Core Viewpoint - Chow Tai Fook (01929) experienced a decline of over 4%, trading at HKD 13.1 with a transaction volume of HKD 272 million, following a significant change in its shareholding structure [1] Group 1: Shareholding Structure Change - The Zheng family, through Chow Tai Fook Capital, transferred nearly 54% of its shares in Chow Tai Fook Jewelry to a subsidiary, Beyond Luck Limited, which is jointly owned by Chow Tai Fook Enterprises and Chow Tai Fook Capital [1] - This restructuring aims to strengthen the capital structure of the Chow Tai Fook group and unlock business value, positioning Chow Tai Fook Enterprises as the parent company of core businesses including Chow Tai Fook Jewelry, Chow Tai Fook Creation, and New World [1] Group 2: Financial Performance and Forecast - According to Credit Lyonnais, Chow Tai Fook's sales and profits for the first half of the 2026 fiscal year are slightly below market consensus, but same-store sales growth guidance remains unchanged, and profit guidance has been upgraded [1] - The forecast for the 2026 fiscal year includes a 3% increase in sales and a 40% increase in net profit, with gross margin and operating margin projected at 30.6% and 18%, respectively [1] - Credit Lyonnais raised the 12-month target price for Chow Tai Fook from HKD 12 to HKD 13, maintaining a forward P/E ratio of 12 times, emphasizing that the sales performance in the upcoming peak season will be crucial for the stock price [1]

Core Viewpoint - Chow Tai Fook (01929) experienced a decline of over 4%, closing at HKD 13.1 with a trading volume of HKD 272 million, following a significant change in its shareholding structure [1] Group 1: Shareholding Structure Change - The Zheng family, through Chow Tai Fook Capital, transferred nearly 54% of its shares in Chow Tai Fook Jewelry to a subsidiary, Beyond Luck Limited, which is jointly owned by Chow Tai Fook Enterprises and Chow Tai Fook Capital [1] - This restructuring aims to strengthen the capital structure of the Chow Tai Fook group and unlock business value, with Chow Tai Fook Enterprises becoming the parent company of the core businesses [1] Group 2: Financial Performance and Forecast - According to Credit Lyonnais, Chow Tai Fook's sales and profits for the first half of the 2026 fiscal year are slightly below market consensus, but same-store sales growth guidance remains unchanged, and profit margin guidance has been raised [1] - The forecast for the 2026 fiscal year includes a 3% increase in sales and a 40% increase in net profit, with gross margin and operating profit margin projected at 30.6% and 18%, respectively [1] - Credit Lyonnais raised the 12-month target price for Chow Tai Fook from HKD 12 to HKD 13, maintaining a forward P/E ratio of 12 times, emphasizing that the sales performance in the next peak season will be crucial for the stock price [1]

上海周大福黄金回收价格解析 在上海这座繁华的大都市，黄金交易市场一直十分活跃，而周大福作为知名的珠宝品牌，其黄金产品备受消费者青睐。当人们有黄金回收需求时，上 海周大福黄金回收价格成为了大家关注的焦点。 上海宝易埠珠宝135-8585-8077为您关注周大福黄金回收价格。今日上海周大福黄金回收价随行就市，较实时金价有合理波动。我们回收流程规范，价 格透明公道，若您有黄金回收需求，欢迎来上海宝易埠珠宝，专业为您服务。 黄金回收价格并非固定不变，它受到多种因素的综合影响。首先，国际金价是影响黄金回收价格的关键因素。黄金作为一种全球性的贵金属，其价格 在国际市场上时刻波动。上海周大福的黄金回收价格也会随着国际金价的涨跌而相应调整。当国际金价上涨时，回收价格往往也会随之上升；反之， 当国际金价下跌，回收价格也会降低。例如，在国际经济形势不稳定、地缘政治冲突等情况下，投资者往往会将资金转向黄金这种避险资产，导致国 际金价上涨，此时上海周大福的黄金回收价格也会水涨船高。 其次，黄金的纯度对回收价格有着重要影响。周大福的黄金产品有不同的纯度，常见的有足金（含金量不低于 99%）、千足金（含金量不低于 99.9%）等。纯度越 ...

