11月下旬，周大福发布了2026财年上半年业绩报告（即2025年4至9月业绩数据），周大福整体业绩呈稳健复苏态势，各市场同店销售也重拾增长，品牌向 高端转型初见成效，品牌在产品定价、渠道布局等多方面转变，对集团盈利能力提升持续产生正面效益。 一、整体业绩：营收减速下滑，企业降本增效稳定盈利能力 周大福珠宝集团自2024年开始，半年度营收持续下跌，2025财年（即2024年4月至2025年3月）总营收896亿港元，同比下跌17.5%。2025年4至9月，周大 福总营收达到390亿港元，同比下滑1.1%，营收下滑的速度明显放缓。 2025年4至9月，集团净利润与去年同期持平，净利润率为6.6%，集团毛利收入同比减少5亿港元，毛利率较去年同期下跌0.9个百分点。 此外，本次财报显示，周大福经营溢利达到68亿港元，同比上浮0.7%，净盈利率提升0.3个百分点。 企业面临营收下滑压力的同时，盈利能力仍较为稳定，由此可见，企业在成本管控及业务结构上具备一定优势。 2022财年至2026财年的销售及行政开支走势图显示，周大福持续降低销售成本并保证行政费用的长期稳定。2025年4至9月的销售及行政支出共计54.5亿港 元，同 ...

Core Insights - Chow Tai Fook Jewelry Group Limited reported a revenue of HKD 38.986 billion for the first half of the 2026 fiscal year, a year-on-year decrease of 1.1% [1] - Operating profit increased by 0.7% to HKD 6.823 billion, while profit attributable to shareholders rose by 0.1% to HKD 2.534 billion [1] - The company declared an interim dividend of HKD 0.22 per share for the reporting period [1] Sales Performance - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [1] - Same-store sales in Hong Kong and Macau rose by 4.4%, driven by improved retail consumption and increased foot traffic [1] - Hong Kong's same-store sales grew by 1.8%, while Macau experienced a significant increase of 13.7% [1] Product Strategy - Chow Tai Fook optimized its product mix, with the retail value contribution of priced jewelry in mainland China rising from 27.4% to 31.8% [2] - Iconic product series achieved total sales of HKD 3.4 billion, up from HKD 2.3 billion in the previous year [2] - The company expanded its jade product offerings, launching new series and collaborations, resulting in a year-on-year doubling of jade jewelry sales [2] Store Expansion - The company opened three new flagship stores in Beijing, Shijiazhuang, and Macau during the reporting period, totaling eight new flagship stores as of September 30, 2025 [2] - Chow Tai Fook plans to open six new stores in international markets by June 2026, including new flagship stores [2] - The first new flagship store in Southeast Asia was opened at Changi Airport in Singapore in October [2]

Core Viewpoint - Chow Tai Fook's FY2026 Q2 operational performance shows a 4.1% year-on-year growth in RSV, aligning with expectations [1] Group 1: Domestic Performance - Offline same-store sales growth turned positive in Q2, with a 7.6% year-on-year increase in direct same-store sales in mainland China [1] - The average selling price of gold jewelry and products increased by 23% year-on-year, driven by a significant rise in gold prices, which increased by 46% compared to the same period in 2024 [1][2] - Excluding price factors, same-store sales volume in mainland China decreased by 8.6%, showing a narrowing decline compared to Q1 [1] Group 2: Product and Channel Strategy - The reduction in same-store sales volume is attributed to the company's increased product innovation efforts, with the successful launch of the "Chuanxi" series and the expansion of existing product lines [2] - The retail sales of gold products saw a substantial year-on-year increase of 43.7%, indicating significant growth in sales volume when excluding price factors [2] - The company closed 300 underperforming stores in Q2, reducing the total to 5,663 stores, which may help retain customer traffic in remaining stores [2] Group 3: E-commerce and Regional Performance - E-commerce sales in mainland China grew by 28.1% year-on-year, accounting for 6.7% of the company's mainland sales and 15.5% of sales volume [2] - The company is enhancing its IP collaboration and engaging consumers through comprehensive online interactions to expand its e-commerce business [2] - In FY2026 Q2, RSV in Hong Kong, Macau, and other regions increased by 11.4%, with same-store sales growth of 6.2% in Hong Kong and 17.3% in Macau [2] Group 4: Financial Projections - The company expects a 3% revenue growth for FY2026, with a projected net profit increase of 32% to HKD 7.8 billion [3] - The company anticipates net profits of HKD 78.06 billion, HKD 88.30 billion, and HKD 98.78 billion for FY2026-2028, with a PE ratio of 21 for FY2026 [3]

