机构：中邮证券 研究员：李鑫鑫 事件 公司发布25 年年报，25 财年公司实现营收896.56 亿港元，同比-17.5%，归母净利润59.16 亿港元，同 比-8.98%。25 财年起公司将黄金借贷由销售成本划为其他收益及亏损，不考虑黄金借贷因素，公司经 营利润147.46 亿港元，同比+9.8%。 公司发布25 年4-5 月未经审计经营数据，零售值同比-1.7%，中国内地-2.9%，港澳及其他市场+6.3%， 其中中国内地黄金首饰及产品同店销售+0.9%。 点评 市场分析：逐季改善。25 财年公司实现营收897 亿港元，同比-17.5%，其中中国内地销售额746 亿港 元，同比-17%，港澳及其他151亿港元，同比-21%。 1）内地：逐季改善，加盟优于直营。 25 财年底周大福珠宝在内地共有零售点6274 家，净减少896 家，同店销售同比-19.4%。其中： —逐季改善：内地、香港及澳门同店销售虽然继续处于下跌态势，但跌幅逐步收窄，如中国内地直营门 店同店FY2025 各个季度分别为-26%、-24%、-16%、-13%。 —加盟优于直营：中国内地直营门店同店销售额下滑19.4%，同店销量下滑30.1% ...

买入|首次覆盖 个股表现 -40% -20% 0% 20% 40% 60% 2024-06 2024-09 2024-11 2025-01 2025-04 周大福 恒生指数 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元元） | 12.76 | | | | --- | --- | --- | --- | | 总股本/流通股本（亿股）99.88 | | | | | 总市值/流通市值（亿港 | 1,274.44 | | | | 元） | | | | | 52 周内最高/最低价 | 13.72 / 6.43 | | | | 资产负债率(%) | 69.8875 | | | | 市盈率 | 22.1518 | | | | Chow 第一大股东 | | Tai | Fook | | Capital Limited | | | | 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-06-22 股票投资评级 周大福 (1929.HK) 产品结构优化，同店逐季改善 ⚫ 事 ...

事件：周大福发布25财年业绩。 FY25(截至于25/3/31)：收入896.6亿港元/-17.5%，其中上下半年同比-18.4%/-15.1%。实现归母净利润 59.2亿港元，同比-9.0%，其中上下半财年同比-44.4%/+73.8%。全年每股派息0.52港元，派息率达 87.8%。 本文来自方正证券研究所于2025年6月19日发布的报告《周大福：战略调整行之有效FY25业绩超预期， 看好行业逐步复苏下的龙头价值》，欲了解具体内容，请阅读报告原文。 分析师：周昕 S1220524100007；廖捷 S1220525040002 点评内容 收入拆分：渠道调整及金价高位拖累收入，但定价黄金表现亮眼。FY25收入分地区看，内地直营、内 地加盟、港澳及其他地区营业额分别同比-18.2%、-15.0%、-20.6%。其中内地周大福珠宝门店净减少 896家至6274家，直营/加盟同店-19.4%/-13.9%，主因金价持续上涨叠加消费环境较为疲软，但由于新开 门店表现较好且稳健提升边际减轻收入端压力。 分产品看，克重黄金、定价黄金、珠宝镶嵌收入同比-29.4%、+105.5%、-13.8%，目前定价黄金产品占 黄金产 ...

