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 就本公告的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） 修訂章程 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 第13.51(1) 條 作 出。 茲 提 述 周 六 福 珠 宝 股 份 有 限 公 司（「本公司」）日 期 為2025年7月23日的公告 （「該公告」），內 容 有 關（其 中 包 括）悉 數 行 使 超 額 配 股 權，涉 及 合 共8,074,300 股H股。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 有 關 上 述 章 程 修 訂 的 工 商 登 記、備 案 及 其 他 事 宜 將 適 時 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 周六福珠宝股份有限公司 呈交日期： 2025年7月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 06168 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫 ...

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 香 港 中 央 結 算 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，概不就因本公告全部或任何部分內容所產生 或因依賴該等內容而引致的任何損失承擔任何責任。 本 公 告 不 會 直 接 或 間 接 於 或 向 美 國（包 括 美 國 的 領 土 及 屬 地、美 國 任 何 州 以 及 哥 倫 比 亞 特 區）發 佈、刊 發 或 派 發。本 公 告 並 不 構 成 亦 不 屬 於 在 美 國 境內或於任何其他司法權區購買或認購證券的任何要約或招攬的一部分。 本公告所述證券並無亦不會根據1933年 美 國 證 券 法（經 不 時 修 訂）（「美國證 券 法」）或 美 國 任 何 州 或 其 他 司 法 權 區 的 證 券 法 登 記。證 券 不 得 在 美 國 境 內 提 呈 發 售、出 售、質 押 或 以 其 他 方 式 轉 讓，惟 獲 豁 免 遵 守 美 國 證 券 法 登 記 規 定 及 符 合 任 何 適 用 的 州 ...

Group 1 - Zhou Li Fu officially listed on the Hong Kong Stock Exchange on June 26, 2024, marking the end of a six-year IPO journey [1][3][5] - The IPO price was set at HKD 24 per share, opening at HKD 26.7, representing a more than 10% increase, and reaching HKD 27.45 with a 14.38% rise shortly after [5][3] - Zhou Li Fu's total market capitalization exceeded HKD 118.73 billion at the time of listing [3][5] Group 2 - Founded in 2004, Zhou Li Fu is a prominent Chinese jewelry brand, focusing on the design, production, and sales of jewelry through both offline and online channels [9][12] - The company has expanded rapidly, with 4,129 offline stores by the end of 2024, maintaining a top-five position among Chinese jewelry brands for eight consecutive years [18][23] - Zhou Li Fu's revenue grew from RMB 31.02 billion in 2022 to RMB 57.18 billion in 2024, with a compound annual growth rate of 35.8%, significantly outpacing the industry average of 2.7% [18][20] Group 3 - The company's net profit for 2024 was RMB 7.06 billion, with a net profit margin declining from 18.5% in 2022 to 12.4% in 2024 [22][23] - Zhou Li Fu's revenue sources are primarily from franchise sales (RMB 28.9 billion) and online sales (RMB 22.9 billion), together accounting for 90.5% of total revenue [23] - The company faced challenges in 2024, closing 674 franchise stores while only opening 424, resulting in a net decrease of 250 stores [23][22] Group 4 - Zhou Li Fu's founders, Li Wei Zhu and Li Wei Peng, control 93.7% of the voting rights through a multi-layered structure, retaining 83.39% control post-IPO [24] - The IPO comes at a favorable time for the jewelry market, with rising consumer demand, positioning Zhou Li Fu as a potential standout in the market [28]

Group 1 - The core viewpoint of the article highlights the recent decline in the stock price of Zhou Li Fu, which has experienced significant fluctuations since its IPO, indicating a shift in investor sentiment [1][5] - Zhou Li Fu's stock closed at 34.6 HKD per share, down 7.49%, with a total market capitalization of 14.966 billion HKD, reflecting a change in investor attitudes compared to its initial public offering [1] - The company initially generated excitement due to the high performance of its competitor, Lao Pu Gold, but has struggled to maintain momentum, with its stock price peaking at 52.5 HKD before falling [1][5] Group 2 - Zhou Li Fu operates a franchise model with over 97% of its 4,129 stores being franchisee-owned, which has contributed significantly to its revenue but lacks strong brand loyalty [3][4] - The revenue from product sales to franchisees and service fees has been substantial, with figures of approximately 843 million, 2.02 billion, and 2.041 billion HKD from product sales in 2022 to 2024, respectively [4] - The franchise agreement typically lasts one year and does not prevent franchisees from partnering with other brands, which may dilute brand strength [4][5] Group 3 - The company's stock ownership is highly concentrated, with the founder and his brother holding 83.4% of the voting power, raising concerns about governance and future performance [2][5] - Zhou Li Fu's pre-IPO dividend payouts, totaling 645 million HKD in 2024, primarily benefited the major shareholders, further complicating investor confidence [5] - Despite challenges, there are opportunities in the gold jewelry market, particularly in the mid-to-low-end segments, which require improvements in product design, quality control, and marketing strategies [6]

