Core Viewpoint - CICC has raised the EPS forecast for Chow Tai Fook (01929) for FY26/27 by 3% to HKD 0.90/0.96, maintaining an outperform rating with a target price increase of 6% to HKD 17.85, indicating a 30% upside potential based on a 20x FY26 P/E ratio [1] Company Status - The company reported a retail value growth of 18% year-on-year for 3QFY26 (October-December 2025), with same-store sales growth of 21% and 26% for direct and wholesale in mainland China, and 14% in the Hong Kong and Macau markets [2] Retail Performance Exceeds Expectations - The overall retail value increased by 18% year-on-year in 3QFY26, surpassing management expectations. In mainland China, retail value grew by 17%, with same-store sales increasing by 21% and 26% for direct and wholesale respectively. Excluding watch business, same-store sales for direct increased by 26%. October saw the best performance due to price increase expectations and strong demand, while November and December experienced high single-digit same-store growth despite the impact of gold value-added tax policy adjustments. The company optimized channels, closing 230 Chow Tai Fook brand stores during the quarter, with an average monthly store efficiency of RMB 1.4 million, significantly higher than closed stores [3][4] Outstanding Performance of Mainland Pricing Jewelry - The retail value and same-store sales of mainland pricing jewelry increased by 60% and 53% respectively in 3QFY26, with sales proportion rising by 11 percentage points to 40%. Retail value and same-store sales of priced gold jewelry decreased by 0.6% and increased by 13% respectively. In the Hong Kong and Macau markets, retail value and same-store sales of priced gold jewelry increased by 47% and 43%, while pricing jewelry saw declines of 7% and 15% [4] Positive Outlook and Upgraded Annual Guidance - Despite high base effects in 4QFY26, the company is actively promoting Spring Festival marketing activities and launching a new product line for the New Year. Management expects same-store sales to achieve low single-digit year-on-year growth during the Spring Festival. Due to strong sales performance and gold price conditions, the company has upgraded its FY26 full-year guidance, projecting revenue growth in the low single digits, gross margin improvement to 31.5%-32.5%, and operating profit margin nearing 20%. Additionally, the company anticipates that gold loan losses will be similar to FY25 [5]

Core Viewpoint - Chow Tai Fook (01929) reported a significant increase in retail value for the third fiscal quarter, with a year-on-year growth of 17.8%, driven by strong sales in mainland China, Hong Kong, and Macau [1] Group 1: Financial Performance - Chow Tai Fook's retail value for the third fiscal quarter increased by 17.8% year-on-year [1] - Same-store sales growth in mainland China reached 21.4% for direct stores and 26.3% for franchise stores [1] - Excluding the watch business, same-store sales growth for direct stores was 25.6% [1] Group 2: Regional Sales Breakdown - Same-store sales in Hong Kong and Macau grew by 14.3% year-on-year, with Hong Kong increasing by 10.1% and Macau by 31.3% [1] - The strong sales growth in mainland China was supported by the performance of signature product lines and jade jewelry, with retail value growth accelerating to 59.6% year-on-year [1] Group 3: Market Dynamics - The company capitalized on the rising gold prices through product innovation and optimized channel positioning, which were key drivers of same-store growth [1] - The demand for weight-based pricing products benefited from the release of pent-up demand and the year-end peak season, contributing to positive performance [1]

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating an acceleration in growth compared to the previous quarter [2]. - The proportion of priced jewelry significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a retail share of 40.1% for priced jewelry, which is expected to support margin improvements [2]. - The company is focusing on brand transformation and has introduced new products, including collaborations with Disney, which may enhance consumer engagement and sales [2]. - Chow Tai Fook plans to optimize its domestic channels and expand internationally, with a goal to open new stores in high-end locations by June 2026 [3]. Financial Summary - For FY2025, Chow Tai Fook's revenue was HKD 89.656 billion, with a projected increase to HKD 94.115 billion in FY2026, representing a 5% growth [4]. - The net profit attributable to shareholders for FY2025 was HKD 5.916 billion, expected to rise to HKD 8.760 billion in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. - The company’s gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6]. Operational Metrics - Chow Tai Fook's total number of stores in mainland China was 5,433 at the end of December 2025, with a net closure of 230 stores during the same period [3]. - The company is enhancing store quality and efficiency, with new store designs performing better than traditional stores [3]. - The cash flow from operating activities is projected to significantly increase to HKD 13.431 billion in FY2026 from HKD 299 million in FY2025 [6].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating a significant improvement in the jewelry consumption atmosphere [2]. - The proportion of priced jewelry has significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a gross margin improvement [2]. - The company plans to enhance its international market expansion, with new stores expected to open in high-end locations by June 2026 [3]. Financial Performance Summary - For FY2025, Chow Tai Fook's revenue was HKD 89,656 million, with a projected increase to HKD 94,115 million in FY2026, representing a 5% growth [4]. - The net profit attributable to the parent company for FY2025 was HKD 5,916 million, expected to rise to HKD 8,760 million in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. Operational Insights - The company closed 230 stores in mainland China during the October to December 2025 period, resulting in a total of 5,433 stores, with a direct franchise ratio of 28.4% to 71.6% [3]. - Chow Tai Fook is focusing on brand transformation and has introduced new products, including collaborations with Disney for themed blind box series [2]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 15.4X, 13.7X, and 12.3X respectively [3]. - The gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6].

