Group 1 - The core viewpoint of the article is that Zhou Silu (06168.HK) reported an increase in revenue and net profit for the six months ending June 30, 2025, indicating positive financial performance [1] - The group's revenue increased by approximately 5.2% to about RMB 3,150.4 million [1] - The net profit rose by approximately 11.9% to about RMB 415.3 million [1] Group 2 - The board of directors proposed an interim dividend of RMB 0.45 per ordinary share (tax included) for the six months ending June 30, 2025 [1]

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通告的內 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 就因本通告全部或任何部分內容而產生或因依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） 2025年第二次臨時股東大會通告 茲 通 告 周 六 福 珠 宝 股 份 有 限 公 司（「本公司」）謹 定 於2025年9月19日（星 期 五）上 午10時正假座中國深圳市羅湖區東曉街道東曉社區太白路3031號 中冠商務大廈23層會議室舉行2025年 第 二 次 臨 時 股 東 大 會（「臨時股東大 會」），以 審 議 並 酌 情 批 准 下 列 決 議 案（無 論 有 無 修 訂）。有 關 決 議 案 的 詳 情，請 詳 見 本 公 司 日 期 為2025年8月22日 的 通 函（「通 函」）。除 非 文 義 另 有 所 指，本 通 告 所 用 詞 彙 與 通 函 所 界 定 者 ...

免責聲明 | 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6月30日止六個月之中期股息 | | 公告日期 | 2025年8月22日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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6月30日 | | 宣派股息 | 每 股 0.45 RMB | | 股東批准日期 | 2025年9月19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 ...

Financial Performance - Revenue increased by approximately 5.2% from RMB 2,993.9 million for the six months ended June 30, 2024, to approximately RMB 3,150.4 million for the six months ended June 30, 2025[2] - Gross profit rose by about 8.7% from RMB 761.1 million to approximately RMB 827.2 million during the same period[2] - Net profit increased by approximately 11.9% from RMB 371.2 million to approximately RMB 415.3 million[2] - Total comprehensive income for the period was approximately RMB 413.7 million, compared to RMB 371.9 million in the previous period[5] - Total revenue for the six months ended June 30, 2025, was approximately RMB 3,150,422,000, representing an increase from RMB 2,993,916,000 for the same period in 2024, reflecting a growth of 5.2%[15] - Revenue from gold jewelry sales was RMB 2,533,982,000 for the six months ended June 30, 2025, compared to RMB 2,319,784,000 in 2024, indicating an increase of 9.2%[15] - The company’s service revenue for the six months ended June 30, 2025, was RMB 381,258,000, down from RMB 429,363,000 in 2024, a decrease of 11.2%[15] - Total revenue for the period was RMB 3,150.42 million, an increase of approximately RMB 156.51 million or 5.2% compared to RMB 2,993.92 million in the previous year[60] Earnings and Dividends - The basic and diluted earnings per share increased from RMB 1.01 to RMB 1.09[4] - Declared dividends for the six months ended June 30, 2025, were RMB 196,931,000, significantly lower than RMB 644,466,000 in 2024, a decrease of 69.5%[29] - The board has proposed an interim dividend of RMB 0.45 per ordinary share for the six months ending June 30, 2025, totaling approximately RMB 198,277,212.60[88] Assets and Liabilities - Non-current assets totaled approximately RMB 709.3 million as of June 30, 2025, compared to RMB 655.8 million as of December 31, 2024[6] - Current assets increased to approximately RMB 4,378.1 million from RMB 3,301.8 million[6] - Cash and bank balances significantly rose from RMB 561.7 million to RMB 1,674.6 million[6] - The total current liabilities amounted to RMB 1,101,955,000 as of June 30, 2025, down from RMB 1,330,486,000 as of December 31, 2024, a decrease of 17.2%[7] - The company’s total assets minus current liabilities were RMB 3,985,488,000 as of June 30, 2025, compared to RMB 2,627,085,000 as of December 31, 2024, reflecting an increase of 51.5%[7] - The company’s non-current liabilities totaled RMB 71,834,000 as of June 30, 2025, compared to RMB 49,479,000 as of December 31, 2024, representing an increase of 45.4%[7] - The company’s interest-bearing bank borrowings were RMB 352,504,000 as of June 30, 2025, down from RMB 612,754,000 as of December 31, 2024, a decrease of 42.5%[7] Operational Highlights - The company operates through a franchise model, self-operated stores, and online sales channels, providing a variety of jewelry products[42] - The company has a comprehensive offline store network and online sales channels, enhancing its brand recognition and market reach[42] - Online sales revenue reached RMB 1,631.9 million, representing a 34% increase year-on-year, attributed to improved operational efficiency and deeper collaborations with e-commerce platforms[43] - During the 2025 618 event, the group's online sales GMV exceeded RMB 700 million, a 36% year-on-year increase, maintaining over 30% growth for two consecutive years[44] - The sales volume and revenue of branded products in offline retail increased by 73.2% and 44.4% respectively compared to the same period last year, with offline retail gross margin rising by 12.2% to 41.7%[45] - The group closed 272 stores during the reporting period, resulting in a total of 3,760 franchise stores and 97 self-operated stores as of June 30, 2025[46] - Franchise model revenue decreased by 17% to RMB 1,228.7 million, while online sales channel revenue increased by 34% to RMB 1,631.9 million, accounting for 52% of total revenue[49] Strategic Initiatives - The company plans to enhance product development and marketing strategies targeting younger consumers through new media channels[54] - The company aims to expand its self-operated stores to approximately 200 within three years, enhancing brand presence in mid to high-end markets[55] - The company has opened 6 stores in Southeast Asia and plans to increase this number to 10 by the end of the year, while also expanding its overseas e-commerce operations[57] - The company will continue to strengthen its online e-commerce business by investing in product, marketing, and logistics resources[58] - The company is set to launch upgraded versions of its brand-specific product series, promoting Eastern culture and contemporary styles[53] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial performance and confirmed compliance with relevant accounting standards and regulations[94] - The board of directors consists of four executive directors and three independent non-executive directors, ensuring a diverse governance structure[100] - The company emphasizes compliance with the Hong Kong Stock Exchange listing rules and standards[97] Future Outlook - The overall gold jewelry industry is entering a period of adjustment and consolidation, with increased competition and changing consumer preferences[53] - The company plans to continue seeking strategic investment and acquisition opportunities to achieve long-term growth strategies[80] - The offering is expected to provide the company with additional capital for future growth initiatives[97] - The company is committed to transparency and will provide regular updates to shareholders and potential investors[97]

