Zhi Tong Cai Jing·2025-11-27 03:43Core Viewpoint - Chow Tai Fook (01929) experienced a decline of over 3%, with a current price of HKD 13.82 and a trading volume of HKD 218 million [1] Financial Performance - For the six months ending September 30, 2025, Chow Tai Fook reported a revenue of HKD 38.986 billion, a year-on-year decrease of 1.07% [1] - The company's profit attributable to shareholders was HKD 2.534 billion, reflecting a year-on-year increase of 0.16% [1] - The gross profit margin narrowed by 0.9 percentage points to 30.5% compared to the previous year [1] Market Expectations - Daiwa released a report indicating that Chow Tai Fook's revenue and net profit for the first half of the 2026 fiscal year were 2% to 3% lower than market expectations [1] - Despite this, Daiwa believes that the positive factors in the performance outweigh the negatives [1] - The company has increased its dividend payout ratio and per-share dividend, while also providing a conservative upward revision of its performance guidance for the second half of the 2026 fiscal year [1]