Core Viewpoint - Citigroup has initiated a 30-day upward catalyst observation for Chow Tai Fook, anticipating strong operational performance for the third quarter of the fiscal year 2026 to be announced in January [1] Group 1: Sales Performance - Following strong performances in October and November, Citigroup expects the sales growth in December to remain robust, driven by rising fixed-price gold product prices [1] - The unexpected strong sales following the adjustment of the value-added tax policy is projected to positively impact the group's gross margin in the second half of fiscal year 2026 and the first half of fiscal year 2027 [1] Group 2: Profit Forecasts and Ratings - Citigroup has raised its net profit forecasts for the group for fiscal years 2026, 2027, and 2028 by 8%, 7%, and 6% respectively [1] - The rating for the group has been maintained at "Buy," with the target price increased from HKD 17 to HKD 18.2, reflecting the revised profit forecasts [1]

Group 1 - Chow Tai Fook (01929) saw its stock price increase by nearly 7% during trading, closing at HKD 13.09 with a transaction volume of HKD 158 million [1] - The company announced a price increase for some products effective December 19, marking the third price adjustment in 2023, with previous increases in March (10%-20%) and October (12%-18%) [1] - Citigroup initiated a 30-day upward catalyst observation for Chow Tai Fook, predicting strong operational performance for Q3 of FY2026 to be announced in January, and raised same-store sales growth guidance [1] Group 2 - Following strong performances in October and November, Citigroup expects the rise in fixed-price gold product prices to sustain same-store sales growth in December [1] - The unexpected strong sales following the adjustment of the value-added tax policy is anticipated to positively impact the group's gross margin for the second half of FY2026 and the first half of FY2027 [1]

智通财经APP获悉，周大福(01929)盘中涨近7%，截至发稿，涨4.97%，报13.09港元，成交额1.58亿港 元。 消息面上，12月17日，周大福官方旗舰店在首页发布提示称：受市场因素影响，部分商品12月19日将提 价。近日，周大福天猫官方旗舰店在首页发布了一条提示：受市场因素影响，部分商品即将提价。据了 解，这已是周大福年内第三次上调产品价格。3月份周大福的调价针对"一口价"黄金产品，幅度为 10%-20%；10月底提价幅度为12%-18%。 花旗发布研报称，对周大福开启为期30天的上行催化剂观察，因预测其将于1月公布2026财年第三季的 营运业绩强劲，并上调同店销售增长指引。继10月及11月强劲表现后，花旗预计固定价格黄金产品价格 上涨，将推动12月同店销售增长表现保持理想；增值税政策调整后出乎意料的强劲销售，将对集团2026 财年下半年及2027财年上半年的毛利率带来正面影响。 ...

Core Viewpoint - Chow Tai Fook (01929) shows resilience in the market, with a stock price increase of 4.41% to HKD 13.02, despite a slight decline in revenue [1][2] Financial Performance - For FY26H1 (April-September 2025), Chow Tai Fook reported a revenue of HKD 39 billion, a year-on-year decrease of 1.1% [1][2] - Operating profit reached HKD 6.82 billion, reflecting a year-on-year growth of 0.7% [1][2] - Net profit attributable to shareholders was HKD 2.53 billion, with a year-on-year increase of 0.2% [1][2] - Operating profit margin improved to 17.5%, up by 0.3 percentage points year-on-year [1][2] - Net profit margin also saw a slight increase to 6.6%, up by 0.1 percentage points year-on-year [1][2] Margin Analysis - Gross profit margin for FY26H1 was 30.5%, down by 0.9 percentage points year-on-year [1][2] - The decline in gross margin is attributed to limited increases in gold prices affecting retail product margins, although the rise in the proportion of priced jewelry and retail business positively impacted gross margin [1][2] Strategic Developments - The company is making positive progress in brand transformation and continuously optimizing its product strategy [1][2] - Improvements in operational efficiency have been noted, contributing to the overall performance stability [1][2]

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12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: 2026年1月2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) | 01929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | 本月底法 ...

Core Viewpoint - The domestic gold jewelry prices have significantly decreased, with multiple brands reporting a notable drop in their gold prices per gram [1] Group 1: Price Adjustments - Zhou Shengsheng's gold price has fallen to 1353 yuan per gram [1] - Lao Feng Xiang's price is now 1363 yuan per gram [1] - Lao Miao Gold is priced at 1359 yuan per gram [1] - Chow Tai Fook's price remains at 1363 yuan per gram [1] - Liufuk Jewelry's price is the highest at 1403 yuan per gram [1]

2026.01. 01 盘和林认为，消费者如果想要投资黄金，需要有投资黄金的对应常识。"不需要你专业，但黄金定价 的基本认知还是要有的。金店中，大部分金价是追随国际金价的，店员的误导涉嫌虚假宣传，但法律 上很难去取证，消费者要自己明白。" 微信编辑 | 七三 本文字数：1050，阅读时长大约2分钟 作者 | 第一财经 宋婕 专家呼吁消费者理性看待短期金价波动和金饰营销话术。 1月1日，元旦假期首日，各大黄金珠宝品牌的克重金价在经历了12月30日的普跌之后，在假期期间 并未出现涨幅，金价还在下跌。 公开数据显示，12月30日，国内多家品牌的金饰克价集体大跌。其中，周大福、老凤祥、周六福和 老庙黄金均跌超40元/克，周生生更是跌超50元/克。次日，多家品牌金价止跌，部分品牌的足金克价 涨幅为几块钱的回升。 元旦假期首日，各大黄金珠宝品牌的足金金价又开始下跌。周大福报价1357/克（跌6），老凤祥报 价1360元/克（跌6），老庙黄金报价1354元/克（跌11），周生生报价1345元/克（跌10），六福珠 宝报价1361元/克（跌6）。部分品牌在1月1日的足金克价，比12月30日大跌之后的价格还要低。 知名经济学家 ...