Core Viewpoint - The article highlights the strong performance of Chow Tai Fook in the jewelry industry, showcasing significant growth in retail sales and pricing strategies during the third fiscal quarter of 2026. Group 1: Financial Performance - Chow Tai Fook's retail value increased by 17.8% year-on-year in the third fiscal quarter [2] - Same-store sales growth in mainland China reached 21.4% for direct stores and 26.3% for franchise stores [3] - The average selling price of gold jewelry in mainland China rose to HKD 11,000, up from HKD 7,300 in the same quarter of the previous fiscal year [3] Group 2: Product Performance - The retail value of priced jewelry grew by 59.6% year-on-year, contributing 40.1% to total retail value, up from 29.4% in the previous fiscal quarter [4] - The average selling price of priced gold jewelry in mainland China increased to HKD 9,500, compared to HKD 5,200 in the same quarter of the previous fiscal year [3] Group 3: Market Expansion and Strategy - Chow Tai Fook plans to continue its dual strategy of revitalizing existing markets while expanding into high-potential new markets [5] - The company opened 34 new retail points in mainland China while closing 264, resulting in a net closure of 230 retail points [4] - The company aims to launch new stores in international markets by June 2026, focusing on premium locations [5]

渠道布局上，中国内地市场优化零售网络，选择性新增34个零售点、关闭264个表现欠佳零售点，净减 少230个；中国香港及中国澳门地区新增3个零售点。内地电商业务凭借双十一销售热潮及IP合作，零售 值同比增长25.3%，对内地零售值及销量贡献分别达7.4%和17.0%。国际扩张成为下一阶段增长重点， 周大福计划2026年6月前推出新店以进军国际市场，聚焦精选高端地段。 期内，中国内地直营店同店销售同比增长21.4%，加盟店同店销售同比增长26.3%，剔除钟表业务后直 营店同店销售增幅升至25.6%；中国香港及中国澳门地区同店销售同比增长14.3%，中国香港、澳门分 别上涨10.1%、31.3%。产品售价方面，中国内地计价黄金首饰平均售价升至1.1万港元，定价黄金首 饰、珠宝镶嵌首饰平均售价分别升至9500港元、8900港元；中国香港及中国澳门地区计价黄金首饰平均 售价达2.01万港元，定价黄金首饰平均售价升至8300港元，珠宝镶嵌首饰平均售价为1.75万港元。 (周大福集团财报) 1月21日，周大福集团发布截至2025年12月31日止三个月主要经营数据，集团零售值同比增长17.8%， 其中中国内地零售值同比增长1 ...

本文源自：金融界AI电报 周大福(01929.HK)：集团2025财政年度第三季度零售增长17.8%，其中中国内地零售增长16.9%，同店 销售增长21.4%。 ...

智通财经APP讯，周大福(01929)公布截至2025年12月31日止三个月(第三季度)若干未经审核主要经营数 据，零售值同比增长17.8%，其中，中国内地零售值增长16.9%，中国香港、中国澳门及其他市场零售 值增长22.9%。在第三季度，公司观察到珠宝消费气氛逐步改善。期内，中国内地(内地)以及香港及澳 门的销售增长进一步加快。内地方面，直营店于季内的同店销售增长提升至21.4%，而加盟店的同店销 售增长则达到26.3%。若撇除钟表业务，期内直营店的同店销售增长25.6%。香港及澳门的同店销售同 比增长14.3%，其中香港上升10.1%，澳门则上升31.3%。 计价黄金首饰的同店平均售价(平均售价)于季内保持强劲。内地的平均售价上升至1.1万港元(2025财政 年度第三季度：7300港元)，香港及澳门的平均售价则上升至2.01万港元(2025财政年度第三季度：1.33 万港元)。 定价首饰的平均售价维持强劲。内地定价黄金首饰(包括黄金产品及珠宝镶嵌黄金产品)的平均售价升至 9,500港元(2025财政年度第三季度：5200港元)，而珠宝镶嵌首饰的平均售价则升至8900港元(2025财政 年度第三季度：80 ...

Core Viewpoint - Chow Tai Fook (01929.HK) reported a 17.8% year-on-year increase in retail value for the third quarter ending December 31, 2025, indicating a gradual improvement in jewelry consumption sentiment [1] Group 1: Sales Performance - The same-store sales growth for direct stores in mainland China reached 21.4%, while franchise stores achieved 26.3% growth during the same period [1] - Same-store sales in Hong Kong and Macau increased by 14.3%, with Hong Kong rising by 10.1% and Macau by 31.3% [1] Group 2: Average Selling Price - The average selling price of gold jewelry in mainland China rose to HKD 11,000, up from HKD 7,300 in the third quarter of the 2025 fiscal year [1] - In Hong Kong and Macau, the average selling price for gold jewelry increased to HKD 20,100, compared to HKD 13,300 in the same period of the previous fiscal year [1] - The average selling price for gold jewelry in mainland China reached HKD 9,500, up from HKD 5,200 in the previous fiscal year, while the average price for jewelry embedded with gold rose to HKD 8,900 from HKD 8,000 [2] - In Hong Kong and Macau, the average selling price for gold jewelry increased to HKD 8,300 from HKD 4,700, while the average price for jewelry embedded with gold was HKD 17,500, slightly down from HKD 18,700 [2]