智通财经APP讯，周大福(01929)公布截至2025年12月31日止三个月(第三季度)若干未经审核主要经营数 据，零售值同比增长17.8%，其中，中国内地零售值增长16.9%，中国香港、中国澳门及其他市场零售 值增长22.9%。在第三季度，公司观察到珠宝消费气氛逐步改善。期内，中国内地(内地)以及香港及澳 门的销售增长进一步加快。内地方面，直营店于季内的同店销售增长提升至21.4%，而加盟店的同店销 售增长则达到26.3%。若撇除钟表业务，期内直营店的同店销售增长25.6%。香港及澳门的同店销售同 比增长14.3%，其中香港上升10.1%，澳门则上升31.3%。 计价黄金首饰的同店平均售价(平均售价)于季内保持强劲。内地的平均售价上升至1.1万港元(2025财政 年度第三季度：7300港元)，香港及澳门的平均售价则上升至2.01万港元(2025财政年度第三季度：1.33 万港元)。 定价首饰的平均售价维持强劲。内地定价黄金首饰(包括黄金产品及珠宝镶嵌黄金产品)的平均售价升至 9,500港元(2025财政年度第三季度：5200港元)，而珠宝镶嵌首饰的平均售价则升至8900港元(2025财政 年度第三季度：80 ...

Core Viewpoint - Chow Tai Fook (01929.HK) reported a 17.8% year-on-year increase in retail value for the third quarter ending December 31, 2025, indicating a gradual improvement in jewelry consumption sentiment [1] Group 1: Sales Performance - The same-store sales growth for direct stores in mainland China reached 21.4%, while franchise stores achieved 26.3% growth during the same period [1] - Same-store sales in Hong Kong and Macau increased by 14.3%, with Hong Kong rising by 10.1% and Macau by 31.3% [1] Group 2: Average Selling Price - The average selling price of gold jewelry in mainland China rose to HKD 11,000, up from HKD 7,300 in the third quarter of the 2025 fiscal year [1] - In Hong Kong and Macau, the average selling price for gold jewelry increased to HKD 20,100, compared to HKD 13,300 in the same period of the previous fiscal year [1] - The average selling price for gold jewelry in mainland China reached HKD 9,500, up from HKD 5,200 in the previous fiscal year, while the average price for jewelry embedded with gold rose to HKD 8,900 from HKD 8,000 [2] - In Hong Kong and Macau, the average selling price for gold jewelry increased to HKD 8,300 from HKD 4,700, while the average price for jewelry embedded with gold was HKD 17,500, slightly down from HKD 18,700 [2]

（文章来源：第一财经） 周大福披露业绩，集团2025年第三季度零售增长17.8%，其中中国内地零售增长16.9%，同店销售增长 21.4%。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 CHOW TAI FOOK JEWELLERY GROUP LIMITED ক๔⺼⤍ᄣ䯳ᰶ䭽ڙथ 喍䪸ᰩ㓑ሣ㽨ڷ⮱⿸ᰶ䭽ڙथ喎 㗎ЪА㮌: 1929 截 至2025年12月31日 止 三 個 月 未 經 審 核 主 要 經 營 數 據 周 大 福 珠 寶 集 團 有 限 公 司（「本 公 司」）連 同 其 附 屬 公 司（「本 集 團」）謹 此 宣 佈 本 集 團 截 至2025年12月31日 止 三 個 月（「第 三 季 度」或「季 內」）若 干 未 經 審 核 主 要 經 營 數 據。本 公 告 所 載 的 未 經 審 核 主 要 經 營 數 據 應 與 本 公 司 的2025/2026中 期 報 告 一 併 閱 覽。 ...

Core Viewpoint - Chow Tai Fook Jewelry Group is expanding its international presence with the opening of a new flagship store in Bangkok's Siam Paragon, marking a significant step in its brand transformation and internationalization strategy [1] Group 1: Expansion Strategy - The company aims to have over 5,000 stores globally by December 31, 2025, with a market capitalization of approximately HKD 122 billion [1] - The international expansion strategy involves a dual approach of revitalizing existing markets and exploring high-potential new markets [1] - As of the first half of the 2026 fiscal year (April to September 2025), the company has around 60 retail points in international markets, with a nearly 17% year-on-year increase in retail sales in these markets, including duty-free operations in China [1] Group 2: Regional Developments - Chow Tai Fook entered the Southeast Asian market 15 years ago with its first store in Singapore and has since opened a new design store at Changi Airport in November 2025 [1] - The Bangkok store is part of the company's ongoing efforts to establish a new brand image in the region [1] - Plans are in place to enter the Australian market by the end of June 2026, open a new store in Canada, and expand into the Middle East within two years [1]

