证券研究报告 | 2024年04月15日 周大福（01929.HK） 买入 1-3 月零售额增长稳健，持续推进门店优化提效  公司研究·公司快评  商贸零售·专业连锁Ⅱ  投资评级：买入（维持评级） 证券分析师： 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码：S0980517070001 证券分析师： 柳旭 0755-81981311 liuxu1@guosen.com.cn 执证编码：S0980522120001 事项： 公司发布2024年1-3月未经审核的主要经营数据，整体零售值同比增长12.4%，其中中国（不含港澳台） 市场零售值同比增长12.4%，中国香港、中国澳门及其他市场同比增长12.8%，整体在去年一季度较高基 数下保持了稳健增长。 国信零售观点：1）同店方面，公司中国香港及中国澳门市场的同店销售继续增长态势，1-3月实现4.5% 的增长。中国（不含港澳台）市场同店销售同比下降2.7%，其中黄金首饰产品的同店销售增长3.4%，受 益龙年主题下黄金首饰及摆件的销售增长。2）开店方面，公司继续贯彻强化单店效益的规划，季内对低 效门店进行调整，净关店94 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook (01929.HK) [4] Core Views - The company achieved a 12.4% year-on-year growth in RSV for Q4 FY2024, meeting expectations, with strong performance in both mainland China and other markets [1] - The company is focusing on optimizing store quality and enhancing single-store operations while being cautious about new store openings [2] - Revenue for FY2024 is expected to grow by 15%, with a projected profit increase of around 25% [2] Summary by Sections Sales Performance - For the period of January to March 2024, the company's RSV grew by 12.4% year-on-year, with mainland RSV also increasing by 12.4% and Hong Kong, Macau, and other markets seeing a 12.8% growth [1] - In mainland China, the growth was supported by improved store efficiency and a slight net increase in store openings, with franchise stores showing an 18.3% increase in RSV [1] Store Operations - The company has slowed down its store opening pace, closing 89 stores in mainland China while opening 143 stores throughout FY2024 [2] - The focus is on optimizing the existing store structure and enhancing the performance of individual stores [2] Product Performance - Sales of gold jewelry showed a positive trend with a 3.4% increase in same-store sales, while sales of jewelry inlaid products faced pressure, declining by 19.5% [1] - The average price of gold products in mainland China increased by 10% year-on-year, contributing to the strong performance of gold jewelry [1] Financial Projections - The company expects FY2024 revenue to reach HKD 109.02 billion, with a year-on-year growth rate of 15.1% [3] - The projected net profit for FY2024 is HKD 6.743 billion, reflecting a 25.2% year-on-year increase [3] - The report adjusts the net profit forecasts for FY2024-2026 to HKD 67.43 billion, HKD 85.46 billion, and HKD 100.12 billion respectively [2]

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[周I Tnaf 大bol]e 福_Ti（tle] 1 929） [评Tab级le_：Inv est] 增持 当前价格（港元）： 11.36 黄金品类延续高景气，渠道聚焦提质增效 2024.04.14 海 ——周大福FY2024Q4 主要经营数据点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 苏颖(分析师) 52周内股价区间（港元） 10.30-16.08 当前股本（百万股） 9,988 公 021-38677706 021-38038344 当前市值（百万港元） 113,461 司 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 FY2024Q4经营业绩符合预期，门店渠道聚焦提质增效；受益金价上行提振，黄金品 周大福 恒生指数 香 类延续高景气。 4% 摘要： 港 -2% [T abl维e_S持um“m增ary持] ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In FY2024Q4, the company's retail sales in mainland China increased by 12.4% year-on-year, with retail sales in Hong Kong, Macau, and other regions growing by 12.8% [3] - Same-store sales in mainland China declined by 2.7% due to a high base effect from the previous year, while same-store sales in Hong Kong and Macau grew by 4.5% driven by the recovery of inbound tourism [3] - The demand for gold products remains strong, with gold jewelry and products contributing 84.8% of retail sales in mainland China during FY2024Q4 [3] - The company is focusing on improving the operational efficiency of its retail channels, closing 89 underperforming stores in mainland China while opening 143 new stores [3][4] - New franchise stores showed impressive performance, with retail sales in mainland China growing by 18.3% year-on-year, contributing 70.4% to mainland retail sales [4] - The profit forecast for the company has been adjusted downwards for FY2024-FY2026, with the latest closing price corresponding to a P/E ratio of 15/13/11 times for FY2024-FY2026 [4] Financial Summary - Total revenue (in million HKD) is projected to be 108,524 in FY2024, with a year-on-year growth of 14.22% [2] - Net profit attributable to the parent company is expected to reach 7,588 million HKD in FY2024, reflecting a significant year-on-year increase of 40.93% [2] - The latest diluted EPS is forecasted to be 0.76 HKD for FY2024, with a P/E ratio of 14.95 [2]

