②门店数：截止FY26H1，全球门店数3113家/FY26H1净减少174家。其中自营310家/净增23家，品牌店 2785家/净减少198家，专门店18家/净增1家。公司计划FY26在海外净增20家门店，FY26-FY28三年内进 驻最少3个新国家及净增50家海外门店。 金价上行及定价首饰占比提升驱动毛利率提升，费用率优化 FY26H1毛利率34.7%/同比+2.0pct，受益金价上升及定价首饰占比提升：FY26H1克重黄金铂金销售额 40.96亿港元/同比+11.0%，毛利率30.3%/同比+2.8pct;定价首饰销售额22.76亿港元/同比+67.9%，毛利率 36.8%/同比-0.5pct，冰钻等新品带动批发收入占比大幅增加。其他亏损净额占收入5.6%/同比+3.1pct， 金价上涨导致黄金借贷未变现亏损净额增加;销售费用率16.3%/同比-1.5pct，行政费用率2.7%/同 比-0.8pct，受益经营杠杆。 海通国际发布研报称，给予六福集团(00590)"优于大市"评级。预测2026-2028财年归母净利润为 15.78/18.00/19.77亿港元，参考可比公司估值，给予2026财年15倍PE， ...

智通财经APP获悉，海通国际发布研报称，给予六福集团(00590)"优于大市"评级。预测2026-2028财年 归母净利润为15.78/18.00/19.77亿港元，参考可比公司估值，给予2026财年15倍PE，目标价40.35港元。 集团FY26H1收入68.43亿港元/同比+25.6%，毛利23.73亿港元/同比+33.2%，毛利率34.7%/同比+2.0pct; 经营利润7.80亿港元/同比+45.4%，经营利润率11.4%/同比+1.6pct;归母净利润6.19亿港元/同比+42.5%， 净利率8.8%/同比+1.1pct。中期股息每股0.55港元分红率52%。 海通国际主要观点如下： FY26H1毛利率34.7%/同比+2.0pct，受益金价上升及定价首饰占比提升：FY26H1克重黄金铂金销售额 40.96亿港元/同比+11.0%，毛利率30.3%/同比+2.8pct;定价首饰销售额22.76亿港元/同比+67.9%，毛利率 36.8%/同比-0.5pct，冰钻等新品带动批发收入占比大幅增加。其他亏损净额占收入5.6%/同比+3.1pct， 金价上涨导致黄金借贷未变现亏损净额增加;销售费用率16.3 ...

作为周大福营业额支柱的计价黄金首饰板块，2026财年上半年营业额同比下滑3.8% 国际金价近来持续高位震荡，据金价网实时数据显示，截至2025年12月3日12时，国际金价报4225.68美元/盎司，相较于2024年底、2025年初2600美元/盎 司至2800美元/盎司的区间，年内涨幅约50%。同期，国内金价报955.16元/克，整体延续波动上涨态势。 国际金价30天走势（美元/盎司） 数据来源：金价网 在此趋势下，国内金饰品牌如周大福（1929.HK）、老凤祥（600612.SH）、周生生（0116.HK）、潮宏基（002345.SZ）等足金克价也同步冲高。据2025 年12月3日报价，前述品牌金饰价格介于1327元/克至1333元/克区间。 金价震荡上行中，这些金饰品牌的业绩经营表现难言优异。如周大福珠宝集团有限公司（下称周大福，1929.HK）近日公布的2026财政年度中期业绩报告 显示，截至2025年9月30日止六个月，公司营业额同比下滑1.1%至389.86亿港元，为近几年同期新低；经营溢利、公司股东应占溢利分别仅较上年同期微 增0.69%和0.16%，分别为68.23亿港元和25.34亿港元，毛利 ...

点击注册小程序 查看完整报告 特别申明： 事件： FY2026H1收入/归母净利润同比-1.1%/+0.2%，FY2026Q2销售额增速转正 周大福发布截至2025年9月末的2026财年中期业绩。FY2026H1公司实现营业收入389.86亿港元，同比减少 1.1%，归母净利润25.34亿港元，同比增长0.2%，EPS为0.26港元，拟每股派发中期现金红利0.22港元，派息率 为85.7%。 分季度来看，FY2026Q1/Q2公司零售额分别同比-1.9%/+4.1%，中国内地分别-3.3%/+3.0%，港澳及其他市场分 别+7.8%/+11.4%。此外，公司公布2025年10月1日至11月18日主要经营数据，期间公司零售值同比增长 33.9%，其中，中国内地同比增长35.1%，港澳及其他市场同比增长26.5%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内 ...

