Core Viewpoint - Chow Tai Fook (01929) shows resilience in the market, with a stock price increase of 4.41% to HKD 13.02, despite a slight decline in revenue [1][2] Financial Performance - For FY26H1 (April-September 2025), Chow Tai Fook reported a revenue of HKD 39 billion, a year-on-year decrease of 1.1% [1][2] - Operating profit reached HKD 6.82 billion, reflecting a year-on-year growth of 0.7% [1][2] - Net profit attributable to shareholders was HKD 2.53 billion, with a year-on-year increase of 0.2% [1][2] - Operating profit margin improved to 17.5%, up by 0.3 percentage points year-on-year [1][2] - Net profit margin also saw a slight increase to 6.6%, up by 0.1 percentage points year-on-year [1][2] Margin Analysis - Gross profit margin for FY26H1 was 30.5%, down by 0.9 percentage points year-on-year [1][2] - The decline in gross margin is attributed to limited increases in gold prices affecting retail product margins, although the rise in the proportion of priced jewelry and retail business positively impacted gross margin [1][2] Strategic Developments - The company is making positive progress in brand transformation and continuously optimizing its product strategy [1][2] - Improvements in operational efficiency have been noted, contributing to the overall performance stability [1][2]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周大福珠寶集團有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | 本月底法 ...

Core Viewpoint - The company reported stable performance in FY26H1, with a slight decline in revenue but growth in operating and net profits, benefiting from improved consumer sentiment and a recovery in jewelry consumption in key markets [1]. Financial Performance - FY26H1 revenue was HKD 39 billion, down 1.1% year-on-year - Operating profit reached HKD 6.82 billion, up 0.7% year-on-year - Net profit attributable to shareholders was HKD 2.53 billion, up 0.2% year-on-year - Operating margin improved to 17.5%, up 0.3 percentage points year-on-year - Net profit margin increased to 6.6%, up 0.1 percentage points year-on-year [1]. Dividend Distribution - The company declared an interim dividend of HKD 0.22 per share, with a payout ratio of 85.7% [1]. Segment Performance - Same-store sales turned positive across the board, with high-margin priced jewelry showing strong growth - Revenue breakdown: Mainland China revenue was HKD 32.2 billion, down 2.5% year-on-year (83% of total), while revenue from Hong Kong, Macau, and other markets was HKD 6.79 billion, up 6.5% year-on-year - Operating profit breakdown: Mainland China operating profit was HKD 5.71 billion, down 5.4% year-on-year (84% of total), while operating profit from Hong Kong, Macau, and other markets was HKD 1.11 billion, up 50.6% year-on-year [1]. Product Category Performance - Revenue from priced jewelry grew by 9.3% year-on-year, accounting for 29.6% of total sales - The contribution of priced jewelry to retail value in Mainland China increased from 27.4% to 31.8% year-on-year - Revenue from priced gold jewelry declined by 3.8% year-on-year, accounting for 65.2% of total sales, primarily due to store consolidation - Revenue from watches decreased by 10.6% year-on-year, accounting for 5.2% of total sales [2]. Same-Store Performance - Sales growth: Direct sales in Mainland China increased by 2.6%, franchise sales grew by 4.8%, and sales in Hong Kong and Macau rose by 4.4% - Sales volume decline: Direct sales in Mainland China fell by 9.7%, franchise sales dropped by 11.6%, and sales in Hong Kong and Macau decreased by 9.4% - Latest operational data (October 1 - November 18, 2025): Group retail value increased by 33.9% year-on-year, with Mainland China, Hong Kong, Macau, and other markets growing by 35.1% and 26.5% respectively - Same-store sales growth: Mainland China, Hong Kong, Macau, and other markets increased by 38.8% and 18.3% respectively, with priced jewelry and priced gold jewelry same-store sales in Mainland China growing by 93.9% and 23.0% respectively [3]. Product Highlights - Key signature product lines, including the Chow Tai Fook Chuan Fu, Chuan Xi series, and Chow Tai Fook Palace Museum series, continued to perform strongly - Jewelry inlaid and gold-inlaid diamond products showed particularly bright performance - The Chow Tai Fook Chuan Xi series launched in April 2025 received a positive market response, contributing to a total sales of HKD 3.4 billion in FY26H1, up 48% year-on-year [3]. Channel Development - As of FY26H1, Chow Tai Fook had 5,663 retail outlets in Mainland China, with a net closure of 611 stores; 88 in Hong Kong and Macau, with a net opening of 1 store; and 63 in other markets, with a net opening of 1 store - The company continues to open new image stores to provide differentiated products and redefine the retail experience, with 8 new image stores established by the end of September 2025 [4]. Profitability - Gross margin for FY26H1 was 30.5%, down 0.9 percentage points year-on-year, primarily due to limited increases in gold prices affecting retail product margins; however, the increase in the proportion of priced jewelry and retail business positively impacted gross margin [4]. Profit Forecast and Investment Recommendation - The company has made positive progress in brand transformation and continues to optimize product strategies while improving operational efficiency - Adjusted profit forecasts for FY26-28 are HKD 8.63 billion, HKD 9.47 billion, and HKD 10.7 billion respectively, with corresponding P/E ratios of 14, 13, and 12 times, maintaining a "buy" rating [4].

