截至月份: 2026年1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: 六福集團(國際)有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 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 | 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) | 00590 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | HKD | | 0.1 | HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 800,000,000 | HKD | | 0.1 | HKD | | 80,000,000 | 本月底法定/註冊股本總額： ...

在当前市场格局下，该行预计将出现两类显著的赢家，包括能够支持高溢价的高端零售商，以老铺黄金 (06181)为代表; 在香港和澳门拥有强大市场布局的零售商，自2025年11月黄金增值税上调以来，该些地 区的门店客流量显著增加。 智通财经APP获悉，中银国际发布研报称，将六福集团(00590)列为行业首选股，并将其目标价上调至 35.9港元。尽管近期金价波动较大，但该行预计今年首季黄金珠宝消费仍将保持强劲。股市带来的财富 效应叠加更为宽松的货币环境，将进一步推动消费者选择珠宝作为价值储存和投资的方式。 ...

Group 1 - The core viewpoint of the report is that Luk Fook Holdings (00590) has shown a strong start this year, continuing the growth momentum from the end of last year, and is expected to maintain a steady trajectory into 2026 [1] - The sales performance in Hong Kong and Macau stores has been robust, supported by favorable base figures and increased consumer spending from mainland tourists, despite the mainland market facing high base challenges [1] - Management is optimistic about the outlook for February this year, anticipating that the strong performance in gold jewelry consumption and the ongoing optimization of fixed-price products will contribute to a potential record high in gross margin in the second half of this year [1] Group 2 - Key favorable factors for the group include high gold prices, strong tourism demand, and a higher business proportion in Hong Kong and Macau compared to peers, which provides a pricing advantage [1] - In the medium to long term, optimizing store structure and accelerating expansion in Southeast Asia and Europe is expected to increase the contribution of overseas business from the current 9% to between 10% and 15% [1] - Earnings forecasts for this year and next year have been raised by 5% to 8%, with gross margin predictions adjusted upward by 0.5 and 0.25 percentage points to 35.1% and 35.6%, respectively, primarily due to strong gold demand and rising gold prices [1]

Core Viewpoint - The report from DBS indicates that Luk Fook Holdings (00590) has had a strong start this year, continuing the growth momentum from the end of last year, and is entering 2026 with a robust outlook [1] Group 1: Sales Performance - The sales performance in Hong Kong and Macau stores has been strong, supported by favorable base figures and increased consumer spending from mainland tourists [1] - Despite facing a high base in the mainland market, healthy demand is still being maintained [1] Group 2: Management Outlook - Management is optimistic about the outlook for February this year, driven by strong performance in gold jewelry consumption and ongoing optimization of fixed-price products [1] - The gross margin is expected to reach new highs in the second half of this year [1] Group 3: Investment Rating and Price Target - The rating for Luk Fook Holdings is set at "Buy," with the target price raised from HKD 33.87 to HKD 36.74 [1] Group 4: Key Growth Factors - Key positive factors for the group include high gold prices, strong tourism demand, and a higher business proportion in Hong Kong and Macau compared to peers, which provides pricing advantages [1] - In the medium to long term, store structure optimization and accelerated expansion in Southeast Asia and Europe are expected to increase the contribution of overseas business from the current 9% to between 10% and 15% [1] Group 5: Profit Forecast Adjustments - Earnings forecasts for this year and next year have been raised by 5% to 8% [1] - The gross margin forecasts for this year and next year have been adjusted upward by 0.5 and 0.25 percentage points, reaching 35.1% and 35.6% respectively, primarily based on strong gold demand and rising gold prices [1]

星展发表研报指，六福集团今年开局强劲，延续了去年底的增长势头，以稳健势头进入2026年。港澳门 市在有利基数及内地旅客消费增长支撑下，实现强劲销售业绩；虽然内地市场面临较高基数，但仍保持 健康需求。管理层预计，黄金首饰消费的良好表现和持续优化固定价格产品的支撑下，对今年2月前景 感乐观，预计今年下半年毛利率有望创新高。 考虑到今明两年盈利预测上调5%至8%，星展将六福目标价从33.87港元上调至36.74港元，评级"买 入"；又分别将今明两年毛利率预测上调0.5、0.25个百分点，至35.1%和35.6%，主要基于黄金需求强劲 及金价上涨。 ...

