Core Viewpoint - The company reported strong growth in retail value and same-store sales for the period of October to December 2025, with overall retail value increasing by 26% year-on-year and same-store sales growing by 15%, indicating an acceleration compared to the previous quarter [1] Group 1: Regional Performance - Global markets performed well, with same-store sales growth of 15% in Hong Kong, 22% in Macau, and 11% overseas; same-store sales growth in mainland China was 7% for self-operated stores and 31% for franchise stores [1] Group 2: Product Structure - Pricing gold continued to lead performance, with same-store sales growth of 32% despite a high base; pricing gold accounted for 17% of the company's overall retail value; 18K gold diamonds showed improvement, with same-store sales stabilizing after a 10% decline in the previous quarter [1] Group 3: Store Expansion - The company closed a net of 40 stores during the quarter, a slowdown from the 49 stores closed in the previous quarter, ending with a total of 3,073 stores; overseas, the company opened 9 new stores, bringing the total overseas store count to 48 [1] Group 4: Future Outlook - The company is expected to continue its strong growth into early 2026, driven by product innovation, channel optimization, and accelerated overseas development; it aims to capture the jewelry consumption trend of "fashion + value preservation" with quality products and store services [2] - The company maintains projected net profits of HKD 1.501 billion, 1.787 billion, and 2.028 billion for the fiscal years 2026-2028, with corresponding P/E ratios of 10.7, 9, and 7.9, and maintains an "outperform" rating [2]
六福集团(00590.HK)：同店进一步加速增长 海外拓展顺利