EF001 免責聲明 宣派之股息所適用之代扣所得稅（包括股東類型及適用的稅率）載列於下表。公司在向 於記錄日期名列本公司H股股東名冊的H股個人股東派付股息時，將預扣10%的股息作為 個人所得稅，除非相關稅務法規、稅收協定或通知另有規定。對通過港股通投資本公司H 股的內地個人股東派發股息時，本公司將按照20%的稅率代扣代繳個人所得稅。對H股全 流通股東中的內地個人股東派發股息時，本公司有義務代扣代繳20%的個人所得稅。對 通過港股通投資本公司H股的內地企業股東派發股息時，本公司將不會代扣代繳企業所得 稅。有關代扣所得税信息的進一步詳情，請見本公司日期為2025年9月19日的公告中標 題為「預扣稅」的部分。 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 本公司向境外H股非居民企業股東 | | | | | （包括以香港中央結算（代理人） | | | | | 有限公司名義登記的本公司H股， | | | | | 但不包括在香港中央結算（代理 ...

Group 1 - The establishment of Zhou Li Fu Jewelry (Bengbu) Co., Ltd. has been registered with a legal representative named Liao Shuwen and a registered capital of 1 million RMB [1] - The company's business scope includes retail and wholesale of jewelry, jewelry recycling and repair services, graphic design, professional design services, and sales of arts and crafts [1] - Additional services offered by the company include brand management, consulting and planning services, marketing planning, appraisal services for artworks and collectibles, and various technical services [1]

Core Viewpoint - The Chinese gold and jewelry brand Zhou Li Fu demonstrates resilience in performance amid rising gold prices, with significant revenue and profit growth in 2024 and the first half of 2025 [1][4]. Group 1: Company Performance - Zhou Li Fu achieved a revenue of 5.72 billion yuan in 2024, representing a year-on-year growth of 11.0%, and a net profit of 710 million yuan, also up by 7.1% [1]. - In the first half of 2025, the company reported a revenue of 3.15 billion yuan, a growth of 5.2%, and a net profit of 420 million yuan, increasing by 11.9% [1]. - The company's performance growth significantly outpaced the overall retail growth in the gold and jewelry sector during the same period [1]. Group 2: Industry Outlook - The gold and jewelry industry in China is experiencing high demand due to its dual role as both a consumer and investment product, with a year-on-year retail growth rate of 12.9% from January to July 2025 [2]. - The market size of China's gold and jewelry sector is projected to grow from 328.2 billion yuan in 2019 to 568.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.6% [2]. - By 2029, the market size is expected to reach 818.5 billion yuan, with a projected CAGR of 7.6% from 2024 to 2029 [2]. Group 3: Sales Strategy - Zhou Li Fu has established a leading offline store network with over 3,800 locations across China, focusing on both lower-tier markets and expanding into first and second-tier cities [3]. - The online sales channel is rapidly growing, with revenues of 2.29 billion yuan in 2024, a year-on-year increase of 31.0%, and 1.63 billion yuan in the first half of 2025, up by 34.3%, accounting for 51.8% of total revenue [3]. - The company enhances brand visibility through marketing strategies, including e-commerce promotions, sponsorship of TV dramas, and collaborations with KOLs and celebrities [3]. Group 4: Profit Forecast and Investment Rating - Zhou Li Fu is expected to maintain long-term revenue growth driven by its online and offline sales model, with projected net profits of 850 million yuan, 980 million yuan, and 1.12 billion yuan for 2025 to 2027, reflecting year-on-year growth rates of 20%, 16%, and 14% respectively [4]. - The company's price-to-earnings (PE) ratios for 2025 to 2027 are estimated at 23, 20, and 17 times, indicating a favorable long-term growth outlook [4].

