Core Viewpoint - The Zheng family, led by Zheng Jiachun, is actively working to reduce debt and improve liquidity through various measures, including refinancing loans and leveraging their subsidiary Chow Tai Fook for financial support [1][8][9]. Group 1: Debt Management and Financial Status - New World Development, founded by Zheng Yutong, is facing liquidity challenges due to high leverage, with total debt exceeding HKD 151 billion and a net debt ratio of 57.5% as of the end of 2024 [11][5]. - The company is in discussions with creditors for refinancing existing loans, with a potential agreement for HKD 87.5 billion [4][3]. - New World has delayed interest payments on perpetual bonds totaling USD 3.4 billion, which could increase debt costs and complicate refinancing negotiations [13][14]. Group 2: Sales Performance and Market Strategy - New World achieved contract sales of approximately HKD 24.8 billion from July 2024 to May 2025, exceeding 95% of its annual sales target [21]. - The mainland market, contributing 70% of revenue, has shown strong sales, prompting management to raise the sales target for the year from RMB 11 billion to RMB 14 billion [23][24]. - The company is focusing on asset management and plans to generate HKD 26 billion in cash flow for the fiscal year ending June 30, 2025 [36]. Group 3: Leadership and Management Changes - Zheng Jiachun has appointed his daughter, Zheng Zhiwen, to the core management team, indicating a potential succession plan [26][29]. - The company continues to rely on professional managers for daily operations, with a focus on reducing leverage as a primary goal [35][32]. Group 4: Chow Tai Fook's Performance - Chow Tai Fook, the flagship of the Zheng family, is also undergoing transformation, planning to issue HKD 8.8 billion in convertible bonds for business development and store upgrades [45]. - The company reported a decline in revenue and net profit for the fiscal year 2025, with revenue dropping to HKD 89.66 billion and net profit to HKD 5.916 billion [48]. - Chow Tai Fook has closed 905 stores in the past year, reducing its total to 6,644, while improving average monthly sales per store [49].

在资金充裕、股价持续反弹时选择发行可换股债，或许揭示周大福对下一阶段增长的视野 金价高 业绩跌 股价涨 受全球金价大幅上涨影响，今年以来港股珠宝股涨幅显著，除周大福外， 六福集团 （0590.HK）年内已涨 约40.32%； 周生生 （0116.HK）涨35.6%， 老铺黄金 （6181.HK）更大涨230%，涨幅远超同期国际现金价 涨幅45.36%。 然而，高金价亦抑制实物珠宝需求，导致"业绩跌、股价涨"的行业现象。 根据数据，中国一季度黄金饰品需求同比下降近27%，多家珠宝企业业绩仍在下滑。其中，六福集团截至3 月底止的财年盈利下跌40%；同期周生生盈利跌逾20%；至于周大福同期也录得17.5%的营业额跌幅，盈利 则跌约9%。 ▶ 净筹资金87.2亿港元，将用于黄金首饰的业务发展、门店升级海外扩张等 ▶ 过去一年，周大福的定价黄金系列收入增长超过一倍 Key takeaways: 在全球消费环境回暖与金价屡创新高的背景下， 周大福珠宝集团有限公司 （1929.HK）宣布自2011年上市 以来首次的股本融资，发行可换股债集资88亿港元。在手上资金充裕、股价升势迅猛的此刻发债，市场对 此感到少许意外，或许揭示 ...

Core Viewpoint - The Zheng family, led by Zheng Jiachun, is actively working to manage and reduce debt amid a liquidity crisis faced by New World Development, a property company with significant leverage and debt burdens [5][10][12]. Group 1: Debt Management and Financial Status - New World Development is negotiating a refinancing deal of up to HKD 87.5 billion to alleviate financial pressure [5][15]. - As of the end of 2024, the company has total borrowings exceeding HKD 151 billion, with a net debt ratio of 57.5% and short-term debts exceeding HKD 32 billion, while cash reserves stand at HKD 21.8 billion [10][11]. - The company has delayed interest payments on perpetual bonds totaling USD 3.4 billion, which may increase debt costs and affect refinancing negotiations [12][11]. Group 2: Sales Performance and Market Strategy - New World achieved contract sales of approximately HKD 24.8 billion from July 2024 to May 2025, exceeding 95% of its annual sales target [17]. - The mainland market, contributing 70% of revenue, has seen smooth sales, with cumulative contract sales reaching approximately RMB 13.4 billion [19]. - The management has raised the sales target for the mainland from RMB 11 billion to RMB 14 billion for the year [20]. Group 3: Leadership and Management Changes - Zheng Jiachun has appointed his daughter, Zheng Zhiwen, to the core management team, indicating a potential succession plan [22][24]. - The company continues to rely on professional managers for daily operations, especially after the resignation of the previous CEO [27]. - The new management is focused on reducing leverage and improving cash flow, with a target of generating HKD 26 billion in cash for the fiscal year ending June 30 [30]. Group 4: Broader Business Context - The Zheng family's business interests span various sectors, including jewelry, retail, and infrastructure, with Chow Tai Fook, a leading jewelry retailer, also facing challenges [35][36]. - Chow Tai Fook plans to issue HKD 8.8 billion in convertible bonds to support its business amid declining revenues and store closures [38][39]. - The family's other business, which includes infrastructure and logistics, has shown resilience, with a reported profit increase of 15% in the first half of the fiscal year [44].

