【周大福（1929.HK）】经营利润率显著提升，同店跌幅进一步收窄——2025财年年报点评（姜浩/梁丹辉）

Core Viewpoint - The company reported a significant decline in revenue and profit for FY2025, indicating challenges in the market while also showing improvements in gross and operating profit margins due to strategic changes and product offerings [2][3]. Group 1: Financial Performance - For FY2025, the company achieved a revenue of HKD 89.656 billion, a decrease of 17.5% year-on-year [2]. - The profit attributable to shareholders was HKD 5.916 billion, reflecting a 9.0% decrease year-on-year when adjusted for fixed exchange rates [2]. - The comprehensive gross margin for FY2025 was 29.5%, an increase of 5.5 percentage points compared to the previous year, primarily driven by rising gold prices and an increase in the proportion of fixed-price products [3]. - The operating profit margin rose to 16.4%, up 4.0 percentage points year-on-year, despite an increase in sales and administrative expense ratio to 13.9% [3]. Group 2: Store Operations and Strategic Initiatives - As of March 31, 2025, the total number of stores decreased by 905 to 6,644, with a net reduction of 896 stores in mainland China [4]. - The company's transformation strategy showed early signs of success, with differentiated product lines like the "Chow Tai Fook Fortune" and "Chow Tai Fook Palace" series achieving retail values of approximately HKD 4 billion each [4]. - The company expanded its customer base through collaborations with popular IPs such as "Black Myth: Wukong" and "Chiikawa" [4]. - New concept stores were opened in major cities like Hong Kong, Shenzhen, Wuhan, Xi'an, and Shanghai, enhancing the consumer experience while closing underperforming locations [4].