"金价波动不影响我们专注优化产品。"周大福珠宝集团董事总经理黄绍基面对近一年金价持续高位震荡 的行情如是说。 2025年，金价高歌猛进，黄金品牌近身博弈：头部黄金品牌为创新想破头，中小品牌受高金价挤压，陷 入同质化竞争。消费端呈现"K型分化"——高端定制与轻奢时尚主导市场，年轻群体推动黄金从"保值 刚需"转向"社交货币"。这些都导致黄金品牌的日子过得不如往年舒服。 当黄金褪去硬通货外衣，唯有赋予其文化符号价值才能赢得市场。"未来的黄金首饰，不仅是保值之 选，更承载着深厚的文化底蕴与传统工艺的精髓。在技术创新持续赋能、佩戴功能不断升级的当下，黄 金珠宝将更自然地融入人们生活的方方面面。无论是人生重要节点，还是日常生活的点缀，都能彰显价 值与温度。"黄绍基的这句话，或许揭示了周大福的野望——在文化、科技、场景三维度重构黄金价值 体系，以应对高金价时代的行业变局。 "我们观察到黄金消费正从'保值刚需'向'情感价值'转变。"黄绍基强调，"年轻消费者更看重产品的文化 内涵和社交属性。"为此，周大福将传统工艺与现代设计相结合，通过工艺创新，在保持品质的前提下 实现"减重"，例如运用花丝工艺、厚壁空心工艺，令产品形态维持合 ...

Core Viewpoint - The gold jewelry industry is undergoing significant transformation in 2025, with companies like Chow Tai Fook focusing on product optimization and cultural value to adapt to high gold prices and changing consumer preferences [1][4][12]. Group 1: Market Trends - Gold prices have been fluctuating at high levels, impacting consumer demand but also driving product structure optimization [4][13]. - The consumption trend is shifting from "value preservation" to "emotional value," particularly among younger consumers who prioritize cultural significance and social attributes in their purchases [5][14]. - The younger demographic (under 35) now represents 55% of the gold and silver jewelry market, with over 60% of them purchasing for themselves [6][10]. Group 2: Company Strategy - Chow Tai Fook reported a 9.8% increase in operating profit for the fiscal year 2025, reaching HKD 14.746 billion, despite the challenges posed by high gold prices [4][12]. - The company achieved a remarkable 105.5% year-on-year increase in revenue from priced gold products, with significant contributions from its "Chuanfu" and "Chow Tai Fook Palace" series, each generating approximately HKD 4 billion in sales [4][13]. - The brand is implementing a comprehensive transformation strategy, including collaborations with popular IPs and the introduction of innovative products to engage Gen Z consumers [4][5]. Group 3: Consumer Behavior - Young consumers are increasingly viewing gold as a "social currency," with trends on social media platforms reflecting this shift [7][10]. - The demand for gold jewelry is evolving, with a focus on daily wear and emotional expression rather than traditional uses like weddings [6][14]. - The rise of digital channels, such as live e-commerce, has become a primary means for brands to reach younger consumers, with jewelry live sales accounting for 35% of the category in 2025 [6][10]. Group 4: Industry Dynamics - The industry is experiencing a K-shaped differentiation, where high-end custom markets attract affluent consumers, while fast fashion and light luxury segments cater to younger demographics [10][11]. - Leading brands are leveraging their innovation capabilities to maintain growth, while smaller brands face increasing operational pressures due to a lack of brand premium and innovation [9][11]. - The market is consolidating, with top brands expanding their presence through a "full-channel + full-category" strategy, while smaller brands are encouraged to find niche markets and enhance product quality [9][11].

