（原标题：中金：维持周大福(01929)跑赢行业评级 目标价19.45港元） 智通财经APP获悉，中金发布研报称，基本维持周大福(01929)FY26/27年EPS预测0.87/0.93港元不变， 当前股价对应18/16倍FY26/27年市盈率，维持跑赢行业评级和目标价19.45港元不变，对应22/21倍 FY26/27年市盈率，较当前股价有28%的上行空间。公司1HFY26收入同降1.1%至390亿港元，归母净利 润25亿港元同比持平，业绩略低于该行预期，主要由于毛利率影响。公司宣派中期股息0.22港元/股， 对应派息率86%。 中金主要观点如下： 运营提效持续推进，定价首饰占比进一步提升 1HFY26公司收入同降1.1%，降幅环比明显收窄。分区域看，中国内地收入同降2.5%至322亿港元，公 司持续优化门店网络以提升零售表现及盈利能力，期内直营/加盟分别净关16/595个零售点，同店同增 2.6%/4.8%，新店月店均销售较去年同期提升72%至超130万港元。中国港澳及海外市场受益于零售环境 好转及客流回暖，期内收入同增6.5%至68亿港元，港澳同店同增4.4%。分品类看，定价首饰收入同增 9.3%，收入 ...

（原标题：港股异动 | 周大福(01929)绩后跌超3% 上半财年纯利同比微增 毛利率收窄0.9个百分点） 智通财经APP获悉，周大福(01929)绩后跌超3%，截至发稿，跌3.61%，报14.69港元，成交额7234.04万 港元。 消息面上，周大福发布截至2025年9月30日止6个月中期业绩，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%；毛利率同比收窄0.9个百分点至30.5%，周 大福对此解释称，由于已实现的金价升幅较少，导致零售产品毛利率下跌。然而，定价首饰及零售业务 占比提升，相关得益抵消了部分的影响。 中金公司点评称，公司1HFY26 收入同降1.1%至390 亿港元，归母净利润25亿港元同比持平，业绩略低 于该行预期，主要由于毛利率影响。公司宣派中期股息0.22 港元/股，对应派息率86%。1HFY26公司收 入同降1.1%，降幅环比明显收窄。分区域看，中国内地收入同降2.5%至322亿港元，公司持续优化门店 网络以提升零售表现及盈利能力。中国港澳及海外市场受益于零售环境好转及客流回暖，期内收入同增 6.5%至68亿港元，港澳同店 ...

Core Viewpoint - The company maintains its EPS forecast for FY26/27 at HKD 0.87/0.93, with the current stock price corresponding to 18/16 times FY26/27 P/E ratio, and keeps the outperform rating and target price at HKD 19.45, indicating a potential upside of 28% from the current price [1] Group 1: Financial Performance - In 1HFY26, the company's revenue decreased by 1.1% to HKD 39 billion, with net profit remaining flat at HKD 2.5 billion, slightly below expectations due to margin pressures [1][3] - The company declared an interim dividend of HKD 0.22 per share, corresponding to a payout ratio of 86% [1] Group 2: Operational Efficiency - The company continues to optimize its store network to enhance retail performance and profitability, with a net closure of 16 direct-operated and 595 franchised retail points, while same-store sales increased by 2.6% and 4.8% respectively [2] - New store monthly sales improved by 72% year-on-year, exceeding HKD 1.3 million [2] Group 3: Revenue Breakdown - Revenue from mainland China decreased by 2.5% to HKD 32.2 billion, while revenue from Hong Kong, Macau, and overseas markets increased by 6.5% to HKD 6.8 billion, benefiting from improved retail conditions [2] - Revenue from priced jewelry rose by 9.3%, increasing its share to 29.6%, with mainland China reaching 31.8% [2] Group 4: Cost Management - Despite the adverse effects of rising gold prices and sales timing differences, the company managed to reduce sales and administrative expense ratios by 0.9ppt and 0.3ppt respectively, which helped mitigate the impact on gross margin [3] Group 5: Brand and Product Development - The company launched its first high-end jewelry series "He Mei Dong Fang" in June, showcasing excellent design and craftsmanship, with sales from key series reaching HKD 3.4 billion in 1HFY26 compared to HKD 2.3 billion in 1HFY25 [4] Group 6: Sales Trends - From early October to November 18, overall retail sales increased by 34%, with same-store sales in mainland China rising by 39% and 49% for direct-operated and franchised stores respectively, while Hong Kong and Macau saw an 18% increase [5]