Group 1 - The core viewpoint of the report is that Zhou Li Fu (06168) is expected to have long-term growth potential due to its strong online performance and significant expansion opportunities in offline stores, leading to an "overweight" rating by Dongwu Securities [1] - Zhou Li Fu, established in 2004, has a comprehensive sales network combining offline stores and online sales channels, offering various jewelry products, including gold and diamond-set jewelry [1] - In 2024, the company achieved revenue of 5.72 billion yuan, a year-on-year increase of 11.0%, and a net profit attributable to shareholders of 710 million yuan, also up by 7.1% [1] Group 2 - The Chinese gold and jewelry industry is experiencing high prosperity, with the retail sales growth of gold and jewelry consistently surpassing the overall retail sales growth since the beginning of 2025, averaging a year-on-year growth of 12.9% from January to July [2] - The market size of China's gold and jewelry sector is projected to grow from 328.2 billion yuan in 2019 to 568.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.6% [2] - The industry is expected to maintain a high level of prosperity due to continuous innovation in gold and jewelry craftsmanship and the upgrading of consumer spending power [2] Group 3 - Zhou Li Fu has actively expanded its offline store network, reaching over 3,800 stores nationwide by the end of the first half of 2025, focusing on the purchasing needs of lower-tier markets while also expanding into first- and second-tier cities [3] - The online sales channel is rapidly growing, with revenue from online channels reaching 2.29 billion yuan in 2024, a year-on-year increase of 31.0%, and 1.63 billion yuan in the first half of 2025, up by 34.3%, accounting for 51.8% of total revenue [3] - The company enhances its brand value through marketing strategies, including promotions on e-commerce platforms, sponsorship of TV dramas, and collaborations with KOLs and celebrities [3]

Group 1: Company Overview - Zhou Li Fu, established in 2004, is a well-known domestic gold and jewelry brand that combines online and offline sales channels to provide a variety of jewelry products, including gold and diamond-set jewelry [1] - The company achieved a revenue of 5.72 billion yuan in 2024, representing a year-on-year growth of 11.0%, and a net profit attributable to shareholders of 710 million yuan, also up by 7.1% [1] - In the first half of 2025, Zhou Li Fu reported a revenue of 3.15 billion yuan, a year-on-year increase of 5.2%, and a net profit of 420 million yuan, growing by 11.9% [1] Group 2: Industry Insights - The gold and jewelry industry in China is experiencing high prosperity, with the retail sales growth of gold and jewelry consistently surpassing the overall retail sales growth since the beginning of 2025, averaging a year-on-year growth of 12.9% from January to July [2] - The market size of China's gold and jewelry industry is projected to grow from 328.2 billion yuan in 2019 to 568.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 11.6%, and is expected to reach 818.5 billion yuan by 2029, with a CAGR of 7.6% from 2024 to 2029 [2] Group 3: Growth Strategy - Zhou Li Fu has established a leading offline store network, with over 3,800 stores nationwide by the end of the first half of 2025, focusing on the purchasing needs of lower-tier markets while also expanding into first- and second-tier cities [3] - The online sales channel is rapidly expanding, with online revenue reaching 2.29 billion yuan in 2024, a year-on-year increase of 31.0%, and 1.63 billion yuan in the first half of 2025, growing by 34.3%, accounting for 51.8% of total revenue [3] - The company enhances brand value through marketing strategies, including promotions on e-commerce platforms, sponsorship of TV dramas, and collaborations with KOLs and celebrities [3]

Group 1 - The core point of the article is that Zhou Li Fu (06168) has made a strategic investment in Going Securities (HK) Limited, acquiring a 15% stake through its wholly-owned subsidiary, which has led to a nearly 6% increase in its stock price [1] - The investment agreement has been signed and funds have been paid, marking the official launch of this strategic investment [1] - The strategic investment is seen as a foundation for long-term collaboration in the digital finance sector among the involved parties, aiming to explore new growth opportunities in Hong Kong's digital asset market [1] Group 2 - Going Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses for various activities [1] - The investment also involves Weifutong Technology Co., Ltd., which holds an 18% stake in Going Securities through its wholly-owned subsidiary [1] - The parties plan to integrate resources in cross-border payments, precious metals, and capital markets to expand their digital finance-related businesses [1]

