Core Viewpoint - Bank of America Securities reports that Chow Tai Fook's net profit for the first half of the fiscal year ending September 2026 is HKD 2.5 billion, remaining stable year-on-year and in line with expectations [1] Financial Performance - Revenue for the period is HKD 39 billion, a year-on-year decline of 1%, which is 3% lower than the bank's expectations [1] - Gross margin stands at 30.5%, below the expected 31.3%, but partially offset by a reduction in the selling, general and administrative (SG&A) ratio to 14%, which is lower than the anticipated 15.3% [1] Management Guidance - Management has raised the gross margin guidance for the full fiscal year ending March 2026 to between 31% and 32%, citing rising gold prices and an increase in the proportion of sales from priced products [1] Profit Forecast Adjustments - Following the sales trends from October to mid-November and the better-than-expected profit margin guidance, the bank has raised its net profit forecasts for Chow Tai Fook for fiscal years 2026 and 2027 by 6% and 1%, respectively, to HKD 8.7 billion and HKD 8.8 billion [1] Target Price and Rating - The target price has been slightly increased from HKD 17.5 to HKD 17.6, with a reiterated "Buy" rating, based on the continuous improvement in same-store sales growth which may support a valuation re-rating [1] Sales Growth Outlook - The bank notes that management's guidance on same-store sales growth is somewhat conservative, indicating potential upside; it believes that the worst period of decline in same-store sales growth has passed, and initiatives to drive business transformation may support profit recovery [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.40 [6][5]. Core Insights - The company reported a revenue of HKD 38.99 billion for FY26H1, showing a year-on-year decline of only 1.1%, indicating a significant improvement from previous periods [1]. - The operating profit reached HKD 6.82 billion, up 0.7% year-on-year, with an operating margin of 17.5%, the highest in nearly five years [1]. - The net profit attributable to shareholders was HKD 2.53 billion, essentially flat compared to the previous year [1]. - The company declared an interim dividend of HKD 0.22 per share, a 10% increase year-on-year, reflecting confidence in future growth [1]. Summary by Sections Financial Performance - For FY26H1, the company achieved a gross margin of 30.5%, supported by an increase in high-margin priced jewelry and rising gold prices [1]. - Same-store sales growth (SSSG) for mainland China and Hong Kong/Macau was reported at +2.6% and +4.4%, respectively, showing a significant year-on-year improvement of 30.0 and 35.2 percentage points [2]. - The retail sales of priced gold and jewelry in mainland China showed SSSG of +3.1% and +8.3%, while in Hong Kong/Macau, the figures were +8.5% and +6.1% [2]. Store Network Optimization - The company is optimizing its store network by closing inefficient stores and opening new flagship stores, with a net closure of 609 stores in FY25H1 [3]. - The average monthly sales of new stores opened in FY26H1 reached HKD 1.3 million, a 72% increase year-on-year, indicating improved productivity [3]. - The company plans to open six new stores in Southeast Asia, Oceania, and Canada by June 2026, with a forecasted net closure of 910 stores for the fiscal year [3]. Market Trends and Outlook - Retail sales from October 1 to November 18, 2025, showed a strong growth of 33.9% year-on-year, reflecting a recovery in consumer demand [4]. - The implementation of a new gold tax policy in early November is expected to raise industry compliance standards, potentially benefiting the company due to its robust supply chain and brand strength [4]. - The company forecasts net profit attributable to shareholders for FY26 to be HKD 8.12 billion, representing a year-on-year increase of 37.3% [5].