Core Viewpoint - Gold has been one of the best-performing assets this year, with a year-to-date increase of over 24%, despite a recent period of sideways movement. However, high gold prices have significantly reduced consumer purchasing power for gold jewelry, leading to a 28% year-on-year decline in gold jewelry consumption in China during the first half of the year [1][2]. Industry Summary - The total demand for retail gold investment and consumption in the first half of the year reached 518 tons, a year-on-year increase of 5%, with a monetary value of 371.8 billion yuan, marking the highest level on record. However, gold jewelry consumption dropped to 194 tons, a decrease of 28% year-on-year, while retail investment demand rose to 239 tons, up 26% year-on-year [3]. - Major jewelry brands like Chow Tai Fook and Lao Feng Xiang are accelerating their transformation efforts in response to weak gold jewelry consumption. This includes product innovation, channel optimization, and focusing on high-value products to seek breakthroughs [1][6][9]. - Chow Tai Fook reported a 3.3% decline in retail value in mainland China for the three months from April to June, with a reduction of 311 retail stores by the end of June. Similarly, Lao Feng Xiang and other brands have also seen a decrease in the number of stores [4][6]. - The gold jewelry industry is expected to continue consolidating, which may further suppress upstream demand. However, this trend could lead to a healthier market in the long run by eliminating underperforming stores and shifting focus towards the emotional value and design of jewelry [5][11]. - Despite the overall decline in gold jewelry consumption, Lao Pu Gold has shown significant growth, with expected revenue of 12 to 12.5 billion yuan in the first half of the year, representing a year-on-year increase of approximately 241% to 255% [6][7]. - Jewelry brands are adapting to changing consumer preferences by enhancing product design and focusing on cultural elements. For instance, Lao Feng Xiang is closely monitoring consumer habits and preferences to drive innovation and develop original design products [9][10]. - Chow Tai Fook has also seen positive results from its initiatives, with a 20.8% year-on-year increase in retail value for its gold products, and a shift in the retail value composition towards higher-priced products [10]. - Looking ahead, the gold jewelry industry may continue to face challenges from low consumer confidence and high gold prices, but seasonal improvements and potential monetary or fiscal policy support could provide some relief [11].

征，加速蜕变为承载个性、表达情感、连接圈层的"社交货币"。传统的商场专柜和街边金店，在年轻人活跃的B站、漫展、游戏社群的洪流面前，显得有 些门庭冷落。 "走到消费者所在的地方去"，不再是锦上添花，而是生死攸关。 2025年的夏天，两场属于年轻人的盛会里，闯入了一些意外的身影。 上海新国际博览中心，ChinaJoy2025展会现场，身着黄金圣衣的COSER（扮演者）与阿童木机甲造型的表演者穿行于老凤祥展台，70平方米空间被七大顶 级动漫IP包围。金光璀璨的联名产品在赛博光影下熠熠生辉，排队体验的年轻人不断举起手机拍照打卡。 就在两周前，同样场景出现在BiliBili World（BW）2025现场。周大福展位前，《黑神话：悟空》主角的真人Cosplay（角色扮演）引发粉丝围观， Chiikawa联名金饰柜台前排起长龙，社交媒体上刷出"BW最贵谷子店出现了"的热门话题。 传统黄金珠宝行业在时代裂变关口，集体穿上"次元战甲"，成为2025年夏天中国黄金消费市场最亮眼的风景线。 01 行业困境催生的必然突围 国际金价稳站高位，国内品牌金饰价格迈入"千元时代"。中国黄金协会最新数据显示，上半年，我国黄金首饰消费量为19 ...

Group 1 - Shanghai Haina Chow Tai Fook Jewelry Co., Ltd. has been established with a registered capital of 8 million RMB [1] - The company is wholly owned by Chow Tai Fook Jewelry Gold Co., Ltd. (Shenzhen) [1] - The business scope includes retail and wholesale of jewelry, sales of gold and silver products, and various consulting and marketing services [1] Group 2 - The legal representative of the company is Huang Shaoji [1] - The company is classified under the manufacturing industry, specifically in the production of cultural, educational, and artistic products [1] - The registered address is located at 9th Floor, No. 583, Lingling Road, Xuhui District, Shanghai [1]

