受惠于金价上升及毛利率较高的定价首饰产品销售占比增加，本集团整体毛利率上升2.0个百分点至 34.7%的历史高位。营运杠杆效益带动经营溢利率提升1.6个百分点至11.4%，经营溢利因此上升45.4%至 7.8亿港元。 智通财经APP获悉，六福集团(00590)绩后涨超6%，截至发稿，涨6.65%，报75.35港元，成交额6870.49 万港元。 消息面上，11月27日，六福集团发布截至2025年9月30日止6个月中期业绩，该集团取得收入68.43亿港 元，同比增加25.6%；权益持有人应占溢利6.19亿港元，同比增加42.5%；每股基本盈利1.05港元，拟派 中期股息为每股0.55港元。 ...

Core Viewpoint - Six福 Group reported strong financial performance for FY26H1, with revenue of HKD 6.84 billion, up 25.6% year-on-year, and net profit of HKD 600 million, up 44.1%, aligning with previous forecasts [1][2] Financial Performance - Revenue breakdown shows significant growth in pricing jewelry, with revenue from gold and platinum products at HKD 4.1 billion, up 11.0%, and pricing jewelry revenue at HKD 2.28 billion, up 67.9%, increasing its share of total sales by 8.8 percentage points to 35.7% [1][2] - Gross margin improved by 2.0 percentage points to 34.7%, reaching a historical high, driven by rising gold prices and operational leverage [2] - The net profit margin increased by 1.1 percentage points to 8.8% due to reduced selling and administrative expenses [2] Market Expansion and Store Strategy - The company operates a total of 3,113 stores globally, with a net closure of 174 stores in FY26H1, primarily in mainland China, while opening 8 new overseas stores, including its first in Vietnam [2] - The company plans to open at least 50 new overseas stores and enter at least 3 new countries from FY26 to FY28 [2] Profit Forecast and Valuation - The profit forecast for FY26-FY28 has been raised by 5%/6%/6% to HKD 1.548 billion, HKD 1.733 billion, and HKD 1.918 billion respectively, reflecting continued positive same-store sales [3] - The target price is set at HKD 35.1, corresponding to a 14 times PE for FY26, maintaining a "buy" rating [3]

Core Viewpoint - The company reported a significant increase in revenue and profit due to effective product differentiation and sales strategies, leading to a 25.6% rise in total revenue to HKD 6.84 billion [1][2]. Financial Performance - Total revenue increased by 25.6% to HKD 6,843,384,000 compared to HKD 5,448,634,000 in the previous year [1]. - Gross profit rose by 33.2% to HKD 2,373,233,000, with an overall gross margin increase of 2.0 percentage points to a historical high of 34.7% [1][2]. - Operating profit increased by 45.4% to HKD 779,648,000, with an operating margin improvement of 1.6 percentage points to 11.4% [1][2]. - Net profit rose by 44.1% to HKD 601,190,000, with a net profit margin increase of 1.1 percentage points to 8.8% [1][2]. - Earnings attributable to equity holders increased by 42.5% to HKD 619,186,000, resulting in a basic earnings per share increase of 41.9% to HKD 1.05 [1][2]. Dividend and Payout - The company declared an interim dividend of HKD 0.55 per share, maintaining the same dividend as the previous year, with a payout ratio of 52% [2]. Sales Performance - Retail revenue increased by 12.8% to HKD 5,255,286,000, accounting for 76.8% of total revenue [2]. - Wholesale revenue surged by 190.6% to HKD 1,117,398,000, representing 16.3% of total revenue [2]. - Same-store sales growth was recorded at +7.7%, with significant improvements in the mainland market [5][6]. Market Expansion - The company opened 8 new overseas stores and entered the Vietnamese market for the first time [1]. - The company plans to focus on overseas market expansion, market-oriented products, and operational efficiency optimization as part of its new three-year corporate strategy starting from the 2025/26 fiscal year [6].

证券研究报告 六福集团 (590 HK) 港股通 定价产品及海外拓展贡献增长亮点 2025 年 11 月 28 日│中国香港 可选消费 六福集团公布 FY26H1 业绩（2025 年 4-9 月）：收入为 68.4 亿港元，同比 +25.6%；净利润为 6.0 亿港元，同比+44.1%，符合此前业绩预告（收入同 比+20-30%，净利润同比+40-50%）。集团有效的产品差异化和销售策略带 动定价首饰收入快速增长，产品结构优化、金价上升助推毛利率创历史新高， 叠加经营杠杆效应释放，净利润增速表现亮眼。公司拟派中期股息 0.55 港 元/股，派息比率为 52%，持续积极分红回馈股东。此外，10 月 1 日至 11 月 21 日，集团中国内地、中国港澳及海外市场同店均实现双位数增长，其 中，中国内地市场较 FY26Q2 明显改善，有望延续进一步向好势头。维持 "买入"评级。 得益于有效的产品差异化策略，定价首饰产品收入高增 1）分产品看，FY26H1 黄金及铂金产品营收 41.0 亿港元/同比+11.0%，定 价首饰产品营收 22.8 亿港元/同比+67.9%，占整体销售额的比重同比提升 8.8pct 至 35. ...

