Core Viewpoint - Chow Tai Fook has demonstrated a strong recovery in FY2026 Q3, with significant growth in retail value and same-store sales across various markets, driven by product optimization and high-margin offerings [1][2]. Group 1: Financial Performance - The group reported a retail value (RSV) growth of 17.8% year-on-year, with mainland China showing a 16.9% increase [1]. - Same-store sales (SSSG) for direct and franchise stores increased by 21.4% and 26.3%, respectively [1]. - Retail value in Hong Kong and overseas markets grew by 22.9%, with same-store sales increasing by 14.3% [1]. - Hong Kong's same-store sales rose by 10.1%, while Macau's saw a remarkable increase of 31.3% [1]. Group 2: Product and Pricing Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [1]. - The IP cultural series continues to perform strongly, with diamond and jadeite businesses returning to positive growth [1]. - Average selling prices have significantly increased, with the average price of gold in mainland China rising to HKD 11,000 (up 50.7% year-on-year) and priced gold reaching HKD 9,500 (up 82.6% year-on-year) [1]. Group 3: Channel and Market Expansion - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating a nearing end to structural contraction [2]. - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing events like Double Eleven [2]. - The tourism retail segment has also contributed positively, particularly with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [2]. - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value, with significant growth in same-store sales in Singapore and Malaysia [2]. Group 4: Future Outlook - The company is expected to achieve revenues of CNY 91.93 billion, 96.58 billion, and 101.67 billion for FY2026, FY2027, and FY2028, respectively, with net profits of CNY 8.53 billion, 9.53 billion, and 10.64 billion [2]. - The corresponding price-to-earnings ratios are projected at 15.0, 13.4, and 12.0 times for the respective years [2].

国际现货黄金价格再攀新高。1月28日，伦敦金现再次大涨，突破5200美元/盎司，并在下午一度突破 5300美元/盎司。与此同时，国内黄金珠宝首饰企业们足金饰品价格也都涨到了1600元/克的新高度，像 老凤祥足金饰品已经达到1620元/克。然而，黄金高涨并没有浇灭消费者买金热情，1月28日下午4点 多，记者实地走访北京王府井附近金店发现，像周大福、周大生、潮宏基等门店皆有顾客光顾，且店员 也对记者表示，"这段时间黄金首饰产品卖的挺好的。" 过去两年中，现货黄金价格持续上涨，一度给周大福等以按克计价产品为主的金饰企业带来业绩压力。 随着金价上涨逐渐常态化，如何实现可持续经营成为金饰企业面临的核心挑战。为此，行业主要企业也 积极启动了一系列变革。 黄金再创新高 黄金价格延续上行态势，屡创新高，1月28日，COMEX黄金每盎司站到了5250美元的新高点，伦敦金 现同样连创新高，并在下午一度突破5300美元/盎司。 对于金价连创新高，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏时报》记者采 访时表示，近期黄金价格持续走高，核心是全球地缘局势不确定性增加，叠加市场对美联储降息的强烈 预期，各国央行增持黄金 ...

1月28日，多家知名金饰品牌上调足金首饰价格，克价普遍突破1600元。周生生报价1614元/克，较1月 27日上涨37元；周大福报价1618元/克，上涨40元；老凤祥报价1620元/克；老庙黄金报价1612元/克。随 着贵金属价格连创历史新高，美国华尔街大型金融机构纷纷上调黄金目标价，高盛预计国际金价可能在 今年年底触及每盎司5400美元的目标。高盛指出，黄金供应增长缓慢，而全球央行与私人投资者因战略 性目标或避险目的增持黄金，推动需求增长，导致金价屡创新高。高盛指出，未来，如果私营机构增加 黄金配置，金价可能涨至其目标价上方。（央视财经） ...

