证券研究报告·海外公司深度·专业零售(HS) 周六福（06168.HK） 黄金珠宝品牌新势力，线上线下双轮驱动成 长 增持（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,150 | 5,718 | 6,411 | 7,099 | 7,797 | | 同比(%) | 66.03 | 11.04 | 12.11 | 10.73 | 9.84 | | 归母净利润（百万元） | 659.69 | 706.31 | 847.39 | 982.98 | 1,120.40 | | 同比(%) | 14.68 | 7.07 | 19.97 | 16.00 | 13.98 | | EPS-最新摊薄（元/股） | 1.50 | 1.60 | 1.92 | 2.23 | 2.54 | | P/E（现价&最新摊薄） | 29.37 | 27.43 | 22.86 | 19.71 | 17.29 | [Table_Tag] [Table_ ...

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]

Group 1 - The company, Chow Tai Fook (06168.HK), announced a strategic investment through its wholly-owned subsidiary, HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED, acquiring a 15% stake in Going Securities (HK) Limited, which indirectly holds 15% of Gao Ying Securities [1] - Wei Fu Tong Technology Co., Ltd., a wholly-owned subsidiary of Shanghai Huafeng Superfiber Technology Co., Ltd. (A-share listed company), also acquired an 18% stake in Gao Ying Securities through its subsidiary, SwiftPass Hong Kong Limited [1] - Gao Ying Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses, and serves as the vice-chairman unit of the "Hong Kong Web3.0 Standardization Association" [1] Group 2 - This strategic investment serves as a foundation for long-term strategic layout and win-win cooperation among the stakeholders in the digital finance sector [2] - The parties involved will integrate mature resources across cross-border payments, precious metals, and capital markets to expand compliant digital finance-related businesses and explore new growth opportunities in the Hong Kong digital asset market [2]

Group 1 - Company acquired a 15% stake in Going Securities through its wholly-owned subsidiary, marking its entry into the RWA (Real World Asset) sector [1] - The partnership aims to integrate resources in cross-border payments, precious metals, and capital markets to explore growth opportunities in the Hong Kong digital asset market [1] - The stock price of the company increased by 8.69% to HKD 54.3 following the announcement [1] Group 2 - Company is recognized as a leading player in the Hong Kong gold and jewelry market, benefiting from a wide store network and brand influence [2] - Online sales accounted for 40% of total revenue in 2024, showing strong growth, while the company has opened six stores in Southeast Asia by July 2025 [2] - Analysts believe that rising gold prices will positively impact the company's profitability, despite potential sales disruptions [2] Group 3 - Strategic investment in Going Securities allows the company to leverage the upcoming virtual asset license for entering the tokenization market [3] - The company plans to expand its overseas stores to 200 by 2027, with current overseas investment returns being 2 to 3 times higher than domestic [3] - The integration of blockchain technology is expected to enhance asset liquidity and operational efficiency in overseas markets [3]

Group 1 - Company has invested in Going Securities (HK) Limited, acquiring a 15% stake through its subsidiary, marking its entry into the RWA (Real World Asset) sector [1] - The partnership with SwiftPass HongKong Limited will result in an 18% stake in Going Securities, focusing on integrating resources in cross-border payments and digital finance [1] - The stock price of the company increased by 8.69% to 54.3 HKD following the announcement [1] Group 2 - Company is recognized as a leading player in the Hong Kong gold and jewelry market, benefiting from a broad store network and brand influence [2] - Online sales have reached 40% of total revenue in 2024, showing strong growth, while the company has opened six stores in Southeast Asia by July 2025 [2] - Analysts believe that rising gold prices will positively impact the company's profitability, despite potential short-term sales fluctuations [2] Group 3 - Strategic investment in Going Securities allows the company to leverage the upcoming virtual asset license, facilitating entry into the tokenization market [3] - The company aims to expand its overseas stores to 200 by 2027, with current overseas investment returns being 2 to 3 times higher than domestic [3] - The integration of blockchain technology is expected to enhance asset liquidity and operational efficiency in overseas markets [3]

