本报（chinatimes.net.cn）记者周梦婷 北京报道 金价走势，持续挑动市场神经。10月21日，"金价银价大反攻""金饰克价一夜大涨36元"等词条登上微博 热搜。今年以来黄金价格波动上涨，如今正值淘宝、京东双十一大促，多家黄金首饰品牌纷纷上调售 价。10月20日，《华夏时报》记者从周大福方面了解到，考虑到金价持续上涨对成本的影响，集团计划 在10月底提高定价（即一口价）黄金产品的零售价格，大多数产品的提价幅度预计在12%-18%。 周大福的黄金首饰及产品分为定价和计价，"目前我们这定价和计价产品差不多是一半一半，整体算下 来，定价产品每克金售价比计价产品贵点，但因为牵扯到月底涨价，目前买定价产品的人员也挺多 的。"10月20日，北京王府井周大福店的店员告诉本报记者。 近两年，伴随黄金价格持续高涨，消费者购金意愿趋于审慎，令周大福业绩明显承压。2025财年（截至 2025年3月31日），公司不仅营收与净利润双双下滑，零售网点数量也出现自2011年上市以来的首次负 增长。进入2026上半财年（截至2025年9月30日止6个月），其零售点较2025财年末进一步减少603家。 在此背景下，周大福于年内已两次 ...

Core Viewpoint - Chow Tai Fook (01929.HK) has seen a stock price increase of over 3%, currently trading at 16.91 HKD with a transaction volume of 186 million HKD [1] Group 1 - Chow Tai Fook's stock price rose by 3.17% [1] - The current trading price is 16.91 HKD [1] - The trading volume reached 186 million HKD [1]

消息面上，据报道，10月20日，周大福珠宝表示，考虑到金价持续上涨对成本的影响，集团计划在10月 底提高定价黄金产品的零售价格，大多数产品的提价幅度预计在12%—18%。此前10月17日，周大福披 露截至2025年9月30日止3个月未经审核主要经营数据。报告期内，集团零售值增长4.1%。其中，定价 黄金产品类别的零售值增长增速同比增长43.7%。公司期内零售值同比增长4.1%，其中内地市场零售值 同比增长3%，香港、澳门及其他市场零售值同比增长11.4%。 周大福(01929)涨超3%，截至发稿，涨3.17%，报16.91港元，成交额1.86亿港元。 华泰证券认为，季内集团不同地区及不同品类产品的同店销售增速全面转正，主因定价黄金、黄金镶嵌 等定价产品销售表现亮眼，叠加低基数效应。随着下半财年逐步进入黄金珠宝的消费旺季，以及集团在 标志性系列产品方面不断发力、渠道优化稳步推进，该行看好周大福基本面持续向好，维持"买入"评 级。 ...

Core Viewpoint - Chow Tai Fook (01929) is planning to increase retail prices of gold products by 12% to 18% due to the continuous rise in gold prices, which is expected to positively impact its financial performance [1][1][1] Group 1: Financial Performance - As of October 20, Chow Tai Fook's stock rose by 3.17%, trading at HKD 16.91 with a transaction volume of HKD 186 million [1][1][1] - For the three months ending September 30, 2025, the group reported a retail value growth of 4.1%, with retail value for priced gold products increasing by 43.7% year-on-year [1][1][1] - Retail value in mainland China grew by 3%, while retail value in Hong Kong, Macau, and other markets increased by 11.4% [1][1][1] Group 2: Market Outlook - Huatai Securities noted that same-store sales growth across different regions and product categories turned positive, driven by strong sales of priced gold and gold-inlaid products, along with a low base effect [1][1][1] - The company is expected to benefit from the upcoming peak season for gold jewelry consumption and ongoing efforts in optimizing channels and enhancing flagship product series [1][1][1] - Huatai Securities maintains a "Buy" rating on Chow Tai Fook, indicating a positive outlook on the company's fundamentals [1][1][1]