[Table_Title] 证券研究报告 周大福(1929.HK)FY2024Q4 点评：零售值增 公司研究 长符合预期，新店爬坡贡献度提升 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年4月13日 [T周ab大le福_S(to1c9k2A9n.dHRKan)k ] [Table_Summary] 投资评级 事件：公司发布FY2024Q4（截至2024.3.31的3个月）经营数据，集团零 售值增长12.4%。 上次评级 点评： [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 中国大陆春节销售表现亮眼，加盟新店贡献主要增长。中国大陆零售值同增 执业编号：S1500522110002 联系电话：15000310173 12.4%，贡献集团零售值的 88.6%，主要得益于：1）消费者对于黄金的持 邮 箱：liujiaren@cindasc.com 续偏好；2）公司成功的节庆促销&龙年新品；3）加盟新店的稳定爬坡&经营 提效，其中FY2024Q4直营同店（经营满2年门店）零售值同比下滑2.7%， 蔡昕妤 商贸零售分析师 同店销量同比下滑6.9%，加盟店零售 ...

纺织服饰/饰品 公 司 研 周大福（01929.HK） 战略聚焦经营质量提升，主动控制拓店进程 究 2024年04月13日 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（联系人） huangzepeng@kysec.cn luozheng@kysec.cn 日期 2024/4/12 证 书编号：S0790519110001 证书编号：S0790122040015 港 当前股价(港元) 11.360  事件：公司2024财年第四季度零售值同比+12.4% 股 一年最高最低(港元) 16.680/9.910 公司发布FY2024Q4经营数据：FY2024Q4实现零售值同比+12.4%。考虑公司提 公 司 总市值(亿港元) 1,134.61 升盈利能力见效，我们上调2024-2026财年盈利预测，预计2024-2026财年归母 信 流通市值(亿港元) 1,134.61 净利润为 76.49（+8.34）/89.55（+7.91）/100.49（+5.40）亿港元，对应 EPS 为 息 总股本(亿股) 99.88 0.77（+0.08）/0.90（+0.08）/1.01（+0.05）港元 ...

Financial Performance - Revenue for the first half of FY2024 increased by 6.4% year-on-year to HK$49,526 million, with a growth of 11.3% on a constant exchange rate basis[12]. - Core operating profit rose by 37.7% to HK$5,989 million, exceeding revenue growth, driven by optimized pricing strategies and operational efficiency[12]. - Profit attributable to shareholders increased to HK$4,551 million, a rise of 36.4% compared to HK$3,336 million in 2022[24]. - Earnings per share rose to HK$0.46, reflecting a 39.4% increase from HK$0.33 in 2022[24]. - Revenue for the six months ended September 30, 2023, was HK$49,526 million, representing a 6.4% increase from HK$46,535 million in 2022[24]. - Core operating profit for the same period was HK$5,989 million, up 37.8% from HK$4,349 million in 2022[24]. - The Group's profit attributable to shareholders increased by 36.4%, primarily due to the surge in gold prices and effective pricing strategy optimization[111]. - The Group's major operating profit increased by 37.7% year-on-year to HK$5,989 million, with a corresponding profit margin of 12.1%[112]. Profitability Metrics - Adjusted gross profit margin improved by 140 basis points year-on-year to 23.8%, while core operating profit margin expanded by 280 basis points to 12.1%[12]. - Gross profit margin for the period was 24.9%, slightly up from 23.6% in 2022[24]. - SG&A expenses decreased by 4.5% to HK$6,150 million, with the SG&A ratio improving by 140 basis points to 12.4%[125]. - The SG&A to revenue ratio significantly decreased by 730 basis points to 16.4%, with fixed costs accounting for approximately 65% of SG&A expenses[178]. - The SG&A ratio improved by 100 basis points to 11.5% for the period ended September 30, 2023[138]. Market Performance - Revenue in Hong Kong, Macau, and other markets surged by 57.7% during the period due to improved inbound tourism[12]. - Same-store sales growth (SSSG) in Hong Kong and Macau reached 59.6%, driven by both average selling price and volume increases[104]. - Retail sales value (RSV) in Hong Kong, Macau, and other markets surged by 58.5% during 1HFY2024, with average daily customer traffic increasing by 51.1% year-on-year[74][76]. - The