Major Events - Hong Kong Stock Exchange (00388) plans to make a strategic investment in Xunqing Settlement Holdings Limited [1] - Lai Kai Pharmaceutical-B (02105) signs an exclusive licensing agreement with Qilu Pharmaceutical for LAE 002 (AFURESERTIB) in China [1] - TECHSTARACQ-Z (07855) is expected to inherit the company Tuda Tong's listing on the main board of the Stock Exchange on December 10 [1] - Superstar Legend (06683) intends to establish a joint venture with Yushu Technology to develop consumer-grade IP robots and IP derivative products [1] - Beijing Enterprises Holdings (00392) plans to acquire 100% equity of Beijing Beiran Special Equipment Inspection and Testing Co., Ltd. for 54.6 million yuan [1] - CSPC Pharmaceutical Group (01093) has its application for the marketing of Pertuzumab Injection accepted by the National Medical Products Administration [1] - Rongli Construction (09639) plans to collaborate with CATL to develop efficient energy storage systems and solutions [1] Operating Performance - BeiGene (06160) reports a net profit attributable to shareholders of 1.139 billion yuan for the first three quarters, turning from loss to profit year-on-year [1] - Tencent Music-SW (01698) reports a net profit attributable to equity holders of 2.15 billion yuan in the third quarter, a year-on-year increase of 36.0% [1] - Zhou Li Fu (06168) sees a 32% year-on-year increase in e-commerce revenue for the first ten months, with net profit rising 71% year-on-year [1] - China Resources Land (01109) reports a cumulative contract sales amount of approximately 169.6 billion yuan for the first ten months, a year-on-year decrease of 16.6% [1]

Core Insights - The gold jewelry industry is experiencing renewed growth momentum due to increased capital inflow and international gold prices surpassing $4,145 per ounce, particularly during the 2025 "Double Eleven" shopping festival [1][2] Company Performance - Zhou Li Fu's e-commerce subsidiary reported a total shipment value of 287 million RMB during the "Double Eleven" event, marking a year-on-year increase of 35.28% (excluding gold bars), with a gross margin of 22.05%, up nearly 10 percentage points year-on-year [1] - For the period from January to October 2025, Zhou Li Fu's e-commerce revenue grew by 32% year-on-year, and net profit surged by 71%, with a net profit margin exceeding 8% [1] - During the "Double Eleven" period, Zhou Li Fu's 5D hard gold pendants ranked first in gold sales on Tmall, with other lightweight products also performing well [1] Market Trends - Zhou Li Fu's successful sales performance reflects a strategic shift in product positioning, moving gold from a traditional investment to a fashionable accessory, effectively catering to the "self-consumption" needs of Generation Z [2] - The proportion of customers aged 25 and under in Zhou Li Fu's online flagship store has been increasing, and collaborations with cultural institutions have led to the sell-out of co-branded products [2] - From October 20 to November 11, Zhou Li Fu's stock price rose from 41.88 HKD to 52.55 HKD, achieving a cumulative increase of over 25%, significantly outperforming the Hang Seng Index and Hong Kong consumer ETF [2] Industry Dynamics - The ongoing global interest in gold investment and the vibrant domestic consumption market are driving Zhou Li Fu's growth, supported by deep online channel operations and product innovation [2]

Core Viewpoint - The company reported significant growth in its e-commerce business during the "Double 11" shopping event, with a notable increase in both revenue and net profit compared to the previous year [1] E-commerce Performance - The total shipment amount from the company's e-commerce subsidiary, excluding Vipshop and JD.com self-operated channels, reached 287 million RMB, representing a year-on-year increase of 35.28% (excluding gold bar metrics) [1] - The overall gross profit margin for the e-commerce business was 22.05%, which is an increase of nearly 10 percentage points year-on-year [1] Financial Highlights - For the period from January to October 2025, the company's e-commerce revenue grew by 32% year-on-year, while net profit surged by 71%, with a net profit margin exceeding 8% during the same period [1] - The company's stock price increased by 20%, leading the Hong Kong consumer sector amid the strong performance during the "Double 11" online shopping frenzy [1]

Core Viewpoint - The company reported significant growth in its e-commerce business during the "Double 11" shopping event, indicating strong performance and profitability in this segment [1] E-commerce Performance - The total shipment amount from the company's e-commerce subsidiary, excluding Vipshop and JD self-operated channels, reached 287 million RMB, representing a year-on-year increase of 35.28% (excluding gold bars) [1] - The overall gross profit margin for the e-commerce business was 22.05%, which is an increase of nearly 10 percentage points year-on-year [1] Financial Growth - For the period from January to October 2025, the company's e-commerce revenue grew by 32% year-on-year, while net profit surged by 71%, with a net profit margin exceeding 8% during the same period [1]