Core Insights - The company reported a revenue of HKD 6.843 billion for the six months ending September 30, 2025, representing a year-on-year increase of 25.6% [1] - Profit attributable to equity holders reached HKD 619 million, up 42.5% year-on-year [1] - Basic earnings per share were HKD 1.05, with an interim dividend proposed at HKD 0.55 per share [1] Financial Performance - The overall gross margin increased by 2.0 percentage points to a historical high of 34.7%, driven by rising gold prices and a higher proportion of sales from high-margin jewelry products [1] - Operating leverage contributed to an increase in operating profit margin by 1.6 percentage points to 11.4%, resulting in a 45.4% rise in operating profit to HKD 780 million [1]

Core Viewpoint - The company reported a significant increase in revenue and profit due to effective product differentiation and sales strategies, alongside a favorable market environment with rising gold prices [1] Financial Performance - Revenue increased by 25.6% year-on-year to HKD 6.8 billion [1] - Overall gross margin rose by 2.0 percentage points to a historical high of 34.7% [1] - Operating profit margin improved by 1.6 percentage points to 11.4%, leading to a 45.4% increase in operating profit to HKD 780 million [1] - Net profit for the period increased by 44.1% to HKD 600 million [1] Dividend and Payout - The company proposed an interim dividend of HKD 0.55 per share, with a payout ratio of 52% [1] Market Expansion - The company added 8 new overseas stores during the period and made its first entry into the Vietnamese market [1] - Same-store sales in both Hong Kong, Macau, and overseas markets, as well as the mainland market, recorded double-digit growth from October 1 to November 21, with a notable improvement in the mainland market compared to the second quarter of the fiscal year [1]

Market Overview - The Nasdaq index experienced a significant reversal, closing down over 2% after initially rising more than 2%, which negatively impacted the Hong Kong stock market [1] - On November 21, the Hong Kong market opened sharply lower, with the Hang Seng Index down 375.15 points, a decline of 1.45% [1] - The Hang Seng Technology Index also fell, reporting a decrease of 123.08 points, or 2.21% [3] Company Performance - NetEase (HK09999) reported third-quarter net revenue of 28.4 billion yuan (4 billion USD), an increase of 8.2% year-on-year, and a net profit of 8.616 billion yuan (1.2 billion USD), up 31.77% year-on-year [5] - The revenue from games and related value-added services for NetEase was 23.3 billion yuan, a year-on-year increase of 10.3% [5] - Six Brands Group (HK00590) expects a revenue increase of approximately 20% to 30% for the six months ending September 30, with net profit anticipated to rise by about 40% to 50% [5] Sector Analysis - The technology sector saw widespread declines, with Baidu down over 6%, Lenovo and Bilibili down over 4%, Alibaba down over 3%, and Tencent and JD down over 2% [5] - Chip stocks opened lower, with SMIC down over 3%, and automotive stocks continued to decline, with NIO down over 5% [5] - The innovative drug sector also faced declines, with WuXi Biologics down over 3% [5] Future Outlook - Huaxia Fund believes that the recent significant drop in the Hang Seng Technology Index presents a potential buying opportunity due to favorable conditions in terms of capital, policy, and fundamentals [6] - The AI industry remains a key focus, with expectations that leading internet companies, AI hardware, and high-end manufacturing sectors will drive market sentiment recovery [6] - With improving liquidity conditions, the valuation of the Hong Kong technology sector is expected to rise systematically, and foreign institutions have begun to increase their allocations in core Hong Kong stocks [7]

Core Viewpoint - Luk Fook Holdings (00590) expects a revenue increase of approximately 20% to 30% for the six months ending September 30, 2025, compared to the same period last year, driven by effective product differentiation and sales strategies [1] Group 1 - The significant growth in sales of priced jewelry products is a key factor contributing to the revenue increase [1] - The company anticipates a profit increase of approximately 40% to 50% for the same period, benefiting from rising gold prices and an increased sales proportion of priced jewelry products [1] - Operational leverage is expected to enhance profit margins during this period [1]

Core Insights - The company, Luk Fook Holdings (00590), expects a revenue increase of approximately 20% to 30% for the six months ending September 30, 2025, compared to the same period last year, driven by effective product differentiation and sales strategies that significantly boosted the sales of priced jewelry products [1] - The company anticipates a profit increase of about 40% to 50% during the same period, benefiting from rising gold prices, an increased proportion of priced jewelry sales, and operational leverage enhancing profit margins [1] Revenue Expectations - Revenue is projected to rise by approximately 20% to 30% year-on-year [1] - The growth is attributed to successful sales strategies and product differentiation [1] Profit Projections - Profit is expected to increase by around 40% to 50% compared to the previous year [1] - Key factors contributing to profit growth include rising gold prices and a higher sales proportion of priced jewelry products [1] - Operational leverage is also expected to enhance profit margins [1]

Core Viewpoint - The company expects a significant increase in revenue and profit for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [1] Revenue Summary - The company anticipates a revenue increase of approximately 20% to 30% compared to the same period last year, primarily due to successful sales of priced jewelry products [1] Profit Summary - The company projects a profit increase of about 40% to 50% year-on-year, benefiting from rising gold prices, a higher proportion of priced jewelry sales, and operational leverage enhancing profit margins [1]