25日国内金饰价格普遍下跌，单克纷纷跌至千元前后。周大福足金价格为998元/克，单克较前一日下跌 14元；老庙黄金为999元/克，单克较前一日下跌8元；老凤祥为1006元/克，较前一日下跌6元；周生生 金饰价格为1005元/克，较前一日下跌8元。 ...

当千年翠色映照时代光华，高端翡翠品牌正迎来前所未有的价值重估与黄金时代。2025年春，香港苏富 比拍卖行的镁光灯聚焦于一串帝王绿翡翠珠链，落槌价2645万港元刷新年度纪录。同一时刻，广州珠江 新城的写字楼里，95后程序员陈薇正轻抚腕间一抹阳绿色——那是她用首季度奖金定制的祥祯福翡翠无 事牌。"它提醒我，在代码世界之外还有触手可温的永恒。" 这种看似割裂的场景，正构成中国翡翠消费的新图景：高端收藏市场火热攀升，年轻群体以年均58%增 速涌入日常翡翠消费。当缅甸帕敢矿区限采令致高端原料年减产30%，当Z世代将"情感消费"置于奢侈 品购买首位，祥祯福珠宝创始人张扬在佛山翡翠艺术馆举起一枚帝王绿平安扣，目光沉静如石： "翡翠的暴涨不仅是价格曲线，更是中国文化自信的市值体现——我们要让每块玉，都成为用户生命 的'价值坐标'。" 匠艺的史诗：时间，是最高端的奢侈品 平洲玉器街深处，祥祯福的原料库如同翡翠的"时间银行"。来自缅甸莫西沙矿区的原石在此沉眠三年， 等待结构稳定性验证。"90%的料子会被淘汰，"首席质检师朱伟振举起强光手电，光束穿透一块墨绿色 原石，"只有经受住时间考验的3%，才能成为帝王绿翡翠的候选者。"这种对 ...

6月21日，老铺黄金（06181.HK）新加坡首店正式开业，这也是其在海外市场的第一家门店。一位业内人士认为，新加坡是华人聚集、且消费水平高的海外 市场。 多位到过门店的消费者告诉九派财经，店铺开业后生意火爆，吸引大量客流排队等候，全场满100新币减10，活动持续到本月29号结束。 据老铺黄金新加坡店的工作人员向九派财经介绍，其门店内销售的产品类目基本与国内保持一致，整体参考汇率变化，唯有一款十字架状项链由新加坡首 发，目前仅支持在该门店售卖。 一位购买过这款产品的消费者告诉记者，上述十字架4号钻饰吊坠按克重有中号和大号之分，分别定价3610新币和7010新币，自己到店当日中号已售罄。也 有黄金品牌买手展开代购业务，根据其出示的价位表，大号重25.6克，为39450元人民币，中号13.6克，价格在20050元。 在定价上，新加坡与国内门店区别不大。以一款25.2克的中号十字金刚杵吊坠项链为例，其在国内门店售30360元，而在新加坡标价5500元新币（不参与满 减），按6月24日汇率计，约为30747元。 老铺黄金此次选址于新加坡滨海湾金沙购物中心。作为新加坡地标性高端商业体，金沙购物中心内有涵盖珠宝、腕表、奢 ...

