Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating an acceleration in growth compared to the previous quarter [2]. - The proportion of priced jewelry significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a retail share of 40.1% for priced jewelry, which is expected to support margin improvements [2]. - The company is focusing on brand transformation and has introduced new products, including collaborations with Disney, which may enhance consumer engagement and sales [2]. - Chow Tai Fook plans to optimize its domestic channels and expand internationally, with a goal to open new stores in high-end locations by June 2026 [3]. Financial Summary - For FY2025, Chow Tai Fook's revenue was HKD 89.656 billion, with a projected increase to HKD 94.115 billion in FY2026, representing a 5% growth [4]. - The net profit attributable to shareholders for FY2025 was HKD 5.916 billion, expected to rise to HKD 8.760 billion in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. - The company’s gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6]. Operational Metrics - Chow Tai Fook's total number of stores in mainland China was 5,433 at the end of December 2025, with a net closure of 230 stores during the same period [3]. - The company is enhancing store quality and efficiency, with new store designs performing better than traditional stores [3]. - The cash flow from operating activities is projected to significantly increase to HKD 13.431 billion in FY2026 from HKD 299 million in FY2025 [6].

在近期有色商品价格大幅波动背景下，1月20日上海所(上期所)发布通知，自2026年1月22日(星期四)收 盘结算时起，调整铜、铝、黄金、白银期货相关合约交易保证金比例和涨跌停板幅度。具体来看，铜、 铝期货已上市合约的涨跌停板幅度调整为8%，套保持仓交易保证金比例调整为9%，一般持仓交易保证 金比例调整为10%。 "近期，国内外金银价格再度上涨，其中黄金再创历史新高，既有长期利好的持续支撑，如央行购金和 投资需求旺盛，也有最新的利好，即避险买盘提振。"华闻期货有限公司总经理助理程小勇接受证券时 报记者采访时表示，1月20日，由于欧美就格陵兰岛的争夺，以及市场担忧日本首相的减税和增加支出 计划，日本国债遭遇大规模抛售，美国金融市场也遭遇股债汇"三杀"，衡量市场恐慌程度的VIX指数飙 升至20.09，创下去年11月以来最高水平。与此同时，避险情绪推动黄金价格突破每盎司4700美元的历 史新高。 此外，从投资需求看，全球最大的黄金ETF——SPDR持有黄金量在1月16日升至两年多的新高，达到 1085.67吨，同比增长24.9%。而白银的ETF持仓也在增长，1月20日升至1.62万吨，同比增长12.4%。 COMEX ...

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics discussed [1]. Core Insights - Chow Tai Fook reported a retail value increase of 17.8% year-on-year for the period of October to December 2025, with the mainland China market growing by 16.9% and markets outside mainland China by 22.9% [1]. - Same-store sales in mainland China increased by 21.4% year-on-year, while sales outside mainland China rose by 14.3%, indicating a significant improvement in the jewelry consumption atmosphere [2]. - The proportion of priced jewelry has significantly increased, with a year-on-year growth of 53.4% for priced jewelry and 13.1% for gold jewelry, leading to a gross margin improvement [2]. - The company plans to enhance its international market expansion, with new stores expected to open in high-end locations by June 2026 [3]. Financial Performance Summary - For FY2025, Chow Tai Fook's revenue was HKD 89,656 million, with a projected increase to HKD 94,115 million in FY2026, representing a 5% growth [4]. - The net profit attributable to the parent company for FY2025 was HKD 5,916 million, expected to rise to HKD 8,760 million in FY2026, reflecting a 48% increase [4]. - Earnings per share (EPS) is projected to grow from HKD 0.59 in FY2025 to HKD 0.89 in FY2026 [4]. Operational Insights - The company closed 230 stores in mainland China during the October to December 2025 period, resulting in a total of 5,433 stores, with a direct franchise ratio of 28.4% to 71.6% [3]. - Chow Tai Fook is focusing on brand transformation and has introduced new products, including collaborations with Disney for themed blind box series [2]. Profitability and Valuation Metrics - The projected price-to-earnings (P/E) ratios for FY2026, FY2027, and FY2028 are 15.4X, 13.7X, and 12.3X respectively [3]. - The gross margin is expected to improve from 29.51% in FY2025 to 32.22% in FY2026 [6].

