财经频道更多独家策划、专家专栏，免费查阅>> 有周大福的销售人员在小红书上发布价格标签显示，大部分产品加幅介乎4%至15%。周大福曾于10月 表示，计划在10月底提高定价黄金产品的零售价格，大多数产品加幅介乎12%至18%，集团因应市场变 化，设有机制密切监测金价波动，并适时进行价格调整。 12月18日，周大福天猫官方旗舰店发布提示，指受市场因素影响，部分商品即将加价。如果算上今年3 月和10月的两次加价，此次将是周大福在2025年内，第三次对定价黄金产品加价。据悉，周大福部分畅 销款的定价黄金产品实际加幅超过30%，如27克左右的"五帝钱盘缠手串"，价格由38600元，调高31.6% 至50800元。 责任编辑：栎树 ...

格隆汇12月18日｜周大福(1929.HK)天猫官方旗舰店发布提示，指受市场因素影响，部分商品即将加 价。如果算上今年3月和10月的两次加价，此次将是周大福在2025年内，第三次对定价黄金产品加价。 据悉，周大福部分畅销款的定价黄金产品实际加幅超过30%，如27克左右的"五帝钱盘缠手串"，价格由 38600元，调高31.6%至50800元。有周大福的销售人员在小红书上发布价格标签显示，大部分产品加幅 介乎4%至15%。 周大福曾于10月表示，计划在10月底提高定价黄金产品的零售价格，大多数产品加幅介乎12%至18%， 集团因应市场变化，设有机制密切监测金价波动，并适时进行价格调整。 ...

Core Viewpoint - Daiwa has raised its earnings per share forecast for Chow Tai Fook (01929) for the years 2026 to 2028 by 2% to 5%, and increased the 12-month target price from HKD 15.5 to HKD 18, maintaining a price-to-earnings ratio of 18 times and reiterating a "Buy" rating [1] Financial Performance - Chow Tai Fook's revenue and net profit for the first half of the fiscal year ending September 2026 were 2% to 3% lower than market expectations, but the company believes that positive factors outweigh negative ones [1] - The company has increased its dividend payout ratio and per-share dividend, while also raising its guidance for the second half of the fiscal year 2026, which Daiwa considers conservative [1] Gold Price Impact - During the first half of fiscal year 2026, the price of gold increased by 40% year-on-year, leading to a hedge loss of approximately HKD 3.1 billion [1] - If gold prices remain at the current level (approximately USD 4,100 per ounce) before the end of fiscal year 2026, an estimated additional hedge loss of about HKD 2 billion is expected in the second half of the fiscal year [1] - However, higher gross margins are anticipated to offset these impacts, with management raising its gross margin guidance to 31% to 32% following a significant retail price increase, including a 20% price hike on gold products [1] Sales Growth Outlook - Management has maintained its previous guidance for revenue and same-store sales growth in the low single digits and mid-single digits, but Daiwa believes this is overly conservative, expecting a low double-digit growth in same-store sales for the first three quarters [1]

Core Viewpoint - The recent surge and volatility in gold prices have sparked a new wave of investment interest in gold, significantly impacting companies across the gold industry chain [1][2]. Impact on Industry Chain - The high gold prices have had varying effects on companies within the gold industry chain. Upstream gold mining companies have benefited from increased revenues and profits, as evidenced by the third-quarter reports of listed gold mining companies, which showed substantial year-on-year growth in both revenue and net profit [5][4]. - Conversely, downstream gold jewelry companies have faced challenges, with many reporting declines in performance during the same period. For instance, companies like Zhou Dashing, Mingpai Jewelry, and Laofengxiang experienced revenue declines, with Mingpai Jewelry's net profit plummeting by over 1500% [5][6]. Performance Data - Specific performance metrics for jewelry companies include: - Zhou Dashing: Revenue down 37.35%, net profit up 3.13% - Mingpai Jewelry: Revenue down 25.37%, net profit down 1502.07% - Laofengxiang: Revenue down 8.71%, net profit down 19.05% - China Gold: Revenue down 1.74%, net profit down 55.08% [6]. Market Demand Trends - Despite the challenges, the overall demand for gold jewelry in China showed a quarter-on-quarter increase of 21% in the third quarter of 2025, although it still represented an 18% year-on-year decline. The total gold jewelry consumption for the first three quarters of 2025 was 278 tons, down 25% year-on-year [7]. Company Strategies - Companies are actively seeking strategies to mitigate the impact of high gold prices. For example, Zhou Dashing has reported a stable inventory level and is closely monitoring gold price fluctuations to adjust pricing accordingly. They are also focusing on product innovation and market expansion to meet diverse consumer needs [10][11]. - Zhou Dafu Jewelry Group has highlighted a positive trend in sales, particularly in their priced gold products, which saw a 43.7% year-on-year increase in retail value during the second quarter of the 2026 fiscal year [8]. Historical Context and Future Outlook - Historically, gold has been a safe-haven asset, with its price increasing significantly over the past decade. However, it is also subject to volatility and has experienced substantial corrections in the past [13][14]. - Looking ahead, analysts suggest that while short-term fluctuations may occur, the long-term outlook for gold remains positive due to ongoing global economic uncertainties and the trend of central banks accumulating gold [13].