Core Viewpoint - Chow Tai Fook's stock fell over 3% following the release of its interim results, reflecting market concerns over declining revenue and profit margins [1] Financial Performance - The company reported a revenue of HKD 38.986 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.07% [1] - Shareholder profit stood at HKD 2.534 billion, showing a slight increase of 0.16% year-on-year [1] - Gross profit margin narrowed by 0.9 percentage points to 30.5%, attributed to limited increases in gold prices affecting retail product margins [1] Regional Performance - Revenue from mainland China decreased by 2.5% to HKD 32.2 billion, with the company focusing on optimizing its store network to enhance retail performance and profitability [1] - The Hong Kong, Macau, and overseas markets experienced a revenue increase of 6.5% to HKD 6.8 billion, benefiting from improved retail conditions and increased foot traffic, with same-store sales in Hong Kong and Macau rising by 4.4% [1] Dividend Announcement - The company declared an interim dividend of HKD 0.22 per share, corresponding to a payout ratio of 86% [1]

Core Insights - Chow Tai Fook's financial performance for the first half of the fiscal year 2026 shows resilience, driven by improved consumer sentiment and a recovery in jewelry consumption in key markets [1][2] - The company's revenue reached HKD 38.986 billion, with a gross profit margin maintained above 30%, supported by high-margin pricing jewelry and rising gold prices [1] - The company reported a slight increase in operating profit to HKD 6.823 billion, and a marginal rise in profit attributable to shareholders to HKD 2.534 billion [1] Group Performance - Same-store sales in mainland China and Hong Kong-Macau regions showed positive growth, indicating the effectiveness of the company's focus on optimizing store productivity [1][2] - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8%. In Hong Kong and Macau, same-store sales rose by 4.4%, driven by improved retail consumer sentiment [2] Product Highlights - The company's signature pricing product series achieved strong sales, totaling HKD 3.4 billion, with its contribution to retail value in mainland China rising from 27.4% to 31.8% [1] E-commerce and Marketing Strategy - Chow Tai Fook leveraged e-commerce to enhance customer interaction, contributing approximately 18% to online sales retail value, with a significant boost from live streaming and collaborations with popular IPs [2] - The company reported over 30% growth in e-commerce retail value during the recent Double Eleven shopping festival [2] Stock Performance - Chow Tai Fook's stock has performed strongly this year, doubling in value with a cumulative increase of over 120%, bringing its market capitalization to around HKD 150 billion [2] Gold Price Trends - The gold jewelry industry is influenced by high gold prices, with international gold prices fluctuating above USD 4,000 per ounce and domestic prices exceeding CNY 1,300 per gram [3]

Core Viewpoint - Chow Tai Fook's performance shows resilience with a recovery in same-store sales driven by improved consumer sentiment and jewelry consumption in key markets [1][2][3] Group 1: Financial Performance - The group's revenue for the period reached HKD 38.986 billion, maintaining stability [2] - Gross profit margin remained above 30%, supported by high-margin pricing jewelry and rising gold prices [2] - Operating profit was HKD 6.823 billion, a year-on-year increase of 0.7% [2] - Profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.1% year-on-year [2] Group 2: Same-Store Sales Growth - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [3] - Hong Kong and Macau same-store sales rose by 4.4%, driven by improved retail consumption and increased foot traffic [3] - In Hong Kong, same-store sales increased by 1.8%, while Macau experienced a growth of 13.7% [3] Group 3: E-commerce and Marketing Strategies - E-commerce contributed approximately 18% to the online sales retail value, driven by enhanced customer interaction through live streaming and social media [3] - The company reported over 30% growth in e-commerce retail value during the recent Double Eleven shopping festival [3] Group 4: Gold Price Trends - International gold prices have shown a high-level fluctuation, with prices exceeding USD 4,300 per ounce before retreating to below USD 4,000, but have since stabilized above this level [4] - Domestic gold prices also experienced fluctuations, with prices surpassing CNY 1,000 per gram before returning to above CNY 900, reflecting a year-to-date increase of over 50% [4] - The price of gold jewelry in domestic stores has risen, with prices generally exceeding CNY 1,300 per gram [4]

Core Viewpoint - Chow Tai Fook's performance shows resilience with a recovery in same-store sales driven by improved consumer sentiment and jewelry consumption in key markets [2][3] Group 1: Financial Performance - The group's revenue for the period reached HKD 38.986 billion, maintaining stability [3] - Gross profit margin remained above 30%, supported by high-margin jewelry pricing and rising gold prices [3] - Operating profit was HKD 6.823 billion, a year-on-year increase of 0.7% [3] - Profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.1% year-on-year [3] Group 2: Same-Store Sales Growth - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [4] - Hong Kong and Macau same-store sales rose by 4.4%, driven by improved retail sentiment and increased foot traffic [4] - Hong Kong's same-store sales increased by 1.8%, while Macau experienced a growth of 13.7% [4] Group 3: E-commerce and Marketing Strategies - E-commerce has enhanced customer interaction, contributing approximately 18% to online sales revenue [4] - The company has invested in live-streaming channels and marketing strategies targeting younger consumers [4] - During the recent Double Eleven shopping festival, e-commerce retail value grew by over 30% [4] Group 4: Market Conditions - Gold prices have shown high volatility, with international gold prices fluctuating above USD 4,000 per ounce [5][6] - Domestic gold prices also experienced significant increases, with prices surpassing CNY 1,300 per gram [6] - The overall gold price has risen over 50% year-to-date, impacting the pricing of gold jewelry in retail [6] Group 5: Stock Performance - Chow Tai Fook's stock has performed strongly this year, with a cumulative increase of over 120% [4] - The company's latest market capitalization is approximately HKD 150 billion [4]