Core Viewpoint - Zhou Li Fu (06168) has seen a nearly 6% increase in stock price following the announcement of a strategic investment in Going Securities (HK) Limited, indicating positive market sentiment towards the company's expansion into the digital finance sector [1] Group 1: Investment Details - Zhou Li Fu, through its wholly-owned subsidiary, has invested in Going Securities (HK) Limited, acquiring a 15% stake in Gao Ying Securities [1] - Wei Fu Tong Technology Co., Ltd., a wholly-owned subsidiary of A-share listed company Hua Feng Chao Xian (300180), has also invested in Gao Ying Securities, holding an 18% stake [1] - The investment agreements have been signed and payments completed, marking the official launch of this strategic investment [1] Group 2: Company Profile and Strategic Importance - Gao Ying Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses for various activities [1] - The company serves as the vice-chairman unit of the "Hong Kong Web3.0 Standardization Association," highlighting its compliance qualifications and resource integration advantages [1] - This strategic investment is seen as a foundational step for the parties involved to establish long-term strategic layouts and collaborative opportunities in the digital finance sector [1] Group 3: Future Prospects - The involved parties plan to integrate mature resources across cross-border payments, precious metals, and capital markets to expand their business in the digital finance field [1] - There is an intention to explore new growth opportunities in the Hong Kong digital asset market [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Views - Zhou Li Fu, a well-known domestic gold jewelry brand, leverages an online and offline sales model to penetrate lower-tier markets and achieve differentiated layouts and multi-channel development. The online business is rapidly expanding and is currently leading the industry. With the continuous expansion of the gold jewelry market and the company's potential layout in North and East China, future revenue has strong growth momentum and broad prospects. The company is expected to achieve net profits of 850 million, 980 million, and 1.12 billion yuan from 2025 to 2027, with year-on-year growth rates of 20%, 16%, and 14% respectively. The latest closing price corresponds to a PE ratio of 23, 20, and 17 times for 2025-2027. Given the company's high online growth and significant expansion potential for offline stores, long-term growth is promising, and the company continues to distribute dividends [3]. Summary by Sections 1. Company Overview - Zhou Li Fu was established in 2004 and officially listed on the Hong Kong Stock Exchange on June 26, 2025. The company provides a variety of jewelry products, including gold jewelry and diamond-inlaid jewelry, through a comprehensive sales network of offline stores and online sales channels. In 2024, the company achieved revenue of 5.72 billion yuan, a year-on-year increase of 11.0%, and a net profit of 710 million yuan, also up 7.1% year-on-year. In the first half of 2025, the company reported revenue of 3.15 billion yuan, a year-on-year increase of 5.2%, and a net profit of 420 million yuan, up 11.9% year-on-year [9][14]. 2. Industry Overview - The Chinese gold jewelry market is experiencing steady expansion, with the market size expected to grow from 328.2 billion yuan in 2019 to 568.8 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 11.6%. By 2029, the market size is projected to reach 818.5 billion yuan, with a CAGR of 7.6% from 2024 to 2029. The gold jewelry segment is expected to maintain a dominant position, accounting for 73.0% of the total retail sales in 2024, increasing to 75.2% by 2029 [50][49]. 3. Future Growth - Zhou Li Fu is focusing on expanding its offline store network while enhancing its online sales channels. As of the end of 2024, the company had over 4,129 stores, including more than 4,125 in China and 4 overseas. The company is actively penetrating lower-tier markets and expanding into first and second-tier cities. In the first half of 2025, online sales reached 1.63 billion yuan, a year-on-year increase of 34.3%, accounting for 51.8% of total revenue [60][61].