首次覆盖:定价首饰高增，加快海外拓展 六福集团(0590) 六福集团 FY2026 中报业绩点评 家庭及个人用品 [Table_Industry] 本报告导读： 定价首饰驱动同店销售持续改善，首次进驻越南市场。 投资要点： 金价上行及定价首饰占比提升驱动毛利率提升，费用率优化。 FY26H1 毛利率 34.7%/同比+2.0pct，受益金价上升及定价首饰占比提 升：FY26H1 克重黄金铂金销售额 40.96 亿港元/同比+11.0%，毛利率 30.3%/同比+2.8pct；定价首饰销售额 22.76 亿港元/同比+67.9%，毛 利率 36.8%/同比-0.5pct，冰钻等新品带动批发收入占比大幅增加。 其他亏损净额占收入 5.6%/同比+3.1pct，金价上涨导致黄金借贷未 变现亏损净额增加；销售费用率 16.3%/同比-1.5pct，行政费用率 2.7%/同比-0.8pct，受益经营杠杆。 风险提示：金价波动影响销量、开店不及预期、同店大幅下滑等。 | 财务摘要(百万港元) | FY2024 | FY2025 | FY2026E | FY2027E | FY2028E | | --- | --- | - ...

[Table_Title] 研究报告 Research Report 1 Dec 2025 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 11 月 26 日，周大福珠宝集团发布 2026 财年中期业绩报告并召开业绩会。 周大福 Chow Tai Fook (1929 HK) 1HFY26 同店与 ASP 改善，管理层维持 FY26 收入指引 Same-Store Sales and ASP Improve in 1HFY26, Management Maintains FY26 Revenue Guidance 1HFY26收入小幅承压，公司通过费用优化实现营运利润率与股东回报双稳健。周大福自FY2025起变更了会计准则， 在现行会计结构下，周大福的黄金借贷公允价值变动已从"销售成本"重分类至"其 ...

Core Insights - The company reported a slight decline in revenue and a modest increase in net profit for FY2026H1, with revenue at HKD 38.986 billion, down 1.1% year-on-year, and net profit at HKD 2.534 billion, up 0.2% year-on-year [1] - Retail sales showed a positive turnaround in FY2026Q2, with a growth rate of 4.1% compared to a decline of 1.9% in FY2026Q1 [1] - The company plans to distribute an interim cash dividend of HKD 0.22 per share, resulting in a payout ratio of 85.7% [1] Revenue Breakdown - For FY2026H1, the revenue from priced jewelry increased by 9.3%, while the revenue from gold jewelry and watches decreased by 3.8% and 10.6%, respectively [1] - The revenue contribution from priced jewelry, gold jewelry, and watches was 29.6%, 65.2%, and 5.2%, respectively [1] Market Performance - In FY2026H1, the revenue from mainland China accounted for 82.6% of total revenue, with a year-on-year decline of 2.5% [2] - Franchise revenue decreased by 10.2%, while retail revenue increased by 8.1%, with same-store sales for franchises and direct stores growing by 4.8% and 2.6%, respectively [2] - The number of jewelry stores in mainland China decreased by 611 to 5,663, with significant closures in wholesale and retail channels [2] Profitability Metrics - The gross margin for FY2026H1 was 30.5%, down 0.9 percentage points year-on-year, primarily due to the timing of gold price increases [3] - The operating expense ratio decreased by 1.1 percentage points to 14.7%, with sales, management, and financial expense ratios showing slight variations [3] Future Outlook - The company has revised its profit forecasts upward for FY2026, FY2027, and FY2028, with expected net profits of HKD 8.131 billion, HKD 8.980 billion, and HKD 9.547 billion, respectively [3] - The earnings per share (EPS) estimates for the same periods are projected to be HKD 0.82, HKD 0.91, and HKD 0.97, with corresponding price-to-earnings (PE) ratios of 17, 15, and 14 times [3]

