[Table_Title] 研究报告 Research Report 1 Dec 2025 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 11 月 26 日，周大福珠宝集团发布 2026 财年中期业绩报告并召开业绩会。 周大福 Chow Tai Fook (1929 HK) 1HFY26 同店与 ASP 改善，管理层维持 FY26 收入指引 Same-Store Sales and ASP Improve in 1HFY26, Management Maintains FY26 Revenue Guidance 1HFY26收入小幅承压，公司通过费用优化实现营运利润率与股东回报双稳健。周大福自FY2025起变更了会计准则， 在现行会计结构下，周大福的黄金借贷公允价值变动已从"销售成本"重分类至"其 ...

Core Viewpoint - Jingfu Group (00280.HK) reported a total revenue of HKD 416.3 million for the six months ending September 30, 2025, representing an increase of HKD 29 million or 7.5% compared to the same period last year [1] Financial Performance - The company's net profit attributable to shareholders for the period was HKD 39.7 million, up from HKD 37 million in the same period last year [1] - Gross profit increased by HKD 18.6 million or 15.1% due to improved performance in the jewelry business and rising gold prices [1] - The gross margin improved from 31.9% to 34.2% during the period [1] Cost Analysis - Distribution and selling costs rose by HKD 1.4 million, primarily due to increased employee costs and depreciation of right-of-use assets [1] - Administrative expenses increased by HKD 2.5 million, mainly attributed to higher employee costs [1] Overall Business Impact - The strong business performance was offset by negative impacts from gold lending, but long-term benefits are expected through the revaluation of gold inventory [1]