Price Movements - The price of physical gold from Zhouliufu is quoted at 1257 CNY per gram on November 18, 2025, down by 14 CNY from the previous trading day [1] - Platinum is priced at 594 CNY per gram, a decrease of 4 CNY from the previous day [1] - Gold bar prices are quoted at 1152 CNY per gram, also down by 14 CNY from the previous trading day [1] Market Context - Saudi Crown Prince Mohammed bin Salman is visiting Washington and will hold a U.S.-Saudi Investment Forum on November 19 at the John F. Kennedy Center for the Performing Arts [1] - The forum is expected to gather CEOs from top U.S. companies, including Chevron, Qualcomm, Cisco, General Dynamics, and Pfizer [1]

Investment Rating - The investment rating for Zhou Li Fu (6168.HK) is not explicitly stated in the provided documents, but the overall tone of the report suggests a positive outlook based on strong performance metrics and growth potential. Core Insights - Zhou Li Fu's e-commerce subsidiary reported a total shipment value of 287 million yuan during the "Double Eleven" event, reflecting a year-on-year increase of 35.3% with a gross margin of 22.05%, up nearly 10 percentage points year-on-year. The e-commerce business revenue for the first ten months of 2025 increased by 32%, and net profit surged by 71%, with a net profit margin exceeding 8% [1][2]. - The company has optimized its operational efficiency and deepened collaborations with e-commerce platforms, leading to a significant increase in online sales, particularly during the "618" event where total GMV exceeded 700 million yuan, marking a 36% year-on-year growth [2]. - The company is actively exploring overseas markets, with plans to open up to 10 new stores abroad by 2026 and enhance its e-commerce presence through partnerships with platforms like Amazon [2]. Financial Performance Summary - For the first half of 2025, Zhou Li Fu's gross margin was 26.3%, an increase of 0.8 percentage points year-on-year, attributed to a focus on lighter and more fashionable product designs [3]. - The company's revenue projections for 2025 to 2027 are as follows: 6.278 billion yuan in 2025, 7.242 billion yuan in 2026, and 8.201 billion yuan in 2027, with corresponding net profits of 841 million yuan, 984 million yuan, and 1.129 billion yuan respectively [6][8]. - The report indicates a steady decline in expense ratios, with sales, management, and R&D expenses showing slight reductions, contributing to improved profitability [3]. Operational Insights - The company has seen a structural adjustment in its domestic offline channels, focusing on enhancing store operations and efficiency, with nearly 50% of its stores located in first and second-tier cities [2]. - The average store size has increased to approximately 110 square meters, and over 55% of the stores are located in shopping centers and department stores [2]. - The report highlights the company's strategy of integrating online and offline retail management, which has effectively attracted younger consumers through high-value products [2].

Core Insights - The article highlights the impressive performance of Zhou Li Fu during the 2025 Double Eleven shopping festival, achieving a total shipment value of 287 million yuan, representing a year-on-year growth of 35.28% [1][2] - Zhou Li Fu's stock price has increased by over 28% since October 23, reflecting positive market sentiment towards the company's performance [1] Group 1: Performance in Context - The overall gold consumption market in China is experiencing structural adjustments, with a reported decline in gold jewelry consumption by 32.50% year-on-year, while investment products like gold bars and coins saw a 24.55% increase [2][3] - Zhou Li Fu achieved a comprehensive gross margin of 22.05%, an increase of approximately 10 percentage points year-on-year, indicating strong brand power despite industry challenges [3] Group 2: Product and Channel Strategy - Zhou Li Fu's success is attributed to a systematic innovation in product matrix and channel layout, allowing the company to build a competitive edge in a declining market [4] - The brand has developed a differentiated product matrix, including the main brand "Zhou Li Fu," "CHAOJIN潮金" targeting Gen Z, and "FENS" for the high-end market, effectively covering various consumer segments [4] - The company has implemented a "co-creation partner program" to accelerate market expansion through collaboration with capable provincial agents [4] Group 3: Online Channel Optimization - The increasing online penetration of gold jewelry consumption has been a key factor in Zhou Li Fu's success during Double Eleven, with strategies such as exclusive live-streaming promotions and enhanced online customer service [5][6] - The company capitalized on the trend of consumers shifting to online platforms, where prices are generally lower than offline, thus improving conversion rates [6] Group 4: Industry Implications - The article suggests that the core competitiveness of brands will shift from price competition to value competition, emphasizing the importance of consumer-centric strategies [7] - Zhou Li Fu's achievements during Double Eleven serve as a case study for the industry, illustrating how brands that adapt to changing consumer demands and innovate operational models can seize market opportunities [7]

Core Insights - The 2025 "Double Eleven" event has evolved from a simple sales competition to a battleground for brand strength, particularly evident in the gold and jewelry sector [1] - During the event, Zhou Li Fu's e-commerce subsidiary achieved a total shipment value of 287 million yuan, a year-on-year increase of 35.28% [1] - Zhou Li Fu's stock price has risen over 28% since October 23, reflecting positive market sentiment towards its performance [1] Group 1: Performance in Context - Zhou Li Fu's performance must be viewed against the backdrop of a structural adjustment in the gold consumption market, which is experiencing a complex situation of "ice and fire" [2] - In the first three quarters of 2025, China's gold consumption decreased by 7.95% to 682.73 tons, with gold jewelry consumption dropping significantly by 32.50% [2] - Conversely, investment products like gold bars and coins saw a 24.55% increase in consumption, indicating a shift towards gold as an asset allocation tool rather than a decorative item [2] Group 2: Profitability and Growth - Zhou Li Fu achieved a comprehensive gross margin of 22.05%, an increase of approximately 10 percentage points year-on-year, defying the industry norm of price cuts during promotions [3] - From January to October 2025, Zhou Li Fu's e-commerce revenue grew by 32%, while net profit surged by 71%, with a net profit margin exceeding 8% [3] - The significant growth in net profit relative to revenue indicates the company's strong operational capabilities in both revenue generation and cost management [3] Group 3: Product and Channel Strategy - Zhou Li Fu's success is attributed to systematic innovations in product matrix and channel layout, which have built its core competitiveness [4] - The brand has developed a differentiated product matrix, including the main brand "Zhou Li Fu," "CHAOJIN潮金," and "FENS," catering to various consumer segments and mitigating market risks [4] - The "CHAOJIN潮金" brand targets the Gen Z market with trendy, personalized gold products, while "FENS" focuses on high-end consumers with 18K gold and diamond jewelry [4] Group 4: Online Channel Optimization - The increasing online penetration of gold jewelry consumption has been a key factor in Zhou Li Fu's success during the Double Eleven event [5] - The company capitalized on trends by establishing official flagship stores on major platforms and utilizing exclusive live-streaming promotions to enhance conversion rates [6] - Zhou Li Fu's robust online customer service and after-sales support have addressed consumer trust issues regarding gold products [6] Group 5: Future Outlook - The brand's core competitiveness is shifting from price competition to value competition, focusing on consumer-centric strategies [7] - Zhou Li Fu's approach of differentiating products, optimizing channels, and innovating operational models positions it well for long-term growth [7] - The current consumption downturn presents both challenges and opportunities for the gold jewelry industry, with brands that adapt to changing demands likely to gain market share [7]

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 ...