Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.40, corresponding to a FY27 PE of 22 times [6][5]. Core Insights - The company reported a retail revenue growth of 17.8% year-on-year for 3QFY26, with same-store sales growth (SSSG) accelerating across regions, particularly in mainland China and Hong Kong [1][2]. - The company is focusing on international expansion, having opened its first new image store in Singapore and planning further expansion into Thailand, Australia, North America, and the Middle East [4]. - The retail value of priced jewelry in mainland China has increased to 40.1%, supporting the resilience of the company's gross margin [3]. Summary by Sections Retail Performance - In 3QFY26, the company's retail revenue increased by 17.8% year-on-year, with same-store sales growth in mainland China and Hong Kong at 21.4% and 14.3% respectively [1][2]. - The growth was driven by rising gold prices and increased consumer enthusiasm for jewelry, particularly in mainland China [2]. Product and Brand Strategy - The company has successfully launched new products in its signature series, enhancing brand appeal and reaching younger consumers through collaborations, such as the blind box series with Hong Kong Disneyland [3]. - The retail value of priced jewelry in mainland China has risen by 10.7 percentage points year-on-year, indicating a strong consumer response to price adjustments [3]. Store Network and Expansion - The company is optimizing its store network by closing underperforming stores while opening new image stores, with a net closure of 228 stores in 3QFY26, a slowdown from previous quarters [4]. - The company has initiated international expansion, with plans to establish a retail presence in high-potential markets [4]. Financial Projections - The company forecasts net profits of HKD 81.2 billion, HKD 89.1 billion, and HKD 99.0 billion for FY26, FY27, and FY28 respectively [5][9]. - The report anticipates a PE ratio of 14 times for comparable companies in 2026, with the company positioned as an industry leader benefiting from ongoing same-store sales growth and channel adjustments [5].

1月21日下午，港股上市公司周大福珠宝发布了截至2025年12月31日止三个月（"第三财季"）未经审核主要经营数据。 记者注意到，本季度，周大福定价首 饰（涵盖设计款黄金产品与珠宝镶嵌产品）保持强劲销售增长，该产品类别的零售值增速较前一季度加快，同比增长59.6%。此外，该季度周大福零售值同 比增长17.8%，其中，内地零售值同比增长16.9%，占集团零售值的84.8%；香港、澳门及其他市场零售值增长22.9%，占比15.2%。 深圳商报·读创客户端首席记者 吴蕾 季内最引人注目的变化是产品结构的转变。周大福定价首饰的零售值贡献显著扩大至40.1%（2025财年第三季度为29.4%），而计价黄金首饰的贡献降至 56.8%（2025财年第三季度为66.8%），有利于毛利率扩张。更值得关注的是平均售价的大幅提升。在内地市场，定价黄金首饰的平均售价从去年同期的 5200港元猛增至9500港元，增幅高达82.7%。 周大福称，季内，继续稳步推进品牌转型，并专注加强标志性产品系列。同时亦透过开发全新产品进一步吸引年轻客群，包括携手香港迪士尼乐园推出首个 盲盒系列。（受访单位供图） ...

Group 1 - The price of gold jewelry has surged, with several brands reaching nearly 1500 yuan per gram, marking an increase of over 40 yuan compared to the previous day [1][2] - Specific brands reported their gold jewelry prices: Lao Feng Xiang at 1498 yuan per gram (up 42 yuan), and Chow Tai Fook at 1495 yuan per gram (up 41 yuan) [1] - Store staff noted that the recent price increases are unusual, as typical daily fluctuations are usually only a few yuan to a dozen yuan [2][5] Group 2 - The increase in gold prices has led to significant changes in the pricing of gold jewelry, with heavier items seeing a rise of over 4000 yuan overnight [5] - Jewelry is sold in two ways: at a fixed price and by weight, with the latter reflecting real-time gold prices [5] - Staff indicated that the fixed-price items would not change immediately, as any adjustments would be coordinated by headquarters [5]

（文/霍东阳 编辑/张广凯） 在金价暴涨的情况下，金饰更火了。 过去数年的财报中，金价单边上行的情况反而会拖垮头部珠宝品牌的业绩表现。但1月21日，周大福发布第三财季经营数据，正在打破这种困境。 在截至2025年12月31日，零售值同比增长17.8%，远超上一季度4.1%的增速。其中，中国内地市场零售值增长16.9%，港澳及其他市场增长22.9%。 业绩增长的背后，是周大福产品结构的根本变化：定价首饰零售值贡献率从29.4%大幅提升至40.1%，而计价黄金首饰的贡献则从66.8%降至56.8%。 基于远超预期的表现，周大福管理层已上调2026财年全年业绩指引，预计收入实现中低单位数增长，毛利率目标提升至31.5%-32.5%，经营利润率目标则接 近20% 这家拥有近百年历史的珠宝巨头正从传统的黄金珠宝销售商，转变为一个文化价值和品牌溢价驱动的全球奢侈品企业。 定价首饰：穿越金价周期的"利润压舱石" 周大福在主要经营数据公告中表示，珠宝消费气氛正在逐步改善。 周大福第三财季业绩的核心特征，是"零售值"增长与"同店销量"下降并存。这揭示了其增长完全由产品结构优化和平均售价提升驱动，而非依赖销售数量。 在截至202 ...

格隆汇1月22日丨莱绅通灵(603900.SH)在投资者互动平台表示，公司目前暂无进驻海南免税城的计划。 ...

