里昂此前指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长指引维持不 变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及营业利润率 分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市盈率12倍不 变；并预计周大福下一个旺季的销售表现对股价至关重要。 消息面上，周大福系内出现股权架构变动，据港交所披露权益信息显示，郑家纯家族旗下周大福资本将 所持周大福珠宝近54%股权，转让予一家由周大福企业和周大福资本分别持有65%和35%股权的子公司 Beyond Luck Limited持有。此次股权重组旨在强化周大福系资本结构，从而释放业务价值，周大福企业 将成为家族核心业务周大福珠宝、周大福创建及新世界的母公司。 智通财经APP获悉，周大福(01929)午后跌超4%，截至发稿，跌4.24%，报13.1港元，成交额2.72亿港 元。 ...

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 ...

周大福 黄金价格 铂金价格 金条价格 单位 2025年12月04日 1328 671 1165 元/克 2025年12月03日 1328 663 1165 元/克 金投网提示：以上报价仅供参考，据此交易，风险自担。 2025年12月04日，实物黄金周大福黄金报价1328元/克，相比上个交易日保持不变。铂金价格今天671 元/克，相比上个交易日上涨了8元/克。金条价格今日价格1165元/克，相比上个交易日保持不变。 附表： 美国总统特朗普提出，应针对合法移民增设一项限制条款，即在其入境后的最初五年内不得申请任何政 府资助。他认为，此举将有效阻止所谓"搭便车者"利用社会福利体系移民美国。 基本面： ...

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].

FY26H1（对应自然年25 年4 月-9 月）营收同比-1.1 %，其中中国内地、中国港澳及其他市场同比-2.6 %、+6.5%，系低基数+定价类产品表现较好。FY26H1 经营利润、归母净利润+0.7 %、+0 .1 %，主要系 费用管控良好，FY26H1 黄金对冲损失31 亿港币（FY2 6 H1 金价累计涨幅22.8%）。FY26H1 公司定价 首饰、计价首饰营收同比+9.3%、 -3.8%，营收占比29.6%/+2.7pct、65.2%/-2.2pct。故宫系列、传福及传 喜等标志性产品销售额34 亿港元/+48%。FY2 6 Q 2 期末中国内地门店数5663 家/净关店611 家。展望 FY26H2，管理层指引预计营收中单位数增长、OP Margin 和毛利率提升（假设金价维持在4000-4100 美 元/盎司震荡），1）10 月以来动销加速增长，预计旺季终端提速；2）金价提升下全年毛利率和经营利 润率提升、黄金借贷亏损亦将扩大；3）下半年净关门店放缓、一口价产品占比继续提升。 事件 机构：中信建投证券 研究员：叶乐/黄杨璐/刘乐文 公司发布FY26H1 业绩（自然年为25 年4 月-9 月）： ...

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]

周大福近期发布的截至2025年9月30日止6个月中期业绩显示，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%。周大福方面表示，集团对内地同店表现的 持续改善感到鼓舞，进一步印证门店优化的成效。内地直营零售点的同店销售上升2.6%。另外，按同 店计算，加盟零售点销售增长4.8%。期内，香港及澳门同店销售上升4.4%，主要由零售消费气氛回暖 及人流回升所推动。香港同店销售上升1.8%，澳门则增长13.7%。 周大福(01929)涨超3%，截至发稿，涨3.66%，报14.15港元，成交额1.83亿港元。 消息面上，里昂研报指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长 指引维持不变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及 营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市 盈率12倍不变；并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重要。 ...

智通财经APP获悉，周大福(01929)涨超3%，截至发稿，涨3.66%，报14.15港元，成交额1.83亿港元。 周大福近期发布的截至2025年9月30日止6个月中期业绩显示，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%。周大福方面表示，集团对内地同店表现的 持续改善感到鼓舞，进一步印证门店优化的成效。内地直营零售点的同店销售上升2.6%。另外，按同 店计算，加盟零售点销售增长4.8%。期内，香港及澳门同店销售上升4.4%，主要由零售消费气氛回暖 及人流回升所推动。香港同店销售上升1.8%，澳门则增长13.7%。 消息面上，里昂研报指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长 指引维持不变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及 营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市 盈率12倍不变；并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重要。 ...