Group 1 - The company, Zhou Shifu (06168), announced a strategic investment through its wholly-owned subsidiary, HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED, acquiring a 15% stake in Going Securities (HK) Limited, which indirectly holds a 15% stake in Gao Ying Securities [1] - Wei Fu Tong Technology Co., Ltd., a wholly-owned subsidiary of A-share listed company Shanghai Huafeng Superfiber Technology Co., Ltd. (stock code: 300180.SZ), also indirectly acquired an 18% stake in Gao Ying Securities through its subsidiary SwiftPass HongKong Limited [1] - Gao Ying Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses, and serves as the vice-chairman unit of the "Hong Kong Web3.0 Standardization Association," showcasing its compliance qualifications and resource integration advantages [1] Group 2 - This strategic investment serves as a foundation for long-term strategic layout and win-win cooperation among the stakeholders in the digital finance sector [2] - The parties involved will integrate mature resources across cross-border payments, precious metals, and capital markets to compliantly expand into the digital finance sector and explore new growth opportunities in the Hong Kong digital asset market [2]

本次战略投资是各股东方在数字金融领域长期战略布局及合作共赢的基石。后续各方将整合跨境支付、 贵金属、资本市场等领域成熟资源，合规拓展数字金融领域相关业务，探索香港数字资产市场新的增长 机遇。 高盈证券是香港证券及期货事务监察委员会认可持牌法团(中央编号：BPS863)，持有第1类、第2类、第 4类、第5类、第9类受规管活动牌照，同时为"香港Web3.0标准化协会"副理事长单位(协会汇聚 HashKey、网易等行业头部机构)，其合规资质与资源整合优势突出。 格隆汇9月12日丨周六福(06168.HK)公告，公司通过全资子公司HONGKONG CHUANG MEI INTERNATIONAL HOLDINGSGROUP CO., LIMITED以自有资金投资Going Securities (HK) Limited，间 接持有高盈证券有限公司(简称"高盈证券")15%股权；同时，威富通科技有限公司(系A股上市公司上海 华峰超纤科技股份有限公司(股份代号：300180.SZ)全资子公司)通过其全资子公司SwiftPass HongKong Limited同期间接入股高盈证券并占股18%。截至本公告发布日，各方已完成 ...

智通财经APP讯，周六福(06168)发布公告，本公司通过全资子公HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED以自有资金投资Going Securities(HK)Limited，间 接持有高盈证券有限公司(简称"高盈证券")15%股权;同时，威富通科技有限公司(系A股上市公司上海华 峰超纤科技股份有限公司(股份代号：300180.SZ)的全资子公司)通过其全资子公司SwiftPass HongKong Limited同期间接入股高盈证券并占股18%。截至本公告发布日，各方已完成投资协议签署及款项支付， 本次战略投资正式落地。 本次战略投资是各股东方在数字金融领域长期战略布局及合作共赢的基石。 后续各方将整合跨境支付、贵金属、资本市场等领域成熟资源，合规拓展数字金融领域相关业务，探索 香港数字资产市场新的增长机遇。 高盈证券是香港证券及期货事务监察委员会认可持牌法团(中央编号：BPS863)，持有第1类、第2类、第 4类、第5类、第9类受规管活动牌照，同时为"香港Web3.0标准化协会"副理事长单位(协会汇聚 HashKey、网易等 ...

入股高盈證券 Zhou Liu Fu Jewellery Co., Ltd. 周六福珠宝股份有限公司 本公告乃由 周六福珠寶 股 份 有 限 公 司（「本公司」）自 願 作 出。 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6168） 自願性公告 承董事會命 本公司通過全資子公司HONGKONG CHUANG MEI INTERNATIONAL HOLDINGS GROUP CO., LIMITED以自有資金 投 資Going Securities (HK) Limited，間接持 有 高 盈 證 券 有 限 公 司（簡 稱「高盈證券」）15%股 權；同 時，威富通科技有 限公司（系A股 上 市 公 司 上 海 華 峰 超 纖 科 技 股 份 有 限 公 司（股 份 代 號： 300180.SZ）之 全 資 子 公 司）通 ...