Investment Rating - The investment rating for Zhou Li Fu (6168.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue and profit growth projections [1]. Core Insights - Zhou Li Fu reported a revenue of 5.834 billion RMB for 2025, reflecting a year-on-year increase of 2.0%, and a net profit of 769 million RMB, up 8.9% year-on-year [1]. - The online channel is identified as the main growth driver, with revenue contributions from various channels: franchise model (2.333 billion RMB, -19%), online channels (2.941 billion RMB, +29%), self-operated stores (433 million RMB, -5%), and others (128 million RMB, +52%) [2]. - The company is expanding its online presence through partnerships with major platforms like Tmall and JD, which together account for nearly 90% of online revenue [2]. - The introduction of the new internet sub-brand "Miao Ji" focuses on gold bar sales and has successfully penetrated platforms like Kuaishou and Douyin [2]. - The company is also adjusting its offline channels, with a total of 3,440 franchise stores and 112 self-operated stores by the end of 2025, and plans to open approximately 10 new overseas stores in 2026 [3]. - The gross profit margin for 2025 was reported at 27.5%, an increase of 1.6 percentage points year-on-year, attributed to rising gold prices and improved product mix [3]. Financial Projections - The forecast for net profit for the years 2026 to 2028 is 896 million RMB, 1.015 billion RMB, and 1.146 billion RMB respectively, with corresponding P/E ratios of 9.7X, 8.6X, and 7.6X [4]. - Revenue projections for the same period are 6.743 billion RMB, 7.612 billion RMB, and 8.530 billion RMB, indicating growth rates of 16%, 13%, and 12% respectively [7]. Key Financial Metrics - For 2025, the company reported a net profit margin of 13.20% and a return on equity (ROE) of 18.13% [9]. - The company’s total assets were reported at 5.783 billion RMB, with a current ratio of 3.52 and a debt-to-equity ratio of 26.41% [9].

Investment Rating - The investment rating for Zhou Liufu (6168.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue and profit growth projections [1]. Core Insights - Zhou Liufu's online channels are the main growth driver, with significant contributions from partnerships with major platforms like Tmall and JD, which together account for nearly 90% of online revenue [2]. - The company has introduced a new internet sub-brand "Miao Ji," focusing on gold bar sales, successfully expanding its reach on platforms like Kuaishou and Douyin [2]. - The company is also exploring overseas markets, with plans to open approximately 10 new stores abroad in 2026 [3]. Financial Performance Summary - In 2025, Zhou Liufu achieved a revenue of 58.34 billion RMB, a year-on-year increase of 2.0%, and a net profit of 7.69 billion RMB, up 8.9% [1]. - The revenue breakdown by channel for 2025 shows franchise model revenue at 23.33 billion RMB (down 19%), online channels at 29.41 billion RMB (up 29%), self-operated stores at 4.33 billion RMB (down 5%), and others at 1.28 billion RMB (up 52%) [2]. - The gross profit margin for 2025 was 27.5%, an increase of 1.6 percentage points year-on-year, attributed to rising gold prices and improved product mix [3]. - The company forecasts net profits of 9.0 billion RMB, 10.2 billion RMB, and 11.5 billion RMB for 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 9.7X, 8.6X, and 7.6X [4]. Key Financial Metrics - For 2025, the operating income was 58.34 billion RMB, with a net profit of 7.69 billion RMB and an EPS of 1.88 RMB [7]. - The projected operating income for 2026 is 67.43 billion RMB, with a net profit of 8.96 billion RMB and an EPS of 2.03 RMB [7]. - The company maintains a strong balance sheet with total assets of 57.83 billion RMB and total liabilities of 15.27 billion RMB as of 2025 [9].

| 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 周六福珠宝股份有限公司 | | 股份代號 | 06168 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.45 RMB | | 股東批准日期 | 2026年5月22日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | 有待公佈 | | 除淨日 | 2026年5月 ...