Core Viewpoint - UBS reports that Chow Tai Fook's sales for the second fiscal quarter of 2026 (July to September) increased by 4.1% year-on-year, indicating a positive trend in consumer sentiment and sales performance during the Golden Week holiday [1] Sales Performance - Same-store sales growth rates for Chow Tai Fook's retail stores in mainland China, franchised stores, and other market outlets were 7.6%, 8.6%, and 6.2% respectively [1] Earnings Forecast Adjustments - UBS has lowered its earnings per share (EPS) forecast for Chow Tai Fook for the fiscal year 2026 by 13%, while increasing its EBITDA forecast by 8% due to rising gold prices impacting related loan losses and convertible bond interest costs [1] - The strong gross margin and reduced share count partially offset these negative impacts [1] Future Projections - For fiscal years 2027 to 2028, UBS has raised its EPS forecast by 1% to 2% due to improved gross margins driven by pricing products and a lower share count [1] Target Price and Rating - UBS has increased its target price for Chow Tai Fook from HKD 16 to HKD 18.35 and maintains a "Buy" rating [1]

Core Viewpoint - Several gold jewelry brands, including Laopu Gold and Chow Tai Fook, have announced price increases for fixed-price gold jewelry products, with an increase of approximately 20% reported by Chow Tai Fook [1] Group 1: Company Actions - Laopu Gold and Chow Tai Fook are among the brands implementing price hikes on gold jewelry [1] - Chow Tai Fook's price increase is specifically noted to be around 20% [1] Group 2: Market Response - A visit to multiple gold jewelry stores in Shenzhen revealed long queues of consumers waiting to purchase gold jewelry, indicating strong demand despite the price increase [1] - Store staff mentioned that sales are robust, but they cannot guarantee product availability due to high consumer interest [1]

Core Viewpoint - Chow Tai Fook's FY2026 Q2 operational performance shows a 4.1% year-on-year growth in RSV, aligning with expectations [1] Group 1: Domestic Performance - Offline same-store sales growth turned positive in Q2, with a 7.6% year-on-year increase in direct same-store sales in mainland China [1] - The average selling price of gold jewelry and products increased by 23% year-on-year, driven by a significant rise in gold prices, which increased by 46% compared to the same period in 2024 [1][2] - Excluding price factors, same-store sales volume in mainland China decreased by 8.6%, showing a narrowing decline compared to Q1 [1] Group 2: Product and Channel Strategy - The reduction in same-store sales volume is attributed to the company's increased product innovation efforts, with the successful launch of the "Chuanxi" series and the expansion of existing product lines [2] - The retail sales of gold products saw a substantial year-on-year increase of 43.7%, indicating significant growth in sales volume when excluding price factors [2] - The company closed 300 underperforming stores in Q2, reducing the total to 5,663 stores, which may help retain customer traffic in remaining stores [2] Group 3: E-commerce and Regional Performance - E-commerce sales in mainland China grew by 28.1% year-on-year, accounting for 6.7% of the company's mainland sales and 15.5% of sales volume [2] - The company is enhancing its IP collaboration and engaging consumers through comprehensive online interactions to expand its e-commerce business [2] - In FY2026 Q2, RSV in Hong Kong, Macau, and other regions increased by 11.4%, with same-store sales growth of 6.2% in Hong Kong and 17.3% in Macau [2] Group 4: Financial Projections - The company expects a 3% revenue growth for FY2026, with a projected net profit increase of 32% to HKD 7.8 billion [3] - The company anticipates net profits of HKD 78.06 billion, HKD 88.30 billion, and HKD 98.78 billion for FY2026-2028, with a PE ratio of 21 for FY2026 [3]

