Group 1 - The U.S. Treasury Secretary announced sanctions against Russia's two largest oil companies, emphasizing the need for an immediate ceasefire between Russia and Ukraine [2] - This marks the first new sanctions against Russia during President Trump's second term, with the President canceling a planned meeting with President Putin, citing inappropriate timing [2] - The sanctions target state-owned Rosneft and private company Lukoil, although the effective date of the sanctions was not specified [2] Group 2 - The gold price quoted by Zhou Liufu on October 23, 2025, remained unchanged at 1145 yuan per gram, with platinum and gold bar prices also stable at 584 yuan per gram and 1040 yuan per gram, respectively [3]

Price Summary - The price of physical gold from Zhou Li Fu is quoted at 1179 CNY per gram on October 20, 2025, down by 25 CNY from the previous trading day [1][2] - Platinum is priced at 598 CNY per gram, a decrease of 6 CNY from the previous trading day [1][2] - Gold bar prices are quoted at 1074 CNY per gram, also down by 25 CNY from the previous trading day [1][2] Historical Comparison - On October 18, 2025, the prices were as follows: gold at 1204 CNY per gram, platinum at 604 CNY per gram, and gold bars at 1099 CNY per gram [2]

Summary of the Conference Call for Zhou Li Fu Company Overview - **Company**: Zhou Li Fu - **Industry**: Jewelry and E-commerce Key Points and Arguments Financial Performance - In the first half of 2025, Zhou Li Fu's revenue reached **3.2 billion** yuan, a year-on-year increase of **5%** [3] - Gross profit was over **800 million** yuan, with a year-on-year growth of nearly **10%** [3] - Net profit was **415 million** yuan, reflecting a year-on-year increase of **12%** [3] - For Q3, the growth trend continued, with same-store sales during the National Day holiday increasing by approximately **10%** for direct stores [2][3] E-commerce Growth - E-commerce business saw a significant surge, with GMV during the National Day period increasing by about **70%** year-on-year [2] - For Q3, e-commerce revenue grew by **30%-40%** year-on-year [2] - As of September 2025, the gross margin for e-commerce was maintained at around **21%**, with a net profit margin of approximately **8%** [2][9] Market Position and Strategy - Zhou Li Fu's pricing strategy is slightly lower than competitors like Chow Tai Fook and Chow Sang Sang, but higher than brands like Lao Miao and Da Sheng [2][8] - The company has established long-term partnerships with major platforms like JD and Tmall, with JD accounting for over **50%** of online sales and Tmall close to **30%** [5] - The e-commerce team operates independently, focusing on fast-moving consumer goods strategies rather than merely maintaining brand identity [6] Customer Demographics - Online customers are predominantly younger, with an age cap of **40 years** and a female representation of about **60%** [12] - Offline customers are older, with an age cap above **40 years**, and female representation of **70%-80%** [12] - Average transaction value online is around **1,500-1,600** yuan, while offline it is approximately **4,000** yuan [12] Impact of Gold Prices - Rising gold prices have impacted sales, with self-operated store sales declining by about **10%** and franchise stores remaining stable [7][11] - The company is closely monitoring the market due to external factors affecting sales during the holiday season [7] Future Outlook - Zhou Li Fu anticipates a net profit of **800 million to 850 million** yuan for 2025, with revenue and net profit expected to grow by **10%-15%** in 2026 [4][24] - The company plans to maintain e-commerce net profit margins between **7%-9%** without sacrificing pricing [23] Franchise and Store Development - New franchise stores require an initial investment of approximately **8 million to 10 million** yuan, with a payback period of **3 to 5 years** [20] - The average franchisee operates about **three stores**, and the company has a flexible policy to attract and empower franchisees [19][18] Competitive Advantages - Zhou Li Fu's flexible franchise policies and lower service fees compared to competitors provide a competitive edge [19] - The company has a strong brand presence and trust among consumers, bolstered by its extensive offline store network [13][14] Conclusion - Zhou Li Fu is positioned for continued growth in both its direct and e-commerce channels, with strategic pricing, strong partnerships, and a focus on customer demographics driving its success in the competitive jewelry market.

