Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][15] Core Views - The company reported a year-on-year decline in overall retail value of 11.6% for the first quarter of 2025, with a 10.4% decline in the Chinese market (excluding Hong Kong, Macau, and Taiwan) and a 20.7% decline in Hong Kong, Macau, and other markets. However, the decline in same-store sales has narrowed compared to the previous quarter [3][5] - The proportion of high-margin priced products has significantly increased, with the retail value of priced products in the Chinese market (excluding Hong Kong, Macau, and Taiwan) rising from 9.4% to 25.6% year-on-year, supporting the company's gross margin resilience [3][5] - The company continues to enhance store efficiency by closing 406 underperforming stores, with a total of 6,643 stores remaining at the end of the period. Additionally, five new image stores were opened in the Chinese market, achieving performance above the average of same-store sales [3][10] Summary by Sections Retail Performance - Overall retail value decreased by 11.6% year-on-year, with a 10.4% decline in the Chinese market (excluding Hong Kong, Macau, and Taiwan) and a 20.7% decline in Hong Kong, Macau, and other markets. Same-store sales in the Chinese market fell by 13.2%, a decrease of 2.9 percentage points compared to the previous quarter [3][5] Product Sales Structure - The share of high-margin priced products has increased, with the retail value of priced products in the Chinese market (excluding Hong Kong, Macau, and Taiwan) rising from 9.4% to 25.6% year-on-year. The sales of the signature CTF Fortune and CTF Palace series reached approximately HKD 4 billion each for the fiscal year 2025 [3][5] Store Management - The company closed 406 underperforming stores, including 397 from the main CTF brand, resulting in a total of 6,643 stores at the end of the period. The company also opened five new image stores in the Chinese market, which performed better than the average same-store sales in the initial months [3][10] Financial Forecast - The company maintains its profit forecast for the fiscal years 2025-2027 at HKD 52.51 billion, HKD 61.54 billion, and HKD 68.84 billion, respectively, with corresponding P/E ratios of 18.3, 15.6, and 14 times [4][15]

4月10日，今日周大福珠宝集团对外公布了品牌转型一周年成效。在品牌转型亮点方面，为庆祝品牌成 立95周年，集团于2024年4月推出了周大福传福系列，截至2025财政年度第三季度，该系列的零售值已 突破24亿港元。同时，周大福珠宝天宣布推出全新的周大福传喜系列（CTF Joie Collection）。据悉， 此系列秉承了周大福传福系列的故事性寓意，两者均深受中国文化中具有深远意义的文字所启发。 在策略性品牌联乘合作方面，自2024年8月推出以来，周大福故宫系列截至2025财政年度第三季止的零 售值已录得16亿港元。同时，集团透过与《黑神话：悟空》、《鬼灭之刃》和《吉伊卡哇Chiikawa》等 人气IP联乘合作，进一步丰富其产品组合。其中，《黑神话：悟空》系列在吸引男性顾客方面表现尤为 出色，推动了自用而非送礼的购买需求，成功打入此前尚未开发的市场领域。 周大福珠宝集团副主席郑志雯表示："我们的品牌转型之旅印证了集团对创新、质量和以客为先的坚定 承诺。透过推出新形象时尚店、加强产品组合，以及与全球知名伙伴的策略性联乘合作，我们重新定义 了顾客体验。这些举措不仅巩固我们作为值得信赖的终身伙伴的地位，同时也为可持续 ...