Revenue Performance - The Group's revenue decreased by 20.4% year-on-year to HK$39,408 million in 1HFY2025[19] - Revenue for the six months ended September 30, 2024, was HK$39,408 million, a decrease of 20.4% year-over-year[44] - Revenue in Mainland China decreased 18.8%, while the share of Mainland business to the Group's revenue grew slightly to 83.8%[139][140] - Revenue from gold jewellery and products fell 21.6%, contributing 79.4% to the Group's revenue, a decrease of 70 basis points[146][149] - Revenue from gem-set, platinum, and k-gold jewellery and watches declined by 20.0% and 12.5% respectively during the period[148][150] Profitability Metrics - Operating profit for the same period was HK$6,776 million, reflecting a year-over-year increase of 4.0%[25] - Operating profit margin expanded by 400 basis points to 17.2% due to disciplined cost management[19] - Profit attributable to shareholders decreased 44.4% in 1HFY2025, primarily due to losses from the revaluation of gold loan contracts amid high gold price volatility[136] - The gross profit margin improved by 650 basis points to 31.4% during the period, driven by better retail like-for-like margin amid rising gold prices[19] - The average London gold price increased by 18.8% year-on-year in 1HFY2025, contributing to improved margins[180] Sales Performance - Same-store sales growth (SSSG) in Mainland China decreased by 25.4% in 2024, following a decline of 3.5% in 2023[48] - In 1HFY2025, same-store sales (SSS) for self-operated stores in Mainland China decreased by 25.4%, while franchised stores saw a decline of 19.6% due to a higher proportion of newer stores[156][157][158] - In Hong Kong and Macau, SSS dropped by 30.8%, with Hong Kong experiencing a decline of 27.6% and Macau a significant drop of 40.7%[159] - The sales mix in gold jewellery and product Retail Sales Value doubled year-on-year to 14.2% in Mainland China during the period[18] Strategic Initiatives - The Group is focused on brand transformation to elevate brand desirability, showing positive momentum in 1HFY2025[16] - The Group is implementing targeted online-to-offline strategies to strengthen competitiveness in the omni-channel retail environment[7] - The company is focused on five strategic priorities: brand transformation, product optimisation, accelerated digitalisation, operational efficiency, and talent cultivation to enhance long-term competitiveness[72] - The company plans to progressively roll out refreshed stores over the next five years, aligned with market conditions[74] - The Group is actively prospecting new growth opportunities in travel retail and overseas markets, particularly in Southeast Asia[58] Cost Management - The company implemented effective cost management strategies to closely manage SG&A expenses during the financial period[187] - Selling, general, and administrative expenses (SG&A) as a percentage of revenue were reported at 15.2%[182] - SG&A expenses decreased by 2.8% to HK$5,978 million, while the SG&A ratio increased by 280 basis points to 15.2% due to a larger decline in revenue compared to cost savings[187] Market Conditions - The Central Government's economic stimulus policies are expected to support market recovery and growth opportunities[20] - Easing policies from China's regulators since late September have reinforced confidence in the long-term growth potential of China's economy and jewellery industry[57] - The decline in revenue in Mainland China was attributed to macro-economic uncertainties affecting overall demand in the industry[192] Inventory and Cash Flow - The inventory turnover period increased to 457 days, indicating a longer time to sell inventory compared to previous periods[46] - Operating cash flows before movements in working capital increased from HK$5,421 million in 2021 to HK$7,526 million in 2023, representing a growth of 38.8%[48] - Net cash from operating activities increased significantly to HK$7,919 million in 2023 from HK$3,253 million in 2021[48] New Product Launches - The signature CTF Rouge Collection achieved over HK$1.5 billion in Retail Sales Value since its launch in April 2024[17] - The Chow Tai Fook Palace Museum Collection, launched in August, reflects the company's commitment to innovation and differentiation, inspired by the Museum's imperial artifacts[83] - The introduction of the CTF Bond Collection in September features innovative designs, including the 2-Prong Bond Ring, which enhances the brilliance of diamonds[84] - The new CTF Dare to Love Collection, featuring a two-claw diamond ring, was introduced in September, symbolizing eternity and showcasing innovative design techniques[88] Retail Expansion - The Group opened its first new concept store in Central, Hong Kong, in September 2024, enhancing customer experience[17] - The total number of retail points increased to 7,586 in 2024, up from 7,458 in 2023, reflecting market expansion efforts[48] - The company closed a net of 239 retail points in Mainland China during the period, with plans to open a new five-story flagship store in Shanghai by 2025[106] E-commerce and Digital Initiatives - E-commerce contributed 5.6% to the company's Mainland performance in retail sales value (RSV) and 13.4% in volume during the first half of FY2025[105] - The online flagship store has integrated an AI recommendation engine to provide personalized product suggestions based on customer shopping behavior[108] - An augmented reality (AR) try-on service was introduced in the CTFMall mini-program to improve customer satisfaction and confidence in purchases[104]