Core Insights - Chow Tai Fook's (01929.HK) performance for the first half of the fiscal year 2026 (April 1 to September 30, 2025) fell short of market expectations, leading to a significant drop in its stock price on November 26, with a decline of over 7% during trading [2] Financial Performance - The company's revenue for the first half of the fiscal year was HKD 38.99 billion, a slight decrease of 1.07% year-on-year, which was below the market estimate of HKD 40.19 billion [2] - Shareholder profit attributable to the company was HKD 2.534 billion, showing only a 0.1% increase compared to the same period last year, also missing the analyst forecast of HKD 2.63 billion [2] - Chow Tai Fook's gross profit margin narrowed by 0.9 percentage points to 30.5% year-on-year, attributed to limited increases in gold prices affecting retail product margins [2] Consumer Behavior and Market Trends - High gold prices have led to a noticeable change in consumer purchasing behavior, with customers showing hesitation in buying heavier gold products and preferring lower-priced jewelry or affordable alternatives [2] - The revenue structure reflects this trend, with a 9.3% year-on-year increase in revenue from priced jewelry, while revenue from gold jewelry based on weight declined by 3.8% [2] Policy Environment - Concerns regarding Chow Tai Fook are also linked to changes in the policy environment, particularly the cancellation of gold tax incentives on November 1, which may increase consumer costs for gold and pressure retail margins [3] Management Outlook - Despite facing short-term challenges, Chow Tai Fook's management remains optimistic about a recovery in the second half of the fiscal year, raising the gross profit margin guidance to 31% to 32% for the fiscal year ending March 2026 [3] - Analysts from institutions like Bank of America believe that the worst period for same-store sales growth may have passed, and business transformation efforts are expected to support profit recovery [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of HKD 38.986 billion for FY2026H1, a decrease of 1.1% year-on-year, while the net profit attributable to shareholders was HKD 2.534 billion, an increase of 0.2% year-on-year [1] - In FY2026Q2, the sales growth turned positive, with a year-on-year increase of 4.1% [1] - The company plans to distribute an interim cash dividend of HKD 0.22 per share, resulting in a payout ratio of 85.7% [1] Summary by Sections Financial Performance - For FY2026H1, the revenue from priced jewelry increased by 9.3%, while the total revenue from gold jewelry and watches decreased by 3.8% and 10.6%, respectively [2] - The gross profit margin for FY2026H1 was 30.5%, down by 0.9 percentage points year-on-year, primarily due to the timing of gold price increases [4] - The company’s operating income for FY2026 is projected to be HKD 90.859 billion, with a net profit of HKD 8.131 billion, reflecting a growth rate of 37.45% [5] Market Segments - The revenue from the mainland China market accounted for 82.6% of total revenue, with a year-on-year decline of 2.5% [2] - The Hong Kong, Macau, and other markets showed a revenue increase of 6.5% in FY2026H1, with same-store sales growth of 4.4% [3] Sales Channels - The company’s retail revenue grew by 8.1% year-on-year, while franchise revenue declined by 10.2% [2] - Same-store sales in the mainland China market increased by 4.8% for franchises and 2.6% for direct sales [2] Profitability and Valuation - The report projects an increase in net profit for FY2026, FY2027, and FY2028 by 17.4%, 16.1%, and 16.0%, respectively, with corresponding EPS of HKD 0.82, 0.91, and 0.97 [4] - The current stock price corresponds to a price-to-earnings ratio of 17 for FY2026, 15 for FY2027, and 14 for FY2028 [4]

Group 1 - The core viewpoint of the report indicates that the company's same-store sales are continuously improving, driven by the pricing of jewelry, and it has made its first entry into the Vietnamese market [1][2]. - The investment recommendation is to maintain a "Buy" rating, with projected net profits for the fiscal years 2026-2028 at 1.578 billion, 1.800 billion, and 1.977 billion HKD respectively, and a target price of 40.35 HKD based on a 15x PE for FY26 [1]. - For FY26H1, the company reported revenues of 6.843 billion HKD, a year-on-year increase of 25.6%, with a gross profit of 2.373 billion HKD, reflecting a 33.2% increase [1]. Group 2 - Same-store sales improved by 7.7% year-on-year in FY26H1, with jewelry pricing driving a 22.2% increase in same-store sales for priced jewelry [2]. - As of FY26H1, the total number of global stores was 3,113, with a net decrease of 174 stores, while the company plans to open 20 new stores overseas in FY26 and enter at least three new countries by FY28 [2]. - The gross profit margin for FY26H1 was 34.7%, up 2.0 percentage points year-on-year, benefiting from rising gold prices and an increased proportion of priced jewelry sales [3].