Financial Performance - The group's revenue increased by approximately 2.0% from RMB 5,718.2 million for the year ending December 31, 2024, to approximately RMB 5,834.3 million for the year ending December 31, 2025[2]. - Gross profit rose by approximately 8.5% from RMB 1,478.8 million for the year ending December 31, 2024, to approximately RMB 1,604.3 million for the year ending December 31, 2025[2]. - Net profit increased by approximately 8.9% from RMB 706.3 million for the year ending December 31, 2024, to approximately RMB 769.3 million for the year ending December 31, 2025[2]. - The total comprehensive income for the year was RMB 766.6 million, compared to RMB 708.5 million in the previous year[5]. - The group's profit before tax for 2025 was RMB 770,296,000, compared to RMB 706,312,000 in 2024, reflecting an increase of approximately 9.1%[30]. - The total income tax expense for 2025 was RMB 185,450,000, up from RMB 178,886,000 in 2024, indicating a year-over-year increase of about 3.1%[27]. Assets and Liabilities - The total assets increased from RMB 3,301.8 million in 2024 to RMB 5,045.2 million in 2025[6]. - Current liabilities rose from RMB 1,330.5 million in 2024 to RMB 1,431.4 million in 2025[7]. - The net assets increased significantly from RMB 2,577.6 million in 2024 to RMB 4,256.0 million in 2025[7]. - Cash and bank balances increased from RMB 561.7 million in 2024 to RMB 1,169.6 million in 2025[6]. - The group's total liabilities recognized at the beginning of the year and confirmed during the year amounted to RMB 345,274,000, a decrease from RMB 368,971,000 in 2024, reflecting a decline of 6.46%[18]. - Total debt and borrowings amounted to approximately RMB 426.3 million as of December 31, 2025, down from RMB 641.1 million as of December 31, 2024, mainly due to loan repayments[68]. - The company's asset-liability ratio was approximately 26.4% as of December 31, 2025, down from 34.9% as of December 31, 2024[68]. Revenue Breakdown - Revenue from gold jewelry sales reached RMB 4,623,944,000 in 2025, up from RMB 4,429,673,000 in 2024, representing a growth of 4.38%[16]. - Revenue from diamond-studded jewelry and others was RMB 462,952,000 in 2025, compared to RMB 437,060,000 in 2024, marking an increase of 5.91%[16]. - Service revenue decreased to RMB 747,399,000 in 2025 from RMB 851,462,000 in 2024, a decline of 12.19%[16]. - The company’s revenue from a single customer amounted to RMB 919,585,000, up from RMB 637,687,000 in 2024, indicating a growth of 44.14%[15]. - Online sales revenue grew by 29% year-on-year, with gold product sales volume (excluding gold bars) increasing by 10%[49]. - Revenue for gold jewelry reached RMB 4,623.9 million, a year-on-year increase of approximately 4% driven by online sales[50]. Expenses and Costs - Research and development expenses increased from RMB 12.6 million in 2024 to RMB 17.9 million in 2025[4]. - Financial costs rose to RMB 10,576,000 in 2025, compared to RMB 9,397,000 in 2024, reflecting an increase of 12.55%[21]. - The cost of goods sold for 2025 was RMB 4,207,194,000, slightly down from RMB 4,213,594,000 in 2024, showing a decrease of about 0.2%[22]. - The cost of employee benefits, excluding directors' remuneration, increased to RMB 220,781,000 in 2025 from RMB 205,023,000 in 2024, marking an increase of approximately 7.7%[22]. - Other expenses amounted to RMB 49.5 million, an increase of RMB 41.4 million or 512.3% compared to 2024, primarily due to foreign exchange losses and other impairments[64]. Shareholder Information - The company declared a total dividend of RMB 395,208,000 for the year, down from RMB 644,466,000 in 2024, indicating a decrease of about 38.7%[29]. - The proposed final dividend for the year ending December 31, 2025, is also RMB 0.45 per share, pending approval at the annual general meeting[91]. - The total number of ordinary shares issued by the company is 440,616,028, which will determine the actual cash dividend amount based on the total shares on the record date[91]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident enterprise shareholders[94]. - The annual general meeting is scheduled for May 22, 2026, where shareholders will vote on the proposed final dividend[89]. Strategic Initiatives - The company plans to open approximately 10 new stores overseas in markets such as Hong Kong, Singapore, Malaysia, and Australia[56]. - The strategy for 2026 focuses on enhancing online efficiency, improving offline quality, and upgrading products to adapt to market challenges[52]. - The company aims to strengthen its offline store experience and expand its product offerings in cultural and fashion content[54]. - The company will continue to seek strategic investment and acquisition opportunities to realize its long-term growth strategy[74]. Employee and Governance - As of December 31, 2025, the company had cash and cash equivalents of RMB 975.5 million, a significant increase from RMB 177.0 million as of December 31, 2024, primarily due to cash received from global sales[67]. - The company emphasizes employee potential and invests heavily in recruitment and training, including internal referral policies to attract talent[78]. - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[108]. - The company has adopted the standard code of conduct for securities trading for its directors and has confirmed compliance since the listing date[86].

董事會會議通告 週六福珠寶 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會議將於2026年3月20日（星 期 五）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 公 司及其附屬公司截至2025年12月31日 止 年 度 之 全 年 業 績 及 其 發 佈，並 考 慮 派 發 末 期 股 息（如 有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 Zhou Liu Fu Jewellery Co., Ltd. 周六福珠宝股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6168） 董事長兼執行董事 李偉柱 香 港，2026年3月10日 於 本 公 告 日 期，董 事 會 由 以 下 組 成：執 行 董 事 李 偉 柱 先 生、李 偉 蓬 先 生、 謝 明 育 先 生 及 鐘 錫 鵬 先 生；非 執 行 董 事 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周六福珠宝股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06168 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 273,688,883 | RMB | | 1 | RMB | | 273,688,883 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 273,688,883 | RMB | | 1 | RMB | | 273,688,883 | | 2. 股份分類 | 普通股 ...

Group 1 - The core price of LUK FOOK gold reached 1574.0 CNY per gram as of February 27, 2026, with a weekly change of 2.01% [2] - The highest price recorded during the week was 1574.0 CNY per gram, while the lowest was 1543.0 CNY per gram [2] - The average price for the week was 1564.40 CNY per gram [1][2] Group 2 - The price trend shows an increase from 1543.0 CNY per gram on February 23, 2026, to 1574.0 CNY per gram by February 27, 2026 [1] - The weekly price fluctuation indicates a stable upward trend in the gold market for LUK FOOK [2]

Group 1 - The core belief of the company is that "every product we produce is a masterpiece" [1] - The company emphasizes that "simplicity can reflect the soul of art" [1] - The company has over 300 franchisees in the mainland China market, with a rapid development momentum [1]

Core Viewpoint - Zhou Li Fu Jewelry emphasizes that every product they produce is a masterpiece, reflecting their belief that simplicity showcases the soul of art [1] Group 1: Company Expansion - Zhou Li Fu has over 300 franchisees in the mainland China market, indicating a rapid development momentum [1] - The company's retail outlets are distributed across major cities nationwide, showcasing its extensive market reach [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: 2026年1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: 周六福珠宝股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06168 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 273,688,883 | RMB | | 1 RMB | | 273,688,883 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 273,688,883 | RMB | | 1 RMB | | 273,688,883 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註 ...