在世界铂金投资协会亚太区总经理邓伟斌个人看来，铂金正在开启自2008年高点后回落至2024年见底反 转的一个新周期，而这轮牛市或许长达数年，铂金价格后续可能会在未来2至5年间持续上涨，甚至突破 此前的历史新高，但在这一过程中必然存在多次的价格回调。 黄金"平替"涨势力压黄金，供给缺口为主因 "上周国外的现货铂金租赁利率最高已涨到了22%，意味着如果你要将手上的铂金借给他人，那么你可 以收年化22%的利息。但黄金目前的租赁利率甚至低于1%，这就代表目前铂金在国际现货市场是非常 短缺的，外围市场情绪非常向好。"据邓伟斌介绍，铂金历史最高价出现在2008年4月，当时的价格达到 2166美元/盎司。更早的价格高点出现在1980年，自当时以来铂金价格虽大幅波动，但直到2025年1月仍 徘徊在900美元附近，这也已经触及铂金的采矿成本。 邓伟斌告诉贝壳财经记者，供应短缺是导致铂金涨价的根本原因。全球铂金矿产供应的70%来自南非地 区，由于过去数年间铂金价格低迷，当地矿企无力投资新矿或维护现有矿山，目前南非的铂金产量相较 高峰期的2019年已下降了约10%，导致铂金产能短期内难以实现大幅度提升。俄罗斯虽然也是铂金的产 地之 ...

Core Insights - The first overseas store of Laopu opened in Marina Bay Sands, Singapore, on June 21, showing strong initial demand with customers reportedly waiting about one hour during peak times [1] - Morgan Stanley's research indicates that the pricing strategy of the Singapore store is largely in line with that of mainland China, with the majority of customers coming from mainland China [1] - The introduction of the "Golden Cross" series aims to attract a more diverse customer base beyond traditional Chinese cultural consumers, although Morgan Stanley remains cautious about its market acceptance [1][4] Pricing and Promotions - The "Golden Cross" series is priced between 3,600 to 7,000 SGD (approximately 1,500 SGD per gram), which is intended to broaden the customer base [4] - A promotional campaign offering a discount of 10 SGD for purchases over 100 SGD is running from June 21 to 29, but customers will not benefit from tax refunds or mall points during the first two months of operation [1][4] - Price comparisons show that even with a potential 9% tax refund in Singapore, prices will still be 7% higher than in Hong Kong but 6% lower than in mainland China [4][5] Market Position and Outlook - Morgan Stanley maintains a "Hold" rating on Laopu, with a target price of 865 HKD based on a projected P/E ratio of 33 times for 2025 and a PEG ratio of 1.4 [4] - The stock price of Laopu has decreased by 2.38% to 860 HKD per share as of the report [4]

曼卡龙珠宝股份有限公司投资者关系活动记录表 证券代码：300945 证券简称：曼卡龙 1 | | 关系管理制度》规定，没有出现未公开重大信息泄露等情况。各方还 | | | | | --- | --- | --- | --- | --- | | | 就公司品牌建设、产品研发等方面进行了交流，可参阅近期《投资者 | | | | | | 关系活动记录表》之问答及定期报告。 | | | | | 附件清单（如有） | 无 | | | | | 日期 | 2025 6 日 | 年 | 月 | 24 | 2 编号：2025-026 | |  特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 Millennium Zoe、Vicky | （电话会议） 其他 | | | 上海保银张凤涛 | | | | 泰康香港马继博 | | | | OP Capital 王思翰 | | | | AspexEric、颜琰 | | | 参与单位名称及 | Dymon Asia Jianing L ...

Core Viewpoint - The Shaanxi Provincial Market Supervision Administration has released a notification regarding the results of product quality supervision inspections, indicating that some companies failed to receive related documents due to incomplete address information or refusal to sign for them [2] Group 1: Inspection Results - The notification includes a list of inspected enterprises and the corresponding products, highlighting various items such as white tea, gold rings, and silver necklaces [2] - Specific products mentioned include "Bai Cha Wan·Chun Shou" (350g) from Fuding Pankxi Yiming Tea Co., "Gold Ring" (7.18g) from Guangdong Zhou Baifu Jewelry Co., and "925 Silver Necklace" (2.76g) from Shenzhen Millennium Star Brand Management Co. [2] Group 2: Objection Process - Companies that disagree with the inspection results have 15 days from the announcement date to submit a written objection to the Shaanxi Provincial Market Supervision Administration [2] - Contact information for objections includes a phone number (029-86138662) and a mailing address for submitting objection materials [2]