点击注册小程序 查看完整报告 特别申明： 事件： FY2026H1收入/归母净利润同比-1.1%/+0.2%，FY2026Q2销售额增速转正 周大福发布截至2025年9月末的2026财年中期业绩。FY2026H1公司实现营业收入389.86亿港元，同比减少 1.1%，归母净利润25.34亿港元，同比增长0.2%，EPS为0.26港元，拟每股派发中期现金红利0.22港元，派息率 为85.7%。 分季度来看，FY2026Q1/Q2公司零售额分别同比-1.9%/+4.1%，中国内地分别-3.3%/+3.0%，港澳及其他市场分 别+7.8%/+11.4%。此外，公司公布2025年10月1日至11月18日主要经营数据，期间公司零售值同比增长 33.9%，其中，中国内地同比增长35.1%，港澳及其他市场同比增长26.5%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of TSL (谢瑞麟), which has seen a cumulative increase of 87.84% over the past month and 131.67% year-to-date, outperforming the Hang Seng Index by 25.45% [2] - As of March 31, 2025, TSL reported total revenue of 1.58 billion HKD, a year-on-year decrease of 35.5%, while the net profit attributable to shareholders was -182 million HKD, an increase of 47.15% [2] - TSL's gross margin stands at 34.08%, with a debt-to-asset ratio of 79% [2] Group 2 - TSL was founded in the 1960s by the legendary figure in Hong Kong's jewelry industry, Mr.谢瑞麟, and was listed on the Hong Kong Stock Exchange in 1987 [3] - The company aims to redefine luxury in the traditional jewelry world through unique personality, self-fulfillment, and excellent craftsmanship, offering a diverse range of high-end jewelry accessories [3] - TSL has received multiple service awards since 2000, reflecting its widely praised service culture [3]

Group 1 - The core viewpoint of the news highlights the recent performance of Zhou Li Fu (周六福) in the Hong Kong stock market, with a notable increase in stock price and trading volume [1] - Zhou Li Fu's total revenue for the year ending December 31, 2024, is reported at 5.718 billion yuan, reflecting a year-on-year growth of 11.04%, while the net profit attributable to shareholders is 706 million yuan, up 7.07% [1] - The company's gross profit margin stands at 25.86%, and its debt-to-asset ratio is 34.87% [1] Group 2 - Zhou Li Fu is a comprehensive fashion jewelry group that integrates research and development, production, chain sales, and brand operation, emphasizing its brand philosophy of "creating value and inheriting true love" [2] - The company adopts a development strategy centered on brand operation, supported by channel and product optimization, and has established a strong competitive advantage with a leading number of brand stores in the industry [2] - Currently, there are no institutional investment ratings available for Zhou Li Fu's stock [1]