报告提到，10月1日至11月18日期间，内地自营门店的同店销售增长达48.7%，加盟店增长38.8%，香港 及澳门市场亦增长18.3%。 即使增值税改革后产品加价，11月需求仍保持中双位数增长。该行指，虽然 近期销售强劲，公司仍维持原有收入指引，管理层坦言对收入指引持谨慎态度，因仍在观察增值税改革 后的需求趋势，后续将相应更新指引。目前的需求趋势已好过管理层预期，公司对竞争格局充满信心， 认为税改将有利周大福等龙头品牌。 智通财经APP获悉，摩根士丹利发布研报称，将周大福(01929)2026财年每股盈利预测上调7%，净利润 预测上调6%至87.5亿元;2027至2028年每股盈利预测则上调2%，因预期金价会大致维持于目前水平，加 上宏观环境将逐步复苏。维持目标价19港元及"增持"评级。 该行指，周大福中期业绩符合预期。公司将毛利率指引由28.3至28.7%，上调至31至32%，调整幅度高 过该行预期。若计及较高的对冲损失，最新指引意味着2026财年净利润将同比增长44至55%，至85至91 亿元，即下半财年同比增长75至90%。 ...

报告提到，10月1日至11月18日期间，内地自营门店的同店销售增长达48.7%，加盟店增长38.8%，香港 及澳门市场亦增长18.3%。即使增值税改革后产品加价，11月需求仍保持中双位数增长。该行指，虽然 近期销售强劲，公司仍维持原有收入指引，管理层坦言对收入指引持谨慎态度，因仍在观察增值税改革 后的需求趋势，后续将相应更新指引。目前的需求趋势已好过管理层预期，公司对竞争格局充满信心， 认为税改将有利周大福等龙头品牌。 该行指，周大福中期业绩符合预期。公司将毛利率指引由28.3至28.7%，上调至31至32%，调整幅度高 过该行预期。若计及较高的对冲损失，最新指引意味着2026财年净利润将同比增长44至55%，至85至91 亿元，即下半财年同比增长75至90%。 摩根士丹利发布研报称，将周大福(01929)2026财年每股盈利预测上调7%，净利润预测上调6%至87.5亿 元;2027至2028年每股盈利预测则上调2%，因预期金价会大致维持于目前水平，加上宏观环境将逐步复 苏。维持目标价19港元及"增持"评级。 ...

11月26日，周大福绩后跌超4%，在截至2025年9月30日六个月内，公司共实现营业收入约389.86亿港 元，同比下降1.1%。 ...

每经AI快讯，周大福(01929.HK)绩后跌超3%，截至发稿跌3.61%，报14.69港元，成交额7234.04万港 元。 ...

（原标题：中金：维持周大福(01929)跑赢行业评级 目标价19.45港元） 智通财经APP获悉，中金发布研报称，基本维持周大福(01929)FY26/27年EPS预测0.87/0.93港元不变， 当前股价对应18/16倍FY26/27年市盈率，维持跑赢行业评级和目标价19.45港元不变，对应22/21倍 FY26/27年市盈率，较当前股价有28%的上行空间。公司1HFY26收入同降1.1%至390亿港元，归母净利 润25亿港元同比持平，业绩略低于该行预期，主要由于毛利率影响。公司宣派中期股息0.22港元/股， 对应派息率86%。 中金主要观点如下： 运营提效持续推进，定价首饰占比进一步提升 1HFY26公司收入同降1.1%，降幅环比明显收窄。分区域看，中国内地收入同降2.5%至322亿港元，公 司持续优化门店网络以提升零售表现及盈利能力，期内直营/加盟分别净关16/595个零售点，同店同增 2.6%/4.8%，新店月店均销售较去年同期提升72%至超130万港元。中国港澳及海外市场受益于零售环境 好转及客流回暖，期内收入同增6.5%至68亿港元，港澳同店同增4.4%。分品类看，定价首饰收入同增 9.3%，收入 ...