港股公司报告 | 公司点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------| | 周大福（ 01929 ） | | 证券研究报告 \n2024 年 10 月 28 日 | | | 投资评级 | | | 期待下半财年表现改善 | 行业 | 非必需性消费 / 专业零 售 | | | 6 | 个月评级 买入（维 ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 26 年 月 日 周大福（01929.HK） FY2025H1 收入下滑 20%左右，经调整后利润率或有改善 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------- ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 同店降幅边际收窄，定价黄金延续高增 周大福(1929) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——周大福 FY2025Q2 主要经营数据点评 股票研究 /[Table_Date] 2024.10.25 | --- | --- | --- | |----------|-------------------------------------|------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | 021-38677706 | 021-38038344 | | | liuyuenan@gtjas.com | suying@gtjas.com | | 登记编号 | S0880516030003 | S0880522110001 | 本报告导读： FY2025Q ...

| --- | --- | |--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·海外公司点评·专业零售(HS) 周大福（01929.HK） FY2025Q2 经营数据点评：公司内地零售额 同比下滑 19.4%，金价急涨令消费承压 2024 年 10 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（百万元） | 94684 | 108713 | 95940 | 99314 | 104863 | | 同比 (%) | (4.30) | 14.82 | (11.75) | 3.52 | 5.59 | | 归母净利润（百万元） | 5384 | 6499 | 4608 | 6749 | 7829 | | 同比 (%) | (19.78) | 20.71 | (29.10) | 46.44 | 16.00 | | EP ...

优于大市 周大福（01929.HK） 同店销售跌幅收窄，高毛利产品销售占比提升 公司研究·公司快评 商贸零售·专业连锁Ⅱ 投资评级：优于大市（维持） 证券分析师： 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码：S0980517070001 证券分析师： 柳旭 0755-81981311 liuxu1@guosen.com.cn 执证编码：S0980522120001 事项： 公司发布 2024 年 7-9 月未经审核的主要经营数据，整体零售值同比下降 21%，其中中国（不含港澳台）市 场零售值同比下降 19.4%，中国香港、中国澳门及其他市场同比下降 31%。 国信零售观点：1）同店方面，中国（不含港澳台）市场同店销售下降 24.3%，降幅较 4-6 月下降 26.4%有 所收窄；中国香港、中国澳门及其他市场同店销售下降 30.8%，与 4-6 月一致。2）产品销售结构方面，中 国（不含港澳台）市场黄金首饰产品中，毛利率较高的定价产品销售占比自去年同期的 5%上升至 12.8%， 支撑公司毛利率保持韧性。3）门店方面，公司继续贯彻强化单店效益的规划，季内对低效门店进行 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 金价持续上行，克重黄金销量或仍承压 周大福(1929) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——周大福更新报告 | --- | --- | --- | --- | --- | |----------|-------------------------------------|------------------|-------|-------| | | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | | | 021-38677706 | 021-38038344 | | | | | liuyuenan@gtjas.com | suying@gtjas.com | | | | 登记编号 | S0880516030003 | S0880522110001 | | | 本报告导读： 金价持 ...

港股公司报告 | 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------| | 周大福（ 01929 ） | | 证券研究报告 \n2024 年 10 月 10 日 | | | 投资评级 ...

Investment Rating - The report maintains an "Overweight" rating for Chow Tai Fook (1929 HK) with a target price of HKD 10.26 [2][7] Core Views - Chow Tai Fook continues to optimize its store structure and product mix, focusing on higher-margin "piece gold" products, but same-store sales may face pressure due to rapid gold price increases [2] - The company is expected to close 5-7% of its stores (400-535 stores) in FY25 due to gold price volatility and competitive pressures [3] - Core operating margins are expected to improve due to rising gold prices and a shift towards higher-margin products [4] - Recent policy support for consumption could benefit the company, with its stock price rising 9.5% from September 25 to October 8 [5] Financial Forecasts - Revenue for FY25-27 is revised downward to HKD 90.0 billion, HKD 94.6 billion, and HKD 99.5 billion, respectively, from previous estimates of HKD 103.6 billion, HKD 108.8 billion, and HKD 114.3 billion [2] - Net profit attributable to shareholders for FY25-27 is adjusted to HKD 5.69 billion, HKD 6.15 billion, and HKD 6.56 billion, respectively [2] - EBITDA for FY25-27 is forecasted at HKD 11.26 billion, HKD 11.97 billion, and HKD 12.79 billion, respectively [11] Valuation Metrics - The report values Chow Tai Fook at 18x FY25 PE, higher than the industry average of 13x, reflecting its leading position in the industry [2] - The company's ROE is expected to remain strong, ranging from 21.77% to 23.44% from FY25 to FY27 [6] Industry Context - Chow Tai Fook is positioned to benefit from industry consolidation and increased market share as competition intensifies [2] - The gold jewelry sector is less sensitive to short-term stimulus measures like consumption vouchers, but long-term policy support could drive recovery in high-end discretionary spending [5]