Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. is positioned as a leading player in the Chinese jewelry market, leveraging innovative product design, a multi-channel business model, and a strong brand presence to capitalize on market growth opportunities. Group 1: Company Overview - Zhou Liufu is a Chinese jewelry company that offers a variety of jewelry products, primarily focusing on gold and diamond-set jewelry, and has maintained a position among the top five brands in the Chinese jewelry market from 2017 to 2024 [1] - The company has a total of 4,129 stores as of the end of 2024, including four overseas locations, ranking fifth in the industry by store count [2] Group 2: Business Model - Zhou Liufu employs a "self-operated + franchise" model, allowing for rapid market penetration into lower-tier cities while maintaining brand image through self-operated stores [2] - The company has achieved a compound annual growth rate (CAGR) of 46.1% in online sales revenue from 2022 to 2024, with online sales expected to account for 40% of total revenue in 2024 [2] Group 3: Product and Innovation - The company focuses on product design and innovation, utilizing proprietary technologies such as the "Guardian Light" series, which enhances visual appeal through advanced craftsmanship [1] - Zhou Liufu has shifted to an outsourcing model for production since April 2022, significantly reducing capital investment while maintaining quality through authorized suppliers [3] Group 4: Market Trends - The Chinese gold jewelry market is projected to grow from RMB 328.2 billion in 2019 to RMB 568.8 billion in 2024, with a CAGR of 11.6% [3] - E-commerce is the fastest-growing channel, with a projected CAGR of 16.8% from 2019 to 2024, reflecting a shift towards digital shopping [3] Group 5: Competitive Advantages - Zhou Liufu's extensive retail network and franchise model allow for rapid expansion, achieving 4,000 stores in just 18 years, which is significantly faster than competitors [10] - The company has the highest online revenue share in the industry, with a gross margin of 28.7% for online sales compared to 24.5% for offline sales, indicating superior profitability in digital channels [11] Group 6: Consumer Trends - The demand for gold jewelry as a wealth preservation tool is increasing, with gold prices rising over 20% year-on-year in 2024, driving consumption [6] - The company targets younger consumers, with 45% of its customer base under 30 years old, and employs collaborations with popular brands to enhance appeal [6] Group 7: Future Outlook - Zhou Liufu plans to expand its presence in Southeast Asia, having already opened franchise stores in countries like Thailand and Malaysia, aiming to enhance its international brand recognition [13] - The company is well-positioned to benefit from the ongoing trends of consumption upgrading and brandization in the jewelry market [9]

经济观察报记者留意到，这一黄金ATM机来自金雅福集团，具 备黄金含金量免费检测、实时回收、零售产品购买等多项功 能。其黄金回收业务支持K金、金条、金饰等多种产品，回收 价格与上海黄金交易所实时金价挂钩，在此基础上，每克收取 18元手续费，最快30分钟就能完成回收流程。 作者：刘颖 封图：本报资料室 "没想到黄金也有ATM机了。"2025年6月16日午间，北京长楹天街购物中心地下二层，一台能够实时回收黄金的ATM机引起了李女士的注意。 简单了解后，李女士取下手中佩戴的黄金戒指放到ATM机进行检测。这台机器显示，戒指克重为5.88克，黄金含量达99.99%，与她此前购买时的克重 相差无几。 经济观察报记者留意到，这一黄金ATM机来自金雅福集团（下称"金雅福"），具备黄金含金量免费检测、实时回收、零售产品购买等多项功能。其黄 金回收业务支持K金、金条、金饰等多种产品，回收价格与上海黄金交易所实时金价挂钩，在此基础上，每克收取18元手续费，最快30分钟就能完成回 收流程并到账。 金雅福官网信息显示，公司创立于2006年，总部位于深圳，深耕黄金珠宝产业链，已发展成集文创研发、智能制造、个性定制、智慧零售、黄金回 收、黄 ...

以下文章来源于信风TradeWind ，作者刘艺晨 信风TradeWind . 关注资本市场的趋势与发展 作者刘艺晨 编辑松壑 港资黄金珠宝龙头正在悄然发力。 截至3月31日的2025年财年，周大福（1929.HK）营业额同比下跌17.5%至896.56亿港元。 高涨的金价压制消费，成为周大福加速转型的契机。 2025财年，周大福计价产品 销售额同比跌近三成。定价产品反而实现逆势翻倍增长，推动利润表现大超市场预期 。 经营利润同比增长9.8%至147.46亿港元。 叠加金价上涨导致的黄金借贷合约亏损，净利润同比减少9%至59.16亿港元。 渠道及产品结构的优化，在持续改善整体业绩。 今年4-5月，周大福营业额同比跌幅已收窄至1.7%。 内地营业额同比跌幅为2.9%，中国香港、澳门及其他市场已实现增速回正。 2025财年，周大福珠宝镶嵌、铂金及K金同比跌13.8%，然而黄金镶嵌钻石产品销售额同比翻倍。 一口价产品调价频率较金价相对滞后，在金价急涨时凸显性价比。 这也为后续的转型拉开篇章。 金价涨压 至3月31日，金价过去一年涨幅已超40%。 一季度，中国市场金饰消费量同比减少32%至125吨，较过去十年同期的平 ...