number of retail points in Mainland China increased to 7,699, while Hong Kong saw a slight decrease to 67[27]. - Retail sales volume in Mainland China reached 10,724,000 units, while Hong Kong and Macau recorded 925,000 units sold[27]. Strategic Initiatives - The company is focusing on five strategic priorities: brand revamp, product optimisation, accelerated digitalisation, operational efficiency, and talent cultivation to enhance competitiveness[29]. - The brand revamp is progressing with the launch of new designs for the HUÁ Collection and the first-ever 360-degree global marketing campaign in 1HFY2024[12]. - A centralized marketing strategy was implemented in 1HFY2024 to promote consistent brand recognition and maximize the impact of global marketing efforts[49]. - The Group is focused on nurturing a people-first workplace culture and strengthening talent development as part of its strategic growth roadmap[45]. - The Group aims to enhance earnings quality and returns to equity and capital while focusing on five strategic priorities for sustainable growth[42]. Inventory and Cash Flow Management - Net cash from operating activities was HK$7,919 million, significantly higher than the negative cash flow of HK$905 million in 2022[26]. - Inventory turnover period was 312 days, consistent with the previous year, indicating stable inventory management[25]. - The company is managing cash flows and capital expenditure prudently due to a higher cost of capital, leading to a selective approach to new store openings[65]. E-commerce and Retail Trends - E-commerce contributed 4.6% to the RSV and about 11% in volume during the first half of FY2024[66]. - The average selling price (ASP) of gold jewellery and products increased to approximately HK$5,600 in 1HFY2024, up from HK$5,200 in 1HFY2023[134]. - The ASP of gem-set jewellery rose to about HK$8,100 in 1HFY2024, compared to HK$7,100 in 1HFY2023[134]. - Brick and mortar stores accounted for approximately 95% of the retail sales value (RSV) in the Mainland during 1HFY2024[157]. Cultural and Social Impact - The company is committed to preserving Chinese cultural heritage through partnerships with academic institutions and the introduction of new product designs[36]. - A social impact strategy has been formulated focusing on promoting Chinese culture, talent development, and enhancing family wellbeing[37]. Economic Outlook - The Group expects FY2024 to be a year of gradual recovery, supported by government initiatives to boost domestic consumption in the Mainland and Hong Kong[81][83]. - China's economy is showing steady recovery, supported by government policies aimed at boosting consumer spending and urbanisation[31].

Financial Performance - Revenue for the first half of FY2024 increased by 6.4% year-on-year to HK$49,526 million, with a growth of 11.3% on a constant exchange rate basis[13]. - Core operating profit rose by 37.7% to HK$5,989 million, exceeding revenue growth, driven by optimized pricing strategies and operational efficiency[13]. - Adjusted gross profit margin improved by 140 basis points year-on-year to 23.8%, while core operating profit margin expanded by 280 basis points to 12.1%[13]. - Profit attributable to shareholders for the period was HK$4,551 million, with earnings per share of HK$0.46[25]. - The Group's profit attributable to shareholders increased by 36.4%, primarily due to the surge in gold prices and effective pricing strategy optimization[112]. - The Group's major operating profit increased by 37.7% year-on-year to HK$5,989 million, with a corresponding profit margin of 12.1%[113]. - The SG&A expenses decreased by 4.5% to HK$6,150 million, with the SG&A ratio improving by 140 basis points to 12.4%[126]. - The overall retail value growth was 10.8% in 1HFY2024, with gold jewellery