（来源：江海晚报） （来源：江海晚报） 1月28日，现货黄金再创新高，首次突破5200美元/盎司。国内黄金饰品价格对比显示，多家黄金珠宝品 牌当日公布的境内足金首饰价格大幅上调，周生生报价1614元/克，周大福报价1618元/克，老凤祥报价 1620元/克，老庙黄金报价1612元/克。 来源：智通财经 编辑：王佳鑫 来源：智通财经 编辑：王佳鑫 1月28日，现货黄金再创新高，首次突破5200美元/盎司。国内黄金饰品价格对比显示，多家黄金珠宝品 牌当日公布的境内足金首饰价格大幅上调，周生生报价1614元/克，周大福报价1618元/克，老凤祥报价 1620元/克，老庙黄金报价1612元/克。 ...

1月28日，多家金饰品牌足金报价突破1600元/克。其中，周大福报1618元/克，较1月27日的1578元/克，每克上调40元。 | 品 今日金价 手机版 港澳及海外版 | | CHOW TAI FOOK | | | Q & 0 白 | | --- | --- | --- | --- | --- | --- | | | | 周 大 福 | | | | | 首页 | 全部商品 | 婚嫁 CTF for YOU定制 | 企业业务 | 礼品卡 | | | | | 今日金价 | | | | | | | 更新于2026年01月28日 09:34:37 | | | | | | (半) | 足金 ( 饰品、工艺品类 ) | 1618 元/克 | | | | | 零售金价 | 工艺金章金条类 | 1419 元/克 | | | | | 〈半〉 黄金增值服务 | 黄金增值服务金价 (金条、金章不作增值服务) | 1379 元/克 | | | | | 含 黄金回收服务 | 黄金回收服务金价 11. 11 4 montage a 11. 1 m 1 1 l r m m st of the security and the ben i ...

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), highlighting the company's growth momentum amid gold price fluctuations and macro uncertainties, and optimistic about product structure adjustments and overseas expansion enhancing profitability quality [2][9] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% rise in mainland China [3][10] - Same-store sales (SSSG) for direct and franchise stores surged by 21.4% and 26.3% respectively, while retail sales in Hong Kong and Macau grew by 22.9% year-on-year, with same-store growth of 10.1% in Hong Kong and 31.3% in Macau [3][10] Group 2: Product and Channel Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [4][11] - The average selling price has significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [4][11] - The total number of Chow Tai Fook stores reached 5,585 by the end of 2025, with a net closure of 230 stores in mainland China, indicating that structural adjustments are nearing completion [12] Group 3: E-commerce and Tourism Retail Growth - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of RSV, driven by marketing events like Double Eleven [12] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [12] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [6][12] - New stores in Singapore and Malaysia have shown improved same-store sales, with high-end stores at Changi Airport and flagship stores in Bangkok now operational, and plans for expansion in Vancouver and Sydney [6][12]

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), citing continued growth momentum amid gold price fluctuations and macro uncertainties, with optimism regarding product structure adjustments and overseas expansion enhancing profit quality [1] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% increase in mainland China [1] - Same-store sales (SSSG) for direct and franchise stores rose significantly by 21.4% and 26.3%, respectively, while retail value in Hong Kong and Macau grew by 22.9% year-on-year, with same-store sales increasing by 10.1% in Hong Kong and 31.3% in Macau [1] Group 2: Product Structure Optimization - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [2] - The IP cultural series continues to perform strongly, and diamond and jadeite businesses have returned to positive growth, contributing to structural optimization [2] - Average selling prices have significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [2] Group 3: Channel and Store Structure - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating that structural contraction is nearing completion [3] - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing campaigns such as Double Eleven [3] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [3] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [4] - Same-store sales in Southeast Asia, including Singapore and Malaysia, have improved, with high-end stores at Changi Airport in Singapore and flagship stores in Bangkok now operational [4] - Future expansion plans include Vancouver and Sydney, with a dual-track development strategy focusing on upgrading existing markets and entering emerging markets [4]

