FY26H1（对应自然年25 年4 月-9 月）营收同比-1.1 %，其中中国内地、中国港澳及其他市场同比-2.6 %、+6.5%，系低基数+定价类产品表现较好。FY26H1 经营利润、归母净利润+0.7 %、+0 .1 %，主要系 费用管控良好，FY26H1 黄金对冲损失31 亿港币（FY2 6 H1 金价累计涨幅22.8%）。FY26H1 公司定价 首饰、计价首饰营收同比+9.3%、 -3.8%，营收占比29.6%/+2.7pct、65.2%/-2.2pct。故宫系列、传福及传 喜等标志性产品销售额34 亿港元/+48%。FY2 6 Q 2 期末中国内地门店数5663 家/净关店611 家。展望 FY26H2，管理层指引预计营收中单位数增长、OP Margin 和毛利率提升（假设金价维持在4000-4100 美 元/盎司震荡），1）10 月以来动销加速增长，预计旺季终端提速；2）金价提升下全年毛利率和经营利 润率提升、黄金借贷亏损亦将扩大；3）下半年净关门店放缓、一口价产品占比继续提升。 事件 机构：中信建投证券 研究员：叶乐/黄杨璐/刘乐文 公司发布FY26H1 业绩（自然年为25 年4 月-9 月）： ...

Group 1 - The core viewpoint of the report is that the company maintains its EPS forecast for FY26/27 at HKD 0.84/0.92, with a target price increase of 8% to HKD 16.11, indicating a 15% upside potential from the current stock price [1] - The company reported a 1.9% year-on-year decline in overall retail value for 1QFY26, with a 3.3% decline in same-store sales in mainland China, while the Hong Kong and Macau markets saw a 2.2% increase in same-store sales [2][3] Group 2 - The sales improvement in the quarter was attributed to the growth in sales of priced jewelry products and a low base effect, with mainland China retail sales down 3.3%, but showing improvement from a previous decline of 10% [3] - The company optimized its store operations, closing 311 stores in mainland China during 1QFY26, which contributed to the same-store sales improvement [3] - In the Hong Kong and Macau markets, retail sales increased by 7.8%, with same-store sales in Hong Kong growing by 0.2% and in Macau by 9.5% [3] Group 3 - In terms of product performance, gold products continued to outperform embedded products, with a 21% year-on-year increase in sales of priced gold during 1QFY26 [4] - The same-store sales for gold products in mainland China decreased by 1.4%, while embedded products saw a 2.2% decline, both showing significant narrowing of declines compared to previous quarters [4] - In the Hong Kong and Macau markets, same-store sales for gold products increased by 6.6%, and for embedded products by 3.3% [4] Group 4 - The company is continuing its brand transformation strategy, opening new image stores in mainland China and Macau, and launched a high-end jewelry series in June in Hangzhou to enhance brand positioning [5] - The "Chuanxi" series has achieved cumulative sales exceeding HKD 500 million since its launch in April 2025, continuing the strong growth trend of previous series [5] - The collaboration with streetwear brand CLOT has gained popularity among younger consumers, indicating successful product innovation [5]