周大福转型初见成效，2026财年盈利向好

Overall Performance - Chow Tai Fook Jewelry Group's total revenue for the fiscal year 2025 (April 2024 to March 2025) was HKD 89.6 billion, a year-on-year decrease of 17.5% [2] - For the period from April to September 2025, total revenue reached HKD 39 billion, showing a smaller decline of 1.1% compared to the previous year [2][25] - The group maintained a net profit margin of 6.6%, with net profit remaining stable year-on-year [6][30] Financial Health - The group experienced significant fluctuations in cash flow, with operating cash flow showing a net outflow of HKD 29.5 billion [12][37] - The increase in financing cash flow was attributed to strategic transformation and risk defense preparations [41] - As of September 2025, total assets amounted to HKD 76.5 billion, with inventory accounting for 72.4% of current assets [14][40] Main Business - The sales of priced jewelry in the mainland market increased by 16% year-on-year, with priced gold jewelry making up 66% of sales [16][42] - The average selling price of priced gold jewelry rose to HKD 6,300, an increase of 18.9% year-on-year [44] - Cultural IP products generated total sales of HKD 3.4 billion, reflecting a year-on-year growth of 48% [44] Development Trends - The company opened 57 new stores in the first half of the fiscal year 2026, achieving an average monthly sales of over HKD 1.3 million, a 72% increase [45] - The retail value in first and second-tier cities increased by 9.4 percentage points to 64.7%, while third and fourth-tier cities saw a decline [45] - The mainland market remains the largest revenue source, with a revenue of HKD 32.2 billion, down 2.5% year-on-year, but showing signs of recovery in same-store sales [19][46]