Core Insights - The article discusses the significant rise in gold prices, with spot gold in London and futures on the New York Commodity Exchange surpassing $5,100 per ounce for the first time, and domestic prices reaching over 1,150 yuan per gram, indicating a growth of over 16% internationally and 15% domestically since 2026 [4] - The high gold prices are prompting a transformation in the jewelry industry, shifting from a "price war" to a "value war," where companies focusing on high-quality development will emerge as winners [4] Industry Trends - The jewelry industry is facing dual challenges of rising raw material costs and suppressed demand for gold jewelry, leading to a transformation through innovation in craftsmanship, product structure adjustments, and channel optimization [4][5] - Companies are moving from a focus on weight ("selling by the gram") to emphasizing craftsmanship, with advanced machinery like five-axis machine tools enhancing the design and quality of gold jewelry [5][6] Technological Advancements - The introduction of "hard gold" technology allows for lighter jewelry pieces that maintain the appearance of solid gold, with orders for such products increasing from 10% to 40% of total orders in recent years [5][6] - Traditional techniques such as inlaying and engraving are gaining popularity as they enhance product value, with inlaying offering higher profit margins compared to traditional methods [6] Market Dynamics - The industry is transitioning from extensive expansion to focused refinement, with brand strength becoming a key competitive factor as companies upgrade products and services to enhance brand image [7] - Collaborations with intellectual properties (IP) are being utilized by brands to attract younger consumers, reflecting a shift in consumer preferences from mere value retention to emotional value [7][8] Regulatory Changes - New tax regulations introduced in 2025 are pushing the industry towards standardized operations and high-quality development, making compliance essential for survival [8][9] - The competitive landscape is expected to intensify, with a focus on domestic markets and the need for brands to have clear positioning to maximize their advantages [9][10] Future Outlook - The jewelry industry is anticipated to undergo significant restructuring, with digital retail and globalization being core trends for future development [9][10] - Companies that can innovate and adapt to changing consumer demands and market conditions will be better positioned to thrive amid industry challenges [10]

Core Viewpoint - Several gold jewelry brands have announced price adjustments for domestic gold jewelry, with some prices remaining at historically high levels as of January 27 [1] Price Adjustments - Chow Sang Sang's domestic price for 24K gold jewelry is set at 1577 RMB per gram, an increase of 3 RMB from the previous day [1] - Lao Miao Gold's price in the Shanghai region is 1575 RMB per gram, unchanged from the previous day [1] - Luk Fook Jewelry's price for 24K gold is 1583 RMB per gram, rising by 7 RMB from the previous day [1] - Chow Tai Fook's prices for 24K gold (jewelry and crafts) and other brands like Xie Rui Lin and Chao Hong Ji are set at 1585 RMB per gram, also an increase of 7 RMB [1] - China Gold's price for 24K gold jewelry remains at 1586 RMB per gram, unchanged from the previous day [1]

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant stock price appreciation over the next six months [5]. Core Insights - The company experienced a strong recovery in Q3 FY2026, with retail sales value (RSV) increasing by 17.8% year-on-year, and same-store sales (SSSG) for direct and franchise stores rising by 21.4% and 26.3% respectively [1][2]. - The product mix is shifting towards high-margin jewelry, with same-store retail value for high-priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [2]. - The company is expanding its overseas presence, particularly in Southeast Asia, contributing 15.2% to total retail value, with plans for further expansion in Vancouver and Sydney [3]. Summary by Sections Q3 Performance - In Q3 FY2026, the company achieved a retail sales value of 17.8% year-on-year growth, with mainland China up 16.9% and same-store sales in Hong Kong and Macau growing by 10.1% and 31.3% respectively [1]. Product Strategy - The company is focusing on high-margin products, with the average selling price of gold jewelry in mainland China rising to HKD 11,000, a 50.7% increase year-on-year, and high-priced gold jewelry averaging HKD 9,500, an 82.6% increase [2]. Channel Optimization - The total number of stores reached 5,585 by the end of 2025, with a net closure of 230 stores in mainland China, indicating a structural adjustment nearing completion [2]. - E-commerce sales in mainland China grew by 25% in Q3 FY2026, accounting for 7.4% of RSV, driven by marketing events like Double Eleven [2]. Financial Projections - The company is projected to achieve revenues of 91.93 billion, 96.58 billion, and 101.67 billion yuan for FY2026, FY2027, and FY2028 respectively, with net profits of 8.53 billion, 9.53 billion, and 10.64 billion yuan [3][4].