Core Viewpoint - The report from Guosheng Securities indicates that Chow Tai Fook (01929), a leader in the jewelry industry, is focusing on single-store operations, optimizing product design, and enhancing consumer engagement. The company is expected to achieve a net profit of HKD 78.06 billion, 88.30 billion, and 98.78 billion for FY2026-2028, with a FY2026 PE ratio of 21 times, maintaining a "Buy" rating [1]. Group 1: Financial Performance - Chow Tai Fook's FY2026 Q2 operating results show a group RSV growth of 4.1% year-on-year, aligning with expectations [1]. - The company anticipates a 3% revenue growth for FY2026 and a 32% increase in net profit to HKD 78 billion, driven by product structure optimization and rising gold prices [4]. Group 2: Domestic Market Performance - In the domestic market, the same-store sales growth turned positive, with a 7.6% year-on-year increase in Q2, particularly in gold and jewelry products [1]. - Excluding price factors, the same-store sales volume declined by 8.6%, but the decline has narrowed compared to Q1, attributed to increased product launches and the popularity of new collections [2]. Group 3: E-commerce and Regional Performance - E-commerce sales in the domestic market grew by 28.1%, accounting for 6.7% of total sales and 15.5% of total volume, supported by IP collaborations and enhanced online consumer interactions [3]. - In the Hong Kong and Macau regions, RSV increased by 11.4%, with same-store sales growth of 6.2% in Hong Kong and 17.3% in Macau, benefiting from rising gold prices [3].

Core Viewpoint - The report from Guosheng Securities indicates that Chow Tai Fook (01929), as a leader in the jewelry industry, is focusing on single-store operations, optimizing product design, and enhancing consumer engagement. The company is expected to achieve a net profit attributable to shareholders of HKD 78.06 billion, 88.30 billion, and 98.78 billion for FY2026-2028, with a corresponding FY2026 PE ratio of 21 times, maintaining a "Buy" rating [1]. Group 1: Financial Performance - Chow Tai Fook's FY2026 Q2 operating results show a 4.1% year-on-year increase in group RSV, aligning with expectations [2]. - The company anticipates a 3% revenue growth for FY2026, with a projected net profit growth of 32% to HKD 78 billion, driven by product structure optimization and rising gold prices [6]. Group 2: Mainland China Operations - In FY2026 Q1, the mainland's RSV grew by 3%, with Q2 same-store sales showing a positive growth of 7.6%. Sales of gold jewelry and products increased by 10.6% [3]. - The increase in same-store sales is attributed to a significant rise in gold prices, which led to a 23% year-on-year increase in average selling prices for gold jewelry [3]. - The company is actively reducing inefficient stores, closing 300 stores in Q2, resulting in a total of 5,663 Chow Tai Fook jewelry stores [3]. Group 3: E-commerce Performance - Chow Tai Fook's e-commerce sales in mainland China grew by 28.1% year-on-year, accounting for 6.7% of the company's mainland sales and 15.5% of sales volume [4]. - The company is enhancing its IP collaboration and engaging consumers through comprehensive online interactions to expand its e-commerce business [4]. Group 4: Hong Kong and Macau Operations - In FY2026 Q2, RSV in Hong Kong and Macau increased by 11.4%, with same-store sales growth of 6.2% in the region [5]. - The sales growth in Hong Kong was 3.2%, while Macau experienced a robust growth of 17.3%, continuing its rapid growth trend [5].

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook [6] Core Views - Chow Tai Fook's FY2026Q2 performance shows a positive trend with a 4.1% year-on-year growth in group RSV, aligning with expectations [1] - The company is expected to achieve a revenue growth of approximately 3% for FY2026, with a projected net profit increase of 32% to HKD 7.8 billion [3] Summary by Sections Domestic Performance - In FY2026Q2, Chow Tai Fook's same-store sales in mainland China turned positive, with a 7.6% year-on-year increase in direct same-store sales [1] - The average selling price of gold jewelry increased by 23% year-on-year, driven by a significant rise in gold prices, which were up 46% compared to the same period in 2024 [1][2] - Excluding price factors, same-store sales volume declined by 8.6%, but the decline was less severe than in Q1, attributed to new product launches and the optimization of existing product lines [2] E-commerce Growth - Chow Tai Fook's e-commerce sales in mainland China grew by 28.1% year-on-year, accounting for 6.7% of total sales and 15.5% of total volume [2] Hong Kong and Macau Performance - In FY2026Q2, RSV in Hong Kong and Macau increased by 11.4%, with same-store sales growth of 6.2% in Hong Kong and 17.3% in Macau [3] Financial Projections - The report forecasts Chow Tai Fook's net profit for FY2026 to reach HKD 7.8 billion, with a PE ratio of 21 times [3] - Projected net profits for FY2026-2028 are HKD 78.06 billion, HKD 88.30 billion, and HKD 98.78 billion respectively [3]

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