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7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: 2025年8月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 50,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 9,864,944,600 | | 422,800 | | | 9,865,367,400 | | 增加 / 減少 (-) | | | | | | | | | | ...

一场突如其来的黄金暴跌席卷了中国市场，让金价如同自由落体般直线下坠，引发了市场恐慌与热议。 今日上金所开盘价暴跌5.17元/克，跌至766.41元/ 克，创下近期新低，与昨日高点相比，跌幅触目惊心。 与之形成鲜明对比的是，伦敦现货黄金仅小跌2.13美元/盎司，报3312.31美元/盎司，国际市场显得风 平浪静，这种国内金价独跌的怪象迅速刷爆朋友圈，引发大众广泛质疑。 实体金店更是冷清得如同鬼城。周大福、周生生等一线品牌坚守高价，周大福仍维持在998元/克，周生生则降价6元至994元，打出"惊喜大促销"的旗号。而 菜百和周六福则更为激进，直接将价格下调至978元/克，比周大福低出整整20元。 铂金市场更是价格混乱，老凤祥以470元/克的价格抛售库存，而周大福则 维持在569元/克的高价，两者价格相差高达99元，导购员们为争夺顾客而争论不休。 金店门口人流稀少，即使是结婚旺季也未能刺激消费。 此前金价大幅 上涨消耗了消费者的购买热情，如今价格下跌，消费者反而选择观望，捂紧钱包。 上周的数据显示，黄金消费量已跌至三个月来的新低，许多金店的日均 客流量更是腰斩。 回收市场也经历了同样的暴跌。纯金999的回收价已跌至7 ...

Investment Rating - The report maintains a guidance for low single-digit to mid-single-digit revenue growth for the full year [2][9]. Core Insights - Retail performance has shown steady improvement, with overall retail sales value (RSV) decreasing by 1.9% year-on-year in 1QFY26, driven by a 3.3% decline in mainland China and a 7.8% increase in Hong Kong and Macao [2][9]. - The management expects better performance in 2Q compared to 1Q, and better performance in the second half compared to the first half, leveraging the peak wedding season [2][9]. - The franchise channel has shown resilience, outperforming direct-operated stores, with same-store sales in mainland China decreasing by 3.3% year-on-year, while franchise stores remained flat [3][10]. - The proportion of high-margin products continues to expand, with direct sales same-store sales growth (SSSG) for gold products and jewelry inlaid products in mainland China at -1.4% and -2.2%, respectively, while in Hong Kong and Macao, they are +6.6% and +3.3% [4][11]. - E-commerce channels in mainland China saw a 27% year-on-year increase in RSV, contributing 7.6% to total RSV and 16.9% to sales volume, benefiting from strong demand driven by collaborations and promotional events [5][13]. Summary by Sections Retail Performance - The overall retail sales value (RSV) decreased by 1.9% year-on-year in 1QFY26, with a notable decline in mainland China and an increase in Hong Kong and Macao [2][9]. - Management noted that May was the best performing month, and sales continued to improve in July [2][9]. Franchise vs. Direct-Operated Stores - Franchise channels outperformed direct-operated stores, with same-store sales in mainland China showing a narrowing decline [3][10]. - The company closed a net 311 stores in mainland China, focusing on optimizing store performance [3][10]. Product Mix and Margins - The company is focusing on high-margin products, with expectations for the proportion of one-price gold product sales to increase from approximately 20% to 20-23% [4][11]. - Despite rising gold prices, the company expects a year-on-year decrease in gross profit margin (GPM) of 80-120 basis points, partially offset by product mix improvements [4][12]. E-commerce Growth - E-commerce channels are expanding rapidly, with a significant year-on-year increase in RSV, driven by strategic collaborations and marketing efforts [5][13].

Core Viewpoint - In FY26Q1, the group's retail value decreased by 1.9% year-on-year, with mainland China, Hong Kong, Macau, and other markets showing a decline of 3.3% and an increase of 7.8% respectively, benefiting from a low base effect and strong performance of pricing products [1][2] Group Performance - The retail value in mainland China decreased by 3.3%, while Hong Kong and Macau saw an increase of 7.8%, continuing to narrow the decline from FY25Q4's -10.4% and -20.7% [1][2] - Same-store sales in mainland China decreased by 3.3%, with a notable improvement in the decline rate compared to previous quarters [1][2] - E-commerce sales in mainland China increased by 27%, accounting for 7.6% of the company's mainland sales [1][2] Product Performance - Gold products continued to outperform embedded products, with pricing gold accounting for 19.8% of sales in FY26Q1 [2] - The launch of the "Chuanxi" series in April 2025 contributed to a cumulative sales exceeding 500 million HKD since its introduction [2] Store Management - The company closed 311 inefficient stores in FY26Q1, with a total of 6,113 stores at the end of the quarter [2] - The focus on high-end market positioning and the introduction of a new premium jewelry series "He Mei Dong Fang Timeless Harmony" were highlighted [2] Future Outlook - The management expects continued improvement in terminal performance, with a slight decline in operating profit margin and an increase in net profit margin [3] - Revenue forecasts for FY26-28 are adjusted to 93.79 billion, 98.69 billion, and 104.95 billion HKD, with corresponding net profits of 8.21 billion, 9.00 billion, and 9.91 billion HKD [3]

