Core Viewpoint - Chow Tai Fook's performance shows resilience with a recovery in same-store sales driven by improved consumer sentiment and a rebound in jewelry consumption in key markets [2][4]. Financial Performance - The group's revenue remained stable at HKD 38.986 billion, with a gross margin maintained above 30%, supported by high-margin jewelry pricing and rising gold prices [4]. - Operating profit reached HKD 6.823 billion, a year-on-year increase of 0.7%, while profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.1% [4]. Same-Store Sales Growth - Same-store sales in mainland China and Hong Kong & Macau showed positive growth, with mainland direct retail points increasing by 2.6% and franchise retail points growing by 4.8% [4]. - Hong Kong same-store sales rose by 1.8%, while Macau experienced a significant increase of 13.7% [4]. Product Highlights - The pricing strategy for signature products was a key highlight, with total sales of HKD 3.4 billion, and the contribution of priced jewelry to retail value in mainland China rising from 27.4% to 31.8% [4]. E-commerce Growth - E-commerce played a significant role in driving sales, contributing approximately 18% to online retail value, with a notable growth of over 30% during the Double Eleven shopping festival [5]. Stock Performance - Chow Tai Fook's stock has performed strongly this year, doubling in value with a cumulative increase of over 120%, bringing the company's market capitalization to around HKD 150 billion [6]. Gold Price Trends - Gold prices have shown high volatility, with international gold prices fluctuating above USD 4,000 per ounce, and domestic gold prices also maintaining levels above CNY 900 per gram, both reflecting over 50% year-to-date increases [9][10].
港美股看台｜周大福同店销售重拾增长 年内股价已翻倍
证券时报·2025-11-25 15:36