周大福近期发布的截至2025年9月30日止6个月中期业绩显示，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%。周大福方面表示，集团对内地同店表现的 持续改善感到鼓舞，进一步印证门店优化的成效。内地直营零售点的同店销售上升2.6%。另外，按同 店计算，加盟零售点销售增长4.8%。期内，香港及澳门同店销售上升4.4%，主要由零售消费气氛回暖 及人流回升所推动。香港同店销售上升1.8%，澳门则增长13.7%。 周大福(01929)涨超3%，截至发稿，涨3.66%，报14.15港元，成交额1.83亿港元。 消息面上，里昂研报指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长 指引维持不变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及 营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市 盈率12倍不变；并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重要。 ...

智通财经APP获悉，周大福(01929)涨超3%，截至发稿，涨3.66%，报14.15港元，成交额1.83亿港元。 周大福近期发布的截至2025年9月30日止6个月中期业绩显示，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%。周大福方面表示，集团对内地同店表现的 持续改善感到鼓舞，进一步印证门店优化的成效。内地直营零售点的同店销售上升2.6%。另外，按同 店计算，加盟零售点销售增长4.8%。期内，香港及澳门同店销售上升4.4%，主要由零售消费气氛回暖 及人流回升所推动。香港同店销售上升1.8%，澳门则增长13.7%。 消息面上，里昂研报指出，周大福2026财年上半财年销售额和利润略低于市场共识，但同店销售额增长 指引维持不变，且盈利能力指引被上调；预测2026财年销售额及净利润同比增长3%、40%，毛利率及 营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维持12个月前瞻市 盈率12倍不变；并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重要。 ...

该行又将周大福2026至2028财年预测销售额、净利润预测分别上调1%至2%、8%，以反映指引上调及中 期前景的改善;并认为在金价持续上涨及中国内地竞争激烈的风险下，为周大福的同店销售增长前景蒙 上阴影。 智通财经APP获悉，里昂发布研报称，周大福(01929)2026财年上半财年销售额和利润略低于市场共识， 但同店销售额增长指引维持不变，且盈利能力指引被上调;预测2026财年销售额及净利润同比增长3%、 40%，毛利率及营业利润率分别为30.6%、18%。里昂将周大福12个月目标价从12港元升至13港元，维 持12个月前瞻市盈率12倍不变;并预计周大福下一个旺季(新年、春节和情人节)的销售表现对股价至关重 要。 ...

Core Viewpoint - The stock of Lao Pu Gold (06181) has seen a significant increase, with a rise of over 6% in early trading, currently up by 5.28% at 708 HKD, with a trading volume of 324 million HKD. Citigroup's report indicates a strong sales growth forecast for the company during the November promotional period, suggesting positive demand trends for the upcoming Lunar New Year [1]. Group 1 - Citigroup's investigation at the SKP shopping center suggests that Lao Pu Gold's same-store sales growth rate is expected to exceed 200% during the November promotional period, similar to performance in August and the first half of the year [1]. - The report indicates that there is further growth potential for the same-store sales growth rate of Lao Pu Gold [1]. - Citigroup projects that Lao Pu Gold's sales at SKP will reach 5 billion HKD by 2025, with an additional 8% increase expected in 2026, primarily driven by an increase in average transaction value [1]. Group 2 - Citigroup has assigned a "Buy" rating to Lao Pu Gold, setting a target price of 1,119 HKD based on a projected price-to-earnings ratio of 36 times for 2025, corresponding to a 26.4 times price-to-earnings ratio for 2026 [1]. - Despite the significant cumulative increase in the stock price since its listing in June 2024, Citigroup believes that strong fundamentals will support further upward valuation [1].

