Zheng Quan Shi Bao·2025-11-25 18:28Core Insights - Chow Tai Fook's financial performance for the first half of the fiscal year 2026 shows resilience, driven by improved consumer sentiment and a recovery in jewelry consumption in key markets [1][2] - The company's revenue reached HKD 38.986 billion, with a gross profit margin maintained above 30%, supported by high-margin pricing jewelry and rising gold prices [1] - The company reported a slight increase in operating profit to HKD 6.823 billion, and a marginal rise in profit attributable to shareholders to HKD 2.534 billion [1] Group Performance - Same-store sales in mainland China and Hong Kong-Macau regions showed positive growth, indicating the effectiveness of the company's focus on optimizing store productivity [1][2] - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8%. In Hong Kong and Macau, same-store sales rose by 4.4%, driven by improved retail consumer sentiment [2] Product Highlights - The company's signature pricing product series achieved strong sales, totaling HKD 3.4 billion, with its contribution to retail value in mainland China rising from 27.4% to 31.8% [1] E-commerce and Marketing Strategy - Chow Tai Fook leveraged e-commerce to enhance customer interaction, contributing approximately 18% to online sales retail value, with a significant boost from live streaming and collaborations with popular IPs [2] - The company reported over 30% growth in e-commerce retail value during the recent Double Eleven shopping festival [2] Stock Performance - Chow Tai Fook's stock has performed strongly this year, doubling in value with a cumulative increase of over 120%, bringing its market capitalization to around HKD 150 billion [2] Gold Price Trends - The gold jewelry industry is influenced by high gold prices, with international gold prices fluctuating above USD 4,000 per ounce and domestic prices exceeding CNY 1,300 per gram [3]