Group 1 - The core point of the news is that the prices of physical gold, platinum, and gold bars remained unchanged on August 19, 2025, compared to the previous trading day [1][2] - The price of gold quoted by Zhouliufu is 988 yuan per gram, platinum is 558 yuan per gram, and gold bars are priced at 893 yuan per gram [2] - The stability in precious metal prices indicates a potential equilibrium in the market, which may influence investment decisions [1][2] Group 2 - The fundamental aspect highlights that the net general government debt in the United States is expected to approach 100% of GDP, driven by structural increases in non-discretionary interest expenditures and aging-related spending [3]

周六福(06168)午后涨超10%，截至发稿，涨8.2%，报47.48港元，成交额9423.78万港元。 消息面上，周六福拟8月22日(本周五)举行董事会会议以审批中期业绩。国海证券此前指，周六福以加 盟模式低成本快速扩张，加盟店占比高达98%，盈利能力领先同行。截至2024年12月31日周六福门店总 数4129家，其中加盟店占比约98%，三线及低线城市门店占比55.1%，深度覆盖下沉市场。加盟业务采 用"产品销售+服务收费"双轨模式，2024年服务费占加盟店总营收29.4%，服务费毛利率高达97.1%，驱 动公司整体毛利率达25.9%，显著领先老凤祥、中国黄金（600916）等同行。 此外，恒指公司将于8月22日发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8日起生 效，据华泰证券预测，周六福有望于9月被纳入港股通范围。中信证券认为，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。 ...

周六福(06168)午后涨超10%，截至发稿，涨8.2%，报47.48港元，成交额9423.78万港元。 此外，恒指公司将于8月22日发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8日起生 效，据华泰证券预测，周六福有望于9月被纳入港股通范围。中信证券认为，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。 本文源自：智通财经网 消息面上，周六福拟8月22日(本周五)举行董事会会议以审批中期业绩。国海证券此前指，周六福以加 盟模式低成本快速扩张，加盟店占比高达98%，盈利能力领先同行。截至2024年12月31日周六福门店总 数4129家，其中加盟店占比约98%，三线及低线城市门店占比55.1%，深度覆盖下沉市场。加盟业务采 用"产品销售+服务收费"双轨模式，2024年服务费占加盟店总营收29.4%，服务费毛利率高达97.1%，驱 动公司整体毛利率达25.9%，显著领先老凤祥、中国黄金等同行。 ...

此外，恒指公司将于8月22日发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8日起生 效，据华泰证券预测，周六福有望于9月被纳入港股通范围。中信证券认为，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。 智通财经APP获悉，周六福(06168)午后涨超10%，截至发稿，涨8.2%，报47.48港元，成交额9423.78万 港元。 消息面上，周六福拟8月22日(本周五)举行董事会会议以审批中期业绩。国海证券此前指，周六福以加 盟模式低成本快速扩张，加盟店占比高达98%，盈利能力领先同行。截至2024年12月31日周六福门店总 数4129家，其中加盟店占比约98%，三线及低线城市门店占比55.1%，深度覆盖下沉市场。加盟业务采 用"产品销售+服务收费"双轨模式，2024年服务费占加盟店总营收29.4%，服务费毛利率高达97.1%，驱 动公司整体毛利率达25.9%，显著领先老凤祥、中国黄金等同行。 ...

Company Overview - Company was established in 2004 and has rapidly developed through a light-asset model and attractive franchise policies, maintaining a top 6 position in the Chinese jewelry market for seven consecutive years [2][3] - Revenue increased from 2.78 billion to 5.72 billion CNY from 2021 to 2024, with a CAGR of 27.1%, while net profit grew by 18.4% during the same period [2][3] - The average age of the management team is approximately 42 years, making it one of the youngest among national gold jewelry companies [2] Industry Analysis - The Chinese jewelry market is projected to reach 728 billion CNY in 2024, with a CAGR of 3.6% from 2019 to 2024 and an expected CAGR of 5.2% from 2024 to 2029 [3] - Consumer preferences are shifting towards lightweight and fashionable jewelry due to economic pressures, while maintaining high aesthetic standards [3] - E-commerce in the jewelry market is growing, with a market size of 42.4 billion CNY in 2024, representing a year-on-year growth of 13.7% and a CAGR of 16.9% from 2019 to 2024 [3] Competitive Advantages - The company employs a light-asset model that allows for rapid product iteration to meet the demands of a younger customer base, with 80% of online and 75% of offline customers being female aged 18-30 [3][4] - As of the end of 2024, the company operates 4,129 stores nationwide, ranking 6th among gold jewelry brands, with a strong presence in southern China [4] - Online sales accounted for 40% of total revenue in 2024, with a year-on-year growth of 31%, indicating a robust e-commerce strategy [5] Future Development - The company plans to enhance brand strength through a multi-brand matrix and aims to open up to five cultural theme stores by May 2025 [6] - The company has begun expanding into Southeast Asia, opening its first overseas store in Bangkok in September 2024, with plans for further expansion in the region [6] Investment Recommendations - The company is expected to achieve revenues of 6.48 billion, 7.32 billion, and 8.22 billion CNY for 2025-2027, with year-on-year growth rates of 13.3%, 12.9%, and 12.3% respectively [7] - Projected net profits for 2025-2027 are estimated at 800 million, 880 million, and 960 million CNY, with growth rates of 13.4%, 10.3%, and 8.8% respectively [7] - The company is assigned a target price of 44 HKD per share based on a 22x PE ratio for 2025, maintaining a "buy" rating [7]