截至2025年8月4日 14:16，中证沪深港黄金产业股票指数(931238)强势上涨4.16%，成分股山东黄金(01787)上涨10.78%，赤 峰黄金(06693)上涨8.20%，招金矿业(01818)上涨8.11%，赤峰黄金(600988)，山东黄金(600547)等个股跟涨。黄金股票ETF 基金(159322)上涨3.68%，最新价报1.21元。拉长时间看，截至2025年8月1日，黄金股票ETF基金近3月累计上涨6.76%，涨 幅排名可比基金1/6。 近期，美国非农数据大幅下滑，引发市场对美联储降息预期的显著升温。美国7月新增非农就业人数仅为7.3万人，远低于 预期的11万人，且前两个月数据合计下修25.8万人。这一数据表现表明美国劳动力市场明显降温，市场普遍预期美联储将 在9月开启降息周期。在此背景下，黄金作为典型的避险资产，其配置价值进一步凸显。在全球贸易博弈持续、区域局势紧 张的环境下，黄金的货币属性和避险属性双重支撑金价中长期上行趋势。长江证券指出，黄金股或有望在金价、估值、风 格三维度迎来季度级共振，建议投资者切换增配。推荐关注山东黄金、招金矿业、赤峰黄金、中金黄金、山金国际等黄金 板块核心 ...

Industry Overview - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with the low-altitude logistics market in China expected to exceed 100 billion yuan in the next five years [4] - The successful sea transportation of goods using a 2-ton eVTOL named "Kai Rui Ou" marks a critical advancement in low-altitude logistics applications [4] Company Performance - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology leading with a 127.4% increase [5] - Notable companies such as Yongyue Technology, Shanhe Intelligent, Ruikeda, Zongheng Co., and Huayi Technology have all reported stock price increases exceeding 60% [5] - Beidouxingtong is expected to turn a profit with a projected net profit of approximately 1 to 1.5 million yuan, driven by demand in emerging sectors [6] - Ruikeda anticipates a significant profit increase, projecting a net profit of 151 to 171 million yuan, representing a year-on-year growth of 132.44% to 163.22% [6] Market Dynamics - The eVTOL industry is transitioning from technology validation to large-scale application, with small drones leading in commercial deployment [4] - Companies like Guanglian Aviation are establishing partnerships within the low-altitude economic industry chain to support drone development and production [5]

Group 1 - The first successful offshore material transportation using a 2-ton eVTOL named "Kai Rui Ou" marks a significant advancement in low-altitude logistics applications in China [4] - The eVTOL has a range of 200 kilometers, a maximum speed of 200 kilometers per hour, and a payload capacity of 400 kilograms [4] - The low-altitude logistics market in China is expected to exceed 100 billion yuan in the next five years, indicating strong growth potential for the industry [4] Group 2 - eVTOL concept stocks have seen an average price increase of 17.69% this year, with Meili Technology's stock rising by 127.4% [5] - Companies like Yongyue Technology, Shanhe Intelligent, and Ruikeda have also experienced significant stock price increases, all exceeding 60% [5] - Beidouxing's projected net profit for the first half of the year is estimated to be between 1 million to 1.5 million yuan, benefiting from rapid growth in emerging fields [6]

Group 1 - As of August 2, international gold prices are reported at $3362.5 per ounce, while international palladium is at $1209.9 per ounce, and international silver is at $37.0 per ounce [1] - Domestic gold prices are quoted at 776.2 yuan per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at the highest price of 998 yuan per gram and China Gold at the lowest price of 969 yuan per gram [1] Group 2 - Other domestic gold prices include: Chow Sang Sang at 995 yuan per gram, Luk Fook Jewelry at 998 yuan per gram, and Xie Ruilin at 998 yuan per gram [1] - Jin Zun at 998 yuan per gram, Chao Hong Ji at 998 yuan per gram, and Cai Bai Jewelry at 975 yuan per gram [1] - Lao Miao Gold at 994 yuan per gram, Lao Feng Xiang at 996 yuan per gram, and Zhou Liu Fu at 978 yuan per gram [1]

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7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: 周大福珠寶集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 50,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01929 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 9,864,944,600 | | 422,800 | | | 9,865,367,400 | | 增加 / 減少 (-) | | | | | | | | | | ...