Core Viewpoint - Chow Tai Fook's retail sales for FY26Q1 showed a year-on-year decline of 1.9%, but a quarter-on-quarter increase of 9.7 percentage points, indicating a recovery in consumer sentiment and improved sales performance in high-priced gold products [1] Group 1: Sales Performance - The decline in same-store sales in mainland China narrowed to -3.3% due to the growth of priced products and a low base effect, with FY26Q1 same-store sales growth (SSSG) in mainland China and Hong Kong/Macau at -3.3% and +6.6% respectively [2] - Retail sales of gold jewelry and products in mainland China decreased by 3.6%, while the Hong Kong and other markets saw an increase of 11.4% [3] Group 2: Product and Pricing Strategy - The proportion of fixed-price products is steadily increasing, supporting the resilience of gross margins, with high-margin priced gold retail sales growing by 20.8% year-on-year [3] - The launch of the new "Chuanxi" series is expected to generate over 500 million HKD in retail sales, driving a growth rate of over 30% for gold embedded products [3] Group 3: Store Optimization - The company continues to optimize its store network, closing 347 stores and opening 40 in FY26Q1, resulting in a net reduction of 307 stores [4] - The existing stores are effectively absorbing the customer resources from closed stores, positively impacting the company's profitability [4] Group 4: Financial Forecast and Valuation - The company maintains its net profit forecasts for FY26-FY28 at 7.63 billion, 8.36 billion, and 9.23 billion HKD respectively, with a target price of 16 HKD based on a 21x PE ratio for FY26 [4]