2025 年 6 月，国际贵金属市场上演 "金银分化" 行情。伦敦现货白银价格今日暴力拉升，突破每盎司 37 美元关口，创 2012 年 3 月以来 13 年新高，年内累计涨幅逼近 30% ；而伦敦金现表现相对平淡，徘徊 于 3400 美元 / 盎司下方，金银走势分化态势显著，其价格波动也正深度影响着多元市场。 白银飙升：估值修复与多重因素共振，搅动市场生态 白银此番大涨，本质是一场迟到的估值修复。今年 4 月，金银比一度飙升至 106 的历史极值，远高于 40 - 80 的百年均值区间，白银成贵金属市场 "价值洼地"。随着黄金突破 3300 美元后陷入震荡，投机资 金大举涌入白银市场，COMEX 白银期货净多头持仓两周内激增，机构押注金银比向均值回归，推动白 银价格快速补涨。 黄金震荡：避险驱动但受资金分流影响，牵动投资布局 黄金牛市虽受国际政治格局、逆全球化趋势和去美元化需求驱动，但其避险属性带来的资金吸引力，短 期被白银分流。当市场交易逻辑从单纯避险，转向金银比价修复、押注白银工业与金融属性共振时，资 金更青睐处于 "洼地" 的白银，导致黄金涨幅受限。不过，黄金独特的货币金融属性，仍使其在长期具 备支撑 ...

6月18日国内金价快报：国内品牌金店金价持稳，整体价格还是相当高。目前，最高价金店还是六福等 金店，不涨不跌，报1025元/克。菜百黄金也是不涨不跌，报价990元/克，为最低价金店。今日金店黄 金价差35元/克，价差不变。 具体各大品牌金店最新价格见下表格： 受紧张的中东局势影响，昨日现货黄金盘中不断震荡，最高涨至了3403.08美元/盎司，最低又跌至 3382.79美元/盎司。最终收报3387.58美元/盎司，涨幅0.09%。今日金价继续震荡，截至发稿，现货黄金 暂报3382.20美元/盎司，跌幅0.16%。 目前在中东局势上，昨日美国总统特朗普宣称已完全掌握伊朗领空。而伊朗在18日凌晨，用高超音速导 弹突破了以色列防空体系，宣称完全控制以色列领空，"意味着以军传奇防御终结的开始，以及以色列 混乱和毁灭的开始"。 另外，有"美联储传声筒"之称的Nick Timiraos表示，"若非关税对价格构成的风险，美联储本周原本将 准备降息"。而今晚就将公布美联储利率决议和经济预期摘要，市场正等待鲍威尔的货币政策新闻发布 会，试图探寻美联储降息策略。金价也受影响保持盘整状态。 总的来说，市场正保持观望中，金价暂时保持震 ...

Core Viewpoint - Goldman Sachs has raised the target price for Lao Pu Gold to HKD 1,090, reflecting strong sales and expansion prospects, with expected net profit growth of nearly 2.2 times and 39% over the next two years [1] Summary by Relevant Sections Target Price Adjustment - Goldman Sachs increased the target price for Lao Pu Gold from HKD 976 to HKD 1,090, corresponding to a projected price-to-earnings ratio of 25 times for the fiscal year 2027, while maintaining a "Buy" rating [1] Earnings Forecast - The firm forecasts earnings per share for Lao Pu Gold to be CNY 27.6, CNY 37.99, and CNY 45.9 for 2025, 2026, and 2027 respectively, translating to price-to-earnings ratios of 29.2, 21.2, and 17.6 for the same years [1] Net Profit Projections - Goldman Sachs has raised its net profit estimates for Lao Pu Gold for 2025, 2026, and 2027 to CNY 4.706 billion, CNY 6.56 billion, and CNY 7.925 billion, representing year-on-year growth of 219%, 39%, and 21% respectively [1] Sales Performance - The company has experienced strong online and offline sales, with store expansion exceeding expectations, driven by successful new product lines such as "Seven Sons Gourd" [1]

财华社讯，6月18日，周六福（06168.HK）启动招股，计划全球发售4680.8万股股份，其中4212.72万股 股份为国际发售股份，468.08万股股份为香港公开发售股份。 发售价为每股发售股份24.00港元。假设发售量调整权及超额配股权未获行使，经扣除公司就全球发售 应付的包销佣金及其他估计发售开支后，并基于发售价为每股H股24.00港元，周六福估计将自全球发售 收取所得款项净额约10.24亿港元。 周六福拟将上市募资所得款的50%用于扩大和加强销售网络、20%用于加强品牌、20%用于提升产品供 应及加强产品设计及开发能力、10%分配作运营资金及一般企业用途。 过去几年，周六福经营业绩逐年增长，但增速有所放缓。于2024年，公司实现营收57.18亿元(单位人民 币，下同)，年内利润7.06亿元。然而，周六福毛利率逐年走低，由2022年的38.7%降至2024年的 25.9%。 周六福持续拓展线上销售渠道，2022年至2024年间，其在线销售收入的复合年增长率达到46.1%，且 2024年在线销售收入占总收入的40.0%。 港股IPO前，周六福乐于派息，2023年宣派股息3亿元，2024年3月宣派3.48 ...

