报告指，六福集团2026上半财年收入68.43亿元，按年增长25.6%，毛利23.73亿元，按年增长33.2%，毛 利率34.7%，按年增长2个百分点；经营利润7.8亿元，按年增长45.4%，经营利润率11.4%，按年增长1.6 个百分点；净利润6.19亿元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55 元，分红率52%。 海通国际发表报告，首予六福集团(00590)"跑赢大市"评级。预测2026至2028财年净利润分别为 15.78 亿、18亿及19.77亿元，参考可比公司估值，给予2026财年市盈率15倍，目标价40.35元。 ...

海通国际发表报告，首予六福集团"跑赢大市"评级，参考可比公司估值，给予2026财年市盈率15倍，目 标价40.35港元，预测2026至2028财年净利润分别为 15.78亿、18亿及19.77亿港元。报告指，六福集团 2026上半财年收入68.43亿港元，按年增长25.6%，毛利23.73亿港元，按年增长33.2%，毛利率34.7%， 按年增长2个百分点；经营利润7.8亿港元，按年增长45.4%，经营利润率11.4%，按年增长1.6个百分 点；净利润6.19亿港元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55港 元，分红率52%。 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 40.35 HKD based on a 15x PE for FY2026 [5][13]. Core Insights - The company is experiencing improved same-store sales, particularly in Mainland China, and is accelerating its overseas expansion efforts [15]. - Rising gold prices and an increased share of priced jewelry are driving improvements in gross profit margin (GPM), which reached 34.7% in FY26H1, up 2.0 percentage points year-on-year [3][16]. - The company plans to open 20 new overseas stores in FY26 and aims to enter at least three new countries and add 50 overseas stores over the next three years [15]. Financial Summary - For FY26H1, total revenue was 6.84 billion HKD, a year-on-year increase of 25.6%, with gross profit of 2.37 billion HKD, up 33.2% [14]. - The net profit attributable to shareholders for FY26H1 was 619 million HKD, reflecting a 42.5% year-on-year increase, with a net profit margin of 8.8% [14]. - The company forecasts total revenue for FY2026 to be 15.56 billion HKD, with a projected net profit of 1.58 billion HKD [4][5].

Core Viewpoint - CICC maintains a "outperform industry" rating for Luk Fook Holdings (00590) with a target price of HKD 30.55, driven by strong growth in wholesale business in mainland China and an increase in the proportion of high-margin priced jewelry, leading to a historical high gross margin of 35% [1] Group 1: Performance Summary - For 1HFY26, the company's revenue increased by 26% year-on-year to HKD 6.8 billion, and net profit attributable to shareholders rose by 43% to HKD 620 million, aligning with market expectations [1] - The company declared an interim dividend of HKD 0.55 per share, corresponding to a payout ratio of 52% [1] Group 2: Growth in Wholesale Business - In 1HFY26, revenue from mainland China grew by 54% to HKD 3 billion, with wholesale business benefiting from a diverse product range and popular new products, resulting in a 203% increase [2] - Retail/brand business revenue in mainland China increased by 24% and 18% respectively, while the number of self-operated/brand stores in mainland China changed by +23/-202 [2] - Revenue from Hong Kong, Macau, and overseas markets grew by 10% to HKD 3.9 billion, with retail/wholesale/brand business revenues increasing by 9%/89%/4% respectively [2] Group 3: Gross Margin and Operating Leverage - The gross margin for 1HFY26 increased by 2.0 percentage points to 35%, primarily due to rising gold prices and a higher proportion of high-margin priced jewelry [3] - Operating leverage improved, with sales and management expense ratios decreasing by 1.5 percentage points and 0.8 percentage points respectively [3] - Other income was HKD 90 million, while gold hedging losses amounted to HKD 410 million, compared to HKD 230 million in 1HFY25 [3] Group 4: Expansion and Channel Optimization - The company is focused on expanding its overseas market, with management confident in achieving a net increase of 50 stores overseas ahead of schedule by FY27 [4] - In the context of rapid domestic business growth, the company continues to optimize its domestic channels, expecting to close 200 stores in mainland China by FY26 [4] - From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets all showed double-digit growth, with significant improvement in mainland China compared to 2QFY26 [4]