1月22日，《贵圈》栏目独家获悉，高端珠宝品牌君佩黄金加速线下扩张，即将在北京市场开出首家门 店。据知情人士透露，该门店选址位于国贸核心商圈，计划于今年2月正式开业。 目前，君佩黄金已启动针对北京首店的前期团队组建工作。招聘平台信息显示，其正在北京招募高级珠 宝顾问、高端珠宝店员、门店内勤等岗位，工作地点为北京朝阳区朝外。 对此，《贵圈》栏目向君佩黄金官方客服求证，得到了更确切的计划。对方证实，"北京确实有开店计 划，具体位置在国贸附近，开业时间预计在2月份。"但对于具体开业日期，客服表示，"具体是哪一天 还不能给到准确答复。" 近期，君佩的西南首店被传已落定在成都太古里的一层，目前已在围挡。同时，品牌还宣布入驻了广州 太古汇，毗邻爱马仕、老铺黄金等品牌门店，已于今年1月已正式开业。截至目前，君佩在国内已经拥 有约10家门店。（闫妍） 责任编辑：刘万里 SF014 1月22日，《贵圈》栏目独家获悉，高端珠宝品牌君佩黄金加速线下扩张，即将在北京市场开出首家门 店。据知情人士透露，该门店选址位于国贸核心商圈，计划于今年2月正式开业。 君佩黄金与老铺黄金、琳朝珠宝、寶蘭并称为"古法黄金四姐妹"。公开信息显示，君佩黄 ...

Core Insights - Gold prices have surged, with spot gold reaching $4,800 per ounce for the first time, leading to an increase in domestic gold jewelry prices, with many brands approaching 1,500 RMB per gram [2] - The price of gold jewelry at the Henan Xuchang-based brand "胖东来" is approximately 200 RMB cheaper per gram compared to leading brands, attracting a significant number of consumers [2][3] - The popularity of "胖东来" has resulted in long queues for purchases, with consumers even traveling from other provinces to buy gold jewelry [3] Pricing Summary - As of January 22, the gold price at "胖东来" ranges from 1,291 to 1,356 RMB per gram, with most jewelry styles not incurring additional processing fees [2] - Different types of gold jewelry at "胖东来" are priced distinctly, with ordinary craftsmanship at 1,296 RMB per gram, ancient craftsmanship at 1,351 RMB, and 3D craftsmanship at 1,361 RMB [2] - Other brands have adjusted their gold prices, with "老凤祥" at 1,495 RMB (down 3 RMB), "老庙黄金" at 1,496 RMB (up 3 RMB), "周生生" at 1,492 RMB (down 3 RMB), and "周大福" at 1,498 RMB (unchanged) [3] Sales Performance - As of December 29, 2025, "胖东来" reported total sales of approximately 23.409 billion RMB, with supermarket sales at 12.579 billion RMB and jewelry sales at 2.441 billion RMB [4]

麦格理发布研报称，基于不变2027财年15倍预测市盈率，将周大福(01929)目标价上调5.9%，从18.7港元 升至19.8港元;评级跑赢大市。 周大福中国内地自营店、加盟店同店销售增长从2026年第二财季的7.6%、8.6%，提升至第三财季 21.4%、26.3%;港澳同店销售增长从6.2%上升至14.3%。集团管理层预计，由于基期较高，即将到来的 农历新年同店销售将录得低至中单位数增长;并将全年营收、同店销售增长指引从低单位数、中单位 数，上调至低中单位数、中高单位数。 因产品组合利好、金价上涨及营运杠杆，麦格理将周大福2026至2028财年净利润预测分别上调3.6%、 6%、4.5%;营收预测略微上调0.8%、0.9%、0.9%;毛利率上调1个百分点、0.9个百分点、0.6个百分点;息 税前利润率上调0.3个百分点、0.9个百分点、0.6个百分点。 ...

因产品组合利好、金价上涨及营运杠杆，麦格理将周大福2026至2028财年净利润预测分别上调3.6%、 6%、4.5%; 营收预测略微上调0.8%、0.9%、0.9%; 毛利率上调1个百分点、0.9个百分点、0.6个百分点; 息税前利润率上调0.3个百分点、0.9个百分点、0.6个百分点。 周大福中国内地自营店、加盟店同店销售增长从2026年第二财季的7.6%、8.6%，提升至第三财季 21.4%、26.3%; 港澳同店销售增长从6.2%上升至14.3%。集团管理层预计，由于基期较高，即将到来的 农历新年同店销售将录得低至中单位数增长; 并将全年营收、同店销售增长指引从低单位数、中单位 数，上调至低中单位数、中高单位数。 智通财经APP获悉，麦格理发布研报称，基于不变2027财年15倍预测市盈率，将周大福(01929)目标价上 调5.9%，从18.7港元升至19.8港元;评级跑赢大市。 ...

因产品组合利好、金价上涨及营运杠杆，麦格理将周大福2026至2028财年净利润预测分别上调3.6%、 6%、4.5%；营收预测略微上调0.8%、0.9%、0.9%。基于不变2027财年15倍预测市盈率，该行将其目标 价从18.7港元上调至19.8港元，评级"跑赢大市"。 麦格理发表研报指，周大福内地自营店、加盟店同店销售增长从2026年第二财季的7.6%、8.6%，提升 至第三财季21.4%、26.3%；港澳同店销售增长从6.2%上升至14.3%。集团管理层预计，由于基期较高， 即将到来的农历新年同店销售将录得低至中单位数增长；并将全年营收、同店销售增长指引从低单位 数、中单位数，上调至低中单位数、中高单位数。 ...