（原标题：港股异动 | 周大福(01929)绩后跌超3% 上半财年纯利同比微增 毛利率收窄0.9个百分点） 智通财经APP获悉，周大福(01929)绩后跌超3%，截至发稿，跌3.61%，报14.69港元，成交额7234.04万 港元。 消息面上，周大福发布截至2025年9月30日止6个月中期业绩，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%；毛利率同比收窄0.9个百分点至30.5%，周 大福对此解释称，由于已实现的金价升幅较少，导致零售产品毛利率下跌。然而，定价首饰及零售业务 占比提升，相关得益抵消了部分的影响。 中金公司点评称，公司1HFY26 收入同降1.1%至390 亿港元，归母净利润25亿港元同比持平，业绩略低 于该行预期，主要由于毛利率影响。公司宣派中期股息0.22 港元/股，对应派息率86%。1HFY26公司收 入同降1.1%，降幅环比明显收窄。分区域看，中国内地收入同降2.5%至322亿港元，公司持续优化门店 网络以提升零售表现及盈利能力。中国港澳及海外市场受益于零售环境好转及客流回暖，期内收入同增 6.5%至68亿港元，港澳同店 ...

Core Viewpoint - The company maintains its EPS forecast for FY26/27 at HKD 0.87/0.93, with the current stock price corresponding to 18/16 times FY26/27 P/E ratio, and keeps the outperform rating and target price at HKD 19.45, indicating a potential upside of 28% from the current price [1] Group 1: Financial Performance - In 1HFY26, the company's revenue decreased by 1.1% to HKD 39 billion, with net profit remaining flat at HKD 2.5 billion, slightly below expectations due to margin pressures [1][3] - The company declared an interim dividend of HKD 0.22 per share, corresponding to a payout ratio of 86% [1] Group 2: Operational Efficiency - The company continues to optimize its store network to enhance retail performance and profitability, with a net closure of 16 direct-operated and 595 franchised retail points, while same-store sales increased by 2.6% and 4.8% respectively [2] - New store monthly sales improved by 72% year-on-year, exceeding HKD 1.3 million [2] Group 3: Revenue Breakdown - Revenue from mainland China decreased by 2.5% to HKD 32.2 billion, while revenue from Hong Kong, Macau, and overseas markets increased by 6.5% to HKD 6.8 billion, benefiting from improved retail conditions [2] - Revenue from priced jewelry rose by 9.3%, increasing its share to 29.6%, with mainland China reaching 31.8% [2] Group 4: Cost Management - Despite the adverse effects of rising gold prices and sales timing differences, the company managed to reduce sales and administrative expense ratios by 0.9ppt and 0.3ppt respectively, which helped mitigate the impact on gross margin [3] Group 5: Brand and Product Development - The company launched its first high-end jewelry series "He Mei Dong Fang" in June, showcasing excellent design and craftsmanship, with sales from key series reaching HKD 3.4 billion in 1HFY26 compared to HKD 2.3 billion in 1HFY25 [4] Group 6: Sales Trends - From early October to November 18, overall retail sales increased by 34%, with same-store sales in mainland China rising by 39% and 49% for direct-operated and franchised stores respectively, while Hong Kong and Macau saw an 18% increase [5]

Core Viewpoint - Chow Tai Fook's stock fell over 3% following the release of its interim results, reflecting market concerns over declining revenue and profit margins [1] Financial Performance - The company reported a revenue of HKD 38.986 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.07% [1] - Shareholder profit stood at HKD 2.534 billion, showing a slight increase of 0.16% year-on-year [1] - Gross profit margin narrowed by 0.9 percentage points to 30.5%, attributed to limited increases in gold prices affecting retail product margins [1] Regional Performance - Revenue from mainland China decreased by 2.5% to HKD 32.2 billion, with the company focusing on optimizing its store network to enhance retail performance and profitability [1] - The Hong Kong, Macau, and overseas markets experienced a revenue increase of 6.5% to HKD 6.8 billion, benefiting from improved retail conditions and increased foot traffic, with same-store sales in Hong Kong and Macau rising by 4.4% [1] Dividend Announcement - The company declared an interim dividend of HKD 0.22 per share, corresponding to a payout ratio of 86% [1]