12月28日消息，近日，周大福一款名为"牛马"的方圆牌黄金吊坠被消费者质疑"阴阳打工人"。天猫周大 福旗舰店可查询到该款吊坠链接，页面显示，2.15克黄金吊坠售价3186元，工费360元。该款产品目前 显示已售罄。 天猫周大福旗舰店客服表示，这款吊坠暂时没有库存，仓库是不定期补货，可以填写心愿工单，留下信 息。客服人员称，这款吊坠门店不一定是有售卖，周大福每家店铺的铺货款式及库存均会存在一定差 异，部分款式在门店是买不到的。 在周大福官方商城，该款吊坠也处于预售状态，价格3044.7元起，需交预定金200元。官方商城客服也 表示，目前该款暂时无库存，尾款可在2026年1月15日10点到1月19日12点之间支付，支付尾款后，进入 发货流程。官方商城客服确认，该款吊坠是线上专供，门店暂时没有。 该吊坠的一面是一个牛与马的汉字，另一面是拼音"jia"。官方商城客服人员称，该吊坠的寓意是不怕困 难，好运jia倍，有着"愿生活中都能好运常伴"的祝福。 对于吊坠汉字部分应该怎么读，上述客服表示，暂时没有数据。 责任编辑：郭栩彤 12月28日消息，近日，周大福一款名为"牛马"的方圆牌黄金吊坠被消费者质疑"阴阳打工人"。天猫 ...

Group 1 - Xiaomi's 17 Ultra Leica version sold out within hours of its pre-sale launch, with the highest resale price reaching 20,000 yuan, significantly above the official starting price of 8,999 yuan [1][1][1] - The 16GB+512GB version is available on Xiaomi's official store, while the 16GB+1TB version is out of stock across various platforms, indicating high demand [1][1] - Over 1 million reservations were recorded on JD platform for the Xiaomi 17 Ultra Leica version [1] Group 2 - Zhou Dafu responded to criticism regarding its "cow and horse" gold pendant, stating it is only sold online and has seen high sales; they are open to customer feedback for future improvements [2][2] - The pendant is priced starting at 3,044.7 yuan, and the company clarified the pendant's meaning as representing resilience and good fortune [2] Group 3 - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership, following its previous entry into Qatar [7][7] - The company also opened a flagship showroom in Abu Dhabi and a large service center in New Cairo, Egypt [7] Group 4 - Douyin launched a long-form text feature allowing users to publish articles up to 8,000 words with up to 30 images and background music [6][6] - The mobile version of this feature is expected to roll out soon [6] Group 5 - LV responded to a customer's complaint regarding a pair of shoes that caused injury, stating that they only offered an exchange and did not support returns for used products [8][8] - The shoes were purchased for 9,250 yuan, and the customer required medical treatment due to the injury [8] Group 6 - The first mandatory standard for electric vehicle energy consumption will be implemented in China starting January 1, 2026, tightening limits by approximately 11% compared to previous recommendations [10][10] - This standard aims to guide the development of energy-saving technologies while accommodating diverse vehicle types [10] Group 7 - The first batch of L3 autonomous vehicles in China has begun large-scale road operation in Chongqing, consisting of 46 vehicles equipped with L3 autonomous driving systems [16][16] - These vehicles are authorized to operate on specific urban roads [16] Group 8 - Fujitsu will join a next-generation memory development project led by SoftBank, aiming for commercialization by the 2027 fiscal year [22][22] - This project will utilize technologies from Intel and the University of Tokyo [22]