Core Viewpoint - Chow Tai Fook Jewelry Group plans to increase retail prices of gold products by 12%-18% due to the continuous rise in gold prices, which have surged over 25% in the past two months, reaching a historical high of $4,300 per ounce [1] Group 1: Pricing Strategy - Chow Tai Fook will implement a price adjustment mechanism to monitor gold price fluctuations and respond accordingly to market changes [1] - The company has previously raised prices in March 2023 by 10%-20% [1] Group 2: Financial Performance - Chow Tai Fook reported a revenue decline of 17.5% to HKD 89.656 billion and a net profit decrease of 8.98% to HKD 5.916 billion for the fiscal year 2025 [2] - The company closed 896 stores in mainland China within a year, reflecting the challenging market conditions [2] Group 3: Sales Trends - Despite the increase in retail value driven by rising gold prices, overall sales volume has decreased, with same-store sales in mainland China down by 8.6% and in Hong Kong and Macau down by 10% [2] - The retail value growth of 4.1% was supported by a 43.7% increase in the retail value of priced gold products [2] Group 4: Market Position - As of September 30, 2025, Chow Tai Fook operated 6,041 retail points, with 72.7% being franchise stores [3] - The stock price of Chow Tai Fook (01929.HK) fell by 0.79% to HKD 16.39 per share, with a market capitalization of HKD 161.7 billion as of October 20 [3] Group 5: Industry Pricing Trends - Other major jewelry brands have also started raising prices for gold products, with increases ranging from 25% to 35% [3] - Chow Sang Sang and Lao Pu Gold are among the brands that have announced price adjustments, indicating a broader trend in the industry [3]

Core Viewpoint - Chow Tai Fook Jewelry plans to raise retail prices of its gold products by 12%-18% by the end of October due to the continuous rise in gold prices, marking the second price increase this year [2][5] Price Adjustments - The price increase primarily affects the "one-price" gold products, while other gold jewelry prices will fluctuate daily based on gold prices [2] - Chow Tai Fook's gold jewelry prices have risen to 1262 RMB per gram, up over 400 RMB from approximately 800 RMB per gram at the beginning of 2025 [2][5] Market Trends - The international gold price reached a historical high of over 4380 USD per ounce on October 17, with a year-to-date increase exceeding 60% [2] - Other brands, such as Lao Pu Gold and Chow Sang Sang, are also increasing their prices, with Chow Sang Sang's "one-price" gold jewelry seeing increases between 25%-35% [5] Consumer Behavior - The high gold prices have negatively impacted gold jewelry consumption in China, with a reported 3.54% year-on-year decline in gold consumption in the first half of 2025, and a significant 26% drop in gold jewelry consumption [5][6] Business Strategy - Chow Tai Fook is shifting towards a higher-margin "one-price" pricing model, which is becoming mainstream among jewelry brands due to the high cost of gold [6][7] - The company reported a 4.1% increase in retail value for the second quarter, with a 43.7% increase in retail value for the "one-price" gold product category [7] Store Management - As of September 30, 2025, Chow Tai Fook had 6041 retail points, with a net decrease of 296 stores in the third quarter due to the closure of underperforming locations [8] - The company aims to enhance store productivity and maintain market leadership while optimizing its retail network's financial health [8]

Core Viewpoint - Chow Tai Fook plans to raise retail prices of its gold products by 12%-18% at the end of October due to the continuous rise in gold prices, marking the second price increase this year [1][4] Group 1: Price Increases and Market Trends - The international gold price has surged significantly, reaching a historical high of over $4,380 per ounce on October 17, with a year-to-date increase of over 60% [1] - Domestic gold jewelry brands, including Chow Tai Fook, have seen prices for gold jewelry rise to 1,262 RMB per gram, up from approximately 800 RMB per gram at the beginning of 2025, an increase of over 400 RMB per gram [2] - Other brands like Lao Pu Gold and Chow Sang Sang have also announced price increases, with Chow Sang Sang's "one-price" gold jewelry increasing by 25%-35% [4] Group 2: Shift in Pricing Models - The "one-price" pricing model, which sets prices based on design and craftsmanship rather than weight, is becoming more prevalent among brands due to high gold prices [4][5] - Chow Tai Fook's share of "one-price" products has increased to 30%-40%, while other brands like Cai Hong Ji and Lao Feng Xiang have similar or higher proportions [5] Group 3: Sales Performance and Store Management - Chow Tai Fook reported a 4.1% increase in retail value for the second quarter, with "one-price" products seeing a 43.7% year-on-year growth [6] - Same-store sales in mainland China and Hong Kong/Macau have shown positive growth, with mainland same-store sales increasing by 7.6% [6] - The company closed 345 stores in the third quarter, focusing on improving store productivity and maintaining market leadership [7] Group 4: Market Response - As of the latest market data, Chow Tai Fook's stock price was reported at 16.38 HKD, reflecting a decrease of 0.85% [8]