Core Viewpoint - The recent decline in gold prices has led to a paradoxical decrease in sales for jewelers, as consumer behavior tends to favor purchasing during price increases rather than decreases [1] Group 1: Market Trends - Gold prices have dropped to a new low since June, impacting sales negatively, with some jewelers reporting a 30% decrease in sales compared to when prices were rising [1] - Despite fluctuating gold prices, the consumption of gold jewelry remains strong, indicating a persistent consumer interest in the market [3] Group 2: Consumer Complaints - The number of complaints in the gold jewelry industry surged to 8,544 in 2024, a 136.28% increase year-on-year, with total claims exceeding 95.23 million yuan [3] - The complaints are primarily focused on false advertising, pricing disputes, and difficulties in obtaining refunds, with young women emerging as the most active complainants [5][12] - The effective resolution rate for complaints in the industry stands at 36.59%, with a total of 33.46 million yuan recovered for consumers [3] Group 3: Complaint Characteristics - Complaints related to false advertising account for 22.82% of total complaints, with issues such as mislabeling K-gold as pure gold and misleading promotional tactics being common [5] - Pricing disputes make up 19.05% of complaints, with consumers expressing concerns over opaque pricing methods and hidden conditions in promotional offers [7] - Refund disputes constitute 16.35% of complaints, with many consumers reporting that merchants do not allow returns on gold jewelry after purchase [7] Group 4: Brand Performance - China Gold leads in complaint volume with 19.74% of total complaints, followed by Zhou Li Fu and Lao Feng Xiang [8] - Lao Feng Xiang has the highest complaint resolution rate at 94.08%, significantly above the industry average, while Zhou Li Fu's resolution rate is notably low at 15.07% [7][8] Group 5: Consumer Demographics - Female consumers account for 86.02% of complaints, highlighting their dominant role in gold jewelry purchases and their heightened awareness of consumer rights [12] - The age group of consumers filing complaints has shifted, with those born after 2000 now representing 45.18% of complaints, surpassing those born in the 1990s [12] Group 6: Regional Insights - Guangzhou has the highest complaint rate at 5.54%, followed by Dongguan and Shanghai, reflecting the regional distribution of gold jewelry consumption capabilities [15]

Market Overview - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index dropping by 0.87% as large funds adjust their positions, particularly in the financial sector [1] - In contrast, the A-share market is witnessing a collective rise, attributed to the China Securities Regulatory Commission's new logo, interpreted by investors as a sign of a "triple win" for the stock market, listed companies, and investors [1] Trade Relations and Tariffs - Concerns over tariffs remain prevalent in the Hong Kong market, with the U.S. government indicating that trade negotiations may extend beyond the initial deadline set by the Trump administration [2] - The U.S. Treasury Secretary stated that negotiations with multiple trade partners could continue until September, reflecting a lack of significant progress in talks with major partners [2] - China's firm stance against sacrificing its interests in trade negotiations has influenced other countries, such as India, to adopt a tougher approach [2] Inflation and Economic Indicators - The U.S. core PCE price index for May increased by 2.68% year-on-year, surpassing expectations and reaching its highest level since February 2025 [3] - The inflation outlook suggests that the Federal Reserve is unlikely to lower interest rates in the upcoming meetings, with expectations of inflation peaking in July or August [3] - In China, industrial profits for large enterprises declined by 1.1% year-on-year from January to May, with a significant drop of 9.1% in May alone [3] Legislative Developments - The U.S. Senate passed the "Big Beautiful Bill" with a narrow margin, which could lead to increased government debt to stimulate economic growth [4] - The bill's passage may have mixed implications, as the U.S. national debt exceeds $36 trillion, raising concerns about sustainability [4] - The bill includes compromises that may benefit sectors such as healthcare and renewable energy, positively impacting related stocks [4] Stock Performance and New Listings - Newly listed stocks like Chow Tai Fook (06168) have seen significant gains, with a 25% increase on the day, nearly doubling in value over three days [5] - Old Town Gold (06181) also benefited from the strong performance of its new Singapore store, with a nearly 15% rise in stock price [5] - Cloud Wisdom (09678), the first AGI stock in Hong Kong, surged over 44% on its debut, driven by strong revenue growth projections [6] Sector Focus - The military industry is gaining attention due to reports of Iran negotiating the purchase of Chinese fighter jets and abandoning U.S. GPS in favor of China's BeiDou navigation system [8] - The photovoltaic glass sector is addressing supply-demand imbalances, with plans for a 30% production cut starting in July to stabilize prices [9] - Companies like Eastman Chemical (00189) are expected to benefit from increased demand for refrigerants, with a significant rise in profitability anticipated [10][11]