2025.12.26 本文字数：770，阅读时长大约1分钟 来源 |智通财经、锦观新闻、鲁中日报、密度新闻 近日，广东一网友在社媒发帖吐槽周大福"牛马"方圆牌黄金吊坠，直言 "收了这个你就是金牌牛马"， 此帖随即引发热议，冲上热搜。 该款产品官方小程序售价3044.7元起。据智通财经，周大福微信小程序商城上的客服人员表示该款产品 暂时没在销售，一般是没有库存然后下架了。不过，周大福天猫官方旗舰店上显示，该款产品目前仍在 销售之中，页面显示的售价为3115.35元。 此外，周大福某电商平台客服表示，该款产品寓意为不怕困难、好运加倍，吊坠上"牛马"字样是繁体 字。 近期黄金价格上涨，周大福今年来第三次对一口价黄金产品进行了提价。12月17日，周大福天猫官方旗 舰店在首页发布公告称：受市场因素影响，部分商品即将提价。点击公告后的界面显示，提价时间为12 月19日。 据了解，本轮涨价中，周大福部分"一口价"黄金饰品涨幅达4%-16%，当前足金饰品克价已突破1400 元。 爱企查App显示，截至目前，周大福关联公司周大福珠宝金行（深圳）有限公司已申请超6000项专利， 专利类型涵盖外观设计、发明专利与实用新型，其中绝大 ...

Core Viewpoint - A recent social media post criticized Chow Tai Fook's "Niu Ma" (牛马) gold pendant, sparking widespread discussion about the product's design and implications [1]. Group 1: Product Details - The "Niu Ma" gold pendant is currently sold exclusively through online channels and has seen a surge in sales [4]. - The official price for the pendant starts at 3,186 yuan, with a current sale of 10 units on the official flagship store priced at 3,115 yuan [4]. - The product is part of Chow Tai Fook's zodiac series for the Year of the Horse, and its design features the characters for "Niu Ma" in traditional Chinese [4][6]. Group 2: Customer Feedback and Company Response - Chow Tai Fook's customer service indicated that they are recording customer feedback regarding the pendant's design for future optimization [4]. - The pendant is marketed with the meaning of overcoming difficulties and bringing good luck, as suggested by the promotional description [4].

截至12月26日下午3时，在该官方旗舰店，相关产品标价超3000元，已售出14件，1.9克、2克、2.15克重的产品目前缺货。 （文章来源：中国新闻网） 中新网12月26日电 近日，周大福一款黄金吊坠引发争议，该产品正面有"牛马"字样、背面有"Jia"字样。 12月26日，记者就此事咨询了周大福某电商平台官方旗舰店的客服。客服回应称，该款产品的寓意为不怕困难、好运"jia"倍，正面的"牛 马"为繁体设计。 ...

近日，网友在社媒发帖吐槽周大福"牛马"方圆牌黄金吊坠，此帖随即引发热议。 12月26日，密度财经致电周大福官方，其客服表示，该款 黄金吊坠目前仅在线上渠道销售，近期销量较火；若顾客对款式有异议，会记录并向上反馈， 后续会不断优化。 此外，周大福某电商平台客服表示，该款产品寓意为不怕困难、好运"jia"倍。 编辑：孙懿辞 初审：梁爽 复审：曹光宇 终审：臧立 ◆来源：潇湘晨报、密度财经 ...

Core Viewpoint - The recent controversy surrounding Chow Tai Fook's "Bull and Horse" gold pendant has sparked significant discussion on social media, with a user criticizing the product as a symbol of hard labor [2][4]. Group 1: Product Details - The "Bull and Horse" gold pendant is currently sold exclusively through online channels and has seen a surge in sales recently [5]. - The pendant is priced starting at 3044.7 yuan on the official mini-program [5]. - The product is marketed with the meaning of overcoming difficulties and bringing good luck, with the "Bull and Horse" inscription presented in traditional Chinese characters [5]. Group 2: Customer Feedback and Response - Chow Tai Fook's customer service indicated that they would record customer feedback regarding the design and aim to optimize the product in the future [5].