Core Viewpoint - Huaxin Securities reports that Zhou Shifu (06168), as a leading jewelry enterprise, is continuously optimizing its business model and adjusting product structure according to market demand, while steadily developing the lower-tier market and attempting high-end market strategies, which is expected to drive profit release as brand momentum deepens [1] Industry Overview - The scale of China's jewelry market has increased from 610 billion yuan in 2019 to an estimated 728 billion yuan in 2024, with a CAGR of 3.6%, and is projected to reach 937 billion yuan by 2029, with gold jewelry dominating the market [1] - The industry is experiencing new trends such as "Guochao" (national trend) and IP co-branded products, with companies primarily opening stores to directly face consumers while rapidly expanding online channels [1] - The e-commerce channel for gold jewelry is expected to reach 42.2 billion yuan in 2024, reflecting a 19% year-on-year growth [1] - The current industry concentration remains low, with the CR5 for gold jewelry products at 41%, allowing leading companies to continue gaining market share through brand effects and terminal occupation [1] Company Strategy - The company is located in the core gold jewelry production area of Shuibei, leveraging supply chain advantages at the processing end [2] - The company primarily operates through franchise stores, starting from lower-tier markets and expanding into high-tier cities post-pandemic by opening high-end stores to strengthen brand power [2] - As of the first half of 2025, the company has a total of 3,857 stores, with the number of stores in first and second-tier cities accounting for 50% of the total [2] - The company is effectively capturing traffic from interest e-commerce platforms like Douyin and Xiaohongshu for brand exposure, with online channel revenue reaching 1.63 billion yuan in the first half of 2025, a 34% year-on-year increase [2] - The product strategy includes a full-category and full-scenario coverage approach, launching diverse product series such as Xigu Gold, Yihe Wonderland, and Yixin Yiai, focusing on the core demographic of young women and enhancing the youthful brand image through Guochao IP collaborations [2]

Core Viewpoint - Huaxin Securities reports that Zhou Li Fu (06168), as a leading jewelry enterprise, is continuously optimizing its business model and adjusting product structure according to market demand, while steadily developing the lower-tier market and attempting high-end market strategies, thereby enhancing online channel layouts to capture e-commerce traffic benefits, which is expected to drive profit release as brand momentum deepens [1] Industry Summary - The scale of China's jewelry market has increased from 610 billion yuan in 2019 to an estimated 728 billion yuan in 2024, with a CAGR of 3.6%, and is projected to reach 937 billion yuan by 2029, with gold jewelry dominating the market. The "Guochao" trend and IP co-branded products are emerging as new industry hotspots [1] - The industry remains relatively fragmented, with the CR5 for gold jewelry products at 41%, indicating that leading enterprises can continue to gain market share through brand effects and terminal occupation [1] Company Summary - The company is located in the core gold jewelry production area of Shuibei, leveraging supply chain advantages at the processing end. The channel strategy primarily focuses on franchise stores, starting from lower-tier markets and expanding into high-tier cities post-pandemic by opening high-end stores to strengthen brand building [2] - As of the first half of 2025, the company operates 3,857 stores, with the number of stores in first and second-tier cities accounting for 50% of the total. With the optimization of the store model, single-store efficiency is expected to improve further [2] - The company is effectively capturing traffic benefits from interest e-commerce platforms like Douyin and Xiaohongshu for brand exposure, with online channel revenue reaching 1.63 billion yuan in the first half of 2025, representing a 34% year-on-year increase [2] - The product strategy implements a full-category and full-scenario coverage approach, launching diversified product series such as Xi Gu Jin, Yi He Xian Jing, and Yi Xin Yi Ai, focusing on the core demographic of young women and enhancing the youthful brand image through Guochao IP collaborations [2]