Core Viewpoint - Company Siu Fook (06168) has made a strategic investment in Going Securities (HK) Limited, acquiring a 15% stake in Gao Ying Securities, marking its entry into the RWA (Real World Asset) sector and the digital asset market in Hong Kong [1][3][11] Group 1: Strategic Investment and Market Positioning - The investment was completed through Siu Fook's wholly-owned subsidiary, establishing a foundation for long-term strategic collaboration in the digital finance sector [1][3] - Gao Ying Securities holds multiple regulatory licenses and is positioned as a key player in the Web3.0 standardization in Hong Kong, enhancing Siu Fook's compliance and industry integration capabilities [3][4] - The collaboration aims to integrate resources across cross-border payments, precious metals, and capital markets, facilitating the upgrade of Gao Ying Securities' virtual asset licenses [3][4] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations become more defined, with a projected asset tokenization market size of $16 trillion by 2030 according to Boston Consulting Group [3][4] - Major institutions like BlackRock and Franklin Templeton are entering the market, indicating a trend towards tokenizing real assets such as gold, bonds, and real estate [3][4] Group 3: Business Model and Growth Strategy - Siu Fook's strategy involves leveraging its gold and jewelry assets to issue RWA products, providing inherent value stability and enhancing asset liquidity and financing channels [4][5] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6][7] - The overseas expansion is supported by a proven business model with a return on equity (ROE) in overseas stores reaching 2-3 times that of domestic stores, ensuring cash flow for further expansion [7][8] Group 4: Competitive Advantages and Market Differentiation - Siu Fook's competitive edge lies in its unique combination of supply chain advantages and cultural differentiation, allowing it to avoid price wars with international giants [8][9] - The company has established a risk-controlled expansion path through strategic partnerships with leading commercial real estate firms, reducing market entry costs [8][9] Group 5: Future Outlook and Valuation - Siu Fook is positioned to become the first listed company in the domestic jewelry industry to achieve systematic and large-scale issuance of gold RWA products, which could lead to a premium valuation in the capital market [10][11] - The company's ecosystem-building approach may allow it to transition from a product supplier to an industry infrastructure service provider, shifting its valuation focus from product margins to market share and ecosystem value [10][11] - The strategic synergy of "overseas expansion + RWA" is expected to drive Siu Fook's transformation into a digital ecosystem platform, unlocking significant financial value from its gold inventory [11]

Core Viewpoint - The strategic investment by Chow Tai Fook (周六福) in Gao Ying Securities (高盈证券) marks a significant move into the RWA (Real World Asset) sector, leveraging its asset attributes and channel advantages to explore compliant development paths in Hong Kong's digital asset market [1][3][11] Group 1: Strategic Investment and Partnerships - Chow Tai Fook, through its wholly-owned subsidiary, has completed a strategic investment in Gao Ying Securities, acquiring a 15% stake indirectly [1] - SwiftPass Hong Kong Limited, a subsidiary of Weifutong Technology, has also invested in Gao Ying Securities, holding an 18% stake [1] - This collaboration lays the foundation for long-term strategic synergy in the digital finance sector, focusing on cross-border payments, precious metals, and capital markets [3] Group 2: RWA Market Potential - The RWA sector is gaining attention as traditional industries face growth slowdowns and virtual asset regulations improve, with a projected tokenized asset scale reaching $16 trillion by 2030 according to Boston Consulting Group [3] - Major institutions like BlackRock and Franklin Templeton entering the market indicate a trend towards tokenizing real assets such as gold, bonds, and real estate [3] Group 3: Business Model and Growth Strategy - Chow Tai Fook's entry into the RWA market is not merely opportunistic but a strategic choice aligned with its asset characteristics and regulatory environment [4] - The company plans to establish hundreds of overseas stores in the next 2-3 years, which will serve as both sales terminals and sources of high-quality assets for RWA issuance [6] - Each new store will contribute to a growing pool of stable, globally recognized assets, enhancing the company's ability to issue RWA [6] Group 4: Competitive Advantages - The company's RWA products, anchored by gold and jewelry, provide inherent value stability and are easier to evaluate and custody [4] - Chow Tai Fook can leverage Gao Ying Securities' compliance licenses and financial capabilities to enhance asset liquidity and financing channels, supporting its overseas expansion [4] - The regulatory framework in Hong Kong requires virtual asset issuers to have practical application scenarios, which Chow Tai Fook's overseas operations naturally fulfill [6] Group 5: Financial Performance and Market Position - The overseas stores have demonstrated a return on equity (ROE) 2-3 times higher than domestic operations, validating the profitability of the business model [7] - The combination of supply chain advantages and cultural differentiation creates a structural competitive edge, ensuring high success rates for new stores [8] - The strategic partnership with leading commercial real estate firms reduces site selection risks and market entry costs, enhancing the feasibility of expansion [8] Group 6: Future Outlook and Valuation - Chow Tai Fook's dual strategy of overseas expansion and RWA development creates a self-reinforcing growth cycle, positioning the company as a pioneer in the RWA space [9][11] - The company is expected to enjoy valuation premiums as the first in the domestic jewelry industry to achieve systematic and scalable issuance of gold RWA products [10] - As the platform matures, Chow Tai Fook could transition from a product supplier to an industry infrastructure service provider, broadening its valuation metrics [10]