该行予老铺"买入"评级，并基于2025年预测36倍市盈率，予目标价1119港元，以对应预测2026年26.4倍 市盈率。尽管该股自2024年6月首次公开募股以来，股价已大幅上涨，但花旗认为其强劲的基本面将支 持其估值进一步上升。 花旗发表研报指，根据其对老铺黄金在SKP购物中心门市调查，预计其11月促销期间的同店销售增长率 超过200%，与今年8月及上半年表现相似，并相信这持续的增长动能，可预示明年农历新年期间的需求 看好，亦认为老铺的同店销售增长率尚有进一步增长空间。花旗又预计，老铺今年在SKP的销售额将达 到50亿元，2026年销售额将增长8%至11%，主要受惠于客单价的提升。 ...

管理层上调明年3月底止2026财年全年毛利率指引，至介乎31%至32%，意味同比升1.5至2.5个百分点， 原先料同比降0.8至1.2个百分点，因金价上升及定价产品销售占比增加。管理层并上调经营利润率指引 至介乎18%至19%，意味同比升1.6至2.6个百分点，原先料同比降0.6至1个百分点。 美银证券发布研报称，将周大福(01929)目标价由原先17.5港元微升至17.6港元，相当于预测2027财年市 盈率20倍;重申"买入"评级，理由是同店销售增长的持续改善可能支撑估值重评。 周大福9月底止2026财年上半财年净利润为25亿元，同比大致持平，符合该行预期;收入390亿元，同比 下降1%，较该行预期低3%;上半财年毛利率为30.5%，低于该行预期的31.3%，但被销售、管理及行政 费用比率(SG&A ratio)降至14%所部分抵消，并低于该行预期的15.3%。 该行指，鉴于10月至11月中旬销售趋势、利润率指引优于预期后，将周大福2026、2027财年净利润预测 分别上调6%及1%，至分别87亿及88亿元。美银证券认为，周大福管理层对同店销售增长指引略为保 守，认为指引有上行空间;又相信同店销售增长下滑的 ...

Core Viewpoint - Bank of America Securities reports that Chow Tai Fook's net profit for the first half of the fiscal year ending September 2026 is HKD 2.5 billion, remaining stable year-on-year and in line with expectations [1] Financial Performance - Revenue for the period is HKD 39 billion, a year-on-year decline of 1%, which is 3% lower than the bank's expectations [1] - Gross margin stands at 30.5%, below the expected 31.3%, but partially offset by a reduction in the selling, general and administrative (SG&A) ratio to 14%, which is lower than the anticipated 15.3% [1] Management Guidance - Management has raised the gross margin guidance for the full fiscal year ending March 2026 to between 31% and 32%, citing rising gold prices and an increase in the proportion of sales from priced products [1] Profit Forecast Adjustments - Following the sales trends from October to mid-November and the better-than-expected profit margin guidance, the bank has raised its net profit forecasts for Chow Tai Fook for fiscal years 2026 and 2027 by 6% and 1%, respectively, to HKD 8.7 billion and HKD 8.8 billion [1] Target Price and Rating - The target price has been slightly increased from HKD 17.5 to HKD 17.6, with a reiterated "Buy" rating, based on the continuous improvement in same-store sales growth which may support a valuation re-rating [1] Sales Growth Outlook - The bank notes that management's guidance on same-store sales growth is somewhat conservative, indicating potential upside; it believes that the worst period of decline in same-store sales growth has passed, and initiatives to drive business transformation may support profit recovery [1]

Core Insights - The report highlights that MINISO's Q3 2025 revenue reached 5.797 billion, a year-on-year increase of 28.2%, exceeding the company's previous guidance of 25%-28% [7] - Adjusted net profit for Q3 2025 was 767 million, reflecting a year-on-year growth of 11.7% [7] - For the first three quarters of 2025, MINISO achieved a total revenue of 15.190 billion, up 23.7%, and an adjusted net profit of 2.045 billion, a 6.1% increase [7] Market Performance - Domestic same-store sales growth accelerated in Q3 2025, with October showing further improvement to low double digits [7] - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of the quarter [7] - Internationally, MINISO's revenue for the first three quarters of 2025 was 5.846 billion, a 28.7% increase, with same-store sales turning positive in Q3 [7][8] Financial Metrics - The gross margin for the first three quarters of 2025 was 44.4%, a slight increase of 0.3 percentage points year-on-year [8] - Operating cash flow for Q3 2025 was 1.230 billion, with a ratio of operating cash flow to adjusted net profit of 1.7, indicating strong profitability [8] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [8] Future Projections - The report forecasts MINISO's revenue for 2025-2027 to be 21.216 billion, 25.799 billion, and 30.633 billion respectively, with net profits of 2.400 billion, 3.398 billion, and 4.160 billion [9] - The projected price-to-earnings ratios for 2025-2027 are 18.4, 13.0, and 10.6 respectively, maintaining a "Buy-A" rating [9]