中信证券发布研报，对周六福进行投资价值分析。该团队认为，周六福凭借以整合研发、指定供应商供 货为主的轻资产模式、较同行更具吸引力的加盟政策，迅速发展，当前大众珠宝市场趋于轻量化、时尚 化，公司的轻资产模式较好保障了效率，同时公司兼顾创新，未来计划着力提升品牌势能，深挖海内外 黄金珠宝消费市场。给予公司2025年22xPE，对应目标价44港元，首次覆盖，给子"买入"评级。 8月22日，恒生指数公司宣布截至2025年6月30日之恒生指数系列季度检讨结果，其中周六福(06168)获 纳入恒生综合指数，变动将于9月5日(星期五)收市后实施并于9月8日(星期一)起生效，届时沪深交易所 会相应调整港股通可投资标的范围。据华泰证券研报，周六福有可能被调入港股通，因其满足了包括市 值、流动性和上市时间等在内的一系列标准。 ...

Core Viewpoint - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, with Chow Tai Fook (06168) being included in the Hang Seng Composite Index, effective from September 8, 2025, which may lead to adjustments in the Hong Kong Stock Connect investment scope [1] Group 1: Company Analysis - Chow Tai Fook is expected to be included in the Hong Kong Stock Connect due to meeting various criteria such as market capitalization, liquidity, and listing duration [1] - CITIC Securities published an investment value analysis on Chow Tai Fook, highlighting its light-asset model and attractive franchise policy as key growth drivers [1] - The company aims to enhance brand strength and explore both domestic and international gold and jewelry consumption markets, with a target price of HKD 44 based on a 22x PE for 2025 [1]

Group 1 - Shenzhen Zhouliufu Jewelry Development Co., Ltd. has been established with a registered capital of 50 million RMB, fully owned by Zhouliufu Jewelry Co., Ltd. [1] - The legal representative of the new company is Li Weipeng, and its business scope includes wholesale and retail of jewelry, enterprise management consulting, marketing planning, and project planning and public relations services [1] - The company is classified under the manufacturing industry, specifically in the non-ferrous metal smelting and rolling processing sector [1] Group 2 - The registered address of the company is located at 3031 Taibai Road, Zhongguan Business Building, East Xiaojie Community, Luohu District, Shenzhen [1] - The business license allows the company to operate independently without needing approval for general business projects [1] - The company is set to operate until August 21, 2025, with no fixed term thereafter [1]

Group 1 - The core viewpoint is that southbound funds have become a crucial driving force in the Hong Kong stock market, with their influence expected to deepen due to unique investment opportunities and long-term policy support [1][2] - Southbound funds account for over one-third of the daily turnover on the Hong Kong Stock Exchange and hold nearly 15% of the free float market capitalization, with both metrics showing over 30% growth compared to before 2024 [2] - Cumulative net inflows from southbound funds have reached $14 billion since 2025, surpassing the total for 2024, with daily inflows increasing by 84.6% year-on-year [2] Group 2 - Historically, stocks included in the southbound trading scheme show strong performance prior to inclusion, with an average increase of 3.7% in the 30 days before inclusion, outperforming the Hang Seng Index by 5.2% [3] - In February, 26 out of 27 stocks that were included in the southbound scheme saw price increases in the 30 days prior, with an average absolute return of 41% [3] - Post-inclusion, stocks may experience short-term pressure, with an average relative return of -2.0% against the Hang Seng Index in the following 30 days, but a long-term excess return of 4.6% over 90 days [3] Group 3 - Morgan Stanley has developed a southbound stock selection model (MSSBT) that accurately predicts stocks to be included, achieving an average hit rate of 85% across the last four semi-annual inclusion cycles [4] - The model's hit rate reached 97% in the August 2024 cycle, with a simulated portfolio showing an average absolute return of 10.1% in the 30 days prior to inclusion [4] - The model employs strict selection criteria, including market capitalization above HKD 50 billion and compliance with turnover standards, while excluding stocks with high ownership concentration [4] Group 4 - In September, 19 stocks are predicted to be included in the southbound trading scheme, with a focus on the healthcare (6 stocks) and industrial (5 stocks) sectors, indicating increased interest in innovative drug development and high-end manufacturing [5][6] - The top five candidates by market capitalization include Cao Cao Inc (02643), Yimeng Biotech (09606), Nanshan Aluminum International (02610), Zhengli New Energy (03677), and Yunzhisheng (09678) [6] Group 5 - The recommended strategy for maximizing returns includes entering positions one month prior to inclusion, diversifying with equal-weighted stock selections, and selling on the official inclusion date to lock in short-term gains [8]