Group 1 - The price of physical gold from Chow Tai Fook remains unchanged at 1328 CNY per gram as of December 4, 2025 [1] - Platinum prices increased by 8 CNY per gram to 671 CNY per gram compared to the previous trading day [1] - The price of gold bars remains stable at 1165 CNY per gram, unchanged from the previous day [1] Group 2 - The article highlights a proposal by U.S. President Trump to impose a restriction on legal immigrants, preventing them from applying for government assistance within the first five years of their entry [1] - This proposal aims to deter "free riders" from exploiting the social welfare system in the United States [1]

Core Viewpoint - Chow Tai Fook's revenue from gold jewelry, a key revenue driver, declined by 3.8% year-on-year in the first half of the 2026 fiscal year, amid fluctuating international gold prices which increased approximately 50% within the year [1][3]. Financial Performance - For the first half of the 2026 fiscal year, Chow Tai Fook reported a revenue of HKD 38.986 billion, a decrease of 1.1% compared to the same period last year, marking a new low for recent years [3]. - Operating profit and profit attributable to shareholders saw slight increases of 0.69% and 0.16%, amounting to HKD 6.823 billion and HKD 2.534 billion respectively, while gross margin decreased by 0.9 percentage points to 30.5% [3]. - The company's stock price fell over 8% following the earnings report, closing at HKD 13.86 per share with a market capitalization of approximately HKD 136.7 billion as of December 3 [3]. Product Performance - Chow Tai Fook has focused on optimizing and enriching its signature product lines, with the "Chow Tai Fook Chuanxi" series generating sales of HKD 3.4 billion in the first half of 2026, up from HKD 2.3 billion in the same period last year [5]. - The gold jewelry segment, which accounts for 65.2% of total revenue, experienced a 3.8% decline in revenue, primarily due to store consolidation [5]. - The watch segment, contributing 5.2% to total revenue, saw a 10.6% decrease, while the priced jewelry segment, accounting for 29.6%, grew by 9.3% [5]. Store Network and E-commerce - Chow Tai Fook closed underperforming stores, resulting in a net reduction of 620 stores, with a total of 5,663 jewelry stores and 100 watch stores as of September 30, 2025 [5][6]. - Despite the decline in physical retail, e-commerce sales grew by 27.6%, driven by popular IP collaborations and a focus on younger consumers, although e-commerce still only contributed 16.2% to total sales [6]. Market Performance - In the Hong Kong and Macau markets, retail revenue increased by 8.7% year-on-year, benefiting from a recovery in retail consumption and foot traffic [7]. - Conversely, wholesale revenue declined by 7.3% due to reduced jewelry trade [7]. Analyst Sentiment - Some brokerage firms maintain a cautious outlook on Chow Tai Fook's current performance and future expectations, noting the decline in gold jewelry revenue despite improved consumer confidence [7]. - Analysts from Guosheng Securities highlighted the growth in sales of high-value priced gold products, suggesting potential for improved profit margins in the medium to long term [7].

Core Viewpoint - The company reported a revenue decline of 1.1% year-on-year for FY26H1, with mainland China and Hong Kong/Macau markets showing declines of 2.6% and growth of 6.5% respectively, attributed to a low base and strong performance of pricing products [1][2] Financial Performance - FY26H1 revenue was HKD 39.99 billion, with operating profit at HKD 6.82 billion (+0.7%) and net profit attributable to shareholders at HKD 2.53 billion (+0.1%) [1][2] - The gross profit margin for FY26H1 was 30.5%, down 0.9 percentage points, with gold price contributing approximately 7.9 percentage points to the margin [2][3] Market Segmentation - In FY26H1, revenue from mainland China was HKD 32.21 billion (-2.6%), accounting for 82.6% of total revenue, while Hong Kong/Macau revenue was HKD 6.86 billion (+6.5%) [2] - Same-store sales in mainland China showed a recovery with direct stores up 2.6% and franchise stores up 4.8% [2] Product Performance - Revenue from pricing jewelry increased by 9.3% to HKD 11.39 billion, while revenue from valuation jewelry decreased by 3.8% to HKD 25.1 billion [3] - Notable product series such as the Palace Museum series and others saw sales of HKD 3.4 billion, a 48% increase [3] Store Optimization - The company optimized its store network, closing 611 underperforming stores while opening 57 high-end stores in mainland China, resulting in a total of 5,663 stores [4] - High-end stores showed better performance, with same-store sales growth nearing 9% in high-tier cities [4] Future Outlook - The management expects revenue growth in FY26H2, driven by strong retail performance since October, with a projected increase in operating profit margin and gross margin [5] - The company anticipates a net profit margin improvement for FY26, assuming gold prices remain stable between USD 4,000 and 4,100 per ounce [5][6]

2025/2026中期報告 INTERIM REPORT Stock Code : 1929 Chow Tai Fook Jewellery Group Limited Interim Report 2025/2026 中期報告 目錄 CONTENTS Glossary 詞彙 103 Corporate Profile 企業簡介 2 Vision and Values 願景與價值 3 A Snapshot of Chow Tai Fook Jewellery Group 周大福珠寶集團簡況 4 Interim Results at a Glance 中期業績概覽 5 Financial and Operational Highlights 財務及營運摘要 8 Chairman's Statement 主席報告書 10 Strategic Report 策略報告 13 Management Discussion and Analysis 管理層討論與分析 26 Report on Review of Interim Financial Information 中期財務資料審閱報告 61 Condensed Co ...