Core Viewpoint - The Hong Kong-based jewelry leader Chow Tai Fook is undergoing a transformation in response to rising gold prices and changing consumer preferences, aiming to optimize its product and channel structure to improve overall performance [1][3][5]. Financial Performance - For the fiscal year ending March 31, 2025, Chow Tai Fook reported a revenue decline of 17.5% year-on-year to HKD 89.656 billion [2]. - The sales of priced products doubled, while the sales of gold-priced products fell nearly 30%, leading to an operating profit increase of 9.8% to HKD 14.746 billion [3]. - Net profit decreased by 9% to HKD 5.916 billion due to losses from gold lending contracts amid rising gold prices [4]. Market Trends - The gold price increased by over 40% in the past year, leading to a 32% year-on-year decline in gold jewelry consumption in China [8]. - The trend towards lightweight consumption is emerging, with lower-priced products gaining popularity in live e-commerce channels [10]. Product Strategy - Chow Tai Fook's sales of gold-inlaid diamond products doubled, while sales of platinum and K-gold products fell by 13.8% [12]. - The proportion of priced products in the gold jewelry category increased significantly from 7.1% to 19.2% [13]. - The company is focusing on high-end retail experiences and has launched new product lines, including collaborations with popular IPs to attract younger consumers [15][18]. Store Expansion and Optimization - Chow Tai Fook's store count expanded rapidly to 7,510 by the end of 2023, with over half of the stores located in lower-tier cities [24]. - The company closed 896 stores in the fiscal year 2025, focusing on improving store quality and efficiency [27]. - New stores are strategically located in premium areas, achieving sales levels close to the overall average for the first time in years [29]. Future Outlook - Chow Tai Fook's inventory balance decreased by 14% to HKD 55.4 billion as of March 31, indicating a focus on strict procurement and inventory management [34]. - The company maintains a cautious sales outlook for the upcoming year, with expectations of reduced store closures [32][33].

Core Viewpoint - Chow Tai Fook's financial performance for the fiscal year ending March 31, 2025, shows a significant decline in revenue and net profit, reflecting challenges in the jewelry retail sector amid global economic uncertainties and fluctuating gold prices [2][5]. Financial Performance - Chow Tai Fook reported a 17.5% year-on-year decline in revenue to HKD 89.656 billion and an 8.97% decrease in net profit to HKD 5.916 billion for the fiscal year [2]. - Same-store sales in mainland China fell by 19.4%, while sales in Hong Kong and Macau dropped by 26.1% [2]. Market Conditions - The jewelry retail sector is under pressure due to global economic uncertainties, changes in consumer behavior, and ongoing fluctuations in gold prices [5]. - Despite the revenue decline, Chow Tai Fook's operating profit increased by 9.8% to HKD 14.746 billion, with a gross margin expansion of 550 basis points to 29.5% [5]. Strategic Initiatives - The company is actively optimizing its store structure by closing underperforming locations, with a net closure of 896 retail stores in mainland China, bringing the total to 6,274 [7]. - Chow Tai Fook plans to open approximately 20 new high-profile stores in mainland China and Hong Kong in the current fiscal year [8]. Product Development - The company is focusing on enhancing the design premium and craftsmanship of its gold products, with a 29.4% decline in revenue from gold products due to price volatility, while revenue from priced gold products surged by 105.5% [10]. - The launch of the high-end jewelry series "Timeless Harmony" marks a significant step in Chow Tai Fook's transition into the high-end jewelry market [10]. Competitive Landscape - Chow Tai Fook faces increasing competition from emerging players like Lao Pu Gold, which reported a 166% increase in revenue and a 254% rise in net profit [12]. - The company maintains a leading market share and diverse product offerings, emphasizing its long-standing history and comprehensive supply chain as competitive advantages [14].

在深圳水贝，黄金批发市场人潮涌动，消费者挤满柜台，只为以接近原料价的成本购入"按克计价"的素金首饰；在高端领域，对标奢侈品的老铺黄金门店 外大排长龙、追求极致工艺与设计的琳朝珠宝金饰供不应求。而曾经占据市场主流的综合性黄金珠宝品牌，却在两极的夹击下节节败退：消费者要么选 择"极致性价比"的保值金饰，要么为"极致工艺文化溢价"的收藏级艺术品买单，那些既缺乏价格优势、又讲不出动人故事的"中间产品"，正在被市场无情 抛弃。 深圳水贝黄金批发市场人潮涌动 01 黄金商品属性的崩塌与重生 当1克黄金的价格超过普通人日薪时，消费者对黄金饰品的需求必然从"装饰性消费"转向"投资性囤积"。这种转变让过去依靠品牌溢价、加工设计赚取差 价的商业模式愈发脆弱。一位黄金柜台销售曾经向记者抱怨："现在顾客进店第一句话就是'金价多少钱，工费多少钱'，只要觉得贵了，扭头就走。" 在此背景下，黄金的"商品属性"正以极端的方式重生。在水贝市场，商家将成本压缩到极致：工厂直营、按克计价、工费透明，甚至开发出"金包银"等擦 边黄金的产品，用技术手段降低消费者的佩戴成本。这种"去品牌化"的生存策略，实际上是将黄金彻底还原为"标准化投资品"，用供应链 ...