Core Viewpoint - Chow Tai Fook's FY2026 Q1 performance shows a slight decline in revenue, but overall results are in line with expectations, driven by improvements in offline and e-commerce sales channels [1][2]. Group 1: Domestic Performance - The group's RSV in mainland China decreased by 3.3% year-on-year in FY2026 Q1, with offline same-store sales showing a narrowing decline due to low base effects and product optimization [1]. - Direct same-store sales in mainland China fell by 3.3%, while franchise same-store sales remained flat, indicating a gradual improvement in sales performance [1]. - The retail sales of gold products increased by 20.8% year-on-year, with the proportion of gold jewelry sales rising from 15.8% to 19.8% [1]. Group 2: E-commerce Growth - E-commerce sales in mainland China grew by 27% year-on-year during the same period, accounting for 7.6% of total sales and 16.9% of total volume, reflecting a 1.8 percentage point and 3.1 percentage point increase, respectively [2]. - The company capitalized on the 618 sales event to drive e-commerce growth, and ongoing improvements in e-commerce operations are expected to sustain this growth trajectory [2]. Group 3: Regional Performance - In FY2026 Q1, RSV in Hong Kong, Macau, and other regions increased by 7.8%, with notable growth in Macau driven by improved consumer conditions and increased tourist activity [2]. - Direct same-store sales in Hong Kong grew by 0.2%, while Macau saw a significant increase of 9.5% year-on-year [2]. Group 4: Financial Outlook - The company anticipates a 3% revenue growth for FY2026, with operating profit expected to decline by 2% [3]. - The expected operating profit for FY2026 is projected at HKD 14.4 billion, while net profit attributable to shareholders is forecasted to increase by 26% to HKD 7.45 billion [3]. - The company maintains a "buy" rating, with projected net profits for FY2026-2028 at HKD 74.54 billion, HKD 84.48 billion, and HKD 94.64 billion, respectively [3].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][5] Core Views - The company reported a 1.9% year-on-year decline in overall retail value for the period from April to June 2025, showing improvement compared to a 11.6% decline in the previous quarter [4][6] - In the Chinese market (excluding Hong Kong, Macau, and Taiwan), retail value decreased by 3.3%, while Hong Kong, Macau, and other markets saw a 7.8% increase [4][6] - Same-store sales in the Chinese market (excluding Hong Kong, Macau, and Taiwan) fell by 3.3%, a narrowing of 9.9 percentage points from the previous quarter, while same-store sales in Hong Kong, Macau, and other markets grew by 2.2%, a significant improvement from a 22.5% decline [4][6] - The company continues to focus on enhancing single-store efficiency, resulting in the closure of 307 underperforming stores, with a total of 6,337 stores remaining at the end of the quarter [4][9] Summary by Sections Retail Performance - The company experienced a notable improvement in same-store sales, particularly in high-margin priced products, with a 20.8% year-on-year increase in sales of priced gold products in the Chinese market (excluding Hong Kong, Macau, and Taiwan) [4][6] - The proportion of retail value from priced products increased from 15.8% in the same period last year to 19.8% this year [6] Product Development and Strategy - The company is investing further in research and design to strengthen its portfolio of high-margin priced products and is optimizing its store structure to boost single-store sales [5][11] - A new high-end jewelry series has been launched, designed with Eastern aesthetics, aiming to enhance the brand's influence in the global high-end jewelry market [6] Financial Forecast - The company forecasts net profits for the fiscal years 2026-2028 to be HKD 74.25 billion, HKD 84.14 billion, and HKD 93.28 billion, respectively, with corresponding P/E ratios of 17.7, 15.6, and 14.1 [5][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.00 [6][5]. Core Insights - The company's retail sales for FY26Q1 showed a year-on-year decline of 1.9%, but a quarter-on-quarter increase of 9.7 percentage points, indicating a recovery in consumer sentiment and improved sales performance in certain product categories [1][2]. - The same-store sales decline in mainland China narrowed to -3.3%, supported by the growth of priced products and a low base effect from the previous year [2][3]. - The company is focusing on optimizing its product mix and closing underperforming stores, which is expected to enhance operational efficiency and support a positive outlook for the company's fundamentals [1][4]. Summary by Sections Retail Performance - For FY26Q1, the company's retail sales in mainland China and Hong Kong/Macau showed a year-on-year decline of 3.3% and an increase of 7.8%, respectively [1][2]. - The same-store sales growth (SSSG) for mainland China was -3.3% year-on-year but improved by 2.2% quarter-on-quarter, while Hong Kong saw a growth of 0.2% year-on-year and 9.5% in Macau [2]. Product Mix and Margins - The proportion of fixed-price products is steadily increasing, which supports the resilience of the gross margin [3]. - Retail sales of high-margin priced gold products in mainland China increased by 20.8% year-on-year, contributing to the overall profitability of the company [3]. Store Optimization - The company continues to implement its channel optimization strategy, closing 347 stores while opening 40, resulting in a net reduction of 307 stores [4]. - The remaining stores are expected to effectively capture customers from closed locations, positively impacting profitability [4]. Profit Forecast and Valuation - The report forecasts the company's net profit attributable to shareholders for FY26, FY27, and FY28 to be HKD 76.3 billion, HKD 83.6 billion, and HKD 92.3 billion, respectively [5][10]. - The target price of HKD 16 corresponds to a price-to-earnings (PE) ratio of 21 times for FY26, reflecting the company's position as an industry leader with improving same-store sales and profitability [5][10].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is "Hold" based on the current performance and market conditions [1]. Core Insights - Chow Tai Fook's FY26Q1 retail value decreased by 1.9% year-on-year, with mainland China and Hong Kong/Macau retail values changing by -3.3% and +7.8% respectively [1]. - The same-store sales in mainland China fell by 3.3%, while Hong Kong and Macau saw an increase of 2.2% [1]. - The company is experiencing a recovery in same-store sales, particularly in the franchise segment, which performed better than direct stores [2]. - E-commerce sales showed significant growth, increasing by 27% and accounting for 7.6% of mainland China's retail value [2]. - The company closed 307 stores in FY26Q1, accelerating channel adjustments, with a total of 6,337 stores as of June 30, 2025 [3]. Financial Projections - Revenue projections for Chow Tai Fook are estimated at HKD 91.5 billion, 95.1 billion, and 99.8 billion for FY26, FY27, and FY28 respectively, reflecting growth rates of 2%, 4%, and 5% [3][5]. - The net profit attributable to the parent company is forecasted to be HKD 8.06 billion, 8.61 billion, and 9.31 billion for FY26, FY27, and FY28, with year-on-year growth rates of 36%, 7%, and 8% [3][5]. - The price-to-earnings (P/E) ratios based on the closing price on July 22, 2025, are projected to be 17, 16, and 15 for FY26, FY27, and FY28 respectively [3][5].

今日金市震荡：国内金价暴涨，国际金价跳水，投资风险与机遇并存 国内金价今日上演惊险一幕：回收价暴涨7元/克至768元/克（足金999），令不少市民跃跃欲试，准备出手家中闲置黄金饰品。然而，这波涨势背后暗藏玄 机，投资者需谨慎应对。 | 黄金种类 | 回收价格 | 黄金纯度 | 报价时间 | | --- | --- | --- | --- | | 黄金回收价格 | 768元 / 克 | 99.9%-99.999% | 2025 年 07 月 | | 22k 金回收价格 | 680元 / 克 | 91.6% | 2025 年 07 月 | | 18k 金回收价格 | 553元/克 | 75.0% | 2025 年 07 月 | | 14k 金回收价格 | 433元 / 克 | 58.5% | 2025 年 07 月 | | 999 铂金回收价格 | 303元 / 克 | 99.9% | 2025 年 07 月 | | 999 把金回收价格 | 254元/克 | 99.9% | 2025年07月 | 国内金价"独立行情"：今日上海期货交易所黄金期货价格报784.8元/克，现货价格则高达789元/克，两者价差达4.1 ...