and products growing by 15.1%[155]. Store Operations and Expansion - As of September 30, 2023, there were 7,458 CHOW TAI FOOK JEWELLERY points of sale in Mainland China, focusing on enhancing store productivity and customer experience[13]. - The total number of Chow Tai Fook Jewellery stores increased to 7,458 as of September 30, 2023, with a net addition of 189 stores during the period[153]. - A total of 189 new Chow Tai Fook Jewellery points of sale (POS) were opened in Mainland China during 1HFY2024, with a gross opening of 333 stores and 144 closures[169]. - The company is reviewing its store segmentation strategy to enhance store productivity and customer experience[62]. - The number of retail points in Mainland China increased to 7,699, while Hong Kong saw a slight decrease to 67[28]. Market Trends and Consumer Behavior - Same-store sales growth (SSSG) in Mainland China was reported at (3.5)% for the latest period, while Hong Kong and Macau experienced a significant decline of (27.5)%[28]. - The return of Mainland tourists has significantly boosted store traffic, particularly in Hong Kong and Macau, contributing to business recovery[36]. - Retail sales volume in Mainland China reached 10,724,000 units, while Hong Kong and Macau recorded 925,000 units[28]. - Retail sales value (RSV) in Hong Kong, Macau, and other markets surged by 58.5% during 1HFY2024, with average daily customer traffic increasing by 51.1% year-on-year[75][76]. Product Development and Marketing - The brand revamp is progressing with the launch of new designs for the HUÁ Collection and the first-ever 360-degree global marketing campaign in 1HFY2024[13]. - The Group made notable progress in rationalizing its product portfolio and optimizing the product planning process, successfully launching new designs of the HUÁ Collection and the HEARTS ON FIRE brand's VELA Collection[47]. - A centralized marketing strategy was implemented in 1HFY2024 to promote consistent brand recognition, maximizing the impact of global marketing efforts[50]. - The HEARTS ON FIRE brand launched the VELA Collection during 1HFY2024, featuring signature cut diamonds[55]. Economic and Industry Context - China's economy is showing steady recovery, supported by government policies aimed at boosting consumer spending and urbanisation[32]. - The government’s focus on domestic consumption is expected to support retail and economic activity in Mainland China, Hong Kong, and Macau[82][84]. - The jewellery market in ASEAN countries is expected to benefit from increased tourism spending and robust local demand due to regional economic recovery[85]. Strategic Initiatives - The company is focusing on five strategic priorities: brand revamp, product optimisation, accelerated digitalisation, operational efficiency, and talent cultivation to enhance competitiveness[30]. - The Group aims to enhance earnings quality and returns to equity and capital while focusing on five strategic priorities to sustain growth[43]. - The Group is focused on nurturing a people-first workplace culture and strengthening talent development as part of its strategic growth roadmap[46]. Inventory and Cash Management - The inventory turnover period was 312 days as of September 30, 2023[26]. - The company reported a net cash from operating activities of HK$7,919 million for the six months ended September 30, 2023[27]. - The net assets per share as of September 30, 2023, were HK$2.7, with a net gearing ratio of 75.3%[26]. E-commerce and Digital Sales - E-commerce contributed 4.6% to the RSV and about 11% in volume during the first half of FY2024[67]. - The e-commerce business accounted for approximately 4.6% of retail sales value (RSV) in Mainland China, with an average selling price (ASP) increasing to HK$2,100 in 1HFY2024 from HK$1,800 in 1HFY2023[159].