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it provides insights into the company's performance and expectations for future profitability [4][8]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong/Macao markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][9]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products by optimizing its product mix and adjusting pricing, leading to an increase in same-store average selling price (ASP) [1][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from HK$5,600 in FY24, while in Hong Kong and Macau, it rose to HK$8,600, a 14.7% increase from HK$7,500 [1][9]. Summary by Sections Retail Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, which accounted for 19% of total RSV in FY25, exceeding the initial target of 15%. This proportion is expected to increase to 20%-23% in FY26 [3][11]. - The RSV share of priced products in the gold jewelry category rose from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY25, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].

Investment Rating - The report does not explicitly state an investment rating for Chow Tai Fook, but it discusses expectations for gross profit margin and operating profit margin improvements, indicating a positive outlook for the company [1][9][11]. Core Insights - Chow Tai Fook's overall retail sales value (RSV) declined by 11.6% year-on-year in FY25Q4, with the Mainland market and Hong Kong, Macau, and other markets experiencing declines of 10.4% and 20.7% respectively, primarily due to macroeconomic factors and high gold prices affecting consumer sentiment [1][10]. - Despite the decline in same-store sales volume, the company successfully increased the RSV share of high-margin products through product mix optimization and flexible pricing adjustments, leading to an increase in same-store average selling price (ASP) [1][9][11]. - The ASP for gold jewelry in Mainland China rose to HK$6,400, a 14.3% increase from the previous year, while in Hong Kong and Macau, it increased to HK$8,600, a 14.7% rise [1][9]. Summary by Sections Retail Sales Performance - In FY25Q4, same-store RSV in the Mainland market decreased by 10.4%, with direct-managed and franchised stores seeing declines of 13.2% and 8.7% respectively. The Hong Kong and Macau markets recorded a 22.5% decline in same-store RSV [2][10]. - The high gold prices have suppressed consumer willingness to purchase gold jewelry, impacting sales of gram-weight products [2][10]. Product Strategy - The company accelerated the introduction of set-price products, achieving a 19% share of total RSV in FY2025, exceeding the initial target of 15%. This share is expected to rise to 20%-23% in FY2026 [3][11]. - The RSV share of set-price products in the gold jewelry category increased from 9.4% in FY24Q4 to 25.6% in FY25Q4, surpassing management expectations [3][11]. Store Network Optimization - Chow Tai Fook closed 896 stores in the Mainland market during FY2025, primarily underperforming locations, with a total of 6,423 stores globally as of FY25Q4 [5][12]. - The company opened two new image stores in Shanghai and Wuhan, achieving higher productivity levels compared to closed stores, with average monthly sales of approximately HK$1 million [5][12]. Collaborative Products - In March 2025, Chow Tai Fook launched a co-branded gold jewelry collection with Chiikawa, featuring nine designs that sold out quickly, indicating strong market demand for innovative products [6][13].

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 但在更多人眼中，老铺黄金的火热或许会让人有些摸不着头脑。 线下门店大排长龙，逆势提价养活一众黄牛，代购日进斗金、收入过万。 在一线城市的金饰门店门可罗雀之时，门庭若市的老铺黄金几乎成为了一种消费"神话"。 资本市场上，上市前的公开认购中，老铺黄金的孖展倍数一度达到了300倍。 随着金价越来越高，黄金概念股也迎来了疯狂爆炒。 尽管近年来金价持续飙涨黄金珠宝品牌却出现普遍营收承压的怪状，但在这个寒冬，老铺黄金（06181）却逆势而上。 今日收盘，老铺黄金的股价以飙涨11.73%收市， 达到了600港元，一举超越股王腾讯，成为港股市场股价最高的"一哥"。 而相比2024年6月上市时40.5港元的发行价，上市仅8个月，老铺黄金股价已上涨超13倍，市值也一举突破到了千亿港元，超过周大福，成为港 股黄金珠宝领域的龙头，堪称本轮金价大涨红利以来最大的赢家。 如此飙涨的老铺黄金，到底有多少含"金"量？ 01 在追捧老铺黄金的人眼中，"黄金的尽头是老铺"。 如今上市八个月，老铺黄金的股价已然翻了13倍，成为港股罕见的十倍股。 狂奔的股价背后，是老铺 ...