Core Insights - Chow Tai Fook Jewelry Group has opened a strategically significant new store in Siam Paragon, Bangkok, and appointed Chinese actor Yang Yang as its global brand ambassador [1] Group 1: Expansion Strategy - The company currently operates over 5,000 stores globally, emphasizing its commitment to enhancing its presence in premium luxury locations in international markets [1] - The opening of the Bangkok store is part of the brand's transformation strategy aimed at creating an exceptional retail experience as a key component of its international expansion [1] Group 2: Brand Positioning - The appointment of Yang Yang as the global brand ambassador is a crucial aspect of the company's strategic vision, aiming to shape a fashionable and elegant image for the Chinese luxury brand on the world stage [1] Group 3: Future Plans - Chow Tai Fook Jewelry has a long history of international expansion, having opened its first overseas store in Singapore 15 years ago, and plans to enter the Australian market by June 2026 and open a new store in Canada [1] - The company also aims to enter the Middle Eastern market within the next two years [1]

Core Insights - Chow Tai Fook has officially announced Yang Yang as its global brand ambassador, marking a significant step in its marketing strategy [1] - The company is set to open a strategically important new store in Siam Paragon, Bangkok, which represents its continued expansion into the Southeast Asian market [1] - This move follows Chow Tai Fook's previous overseas ventures, including its first store in Singapore 15 years ago and the upcoming opening of a new design store at Changi Airport in Singapore in November 2025 [1] Company Strategy - The appointment of Yang Yang as the brand ambassador aims to enhance brand visibility and connect with younger consumers [1] - The new store in Bangkok is part of a broader strategy to strengthen Chow Tai Fook's presence in key international markets [1] Market Expansion - The opening of the Bangkok store is a notable event in Chow Tai Fook's international expansion, following its historical entry into Southeast Asia [1] - The company is leveraging high-profile endorsements and strategic locations to capture market share in the competitive jewelry sector [1]

Core Insights - Chow Tai Fook Jewelry Group announced the opening of a strategically significant new store in Siam Paragon, Bangkok, on January 16, and appointed actor Yang Yang as the global brand ambassador [1][4] Company Expansion Strategy - Chow Tai Fook operates over 5,000 stores globally and has a market capitalization of approximately HKD 122 billion as of December 31, 2025 [1][4] - The company aims to enhance its international retail experience as a key part of its brand transformation strategy, emphasizing its commitment to becoming a leader in the global luxury goods sector [1][4] - The appointment of Yang Yang as the global brand ambassador is a crucial aspect of the company's strategic vision to shape a fashionable and elegant image for Chinese luxury brands on the world stage [1][4] International Market Development - Chow Tai Fook has a long history of international expansion, having opened its first overseas store in Singapore 15 years ago, marking its entry into the Southeast Asian market [1][4] - Following the opening of a newly designed store at Changi Airport in Singapore in November 2025, the Bangkok store is the next step in its international retail network expansion [1][4] - The company plans to enter the Australian market by June 2026 and open a new store in Canada, with intentions to enter the Middle Eastern market within two years [1][4]

Core Insights - The price of gold at Chow Tai Fook reached 1378 CNY per gram on January 5, marking an increase of 21 CNY compared to the beginning of the month, with a growth rate of 1.55% [1][2] Price Statistics - Daily price on January 5: 1378 CNY per gram [2] - Daily increase: 1.55% [2] - Highest price for the month: 1378 CNY per gram [2] - Lowest price for the month: 1357 CNY per gram [2] - Difference from highest price: 0 CNY [2] - Difference from lowest price: 21 CNY [2] - Average price for the month: 1361 CNY per gram [2]

Core Viewpoint - Citigroup initiates a 30-day upward catalyst observation for Chow Tai Fook (01929), anticipating strong operational performance for Q3 of FY2026 to be announced in January, along with an upward revision of same-store sales growth guidance [1] Group 1: Sales Performance - Following strong performances in October and November, Citigroup expects fixed-price gold product price increases to sustain ideal same-store sales growth in December [1] - The unexpected strong sales following the adjustment of the value-added tax policy is projected to positively impact the group's gross margin for the second half of FY2026 and the first half of FY2027 [1] Group 2: Financial Projections - Citigroup raises net profit forecasts for the group by 8%, 7%, and 6% for FY2026, FY2027, and FY2028 respectively [1] - After a stock price adjustment of over 20% in the past three months, the company is considered attractive with a projected price-to-earnings ratio of 12.8 times and a yield of 6.6% [1] Group 3: Rating and Target Price - Citigroup maintains a "Buy" rating and raises the target price from HKD 17 to HKD 18.2, reflecting the revised earnings forecast [1]