Core Insights - Chow Tai Fook (00659) reported a revenue of approximately HKD 24.285 billion for the fiscal year ending June 30, 2025, representing a year-on-year decrease of 8.09% [1] - The company's profit attributable to shareholders increased by 3.73% to HKD 2.162 billion, with basic and diluted earnings per share at HKD 0.54 [1] - The company proposed a final ordinary dividend of HKD 0.35 per share [1] Financial Performance - For the fiscal year 2025, Hong Kong operations accounted for 58% of the group's operating profit, while mainland China contributed 40% [1] - Adjusted EBITDA increased by 1% year-on-year to HKD 7.3158 billion [1] - Basic earnings per share for fiscal year 2025 were HKD 0.54, a slight decline of 3% year-on-year, primarily due to a one-time gain of HKD 102.7 million from the redemption of perpetual capital securities in fiscal year 2024 [1] Debt Management - As of June 30, 2025, the group's net debt stood at approximately HKD 14.7 billion, a slight decrease of 3% from HKD 15.1 billion in 2024 [2] - The net debt-to-equity ratio remained at a healthy level of 37%, compared to 35% in 2024, reflecting effective management of leverage while maintaining financial flexibility [2] Shareholder Returns - To thank shareholders for their support and create long-term value, the company proposed a stock dividend of one share for every ten shares held [3]

香港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，概不對因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號 : 00659） 截至 2025 年 6 月 30 日止年度 全年業績公告 綜合重點 周大福創建有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司 （統稱「本集團」）截至 2025 年 6 月 30 日止財政年度（「2025 財政年度」）的經審核綜合 業績，連同截至 2024 年 6 月 30 日止財政年度（「2024 財政年度」）的比較數字。 1 儘管宏觀經濟存在不確定性，本集團的多元化業務展現了 的多元化業務展現了穩健的增長，整體應 佔經營溢利按年增長 7%至 44.662 億港元。 本公司股東應佔溢利上升 4%至 21.62 億港元。 本集團財務狀況繼續保持穩健。於 2025 年 6 月 30 日，本集團的可動用流動資 金總額約 298 億港元，其中包括現金及銀行結存約 ，其中包括現金及銀行結存約 202 億港元及備用已承諾銀 行信貸額 ...

Group 1 - The core viewpoint of the report is that the company Chow Tai Fook Enterprises (00659) is given a "Buy" rating with a target price of HKD 9.42, based on a sum-of-parts valuation model plus a 30% liquidity discount [1] - Chow Tai Fook Enterprises has a diversified business portfolio primarily located in Hong Kong and mainland China, with stable cash flow and growing insurance business driving profit outlook [1] - The insurance business (Chow Tai Fook Life) is expected to become the main profit driver, with its contribution to Adjusted Operating Profit (AOP) projected to increase from 23% in FY2024 to 34%/36% by FY2028/29 [1] Group 2 - The company has a progressive high dividend policy, with core earnings per share (DPS) expected to grow from HKD 0.58 in FY2020 to HKD 0.65 in FY2024, and a projected dividend yield of 8.4%/8.8%/9.2% for FY2025/26/27 [2] - Chow Tai Fook Enterprises has achieved an adjusted EBITDA of HKD 5-7 billion in recent years, with a dividend payout ratio of approximately 35-40% [2] - Revenue and AOP are anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from FY2025 to FY2029, with AOP expected to increase by about 10% over the next two years [2]

2025-29财年，收入和AOP有望实现中个位数增长。该行认为保险业务(周大福人寿)将成为主要盈利驱动 因素，未来两年AOP预计增长约10%。该行估计公司收入在2025-29财年将实现5.6%的5年复合增长率。 而AOP在2025财年及2026财年将同比增长4.7%，达到43.6亿港元及45.7亿港元，并在2027-29财年加速至 同比增长约8%。 智通财经APP获悉，交银国际发布研报称，首予周大福创建(00659)买入评级，基于分部加总模型得出的 公允价值加上30%的流动性折让，该行首予目标价9.42港元。周大福创建(前称新创建集团有限公司)是 一家综合性企业，拥有多元化的业务组合，主要分布在中国香港和中国内地。该行认为，周大福创建具 备多重利好因素，包括稳定的现金流及持续增长的保险业务推动盈利前景，股息收益率吸引及潜在降息 有助提升估值。 未来五年，保险业务应占营业利润(AOP)贡献将超越其他业务。周大福创建近年来财务表现稳定，主要 得益于稳定的收费公路和物流业务组合，产生强韧性且高可见度的现金流。该行认为保险业务(周大福 人寿)将成为未来盈利的主要驱动力，其AOP占比将从2024财年的23%提升至202 ...