Core Viewpoint - Yum China has effectively navigated macroeconomic challenges, achieving a significant recovery in same-store sales (SSS) for KFC and Pizza Hut, with KFC and Pizza Hut's SSS recovery at 88% compared to 2019, outperforming the industry average of 70% [1] Group 1: Company Performance - The company anticipates a mid- to high-single-digit compound annual growth rate (CAGR) for system sales during FY26E-28E, with KFC targeting mid- to high-single-digit and Pizza Hut aiming for high single-digit growth [3] - Yum China expects restaurant operating margins to improve from 15.7% in FY24 to 16.2%-16.3% in FY25E, and to 16.7% or above in FY28E, with KFC's margin remaining stable at around 17.3% [3][7] - The company plans to maintain a capital expenditure of approximately US$ 600 million to 700 million annually during FY26E-28E, despite accelerating store expansion [3] Group 2: Shareholder Returns - Yum China is committed to returning at least US$ 1.5 billion in cash to shareholders in FY26E, with expectations of increasing dividends and distributing 100% of free cash flow from FY27E onwards [4] - The effective cash return for FY27E-28E is projected to be between US$ 1.65 billion and 1.89 billion, exceeding the guaranteed US$ 1.5 billion in FY26E [4] Group 3: Strategic Initiatives - The company will focus on enhancing value-for-money offerings and core products while executing the RGM 3.0 strategy to improve efficiency across various operational aspects [2] - KFC's growth strategy includes product innovation, enhancing value-for-money, and expanding store formats, targeting a store count of 20,000 by FY26E and 30,000 by FY30E [6][8] - Pizza Hut aims for a high-single-digit system sales CAGR and plans to increase its store count to approximately 6,000 by FY28E, with a focus on production innovation and improving value-for-money [7][8]

Core Viewpoint - The company reported strong revenue growth and maintained double-digit adjusted net profit growth in Q3 2025, exceeding previous guidance Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 5.797 billion, a year-on-year increase of 28.2% [1] - For the first three quarters of 2025, the company reported revenue of 15.190 billion, up 23.7% year-on-year [1] - Adjusted net profit for Q3 2025 was 767 million, reflecting an 11.7% year-on-year growth [1] - The adjusted net profit margin for Q3 2025 was 13.2%, down 2.0 percentage points year-on-year [1] - The company’s gross margin for the first three quarters of 2025 was 44.4%, an increase of 0.3 percentage points year-on-year [4] Group 2: Business Segments - Domestic revenue for MINISO in the first three quarters of 2025 was 8.024 billion, a 14.1% year-on-year increase, with same-store sales growth in Q3 showing high single digits [2] - Overseas revenue for MINISO reached 5.846 billion in the first three quarters of 2025, up 28.7% year-on-year, with same-store sales turning positive in Q3 [2] - TOP TOY achieved revenue of 1.317 billion in the first three quarters of 2025, a significant growth of 87.9% year-on-year [3] Group 3: Operational Metrics - The company opened 102 new stores in Q3 2025, bringing the total domestic store count to 4,407 by the end of Q3 [2] - The overseas store count reached 3,424 by the end of Q3 2025, with a net increase of 306 stores since the beginning of the year [2] - The company maintained healthy operating cash flow, with a net cash flow from operating activities of 1.230 billion in Q3 2025 [4]