[Table_Title] 研究报告 Research Report 1 Dec 2025 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 11 月 26 日，周大福珠宝集团发布 2026 财年中期业绩报告并召开业绩会。 周大福 Chow Tai Fook (1929 HK) 1HFY26 同店与 ASP 改善，管理层维持 FY26 收入指引 Same-Store Sales and ASP Improve in 1HFY26, Management Maintains FY26 Revenue Guidance 1HFY26收入小幅承压，公司通过费用优化实现营运利润率与股东回报双稳健。周大福自FY2025起变更了会计准则， 在现行会计结构下，周大福的黄金借贷公允价值变动已从"销售成本"重分类至"其 ...

Core Insights - The company reported a slight decline in revenue and a modest increase in net profit for FY2026H1, with revenue at HKD 38.986 billion, down 1.1% year-on-year, and net profit at HKD 2.534 billion, up 0.2% year-on-year [1] - Retail sales showed a positive turnaround in FY2026Q2, with a growth rate of 4.1% compared to a decline of 1.9% in FY2026Q1 [1] - The company plans to distribute an interim cash dividend of HKD 0.22 per share, resulting in a payout ratio of 85.7% [1] Revenue Breakdown - For FY2026H1, the revenue from priced jewelry increased by 9.3%, while the revenue from gold jewelry and watches decreased by 3.8% and 10.6%, respectively [1] - The revenue contribution from priced jewelry, gold jewelry, and watches was 29.6%, 65.2%, and 5.2%, respectively [1] Market Performance - In FY2026H1, the revenue from mainland China accounted for 82.6% of total revenue, with a year-on-year decline of 2.5% [2] - Franchise revenue decreased by 10.2%, while retail revenue increased by 8.1%, with same-store sales for franchises and direct stores growing by 4.8% and 2.6%, respectively [2] - The number of jewelry stores in mainland China decreased by 611 to 5,663, with significant closures in wholesale and retail channels [2] Profitability Metrics - The gross margin for FY2026H1 was 30.5%, down 0.9 percentage points year-on-year, primarily due to the timing of gold price increases [3] - The operating expense ratio decreased by 1.1 percentage points to 14.7%, with sales, management, and financial expense ratios showing slight variations [3] Future Outlook - The company has revised its profit forecasts upward for FY2026, FY2027, and FY2028, with expected net profits of HKD 8.131 billion, HKD 8.980 billion, and HKD 9.547 billion, respectively [3] - The earnings per share (EPS) estimates for the same periods are projected to be HKD 0.82, HKD 0.91, and HKD 0.97, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 times [3]

Core Viewpoint - Chow Tai Fook's stock rose over 3%, with a current price of HKD 14.15 and a trading volume of HKD 1.83 billion, despite slightly lower sales and profit forecasts for the first half of fiscal year 2026 compared to market consensus [1] Group 1: Financial Performance - Chow Tai Fook reported a revenue of HKD 38.986 billion for the six months ending September 30, 2025, a decrease of 1.07% year-on-year [1] - The company's net profit attributable to shareholders was HKD 2.534 billion, reflecting a slight increase of 0.16% year-on-year [1] Group 2: Sales Growth and Guidance - The same-store sales growth guidance remains unchanged, with a projected sales increase of 3% and net profit growth of 40% for fiscal year 2026 [1] - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [1] - In Hong Kong and Macau, same-store sales rose by 4.4%, driven by improved retail sentiment and increased foot traffic [1] - Hong Kong's same-store sales increased by 1.8%, while Macau experienced a growth of 13.7% [1] Group 3: Analyst Recommendations - Citi raised Chow Tai Fook's 12-month target price from HKD 12 to HKD 13, maintaining a forward P/E ratio of 12 times [1] - The upcoming peak sales season, including New Year, Spring Festival, and Valentine's Day, is deemed crucial for the stock's performance [1]