Group 1 - The consumer market in Shanghai is experiencing a surge in activity, with significant enthusiasm from citizens and tourists for shopping during the New Year period [1] - The "1231 Year-End Carnival" at the Pudong First 800 Partner mall featured extended hours and strong promotional offers, leading to high foot traffic and sales [2][3] - The gold sales area in the mall was particularly busy, with brands implementing a ticketing system to manage customer flow, indicating high demand for gold jewelry [2] Group 2 - Various shopping centers in Shanghai organized diverse events and activities to attract consumers, particularly targeting younger demographics [4] - The West Bund and Jing'an Joy City saw significant participation in their New Year events, with many attendees engaging in shopping and social activities [4][5] - Reports indicate that several shopping districts extended their operating hours, resulting in increased foot traffic and sales, with notable growth in customer numbers and revenue across multiple venues [6]

Core Viewpoint - The company reported stable performance in FY26H1, with a slight decline in revenue but growth in operating and net profits, benefiting from improved consumer sentiment and a recovery in jewelry consumption in key markets [1]. Financial Performance - FY26H1 revenue was HKD 39 billion, down 1.1% year-on-year - Operating profit reached HKD 6.82 billion, up 0.7% year-on-year - Net profit attributable to shareholders was HKD 2.53 billion, up 0.2% year-on-year - Operating margin improved to 17.5%, up 0.3 percentage points year-on-year - Net profit margin increased to 6.6%, up 0.1 percentage points year-on-year [1]. Dividend Distribution - The company declared an interim dividend of HKD 0.22 per share, with a payout ratio of 85.7% [1]. Segment Performance - Same-store sales turned positive across the board, with high-margin priced jewelry showing strong growth - Revenue breakdown: Mainland China revenue was HKD 32.2 billion, down 2.5% year-on-year (83% of total), while revenue from Hong Kong, Macau, and other markets was HKD 6.79 billion, up 6.5% year-on-year - Operating profit breakdown: Mainland China operating profit was HKD 5.71 billion, down 5.4% year-on-year (84% of total), while operating profit from Hong Kong, Macau, and other markets was HKD 1.11 billion, up 50.6% year-on-year [1]. Product Category Performance - Revenue from priced jewelry grew by 9.3% year-on-year, accounting for 29.6% of total sales - The contribution of priced jewelry to retail value in Mainland China increased from 27.4% to 31.8% year-on-year - Revenue from priced gold jewelry declined by 3.8% year-on-year, accounting for 65.2% of total sales, primarily due to store consolidation - Revenue from watches decreased by 10.6% year-on-year, accounting for 5.2% of total sales [2]. Same-Store Performance - Sales growth: Direct sales in Mainland China increased by 2.6%, franchise sales grew by 4.8%, and sales in Hong Kong and Macau rose by 4.4% - Sales volume decline: Direct sales in Mainland China fell by 9.7%, franchise sales dropped by 11.6%, and sales in Hong Kong and Macau decreased by 9.4% - Latest operational data (October 1 - November 18, 2025): Group retail value increased by 33.9% year-on-year, with Mainland China, Hong Kong, Macau, and other markets growing by 35.1% and 26.5% respectively - Same-store sales growth: Mainland China, Hong Kong, Macau, and other markets increased by 38.8% and 18.3% respectively, with priced jewelry and priced gold jewelry same-store sales in Mainland China growing by 93.9% and 23.0% respectively [3]. Product Highlights - Key signature product lines, including the Chow Tai Fook Chuan Fu, Chuan Xi series, and Chow Tai Fook Palace Museum series, continued to perform strongly - Jewelry inlaid and gold-inlaid diamond products showed particularly bright performance - The Chow Tai Fook Chuan Xi series launched in April 2025 received a positive market response, contributing to a total sales of HKD 3.4 billion in FY26H1, up 48% year-on-year [3]. Channel Development - As of FY26H1, Chow Tai Fook had 5,663 retail outlets in Mainland China, with a net closure of 611 stores; 88 in Hong Kong and Macau, with a net opening of 1 store; and 63 in other markets, with a net opening of 1 store - The company continues to open new image stores to provide differentiated products and redefine the retail experience, with 8 new image stores established by the end of September 2025 [4]. Profitability - Gross margin for FY26H1 was 30.5%, down 0.9 percentage points year-on-year, primarily due to limited increases in gold prices affecting retail product margins; however, the increase in the proportion of priced jewelry and retail business positively impacted gross margin [4]. Profit Forecast and Investment Recommendation - The company has made positive progress in brand transformation and continues to optimize product strategies while improving operational efficiency - Adjusted profit forecasts for FY26-28 are HKD 8.63 billion, HKD 9.47 billion, and HKD 10.7 billion respectively, with corresponding P/E ratios of 14, 13, and 12 times, maintaining a "buy" rating [4].

Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].