Revenue Performance - Revenue for FY2023 declined by 4.3% year-on-year to HK$94,684 million, impacted by the pandemic in Mainland China, particularly in 3QFY2023[9] - Revenue for the year ended 31 March 2023 was HK$94,684 million, a decrease of 4.3% compared to HK$98,938 million in the previous year[29] - For FY2023, Chow Tai Fook's revenue decreased by 4.3% year-on-year to HK$94,684 million, and core operating profit fell by 5.6% to HK$9,439 million[42] - Revenue in Mainland China decreased by 6.1% to HK$81,623 million in FY2023, with a slight decline of 0.6% on a constant exchange rate basis[130] - Retail revenue in Hong Kong, Macau, and other markets increased by 14.3% in FY2023, driven by the recovery of business in Hong Kong[168] Profitability Metrics - Adjusted gross profit margin improved by 30 basis points to 23.7% during FY2023, while core operating profit margin remained stable at 10.0%[9] - Gross profit for the same period was HK$21,172 million, resulting in a gross profit margin of 22.4%[29] - Core operating profit was HK$9,439 million, with a core operating profit margin of 10.0%[29] - Profit attributable to shareholders was HK$5,384 million, with earnings per share of HK$0.54[29] - Profit attributable to shareholders decreased by 19.8% in FY2023, primarily due to a decline in core operating profit and increased unrealised losses on gold loans[90] Retail Network Expansion - As of March 31, 2023, the total number of CHOW TAI FOOK JEWELLERY POS in Mainland China reached 7,269, surpassing the target of 7,000 for FY2025[9] - The total number of retail points across all markets reached 7,655 as of March 31, 2023, an increase from 6,081 in the previous year[32] - The Group opened a net of 1,631 Chow Tai Fook Jewellery points of sale in Mainland China during FY2023, supported by franchisees[89] - Approximately 90% of the new retail points opened during the financial year were franchised, primarily located in shopping malls and street shops[159] Customer Engagement and Sales Growth - Same-store sales growth (SSSG) in Mainland China decreased by 13.1% for the year ended March 2023, compared to an increase of 11.1% in the previous year[32] - Same-store sales growth (SSSG) in Hong Kong & Macau was 18.3% for the year ended March 2023, compared to a decrease of 41.3% in the previous year[32] - The company aims to enhance store productivity of the existing retail network and deliver exceptional customer experience as part of its future growth plan[9] - Bridal jewellery demand surged with RSV growth exceeding 170% in Hong Kong and Macau in Q4 FY2023, reflecting pent-up consumer demand[68][70] Strategic Initiatives - The Group's strategic priorities include targeted brand positioning, product optimization, operational efficiency, talent cultivation, and accelerated digitalization[9] - The Group aims to enhance brand positioning and customer loyalty through a revamped loyalty program and centralised marketing strategies[84] - The Group is committed to optimising operational efficiency by strengthening franchise management and improving production efficiency[85] - A data-driven culture and digital transformation initiatives are being promoted to enhance business performance and customer experience[85] Market Conditions and Economic Outlook - Mainland China's GDP growth target for 2023 is around 5%, with signs of economic recovery supported by government investment and consumption stimulus measures[53] - The government’s supportive policies in Mainland China are expected to drive retail and economic activity, with a GDP growth target of around 5%[81] - The return of Mainland Chinese tourist spending is anticipated to further recover business in Hong Kong and Macau, benefiting from increased foot traffic[81] Awards and Recognition - The company received the "Best CEO" and "Best CFO" awards, ranking 1st in the Institutional Investor 2022 All-Asia Executive Team Rankings for Consumer/Discretionary category[33] - The company was recognized as the "Most Honored Company" in the same rankings, indicating strong investor relations performance[33] - The company won the "Best Annual Report" award at the HKIRA 8th Investor Relations Awards, highlighting its commitment to transparency and communication[33] - The company achieved a Silver Award for Overall Presentation in the International Annual Report Design Awards 2022, showcasing its excellence in reporting[34] Financial Position - The net gearing ratio as of March 31, 2023, was 27.6%, compared to 28.5% in the previous year[12] - Non-current assets as of 31 March 2023 totaled HK$10,074 million, while total assets were HK$87,341 million[30] - The net current assets were HK$26,245 million, with current liabilities of HK$51,022 million[30] - Operating cash flows before movements in working capital were HK$11,619 million for the year[31]

