营数据，整体零售值同比增长 26%，同店销售增长 15%，均环比上 一季度实现加速。 国信零售观点：1）分区域看，全球市场均表现较好：中国香港同店销售增长 15%，中国澳门增长 22%，海 外增长 11%；中 ...

Core Viewpoint - Citi's report indicates that Luk Fook Holdings experienced strong same-store sales growth in the third fiscal quarter ending December, with a 31% increase in mainland franchise stores and a 16% increase in Hong Kong, Macau, and overseas markets, aligning with expectations [1] Group 1: Sales Performance - Same-store sales growth in mainland self-operated stores was 7%, which was below expectations but only accounted for about 10% of the group's revenue, thus having a limited impact [1] - The same-store sales growth from early this month to the 7th exceeded the performance of the third fiscal quarter, indicating a positive outlook for the upcoming Lunar New Year sales season [1] Group 2: Profitability Outlook - The significant acceleration in the growth of fixed-price gold products is expected to positively impact profit margins [1] - Citi anticipates a similar trend of accelerating same-store sales growth and margin improvement, leading to a "Buy" rating for the stock with a target price of HKD 35.2 [1]

观点网讯：1月16日 ，香港珠宝零售商六福集团披露海外市场拓展计划，拟于本财年在海外市场净增长 约20家店铺。根据公开资料整理，12月金价再创新高，但消费者已逐渐适应高金价，未对集团销售造成 显著影响。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 截至2025年3月末，六福集团的门店网络已覆盖包括中国内地、港澳在内的11个国家及地区，全球门店 总数达3287家。公司还计划在2026至2028财年的三年间，新进驻3个海外国家及地区，累计净增设50家 海外门店。 ...

本文源自：金融界AI电报 根据香港交易所公告，六福集团计划本财年在海外市场净增长约20家店铺。虽然金价于12月再创新高， 幸而消费者已逐渐适应高金价，故未对销售造成显著影响。 ...

六福集团1月15日在港交所公告，集团第三季度整体零售值、零售收入及同店销售皆优于前二季，分别 升26%、17%及15%。中国香港、中国澳门及海外市场零售值、零售收入及同店销售分别升20%、19% 及16%；中国内地市场零售值升26%，零售收入升11%，同店销售亦改善至+7%。集团第三季净减少店 铺40间、截至2025年12月31日止九个月期间，集团于海外新开设17间店铺。集团将投放更多资源积极拓 展海外市场，并计划于本财年在海外市场净增长约20间店铺。 ...