中信证券发布研报，对周六福（06168）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。 未来发展：多品牌矩阵深挖国内市场，国潮形象出海东南亚。1)以多品牌矩阵，提升品牌势能。2025年 5月2日，周六福珠宝于北京国贸商城全球首发"周六福·吉"文化主题形象店。根据公司投资者交流会， 北京首家文化主题店客单价约1.5万元，2025年计划新增不超过5家文化主题店。2)出海东南亚，开拓蓝 海市场。公司在2024年9月14日于泰国曼谷开设海外首家门店，截至2025年7月23日，公司在东南亚共有 6家门店。东南亚市场凭借其文化亲近性高、对黄金产品偏好以及经济快速增长，成为我国黄金珠宝品 牌出海的首站，多个头部黄金珠宝品牌均在积极布局和升级东南亚市场现有业务。 竞争优势之一：模式轻巧、客群年轻、产品轻量。根据公司投资者交流会， ...

(A joint stock company incorporated in the People's Republic of China with limited liability) ( 於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 6168) If you want to receive the Corporate Communications in printed form, please complete and return the Reply Form on the reverse side to the Company's Hong Kong share registrar (the "Share Registrar"), Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong or send an email to zlf.ecom@computershare.com. ...

(A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 6168) 12 August 2025 Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into ...

资料显示，周六福珠宝股份有限公司是集珠宝首饰研发设计、生产加工、连锁销售、品牌运营为一体的 时尚珠宝集团。周六福以"缔造价值、传承真爱"为品牌理念,坚持"以品牌运营为核心、渠道和产品为两 翼"的发展战略,通过整合优质研发及生产资源、严控产品品质、持续优化渠道管理等专业化运作,开 展"周六福"珠宝品牌的连锁经营,现已确立品牌门店数量业内排名前列、品牌综合实力较强等竞争优 势。 大事提醒 2025年8月22日，披露2025财年中报 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 8月12日，截至港股收盘，恒生指数上涨0.25%，报24969.68点。周六福（06168.HK）收报46.44港元/ 股，上涨14.84%，成交量514.55万股，成交额2.25亿港元，振幅16.77%。 最近一个月来，周六福累计涨幅16.88%，今年来累计涨幅34.8%，跑赢恒生指数24.16%的涨幅。 财务数据显示，截至2024年12月31日，周六福实现营业总收入57.18亿元，同比增长11.04%；归母净利 润7.06亿元，同比增长7.07%；毛利率25.86%，资产负债率34.87%。 机构评 ...

Group 1 - The Hang Seng Index rose by 0.09%, gaining 22 points to close at 24,929 points, while the Hang Seng Tech Index fell by 0.39%. The morning trading volume in Hong Kong was HKD 110.2 billion [1] - Dairy stocks led the gains, with expectations that fertility subsidies will boost dairy product demand. Institutions noted that the meat and milk cycle is favorable for livestock companies. Notable stock performances include: Aoyuan Group up 35.62%, Modern Farming up 15%, and China Shengmu up 13% [1] - Hong Teng Precision (06088) saw a rise of over 7% due to the mass production ramp-up of its GB200 series products, while BYD Electronics (00285) increased by over 4% [1] - Zhonghui Biotechnology-B (02627) surged over 16% on its second day of trading, following a nearly 158% increase the previous day, with a total market capitalization exceeding HKD 15 billion [1] - Ping An Good Doctor (01833) rose by 5.6%, reporting significant achievements in its medical AI products and ongoing optimization of its business structure [1] - Huachen China (01114) increased by over 9%, with expected profit growth of 13% to 16% for the first half of the year [1] - Zhenjiu Lidu (06979) rose by over 8%, with institutions suggesting that policy variables are accelerating industry clearing, and performance bottoming is expected as early as the first half of next year [1] Group 2 - Lithium stocks fell in early trading, with strong expectations of a contraction in lithium supply. Analysts indicated that the overall demand increase for the second half of the year lacks imagination. Tianqi Lithium (09696) dropped by 8%, and Ganfeng Lithium (01772) fell by 5% [2]