Group 1 - The core viewpoint is that southbound funds have become a crucial driving force in the Hong Kong stock market, with their influence expected to deepen due to unique investment opportunities and long-term policy support [1][2] - Southbound funds account for over one-third of the daily net inflow in the Hong Kong Stock Exchange's main board trading volume and hold nearly 15% of the free float market capitalization of Hong Kong stocks, both metrics having increased by over 30% since before 2024 [2] - Cumulative net inflow from southbound funds has reached $14 billion since 2025, surpassing the total for 2024, with daily inflows increasing by 84.6% year-on-year [2] Group 2 - Stocks included in the southbound trading scheme typically show strong performance prior to inclusion, with an average increase of 3.7% in the 30 days before inclusion, outperforming the Hang Seng Index by 5.2% [3] - In February, 26 out of 27 stocks included in the southbound scheme rose in the 30 days prior, with an average absolute return of 41% and a relative return of 19% compared to the Hang Seng Index [3] - Post-inclusion, stocks may experience short-term pressure, with an average relative return of -2.0% over 30 days, but still show a long-term excess return of 4.6% over 90 days [3] Group 3 - Morgan Stanley has developed a southbound stock selection model (MSSBT) that accurately predicts stocks to be included in the scheme, achieving an average hit rate of 85% across the last four semi-annual inclusion cycles, with a peak of 97% in August 2024 [4] - The simulated portfolio under equal-weight allocation shows an average absolute return of 10.1% in the 30 days prior to inclusion, outperforming the Hang Seng Index by 7.4% [4] - The model employs strict selection criteria, including market capitalization above 50 billion HKD and compliance with turnover rate standards, while excluding stocks with high ownership concentration [4] Group 4 - The latest forecast indicates that 19 stocks will be included in the southbound scheme in September, covering seven major sectors, with healthcare (6 stocks) and industrials (5 stocks) making up over 50% of the list [5][6] - The top five candidates by market capitalization include Cao Cao Inc (Industrials), Ying En Biological (Healthcare), Nanshan Aluminum International (Materials), Zhengli New Energy (Industrials), and Yunzhisheng (Information Technology) [6] Group 5 - The recommended strategy for maximizing returns involves entering positions one month prior to inclusion, diversifying risk through equal-weight allocation of selected stocks, and locking in short-term gains by selling on the official inclusion date [8]

Group 1 - The Hang Seng Index Company will announce the semi-annual review results of the Hang Seng series indices on August 22, 2025, with changes effective from September 8, 2025 [1] - Major brokerages, including UBS, Huatai Securities, and CICC, have released reports predicting adjustments to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Composite Index [1][2] - CICC highlights the significant scale of passive funds tracking flagship indices, with ETF sizes for the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index being approximately $30.35 billion, $6.63 billion, and $26.12 billion respectively [1] Group 2 - Potential candidates for inclusion in the Hang Seng Index include Bank of Communications, Pop Mart, Yum China, XPeng Motors, Huazhu Group, JD Logistics, and Innovent Biologics [1][2] - UBS predicts that stocks likely to be included as blue-chip stocks are WuXi AppTec, Pop Mart, JD Logistics, Kingsoft, and Bank of Communications [2] - Historical data indicates that actual results of the Hang Seng Index's quarterly reviews may differ significantly from predictions based on market capitalization rankings [2] Group 3 - Companies such as Cao Cao Travel, InnoCare Pharma, and Chow Tai Fook are expected to be included in the Stock Connect list, which connects Hong Kong-listed companies with mainland investors [3] - CICC estimates that 19 stocks meet the criteria for inclusion in the Stock Connect, including Cao Cao Travel, InnoCare Pharma, and Nanshan Aluminum [3][4] - UBS forecasts potential additions to the Stock Connect list, including East Asia Bank, InnoCare Pharma-B, and Blue Moon Group [3] Group 4 - Huatai Securities also anticipates that 19 stocks may be added to the Stock Connect, including Yunzhisheng, Huiju Technology, and InnoCare Pharma-B [4] - Historical performance shows that newly included stocks in the Stock Connect tend to outperform the Hang Seng Index during the adjustment period, while stocks removed from the index face significant outflows [4]