Group 1 - The core point of the article highlights the increase in precious metal prices, with gold priced at 1115 CNY per gram, platinum at 613 CNY per gram, and gold bars at 1010 CNY per gram, all showing significant daily increases [1][2] - Gold price increased by 31 CNY per gram compared to the previous trading day, while platinum rose by 15 CNY per gram, and gold bars also saw a rise of 31 CNY per gram [1][2] - The previous day's prices were 1084 CNY for gold, 598 CNY for platinum, and 979 CNY for gold bars, indicating a notable upward trend in the market [2] Group 2 - The article mentions ongoing political developments in the U.S., specifically the failure of a Democratic proposal to end the government shutdown, which may have implications for market stability and investor sentiment [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Insights - The company, Zhouliufu, is a leading brand in the gold and jewelry industry, with a focus on both online and offline channels for growth [1][3] - The Chinese jewelry market is expected to grow from 728 billion yuan in 2024 to 937 billion yuan by 2029, with gold jewelry maintaining a dominant position [2][32] - The company has a total of 3,857 stores as of mid-2025, ranking fifth in the country, and is expanding its presence in high-end markets while optimizing its store model [3][4] Summary by Sections Company Overview - Zhouliufu was founded in 2004 and has established a strong presence in the gold and jewelry sector, focusing on cost-effective products for the lower-tier markets [17] - The company operates primarily through a franchise model, which has facilitated rapid expansion, with 3,857 stores nationwide by mid-2025 [17][25] Industry Analysis - The jewelry market in China is expanding, driven by consumer demand for gold, which accounted for 73% of the market retail sales value in 2024 [32][34] - The market is characterized by low concentration, with the top five brands holding a combined market share of 41% in gold jewelry [36] Business Model and Strategy - Zhouliufu leverages a dual-channel strategy, with significant growth in online sales, which accounted for 53% of total revenue by mid-2025 [25][45] - The company is focusing on product diversification and targeting young female consumers, with 80% of online users being women aged 18-35 [57] Financial Performance - The company forecasts steady revenue growth, with projected revenues of 64.11 billion yuan in 2025, reflecting a year-on-year increase of 12.11% [11] - The earnings per share (EPS) for 2025 is estimated at 1.82 yuan, with a price-to-earnings (PE) ratio of 23 times [4][11] Market Position - Zhouliufu's market strategy includes expanding into high-end markets while maintaining a strong foothold in lower-tier cities, with a significant number of stores in these areas [50] - The company is actively enhancing its brand image through various marketing initiatives and collaborations, aiming to strengthen its market position [55][56]

Group 1 - The gold market is experiencing a surge in consumer demand ahead of the National Day holiday, with promotional activities such as cashback and gifts being offered by retailers [1] - Analysts note that the period from September to October is a peak season for gold consumption, particularly for wedding and self-gifting jewelry, as related products are being launched [1] - Dongwu Securities has initiated coverage on Zhou Li Fu, giving it an "Accumulate" rating, citing strong online growth and significant expansion potential for offline stores [1] Group 2 - Zhou Li Fu's online business is rapidly expanding and is currently leading the industry, while the company is also focusing on differentiated strategies and multi-channel development [1] - The company is expected to benefit from the expanding gold jewelry market and its potential growth in the North and East China markets, indicating long-term revenue growth prospects [1]

致：香港交易及結算所有限公司 公司名稱: 周六福珠宝股份有限公司 呈交日期: 2025年10月2日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06168 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 273,688,883 | RMB | | 1 RMB | | 273,688,883 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 273,688,883 | RMB | | 1 RMB | | 273,688,883 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請 ...

Group 1 - The core viewpoint of the article highlights the continued upward trend of gold stocks in the Hong Kong market, specifically noting the significant increase in the stock price of Chow Tai Fook (06168.HK) by nearly 7% [1] - Chow Tai Fook's stock price reached 48.6 HKD, indicating strong market performance [1] - The trading volume exceeded 98 million HKD, reflecting robust investor interest and activity in the gold sector [1]