通过严格采购和回收老化库存，FY25公司库存余额同比-14%至554亿港元，但由于计重黄金产品及宝石 首饰销售相对疲弱，库存周转天数同比增加73天，FY25经营活动现金流同比-25%至103亿港元。 金价快速上涨影响收入，年内调整内地渠道数量优化门店结构 在FY25黄金价格上涨超过40%的背景下，公司收入同比-17.5%，但下半财年同比跌幅-15%好于上半财 年的跌幅-20%。年内公司持续推进品牌转型，一方面在中国内地和中国香港开设5家新形象店、提升购 物体验;另一方面关闭中国内地店效较低的门店，门店经营质量得到优化，店效的改善也缓解了关店对 收入带来的影响，FY25中国内地同店下滑19%、门店数量同比减少12%至6,501家，但全年内地收入仅 下滑17%。港澳及其他地区FY25收入同比-21%，其中同店下滑26%，门店同比净增1家。产品方面，周 大福在FY25财年内推出的传福系列、故宫系列零售额均超过40亿港元，反映公司出色的产品创新开发 能力，并推动毛利率提升。 毛利率受益于金价上涨和一口价占比提升，叠加良好的费用控制，FY25经营利润率同比大增4.1ppt FY25公司毛利率同增5.6ppt好于预期，其 ...

事件： 公司发布了2024 年年度报告和2025 年第一季度报告，2024 年公司分别实现营收和归母净利润264.97 亿 元和9.15 亿元，分别同比增长8.01%和同比下降21.58%。2025Q1 公司分别实现营收和归母净利润69.56 亿元和4.60 亿元，分别同比增长3.02%和15.45%。 得益于降本增效和成熟门店稳健盈利，2025Q1 公司业绩重回稳增长： 投资建议： 我们预计公司2025 年-2027 年的归母净利润分别为10.63 亿元、11.97 亿元、13.49 亿元，分别同比增长 16.2%、12.7%、12.7%；2025年给予公司当期PE 25 倍，预计公司2025 年EPS 为0.93 元/股，对应6 个月 目标价为23.25 元/股，给予买入-A 的投资评级。 风险提示：门店扩张不及预期、门店盈利不及预期、药品降价大于预期、处方外流不及预期等。 2025Q1 公司分别实现营收和归母净利润69.56 亿元和4.60 亿元，分别同比增长3.02%和15.45%。其中， 中西成药、中参药材、非药品分别实现营收53.24 亿元（+5.80%）、7.14 亿元（-9.38%）、7.09 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 26.497 billion yuan in 2024, representing an 8.01% year-on-year increase, while the net profit attributable to shareholders was 914.76 million yuan, a decrease of 21.58% year-on-year. The first quarter of 2025 saw a revenue of 6.956 billion yuan, up 3.02% year-on-year, and a net profit of 460 million yuan, an increase of 15.45% year-on-year, exceeding expectations [8] - The company has optimized its store structure, which is expected to drive profit growth. As of the first quarter of 2025, the company had 16,622 stores across 21 provinces, with a net increase of 69 stores in the quarter [8] - The report highlights a decline in various expense ratios in the first quarter of 2025, indicating effective cost control measures [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 24.531 billion yuan, 2024A: 26.497 billion yuan, 2025E: 29.587 billion yuan, 2026E: 32.673 billion yuan, and 2027E: 35.861 billion yuan [1] - The net profit attributable to shareholders is projected to be 1.1665 billion yuan in 2023A, 914.76 million yuan in 2024A, 1.08432 billion yuan in 2025E, 1.25219 billion yuan in 2026E, and 1.44462 billion yuan in 2027E [1] - The earnings per share (EPS) are forecasted to be 1.02 yuan in 2023A, 0.80 yuan in 2024A, 0.95 yuan in 2025E, 1.10 yuan in 2026E, and 1.27 yuan in 2027E [1] Store Expansion and Structure Optimization - The company has been actively optimizing its store layout, with a total of 16,622 stores as of the first quarter of 2025, including 6,239 franchise stores. The company closed 174 stores during the quarter, which is part of its strategy to enhance profitability [8] - The report indicates that the company plans to continue its store expansion, albeit at a slower pace, with a total of 2,479 new stores added in 2024 [8] Profitability Metrics - The gross profit margin for 2024 was reported at 34.33%, a decrease of 1.57 percentage points year-on-year, while the net profit margin was 3.70%, down 1.32 percentage points year-on-year [8] - The company expects to achieve a net profit of 1.084 billion yuan in 2025, reflecting an 18.54% growth compared to the previous year [1]