海豚君在老铺黄金上篇的分析中，重点从定价&经营模式上分析了老铺一口价为主的商业模式，以及它与奢侈品的区别。 接下来我们重点来分析一下老铺在黄金饰品都有一口价这种做法的情况下： 传统的足金（含金量＞99%）由于纯度高、硬度低，难以镶嵌钻石及其他复杂造型，因此长期被贴上"低端材质"的标签，极少被纳入高端产品线，更不用 说是奢侈品，也就是说，纯金材质在高端珠宝首饰市场上实际是缺失的。 所以老铺的聪明之处在于从一开始就放弃了传统金饰的大众市场，侧重古法黄金工艺切入差异化，开辟了黄金的高端细分市场，Slogan简单而清晰 ——"中国古法手工金器"。 就像Lululemon在运动服装领域从瑜伽裤的细分赛道入手，通过面料的创新解决了传统健美裤延展性不够、吸湿排汗性差的痛点，老铺的成功很大程度源 于通过古法金工艺和传统的文化元素设计相结合，解决了传统黄金首饰同质化程度高、缺乏设计感的痛点。 a) 老铺如何异军突起？ b) 作为大流水额消费品，越赚钱越穷，是怎么回事？如何影响价值判断？ c) 一年十倍后，怎么看老铺未来的成长空间？ 我们在本篇进一步分析。 一、差异化玩法：古法手工——红海市场中"淘出"的蓝海赛道 在老铺横空出世 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-06-18 关注陆家嘴论坛 股指期货：港股拥挤度有所释放。 股指期权：波动率低分位数，持续双买。 国债期货：债市曲线⽜陡。 ⾦融衍⽣品团队 股指期货方面，港股拥挤度有所释放。周二沪指震荡走低，收盘价和 量能均环比持平，市场资金拥挤开始释放，情绪有所退潮。一是本轮资金 主线的新消费、创新药出现回调，泡泡玛特、老铺黄金、蜜雪冰城、药明 康德等龙头高位下跌3%-5%，拖累板块情绪，催化A股医药生物、美容护 理、传媒行业领跌。二是涨停断板，连板止步4板，涨停家数减少，动量 效应有所减弱。三是恒生AH溢价指数创五年来新低，而近年AH溢价低位多 对应于沪深300高位，存在港股连累A股的可能性。周三将召开陆家嘴论 坛，政策表态释放后，后续缺少可见主线，操作偏向防御，等待资金拥挤 释放。 股指期权方面，波动率低分位数，持续双买。昨日市场流动性并无明 显改善，仍然维持在低量能区间。波动率方面，昨日有底部反弹趋势， 部分认购合约昨日日内波动率呈现持续上升，但从加权水平来看当前分位 数水平仍然较低，建议中证1000股指期权空波动率策略观望为 ...

Core Viewpoint - Chow Tai Fook plans to issue HKD 8.8 billion convertible bonds to expand its gold jewelry business, upgrade stores, and enhance global presence [1][2] Group 1: Financial Performance - For the fiscal year ending March 31, 2025, Chow Tai Fook reported a revenue of HKD 89.656 billion, a decrease of 17.5% year-on-year, influenced by external macroeconomic factors and high gold prices [1][3] - Despite the revenue decline, operating profit increased by 9.8% to HKD 14.746 billion, with an operating profit margin expanding to 16.4% due to improved product mix and strict cost management [1][3] Group 2: Business Expansion Plans - The company aims to use the net proceeds of approximately HKD 87.15 billion from the bond issuance for expanding gold jewelry production capacity, optimizing supply chain efficiency, and innovating gold derivatives [2] - Chow Tai Fook plans to open about 20 new image stores in mainland China and Hong Kong during the fiscal year 2025, targeting a turnaround in same-store sales and aiming for single-digit growth [4] Group 3: Retail Strategy and Market Positioning - The company has opened five new image stores in mainland China, with new stores showing productivity significantly higher than older ones, exceeding 30% in sales per store [4] - Chow Tai Fook is focusing on Southeast Asia as a key growth engine, having opened three retail points in Thailand, Malaysia, and Japan during the fiscal year 2025 [2]