Core Viewpoint - The company reported significant growth in its e-commerce business during the "Double 11" shopping event, indicating strong performance and profitability in this segment [1] E-commerce Performance - The total shipment amount from the company's e-commerce subsidiary, excluding Vipshop and JD self-operated channels, reached 287 million RMB, representing a year-on-year increase of 35.28% (excluding gold bars) [1] - The overall gross profit margin for the e-commerce business was 22.05%, which is an increase of nearly 10 percentage points year-on-year [1] Financial Growth - For the period from January to October 2025, the company's e-commerce revenue grew by 32% year-on-year, while net profit surged by 71% [1] - The net profit margin during the same period exceeded 8% [1]

Zhou Liu Fu Jewellery Co., Ltd. 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。 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） 周六福珠寶股份有限公司 董事長兼執行董事 本公告乃由 周六福珠寶 股 份 有 限 公 司（「本公司」，連 同其附屬公 司，「本 集 團」）自 願 作 出，以 向 本 公 司 股 東（「股 東」）及 潛 在 投 資 者 提 供 有 關 本 集 團 業 務 進 展 之 最 新 情 況。 經 本公司 內 部 核 算，自 今 年 各 電 商 平 台「雙11」活 動 以 來，本 公 司 之 電 商 子 公 司 除 唯 品 會、京 東 自 營 管 道 之 外 的 總 出 貨 金 額 為2.87億 元 人 民 幣，同 比增長35.28%（不 含 金 條 口 徑），綜 合 毛 利 率22.05%，同 ...

Core Insights - The "Double Eleven" shopping festival has highlighted the gold and jewelry sector as a key growth area, with domestic gold jewelry prices experiencing a significant increase, with top brands surpassing 1300 RMB per gram and a daily price increase of up to 37 RMB [1] - Zhou Liufu, a leading domestic jewelry brand, has excelled in e-commerce channels and gold product positioning during the "Double Eleven" event, indicating that the current market value of Zhou Liufu is underestimated, with a target price of 65 RMB, representing over a 20% upside potential from current stock prices [1] Industry Trends - Driven by the dual demands of "self-consumption" and "value preservation," the gold and jewelry category continues to show high growth, with significant online engagement, as evidenced by over 10 million viewers in a live-streaming session during the event [2] - The penetration rate of gold consumers in third-tier cities has surged to 48.6%, indicating a broadening market base for gold jewelry [2] - Zhou Liufu's sales performance has been particularly strong, leveraging "national trend aesthetics" and "traditional craftsmanship" to attract younger consumers, with its official flagship store ranking among the top in jewelry sales on platforms like Tmall and achieving rapid sales growth on JD.com [2] Company Analysis - Zhou Liufu's gold product sales now account for over 50% of its e-commerce business, which is significant for overall revenue growth and enhances the gross profit ceiling of its e-commerce channels [2] - The brand's strength supports high-value online transactions, providing a solid foundation for expanding its offline channels [2] - Current stock prices around 50 RMB are significantly undervalued compared to the company's growth potential, with a reasonable target price of 65 RMB based on strong e-commerce growth and profitability driven by gold products [4]

Group 1 - The "Double Eleven" shopping festival has seen a significant surge in gold jewelry sales, with domestic gold jewelry prices rising sharply, with leading brands exceeding 1300 RMB per gram, and a single-day increase of up to 37 RMB [1] - Zhou Shiliufu, a major domestic jewelry brand, has excelled in e-commerce channels and gold product positioning during the "Double Eleven" event, indicating that the current valuation of Zhou Shiliufu is underestimated, with a target price of 65 RMB, representing over 20% upside potential from current stock prices [1][4] Group 2 - Driven by the dual demand for "self-consumption" and "value preservation," the gold jewelry category continues to experience high growth, with significant online engagement, such as over 10 million viewers in a live broadcast by influencer Li Jiaqi, and a penetration rate of 48.6% for gold consumers in third-tier cities [2] - Zhou Shiliufu's performance has been particularly strong, leveraging "national trend aesthetics" and "traditional craftsmanship" to attract younger consumers, achieving top sales in jewelry on platforms like Tmall and rapid growth in sales on JD [2] - Gold products now account for over 50% of Zhou Shiliufu's e-commerce business, which is significant for overall revenue growth, higher gross margins, and strong brand support for offline expansion [2] Group 3 - Zhou Shiliufu's stock price has recently surpassed 50 RMB, but the market has not fully priced in its growth potential, with a reasonable target price of 65 RMB based on financial data and business outlook [3] - The expected net profit for Zhou Shiliufu in 2025 is projected to reach 1.23 to 1.7 billion RMB, with an estimated earnings per share (EPS) of 2.8 to 3.8 RMB, using a midpoint of 3.3 RMB for calculations [3] - Comparisons with similar jewelry companies indicate an average forecasted price-to-earnings (PE) ratio of 20-25 times, suggesting a target price range of 66 to 82.5 RMB for Zhou Shiliufu, highlighting that its current valuation is significantly below its growth potential [3] Group 4 - The strong e-commerce growth curve validated by "Double Eleven" and the profitability driven by the gold category suggest that Zhou Shiliufu's reasonable value points to 65 RMB, presenting a potential "gold mining" opportunity for medium to long-term investors at current price levels [4]

