周大福：前三季度中国内地零售值增长3%

Core Insights - Chow Tai Fook (1929.HK) reported a 3% growth in retail value for the first three quarters, with mainland China contributing 86.9% of the total retail value [2] Group 1: Retail Performance - The retail value of priced gold products showed a strong momentum, with a year-on-year growth of 43.7% during the quarter [2] - Retail value for jewelry, platinum, and K-gold jewelry increased by 10.0%, with jade jewelry sales more than doubling [2] - The contribution of jewelry, platinum, and K-gold jewelry to retail value rose to 15.3% in the quarter, up from 14.4% in the second quarter of FY2025, while gold jewelry and products contributed 80.8%, down from 81.4% [2] - Overall, the retail contribution of priced products increased to 29.9% in the quarter, compared to 24.8% in the second quarter of FY2025 [2] Group 2: E-commerce Performance - The retail value from e-commerce in mainland China maintained strong momentum, increasing by 28.1% year-on-year during the quarter [2] - E-commerce contributed 6.7% to the retail value in mainland China and accounted for 15.5% of total sales [2]