Major Events - LeMo Technology (02539) plans to globally issue 5.5556 million shares, expected to be listed on December 3 [1] - Jinyan Gaoling New Materials (02693) starts its public offering today, introducing four cornerstone investors including Pingmei Hong Kong and Chuangli Hong Kong, with a total subscription of HKD 76.2193 million [1] - UBTECH (09880) intends to acquire a 7% stake in Wuxi Youqi for CNY 130 million [1] - Kangsheng Global (09960) announces that Wuhan Kangshengda plans to acquire a 40% stake in Huaxi Kangshengda for CNY 12.396 million [1] - China Communication Signal (03969) has won ten significant projects from September to October, with a total investment of approximately CNY 2.539 billion [1] - Lide Education (01449) issues a profit warning, expecting an annual after-tax comprehensive loss not exceeding CNY 75 million, marking a shift from profit to loss year-on-year [1] Operating Performance - NIO-SW (09866) reports third-quarter results with a gross profit of approximately CNY 3.025 billion, a year-on-year increase of 50.7% [1] - Alibaba-W (09988) releases second-quarter results, with a net profit attributable to shareholders of CNY 20.99 billion, a year-on-year decrease of 52% [1] - Zhihu-W (02390) announces third-quarter results with total revenue of CNY 659 million, accelerating its transformation into an AI-native community [1] - Chow Tai Fook (01929) publishes interim results, with profit attributable to shareholders of HKD 2.534 billion, a year-on-year increase of 0.16% [1] - Pony.ai-W (02026) reports third-quarter results with total revenue of approximately USD 25.4 million, a year-on-year increase of 72% [1]

Core Viewpoint - Chow Tai Fook is gradually recovering from the challenges posed by high gold prices, showing signs of stabilization in its performance for the first half of the 2026 fiscal year despite a slight revenue decline compared to the previous year [2][4]. Financial Performance - For the first half of the 2026 fiscal year, Chow Tai Fook reported revenue of HKD 38.986 billion, a slight decrease of 0.5% year-on-year, while operating profit increased by 0.7% to HKD 6.823 billion [3][4]. - The company's net profit attributable to shareholders was HKD 2.534 billion, reflecting a marginal increase of 0.1% compared to the previous year [3][4]. - The operating profit margin reached 17.5%, the highest in nearly five years, attributed to cost control and an increase in the proportion of high-margin products [3][5]. Strategic Initiatives - Chow Tai Fook has implemented a comprehensive brand transformation strategy and closed 896 stores in mainland China during the 2025 fiscal year, shifting from a strategy of "scale expansion" to "value cultivation" [4][5]. - The retail value contribution of priced jewelry in the mainland market increased from 27.4% to 31.8% year-on-year, with strong sales from key product lines such as the Palace Museum series [4][5]. Market Expansion and Digitalization - The company plans to open six new stores in international markets by June 2026 and aims to expand into new markets, including the Middle East, over the next two years [6]. - Chow Tai Fook is enhancing operational efficiency through digitalization, including a flexible manufacturing process that reduces delivery times for customized products to within 10 days [5][6].

Group 1: Company Performance - Best Buy reported Q3 revenue of $9.67 billion, a year-over-year increase of 2.7%, with adjusted diluted EPS of $1.40 compared to $1.26 in the same period last year [1] - RoboSense achieved total revenue of approximately 407 million yuan in Q3, with LiDAR sales volume increasing by 34.0% year-over-year [2] - Alibaba's instant retail business generated revenue of 22.906 billion yuan in Q2 of FY2026, marking a 60% year-over-year growth [3][5] - Xiaomi repurchased 2.5 million shares for over 100 million HKD, with a total of 24 million shares repurchased this month [4] - NIO reported Q3 revenue of 21.79 billion yuan, a 16.7% year-over-year increase, with vehicle deliveries reaching 87,071 units, up 40.8% [8] - Zhihu's Q3 revenue was 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-over-year [11] Group 2: Market Developments - Nokia announced its intention to delist from the Paris Stock Exchange, effective December 31, 2025 [2] - The Singapore National AI Program has shifted from using Meta's model to Alibaba's Qwen open-source architecture [13] - The U.S. investment consulting firm predicts that TSMC's market value could surpass Apple's by 2030, driven by AI demand [16] Group 3: New Products and Innovations - Huawei officially launched its first Harmony OS 2-in-1 tablet, the MatePad Edge, starting at 5,999 yuan [15] - Tuya Smart reported Q3 revenue of $82.5 million, marking the ninth consecutive quarter of year-over-year growth [6]