誠如要約截止公告所披露，上市規則第8.08(1)(a)條所載要求股份的公眾持股量最低為 25%的規定於要約截止公告日期未獲遵守。本公司因而已向聯交所申請臨時豁免（「豁 免」），無須嚴格遵守上市規則第8.08(1)(a)條及第13.32(1)條的規定。誠如公眾持股量公 告所披露，聯交所已授出豁免，初步豁免期為2023年11月23日至2024年5月23日，其後由 2024年5月24日延長至2024年12月31日，並進一步由2025年1月1日延長至2025年7月31日。 誠如本公司刊發日期為2025年1月15日及22日的公告所披露，本公司已於2025年1月 22日完成發行本金總額780,000,000港元可轉換為新股份的2025年到期4.00%可換股債券 （「2025年1月債券」）。誠如本公司刊發日期為2025年7月10日及21日的公告所披露， 因部分轉換2025年1月債券而發行的新股份合共28,276,891股，而餘下的2025年1月 債券已被本公司購回。 香港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，概不對因本公告全部或任何部份內容而產 ...

格隆汇9月9日丨周大福创建(00659.HK)宣布，公司将于2025年9月24日(星期三)举行董事会会议，藉以 (其中包括)批准刊发公司及其附属公司截至2025年6月30日止年度的全年业绩及考虑建议派发末期股 息。 ...

董事會召開日期 周大福創建有限公司（「本公司」）的董事會（「董事會」）宣佈，本公司將於 2025 年 9 月 24 日（星期三）舉行董事會會議，藉以（其中包括）批准刊發本公司及 其附屬公司截至 2025 年 6 月 30 日止年度的全年業績及考慮建議派發末期股息。 香港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，概不對因本公告全部或任何部份 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。 ( 於百慕達註冊成立之有限公司 ) (股份代號：00659) 於本公告日期， (a) 本公司的執行董事為鄭家純博士、鄭志明先生、何智恒先生、林 戰先生及鄭志亮先生； (b) 本公司的非執行董事為杜家駒先生（杜家駒先生的替任董 事：林煒瀚先生）及曾安業先生；及 (c) 本公司的獨立非執行董事為石禮謙先生、李 耀光先生、黃馮慧芷女士、王桂壎先生、陳家強教授及伍婉婷女士。 承董事會命 周大福創建有限公司 公司秘書 鄧偉猷 香港，2025 年 9 月 9 日 ...

Core Viewpoint - The report from CMB International initiates coverage on Chow Tai Fook Enterprises (00659) with a target price of HKD 9.42 and a "Buy" rating, highlighting the growth potential driven by its insurance subsidiary, Chow Tai Fook Life Insurance [1] Group 1: Financial Projections - Chow Tai Fook Enterprises is expected to achieve a compound annual growth rate (CAGR) of 5.6% in revenue from FY2025 to FY2029 [1] - The core profit indicator, Adjusted Operating Profit (AOP), is projected to grow by 4.7% year-on-year in FY2025 and FY2026, reaching HKD 4.36 billion and HKD 4.57 billion respectively, with an acceleration to approximately 8% growth from FY2027 to FY2029 [1] Group 2: Dividend and Cash Flow - The company’s core earnings per share (EPS) dividend is expected to increase from HKD 0.58 to HKD 0.65 from FY2020 to FY2024, with an adjusted EBITDA ranging from HKD 5 billion to HKD 7 billion and a payout ratio of about 35%-40% [1] - Projected core EPS dividends for FY2025, FY2026, and FY2027 are HKD 0.65, HKD 0.68, and HKD 0.71 respectively, translating to dividend yields of 8.4%, 8.8%, and 9.2% based on the closing price of HKD 7.77 on September 2 [1] Group 3: Business Stability and Growth Drivers - Chow Tai Fook Enterprises has experienced stable economic conditions in recent years, benefiting from its stable toll road and logistics businesses, but it is estimated that insurance AOP will surpass other business segments in the next five years [1]

Core Viewpoint - The report from CMB International initiates coverage on Chow Tai Fook Enterprises (00659) with a target price of HKD 9.42 and a "Buy" rating, highlighting the growth potential driven by its insurance subsidiary, Chow Tai Fook Life Insurance [1] Financial Projections - The insurance segment is expected to contribute approximately 10% to the growth of operating profit (AOP) over the next two years [1] - Chow Tai Fook's revenue is projected to have a compound annual growth rate (CAGR) of 5.6% from fiscal years 2025 to 2029 [1] - Core profit indicators (AOP) are anticipated to grow by 4.7% year-on-year in fiscal years 2025 and 2026, reaching HKD 4.36 billion and HKD 4.57 billion respectively, with an acceleration to about 8% growth from 2027 to 2029 [1] Business Stability and Cash Flow - The company has experienced stable economic conditions in recent years, benefiting from steady toll road and logistics operations, but the insurance AOP is expected to surpass other business segments in the next five years [1] - From fiscal years 2020 to 2024, the core dividend per share is projected to increase from HKD 0.58 to HKD 0.65, with adjusted EBITDA ranging between HKD 5 billion to HKD 7 billion and a payout ratio of approximately 35%-40% [1] - The company is expected to generate sufficient cash flow to support its dividend payments, with core dividends per share forecasted at HKD 0.65, HKD 0.68, and HKD 0.71 for fiscal years 2025, 2026, and 2027 respectively, translating to dividend yields of 8.4%, 8.8%, and 9.2% based on the closing price of HKD 7.77 on September 2 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周大福創建有限公司(於百慕達註冊成立之有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00659 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | 1 HKD | | 6,000,000,000 | 本月底法定/註冊 ...