Core Viewpoint - Zhou Li Fu (06168) has recently become a market focus, showing significant breakthroughs in the secondary market with a trading volume of 12.58 billion HKD over the last seven trading days, a turnover rate exceeding 10%, and a price increase of over 20% [1][3] Trading Performance - The stock reached a high of 48.50 HKD, with a total trading volume of 28.13 million shares during the period [2] - The stock experienced a price fluctuation of 21.55%, with 6 days of gains and 1 day of losses, indicating strong upward momentum [2] Strategic Developments - The recent price and volume increase reflects a profound transformation in the company's fundamentals, driven by three growth engines: optimization of offline channel structure, robust growth in online business, and a steady global expansion strategy [3] - Zhou Li Fu has successfully stabilized its offline business and improved operational quality through proactive channel structural reforms, avoiding passive defensive strategies [4][5] Operational Efficiency - The company has implemented a "one store, one policy" approach to enhance operational efficiency across various dimensions, leading to a net profit margin of 13% in the first half of 2025, a year-on-year increase of 1 percentage point [5] - Same-store sales growth for self-operated stores exceeded 30% in the first three quarters of 2025, indicating a shift towards internal growth rather than external expansion [7] Growth Strategy - Zhou Li Fu is pursuing a dual-engine growth strategy focusing on globalization and digitalization, aiming to create a resilient business matrix [9] - The company plans to establish 10 flagship stores in Hong Kong and Macau by 2025, targeting the Southeast Asian market for further expansion [9] Digital Transformation - The online business has grown from 26% of total revenue in 2020 to 53% in the first half of 2025, with online channel revenue reaching 1.632 billion CNY, a year-on-year increase of 34% [10][12] - The online channel's gross margin has improved from 26.1% in 2021 to 30.4% in 2024, indicating the realization of scale effects [12] Financial Outlook - Zhou Li Fu is transitioning from a focus on scale expansion to a balanced approach of scale and profit, with overall gross margins entering a strong upward trajectory [16] - The company is at a critical financial turning point, with multiple internal drivers improving its profitability model, potentially doubling its gross margin and significantly enhancing net profit margins and shareholder returns [16][17]

Core Insights - The 2025 "Double Eleven" shopping festival saw explosive growth in online consumption of gold and jewelry, with Tmall's gold vouchers selling out instantly and IP collaboration jewelry products frequently sold out, indicating a shift in consumer behavior with the post-95 generation becoming a significant force in gold purchases [1][3] Group 1: Stock Performance - During the "Double Eleven" period, the stock price of Zhou Li Fu (06168.HK) surged over 20%, rising from HKD 42.12 to HKD 51.20, reflecting strong market confidence in the company's consumption potential [2] - The stock's performance significantly outpaced the Hang Seng Index, which only increased by 3.06% during the same period, highlighting Zhou Li Fu's strong alpha performance [2] Group 2: Online Sales and Product Popularity - Zhou Li Fu's 5D hard gold pendants topped the gold sales rankings on Tmall during the "Double Eleven" event, with overall gold category sales increasing by 68% year-on-year within the first hour of the event [3] - The company's focus on lightweight gold products and IP collaboration series has resonated well with younger consumers, with over 60% of online exclusive products driving significant revenue growth [3][4] Group 3: Revenue Growth and Brand Strategy - In the first half of 2025, Zhou Li Fu's online channel revenue reached CNY 1.63 billion, a 34% year-on-year increase, marking the first time online revenue surpassed 50% of total revenue [4] - The company has established a diversified brand ecosystem, including a main brand targeting the mass market and sub-brands like "CHAOJIN" focusing on trendy designs for the Z generation, which enhances its market reach [5] Group 4: Market Outlook - Analysts project that the Chinese jewelry market will reach CNY 937 billion by 2029, with significant room for concentration as the current CR5 stands at only 41% [5] - Zhou Li Fu is expected to continue capturing market share due to its supply chain advantages, early positioning in online channels, and differentiated brand strategy, with projected EPS of CNY 1.82, 1.97, and 2.18 for 2025-2027 [5]