Key Points - As of June 30, 100 stocks reached their 52-week highs, with JunTai Holdings (00630), Chow Tai Fook (06168), and HOME CONTROL (01747) leading the high rate at 93.94%, 28.22%, and 27.65% respectively [1] - The closing prices for the top three stocks were 0.270, 48.450, and 2.130, with their highest prices being 0.320, 51.800, and 2.350 respectively [1] - Other notable stocks that reached new highs include China Star Group (00326) at 24.46%, New Fire Technology Holdings (01611) at 21.32%, and Fuyou Holdings (08269) at 20.53% [1] 52-Week High Rankings - JunTai Holdings (00630) achieved a high rate of 93.94% with a closing price of 0.270 and a peak price of 0.320 [1] - Chow Tai Fook (06168) reached a high rate of 28.22%, closing at 48.450 with a peak of 51.800 [1] - HOME CONTROL (01747) had a high rate of 27.65%, closing at 2.130 and peaking at 2.350 [1] Additional Stocks - China Star Group (00326) reached a high rate of 24.46% with a closing price of 2.290 [1] - New Fire Technology Holdings (01611) had a high rate of 21.32% with a closing price of 3.100 [1] - Fuyou Holdings (08269) achieved a high rate of 20.53% with a closing price of 0.180 [1]

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its development journey [2][4] Group 1: Company Overview - Zhou Liufu is a large jewelry group that integrates research and design, wholesale, retail, and brand franchising, with over 20 years of experience in the gold and jewelry sector [5] - The company has established a solid full industry chain, ensuring product quality through exquisite craftsmanship and a nationwide sales network [5] Group 2: Performance Highlights - As of December 31, 2024, Zhou Liufu has opened 4,125 offline stores, ranking fifth among Chinese jewelry brands, and has expanded into Southeast Asia with four overseas franchise stores [7] - The company reported an annual revenue of 5.718 billion yuan, with online channels contributing 40% and a compound annual growth rate of 46.1%, both leading among national jewelry companies [7] Group 3: Product and Brand Strategy - Zhou Liufu has developed a strong IP collaboration matrix to meet diverse consumer needs, including partnerships with top cultural IPs and classic animations to connect with various age groups [9] - The company aims to integrate jewelry into everyday life, serving as a cultural and emotional value carrier [9] Group 4: Industry Recognition - Zhou Liufu's brand value has been rising, recognized as one of the "Top 500 Asian Brands" and winning multiple awards for product design and innovation [11] - The company is positioned as a leader in the industry, driving technological upgrades and setting development trends [11] Group 5: Future Outlook - Zhou Liufu plans to optimize its operational system and expand its store network while enhancing product diversity and supply chain management [13] - The company aims to strengthen its brand foundation and resource allocation to improve product innovation and competitiveness, contributing to the global development of the industry [13]

Group 1: Market Overview - Three consumer companies, Chow Tai Fook, Saint Bella, and Ying Tong Holdings, went public on June 26, showcasing the diverse development trends in China's consumer market [2][4] - The Hong Kong IPO market has seen a significant increase in fundraising, with a total of HKD 98.9 billion raised this year, a 7.9 times increase compared to the previous year [5][6] - The retail consumption sector has become the most active segment for IPOs in Hong Kong, with an average oversubscription rate of 2228 times, surpassing previous internet giants [4][5] Group 2: Company Performance - Chow Tai Fook has maintained a strong market position, ranking among the top five jewelry brands in China for eight consecutive years, with a projected revenue growth from HKD 3.102 billion in 2022 to HKD 5.718 billion in 2024, reflecting a compound annual growth rate of 35.8% [2][3] - Saint Bella, positioned as a high-end maternity center, offers premium packages priced between HKD 68,000 and HKD 168,800, attracting significant attention and investment from major firms [2][3] - Ying Tong Holdings, a fragrance distributor, manages over 63 external brands and has more than 7,500 offline sales points across Greater China, but faces challenges with rising customer acquisition costs, which accounted for 22% of online revenue in 2024 [3][4] Group 3: IPO Performance - The first-day performance of the three companies varied significantly, with Chow Tai Fook and Saint Bella rising by 25% and 33.74% respectively, while Ying Tong Holdings experienced a decline of 16.67% [7][8] - The oversubscription rates for the IPOs were notably different, with Chow Tai Fook receiving 711 times oversubscription, Saint Bella at 193 times, and Ying Tong Holdings at only 35.8 times [4][7] Group 4: Market Sentiment and Future Outlook - Despite the positive trends, concerns about high first-day loss rates persist, with a 41.6% first-day loss rate for new listings in June, indicating potential investor caution [5][7] - The Hong Kong IPO market is expected to continue its recovery, with projections of raising up to HKD 160 billion by the end of the year, although it has not yet returned to peak levels seen in previous years [6][9]