Summary of the Conference Call on Luk Fook Holdings Company Overview - **Company Name**: Luk Fook Holdings - **Industry**: Jewelry Retail - **Founded**: 1991 in Hong Kong - **Main Brand**: Luk Fook Jewelry - **Business Model**: High retail business proportion, with 83% of revenue from direct retail and e-commerce by FY2025 [1][2] Key Points and Arguments Financial Performance - **Stock Performance**: Luk Fook's stock price increased by 134% since the beginning of 2025 [4][13] - **Same-store Sales Growth**: Achieved 15% overall same-store sales growth in Q4 2025, with 16% growth in Hong Kong and overseas markets, and 7% in mainland China [4][15] - **Revenue Composition**: 60.5% of revenue from Hong Kong, Macau, and overseas markets, the highest among listed jewelry companies [2][3] Market Dynamics - **Consumer Trends**: The company benefits directly from the consumption recovery and gold buying trends, especially post-gold tax reform in November [2][3] - **Product Structure**: Over 80% of products are gold jewelry, with a growing proportion of fixed-price gold items now at 15-20%, contributing to higher gross margins [3][6] Strategic Initiatives - **Product Innovation**: Focus on product innovation with exclusive collections like the Ice Diamond series, contributing nearly 5% to revenue within a year [5][6] - **Channel Optimization**: Closing underperforming franchise stores while opening high-potential mid-to-high-end stores [6][7] - **International Expansion**: Established overseas presence since 2003, with 48 stores, particularly successful in North America, where store efficiency is four times that of mainland stores [7][8] Marketing and Branding - **Celebrity Endorsement**: Engaged actor Cheng Yi as a global ambassador in April 2025, effectively connecting with younger consumers aged 20-35, enhancing brand visibility and sales [9][10][11] - **Consumer Engagement**: The endorsement has led to increased consumer awareness and sales, with many purchases linked to Cheng Yi's influence [12] Additional Important Insights - **Valuation**: The company's valuation is relatively low at around 11 times earnings, making it attractive compared to peers [13][16] - **Future Outlook**: Anticipated strong performance in Q1 2026 due to favorable market conditions, including the upcoming Chinese New Year and a favorable exchange rate for purchases in Hong Kong [14][15] - **Dividend Policy**: The company maintains a solid dividend yield, currently around 4%, indicating a commitment to returning value to shareholders [16] Conclusion - **Investment Recommendation**: The company is recommended for investment based on its strong growth trajectory, innovative strategies, and favorable market conditions, making it a compelling choice in the jewelry sector [16]

Group 1 - The stock of Luk Fook Holdings (00590.HK) has increased by over 5%, specifically rising by 5.83% to reach HKD 31.96 [1] - The trading volume for Luk Fook Holdings amounted to HKD 81.7036 million [1]

Group 1 - The core viewpoint of the article highlights that Luk Fook Holdings (00590) has seen a significant stock price increase of over 5%, with a cumulative rise of more than 35% within the month, currently trading at HKD 31.96 with a transaction volume of HKD 81.70 million [1] - The company reported a same-store sales growth of 15% year-on-year for the third quarter of the fiscal year ending in December 2026, with mainland China showing a growth of 7% and markets outside mainland China growing by 16%, indicating an accelerating trend compared to the previous quarter [1] - CICC noted that the growth in the last quarter exceeded expectations, while Cinda Securities attributed the faster same-store sales growth outside mainland China to the price advantage of products in Hong Kong and Macau, concert events, and the appreciation of the Renminbi, which boosted sales and tourist flow from mainland China [1] Group 2 - Despite gold prices reaching new highs in December 2025, consumer adaptation to high gold prices has not significantly impacted sales, with expectations for better same-store sales performance from January 1 to January 7, 2026, compared to the third quarter [1]

Core Viewpoint - Luk Fook Holdings (00590) has seen a significant stock price increase of over 35% in the month, with a current rise of 5.83% to HKD 31.96, and a trading volume of HKD 81.70 million [1] Group 1: Sales Performance - For the third quarter of the fiscal year ending December 2026, the company's overall same-store sales increased by 15% year-on-year, with mainland China growing by 7% and markets outside mainland China growing by 16% [1] - The sales growth in markets outside mainland China is attributed to the price advantage of products in Hong Kong and Macau, concert events, and the appreciation of the Renminbi, which has boosted tourist flow and sales from mainland China [1] Group 2: Market Conditions - Despite gold prices reaching new highs in December 2025, consumer behavior has adapted to high gold prices, resulting in no significant impact on sales [1] - The company anticipates that overall same-store sales for the period from January 1 to January 7, 2026, will be better than those in the third quarter [1]

Core Viewpoint - Goldman Sachs released a report indicating that while gold prices are expected to rise, the sales resilience of Luk Fook Holdings (00590) needs to be observed, especially considering the high base during the Lunar New Year period. The firm maintains a "Neutral" rating with a target price of HKD 23 [1] Group 1: Sales Performance - For the third quarter of the fiscal year ending in 2026, same-store sales growth for Luk Fook's brand stores in mainland China reached 31% [1] - Same-store sales growth for self-operated stores in mainland China was 7%, which accelerated from the previous quarter's 7%, returning to pre-pandemic levels [1] - In the Hong Kong and Macau markets, same-store sales growth increased from 11% to 16% [1] Group 2: Market Context - Compared to the sales data released by the company in October and November of the previous year, Goldman Sachs believes that growth in the latter half of the last fiscal quarter has slowed, but remains in line with market expectations [1] - The report suggests that the growth was influenced by a gold rush in mainland China last October and the impact of new tax measures leading to an increase in gold prices [1]