港美股看台丨周大福第三财季零售值增长17.8%

Core Insights - Chow Tai Fook's retail value for the third fiscal quarter increased by 17.8% year-on-year, with accelerated sales growth in mainland China, Hong Kong, and Macau [1] Group 1: Sales Performance - Same-store sales growth in mainland China for direct stores reached 21.4%, while franchise stores saw a growth of 26.3%. Excluding watch business, direct store same-store sales growth was 25.6% [1] - Same-store sales in Hong Kong and Macau increased by 14.3%, with Hong Kong up by 10.1% and Macau up by 31.3% [1] Group 2: Pricing and Product Performance - The average selling price of gold jewelry in mainland China rose to HKD 11,000, up from HKD 7,300 in the same quarter of the previous fiscal year. In Hong Kong and Macau, the average selling price increased to HKD 20,100 from HKD 13,300 [2] - The average selling price of priced jewelry in mainland China rose to HKD 9,500 from HKD 5,200, while the average price for jewelry set with gold increased to HKD 8,900 from HKD 8,000 [2] - The retail value of priced jewelry grew by 59.6% year-on-year, contributing 40.1% to total retail value, up from 29.4% in the previous fiscal quarter [2] Group 3: E-commerce and Store Expansion - Chow Tai Fook's e-commerce retail value in mainland China increased by 25.3% year-on-year during the Double Eleven shopping festival, driven by enhanced customer interaction and successful IP collaborations [3] - The company opened 34 new retail points in mainland China while closing 264, resulting in a net closure of 230 retail points. In Hong Kong and Macau, 3 new retail points were opened [3] - The company plans to continue its international expansion strategy, focusing on revitalizing existing markets while entering high-potential new markets, with new stores set to launch before June 2026 [3]