Core Viewpoint - CICC maintains a "outperform" rating for Luk Fook Holdings (00590) with a target price of HKD 30.55, driven by a 26% year-on-year revenue growth and a 43% increase in net profit attributable to shareholders, primarily due to strong growth in wholesale business in mainland China and an increase in the proportion of high-margin priced jewelry, pushing the gross margin to a historical high of 35% [1][2] Financial Performance - For the first half of FY26, the company's revenue increased by 26% to HKD 6.8 billion, and net profit attributable to shareholders rose by 43% to HKD 620 million, aligning with market expectations. The company declared an interim dividend of HKD 0.55 per share, corresponding to a payout ratio of 52% [2] Growth Drivers - The revenue growth in mainland China was particularly strong, with a 54% increase to HKD 3 billion, driven by a 203% increase in wholesale business revenue due to a rich product category and popular new products. Retail/brand business revenue grew by 24% and 18% respectively. During the period, the number of self-operated/brand stores in mainland China increased by 23 and decreased by 202 respectively. Revenue from Hong Kong, Macau, and overseas markets grew by 10% to HKD 3.9 billion, with retail/wholesale/brand business revenues increasing by 9%/89%/4% respectively [3] Margin Improvement - The gross margin increased by 2.0 percentage points to 35%, mainly due to rising gold prices and an increase in the proportion of high-margin priced jewelry. Operating leverage improved, with sales and management expense ratios decreasing by 1.5 percentage points and 0.8 percentage points respectively. Other income was HKD 90 million, while gold hedging losses amounted to HKD 410 million compared to HKD 230 million in 1HFY25 [4] Market Expansion and Channel Optimization - The company is actively expanding into overseas markets, with management confident in achieving a net increase of 50 stores overseas ahead of schedule by FY27 as part of a three-year plan from FY26 to FY28. Despite rapid growth in domestic business, the company continues to optimize its domestic channels, expecting to close 200 stores in mainland China in FY26. From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets all saw double-digit growth, with significant improvement in mainland same-store sales compared to Q2 FY26 [5]

每经AI快讯，六福集团(00590.HK)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49万 港元。 ...

受惠于金价上升及毛利率较高的定价首饰产品销售占比增加，本集团整体毛利率上升2.0个百分点至 34.7%的历史高位。营运杠杆效益带动经营溢利率提升1.6个百分点至11.4%，经营溢利因此上升45.4%至 7.8亿港元。 六福集团(00590)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49万港元。 消息面上，11月27日，六福集团发布截至2025年9月30日止6个月中期业绩，该集团取得收入68.43亿港 元，同比增加25.6%；权益持有人应占溢利6.19亿港元，同比增加42.5%；每股基本盈利1.05港元，拟派 中期股息为每股0.55港元。 ...

Core Viewpoint - Luk Fook Holdings (00590) experienced a stock price increase of over 6% following the release of its interim results, reflecting strong financial performance driven by rising gold prices and higher sales of high-margin jewelry products [1] Financial Performance - The company reported revenue of HKD 6.843 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.6% [1] - Profit attributable to equity holders reached HKD 619 million, marking a year-on-year increase of 42.5% [1] - Basic earnings per share were HKD 1.05, with an interim dividend proposed at HKD 0.55 per share [1] Margin and Profitability - The overall gross margin increased by 2.0 percentage points to a historical high of 34.7% due to the rise in gold prices and an increased proportion of high-margin jewelry sales [1] - Operating leverage effects contributed to an increase in operating profit margin by 1.6 percentage points to 11.4%, resulting in a 45.4% rise in operating profit to HKD 780 million [1]

Group 1 - The core viewpoint of the report indicates that the company's same-store sales are continuously improving, driven by the pricing of jewelry, and it has made its first entry into the Vietnamese market [1][2]. - The investment recommendation is to maintain a "Buy" rating, with projected net profits for the fiscal years 2026-2028 at 1.578 billion, 1.800 billion, and 1.977 billion HKD respectively, and a target price of 40.35 HKD based on a 15x PE for FY26 [1]. - For FY26H1, the company reported revenues of 6.843 billion HKD, a year-on-year increase of 25.6%, with a gross profit of 2.373 billion HKD, reflecting a 33.2% increase [1]. Group 2 - Same-store sales improved by 7.7% year-on-year in FY26H1, with jewelry pricing driving a 22.2% increase in same-store sales for priced jewelry [2]. - As of FY26H1, the total number of global stores was 3,113, with a net decrease of 174 stores, while the company plans to open 20 new stores overseas in FY26 and enter at least three new countries by FY28 [2]. - The gross profit margin for FY26H1 was 34.7%, up 2.0 percentage points year-on-year, benefiting from rising gold prices and an increased proportion of priced jewelry sales [3].

Core Viewpoint - Six福 Group reported strong financial performance for FY26H1, with revenue of HKD 6.84 billion, up 25.6% year-on-year, and net profit of HKD 600 million, up 44.1%, aligning with previous forecasts [1][2] Financial Performance - Revenue breakdown shows significant growth in pricing jewelry, with revenue from gold and platinum products at HKD 4.1 billion, up 11.0%, and pricing jewelry revenue at HKD 2.28 billion, up 67.9%, increasing its share of total sales by 8.8 percentage points to 35.7% [1][2] - Gross margin improved by 2.0 percentage points to 34.7%, reaching a historical high, driven by rising gold prices and operational leverage [2] - The net profit margin increased by 1.1 percentage points to 8.8% due to reduced selling and administrative expenses [2] Market Expansion and Store Strategy - The company operates a total of 3,113 stores globally, with a net closure of 174 stores in FY26H1, primarily in mainland China, while opening 8 new overseas stores, including its first in Vietnam [2] - The company plans to open at least 50 new overseas stores and enter at least 3 new countries from FY26 to FY28 [2] Profit Forecast and Valuation - The profit forecast for FY26-FY28 has been raised by 5%/6%/6% to HKD 1.548 billion, HKD 1.733 billion, and HKD 1.918 billion respectively, reflecting continued positive same-store sales [3] - The target price is set at HKD 35.1, corresponding to a 14 times PE for FY26, maintaining a "buy" rating [3]