Revenue Performance - Revenue for FY2023 declined by 4.3% year-on-year to HK$94,684 million due to the impact of the pandemic in Mainland China, particularly in Q3 FY2023[10] - Revenue for the year ended March 31, 2023, was HK$66,661 million, an increase from HK$56,751 million in 2022, representing a growth of 19.5%[30] - The Group's revenue decreased by 4.3% to HK$94,684 million in FY2023, with Mainland China revenue down by 6.1% and accounting for 86.2% of total revenue[97] - Revenue in Mainland China decreased by 6.1% to HK$81,623 million, while on a constant exchange rate basis, revenue slightly declined by 0.6%[131] - Revenue from Hong Kong, Macau, and other markets increased by 8.8% for the financial year, benefiting from the reopening of borders and pent-up bridal demand[98] Profitability Metrics - Adjusted gross profit margin improved by 30 basis points to 23.7% during FY2023, while core operating profit margin remained stable at 10.0%[10] - Core operating profit for the year was HK$6,972 million, up from HK$5,687 million in the previous year, reflecting a growth of 22.6%[30] - Profit attributable to shareholders of the Company was HK$4,577 million, compared to HK$2,901 million in the previous year, representing an increase of 57.9%[30] - Profit attributable to shareholders decreased by 19.8% to HK$5,384 million, with earnings per share at HK$0.54[43] - The adjusted gross profit margin improved by 30 basis points to 23.7% in FY2023, driven by better margins on gold jewellery amid rising gold prices[121] Operational Efficiency - The Group's strategic priorities for FY2023 include targeted brand positioning, product optimization, operational efficiency, comprehensive talent cultivation, and accelerated digitalization[10] - The company plans to focus on attracting talent, promoting performance, and enhancing training and development programs in FY2024[76] - The company implemented a disciplined cost management strategy, with fixed expenses contributing approximately 50% to SG&A expenses in FY2023[128] - Operational efficiency will be enhanced through improved franchise management and streamlined raw material workflows[87] - The company advanced supply chain automation, enhancing efficiency and productivity through the latest technology in production lines, resulting in faster and more precise quality inspections[77] Market Expansion - As of March 31, 2023, the total number of CHOW TAI FOOK JEWELLERY POS in Mainland China reached 7,269, surpassing the target of 7,000 for FY2025[10] - The number of retail points in Mainland China increased to 7,519 in 2023, up from 5,943 in 2022, indicating market expansion[33] - The total number of retail points across all markets reached 7,655 in 2023, up from 6,081 in 2022, showcasing growth in distribution[33] - Chow Tai Fook opened 1,631 net new stores in FY2023, reaching a total of 7,269 POS in Mainland China, two years ahead of schedule[68] - The number of retail points for Chow Tai Fook Jewellery increased to 7,269 as of March 31, 2023, up from 5,638 in the previous year[149] Consumer Behavior - The number of repeat purchases by members in Mainland China was 32.3%, while in Hong Kong and Macau, it was 48.8%[29] - Same-store sales growth (SSSG) in Mainland China for 2023 was (13.1)%, compared to 11.1% in 2022, reflecting a downturn in performance[33] - Same-store sales growth (SSSG) in Hong Kong and Macau reached 96.5% in 4QFY2023, resulting in an annual SSSG of 18.3%[106] - Same-store sales in Hong Kong increased by 36.6% in FY2023, while Macau experienced a decline of 17.8% for the full year, although it returned to positive growth in 4Q[106] - Bridal jewelry RSV growth exceeded 170% in Hong Kong and Macau in Q4 FY2023, reflecting pent-up demand[71] Financial Stability - The net gearing ratio as of March 31, 2023, was 27.6%, down from 28.5% in 2022, indicating improved financial stability[31] - The full year dividend payout ratio, excluding special dividends, was 76.5%, compared to 82.7% in the previous year[30] - The company reported a net cash decrease of HK$ (2,421) million in 2023, contrasting with a net increase of HK$ 8,688 million in 2022[32] - For the year ended 31 March 2023, operating cash flows before movements in working capital were HK$ 11,619 million, a slight decrease from HK$ 11,984 million in 2022[32] - Net cash from operating activities for 2023 was HK$ 10,066 million, down from HK$ 13,938 million in 2022, indicating a significant decline[32] Strategic Focus - The Group aims to strengthen competitiveness and enhance earnings quality through proactive and responsive operational approaches[42] - The company emphasizes preserving and passing on the art of Chinese jewellery-making through training opportunities and academic research initiatives[48] - Chow Tai Fook is committed to responsible business practices to generate long-term, sustainable value for communities and the environment[49] - The Group's strategic focus includes quality expansion and building long-term business resilience amid ongoing macroeconomic uncertainties[41] - A focus on data-driven culture and digital transformation is set to optimize business performance and enhance customer experience across channels[86] Awards and Recognition - The company received multiple awards, including Best CEO and Best CFO, highlighting strong governance and investor relations[34] - The Central Government of Mainland China set a GDP growth target of around 5% for 2023, which is expected to positively impact retail and economic activity[44] - The Central Government of China set a GDP growth target of around 5% for 2023, indicating a recovery in the economy[54]