周六福今起招股：获约5.73亿港元基石认购，IPO估值超102亿港元

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. is set to go public with an IPO, aiming to raise approximately HKD 1.123 billion, and is recognized as the fastest-growing jewelry brand in China to reach 4,000 stores [2][4][5]. Group 1: IPO Details - Zhou Liufu plans to issue 46,808,000 H-shares, with 4,680,800 shares available for public sale in Hong Kong and 42,127,200 shares for international sale [3]. - The IPO is priced at HKD 24 per share, leading to a market valuation of HKD 10.213 billion [4]. - The company has secured eight cornerstone investors, collectively subscribing approximately HKD 573 million [4][5]. Group 2: Company Overview - Established in 2004, Zhou Liufu integrates jewelry product development, procurement, franchising, and brand operation [5]. - As of December 31, 2024, Zhou Liufu operates 4,129 stores across 31 provinces and municipalities in China, including four overseas franchises [5][6]. - The company ranks fifth among Chinese jewelry brands based on store count and third in southern China [6]. Group 3: Market Strategy - Zhou Liufu has strategically expanded into third-tier and lower-tier cities while also establishing a presence in first and second-tier city suburbs [6]. - The company benefits from its headquarters in Shenzhen, a key hub for the jewelry industry, focusing on gold jewelry products [6]. Group 4: Online Sales Growth - From 2022 to 2024, Zhou Liufu's online sales revenue grew at a compound annual growth rate (CAGR) of 46.1%, accounting for 40% of total revenue in 2024 [6]. - The company ranks second among national jewelry enterprises in terms of online sales growth and first in the proportion of online sales to total revenue [6]. Group 5: Financial Performance - Zhou Liufu's revenue for 2022, 2023, and 2024 was HKD 3.102 billion, HKD 5.150 billion, and HKD 5.718 billion, respectively, with a CAGR of 35.8% [7]. - The net profit for the same period was HKD 575 million, HKD 660 million, and HKD 706 million, with a CAGR of 10.8% [8]. Group 6: Use of IPO Proceeds - The net proceeds from the IPO will primarily be used to expand and strengthen the sales network, enhance brand awareness, improve product supply, and support general corporate purposes [9].