Core Viewpoint - The company has launched a series of lightweight and personalized gold products aimed at young consumers, along with several IP collaboration products, such as the international art jewelry series "Monet's Garden" and "Fiery Van Gogh" [1] Product Development - The company plans to continue developing more products that align with the aesthetics and needs of the young consumer demographic [1]

据央视财经消息，由于市场对美欧可能发生贸易冲突的担忧升温，21日亚洲交易时段，国际金价继续上涨，首次突破每盎司4800美元。（此前报道>>） 截至北京时间10点，伦敦现货黄金价格最高触及每盎司4840美元，纽约黄金期货主力合约价格触及每盎司4839美元，较20日收盘上涨约1.5%。 随着国际金价节节攀升，国内金饰价格也出现大幅上涨。目前，中国黄金足金饰品价格已突破1500元，报1506元/克。 周生生足金饰品报1495元/克，较1月20日1454元/克涨41元/克。 | 周生生くhnw Sano Sano | 金价: | | --- | --- | | 中国大陆金价（每克） | | | | 卖出 | | 足金饰品 | ¥1495 | | 工艺金片 | ¥1312 | | 950铂金饰品 | ¥993 | | 生生金宝 | ¥1312 | 老庙黄金足金饰品报1493元/克，较1月20日1455元/克涨38元/克。 | | | | | 命老庙 | | --- | --- | --- | --- | --- | | | | 甄选之礼 | 产品欣赏 | 关于老庙 | | 名称 | 价格(人民币/克) | | | | ...

Group 1 - The company, Hangmin Co., Ltd. (stock code: 600987), confirmed on an interactive platform that it does not have an employee stock ownership plan [1] - The company's gold jewelry business is actively responding to market demands for "refined, lightweight, and innovative" products by developing new items [1]

渠道布局上，中国内地市场优化零售网络，选择性新增34个零售点、关闭264个表现欠佳零售点，净减 少230个；中国香港及中国澳门地区新增3个零售点。内地电商业务凭借双十一销售热潮及IP合作，零售 值同比增长25.3%，对内地零售值及销量贡献分别达7.4%和17.0%。国际扩张成为下一阶段增长重点， 周大福计划2026年6月前推出新店以进军国际市场，聚焦精选高端地段。 期内，中国内地直营店同店销售同比增长21.4%，加盟店同店销售同比增长26.3%，剔除钟表业务后直 营店同店销售增幅升至25.6%；中国香港及中国澳门地区同店销售同比增长14.3%，中国香港、澳门分 别上涨10.1%、31.3%。产品售价方面，中国内地计价黄金首饰平均售价升至1.1万港元，定价黄金首 饰、珠宝镶嵌首饰平均售价分别升至9500港元、8900港元；中国香港及中国澳门地区计价黄金首饰平均 售价达2.01万港元，定价黄金首饰平均售价升至8300港元，珠宝镶嵌首饰平均售价为1.75万港元。 (周大福集团财报) 1月21日，周大福集团发布截至2025年12月31日止三个月主要经营数据，集团零售值同比增长17.8%， 其中中国内地零售值同比增长1 ...

接待过程中，周大生严格按照《信息披露管理制度》等规定，确保信息披露的真实、准确、完整、及 时、公平，未出现未公开重大信息泄露等情况。同时，现场参与调研的投资者已按深交所要求签署承诺 函。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 2026年1月21日，周大生珠宝股份有限公司（以下简称"周大生"）在公司总部会议室接待了机构调研。 此次调研为特定对象调研，参与机构为富国基金，由富国基金的康达参与，共计1位投资者。周大生方 面由证券事务代表荣欢负责接待。 据了解，在调研的问答环节中，投资者主要围绕行业情况、公司战略、品牌矩阵及产品研发情况等议题 与公司进行了交流。公司表示，相关交流内容可参阅前次投资者关系活动记录表中的问答部 ...

本文源自：金融界AI电报 周大福(01929.HK)：集团2025财政年度第三季度零售增长17.8%，其中中国内地零售增长16.9%，同店 销售增长21.4%。 ...

智通财经APP讯，周大福(01929)公布截至2025年12月31日止三个月(第三季度)若干未经审核主要经营数 据，零售值同比增长17.8%，其中，中国内地零售值增长16.9%，中国香港、中国澳门及其他市场零售 值增长22.9%。在第三季度，公司观察到珠宝消费气氛逐步改善。期内，中国内地(内地)以及香港及澳 门的销售增长进一步加快。内地方面，直营店于季内的同店销售增长提升至21.4%，而加盟店的同店销 售增长则达到26.3%。若撇除钟表业务，期内直营店的同店销售增长25.6%。香港及澳门的同店销售同 比增长14.3%，其中香港上升10.1%，澳门则上升31.3%。 计价黄金首饰的同店平均售价(平均售价)于季内保持强劲。内地的平均售价上升至1.1万港元(2025财政 年度第三季度：7300港元)，香港及澳门的平均售价则上升至2.01万港元(2025财政年度第三季度：1.33 万港元)。 定价首饰的平均售价维持强劲。内地定价黄金首饰(包括黄金产品及珠宝镶嵌黄金产品)的平均售价升至 9,500港元(2025财政年度第三季度：5200港元)，而珠宝镶嵌首饰的平均售价则升至8900港元(2025财政 年度第三季度：80 ...