Core Viewpoint - The new gold tax policy has led to fluctuations in gold prices, impacting consumer behavior and prompting major jewelry brands like Chow Tai Fook to adjust their pricing strategies in response to increased costs associated with gold procurement and production [1][3]. Group 1: Impact of Gold Tax Policy - The new tax policy exempts individuals from value-added tax when selling used items, including gold jewelry, but frequent large-scale sales may be classified as "business sales" by tax authorities [1]. - Chow Tai Fook announced a price adjustment for certain gold products starting November 3, citing additional costs from the new tax policy [1][3]. - Major gold retailers, including Chow Tai Fook, experienced significant price increases, with some brands raising prices by over 5% in a single day [1]. Group 2: Financial Performance and Strategy - Chow Tai Fook reported a 43.7% year-on-year increase in retail value for its priced gold products during the third quarter [3]. - The company emphasizes its focus on product design, service quality, and customer relationships to maintain a reasonable profit margin [3]. - Chow Tai Fook utilizes financial tools to hedge risks and maintains stable gold inventory levels aligned with production and sales needs, rather than solely capitalizing on price increases [3].

Core Viewpoint - The new gold tax policy has led to fluctuations in gold prices, impacting consumer behavior and prompting major jewelry brands to adjust their pricing strategies [2][3]. Group 1: Tax Policy Impact - The new tax policy exempts individuals from value-added tax when selling used items, including gold jewelry, unless the sales are deemed "business activities" due to frequency or scale [2]. - Major jewelry brands, including Chow Tai Fook, have raised gold prices in response to increased procurement and production costs associated with the new tax policy [2][3]. Group 2: Price Adjustments - On November 3, 2023, Chow Tai Fook and other major gold retailers increased prices, with some brands experiencing daily price hikes exceeding 5% [2]. - Chow Tai Fook previously raised retail prices for gold products by 12%-18% last month and had already implemented a 10%-20% price adjustment earlier this year [2][3]. Group 3: Sales Performance - Chow Tai Fook reported a 43.7% year-on-year increase in retail value for priced gold products during the third quarter [3]. - The company noted a recovery in same-store sales across mainland China, Hong Kong, and Macau, driven by strong demand for priced products [3]. Group 4: Business Strategy - Chow Tai Fook emphasizes the importance of product design, service quality, and customer relationships in its business model [3]. - The company utilizes financial tools to hedge risks and maintains stable gold inventory levels aligned with production and sales needs, rather than focusing solely on price appreciation [3].

Core Viewpoint - The recent adjustments in tax rates for gold and diamonds are expected to directly impact the pricing strategies of leading jewelry brands, particularly those promoting diamond-studded gold products. The announcement of these tax changes has created a sense of urgency and uncertainty in the market, especially with the sudden implementation of the gold tax policy on November 1, 2023 [3][7]. Tax Policy Changes - The announcement from the Ministry of Finance and the State Administration of Taxation regarding gold tax policies was released on October 29, 2023, and is effective from November 1, 2023, until December 31, 2027. This announcement also repeals previous tax regulations from 2002 and 2008 [3][7]. - The new tax policy categorizes gold usage into investment and non-investment types, with more significant tax adjustments for non-investment purposes. Non-investment gold transactions will be exempt from VAT and can issue ordinary invoices, allowing buyers to deduct 6% of the invoice amount as input tax [7][15]. Market Reactions - Initial observations from jewelry stores in South China on the day of the new tax policy's implementation indicated that the price adjustments had not yet been reflected in the products available for sale [8][10]. - Leading jewelry brands, such as Chow Tai Fook and Lao Pu Gold, have been pushing fixed-price gold products, which are not directly tied to fluctuating gold prices. These products have shown strong revenue-generating capabilities, as evidenced by Chow Tai Fook's recent financial performance [8][10]. Industry Impact - The new tax policy is expected to have a cascading effect on the entire gold industry supply chain, particularly affecting wholesalers and retail stores. The increase in tax burden on raw materials will likely compel retailers to raise prices [10][12]. - The potential rise of gold processing shops is anticipated, as consumers may seek to purchase investment-grade gold directly from banks and then process it independently, circumventing the new tax implications [12][15]. Consumer Behavior - Despite the uncertainty surrounding price adjustments due to the new tax policies, consumer interest in gold-studded products remains high, with significant foot traffic observed in stores on the policy's implementation day [10][12].

Core Viewpoint - The adjustment of gold and diamond tax rates is expected to increase the cost of purchasing jewelry, impacting leading brands' pricing strategies in the market [1][2]. Group 1: Tax Policy Changes - The announcement regarding the adjustment of gold tax rates was made on October 29, effective from November 1, 2023, until December 31, 2027, which has led to the cancellation of previous tax policies [1]. - The diamond tax rate adjustment was announced earlier, allowing the market to prepare, while the gold tax policy change was more sudden [1]. Group 2: Impact on Jewelry Brands - Leading jewelry brands like Chow Tai Fook and Lao Pu Gold have been pushing fixed-price gold products, which are not directly tied to fluctuating gold prices, indicating a shift in pricing strategy [2]. - The recent tax adjustments have created pressure on brands, although it remains unclear if they will raise prices in response to the new tax policies [2]. Group 3: Industry Chain Effects - The impact of the new gold tax policy is anticipated to be most significant on the B-end of the gold industry chain, including suppliers, wholesalers, and retail stores [3].

Core Viewpoint - The gold retail sector is experiencing mixed results amid rising gold prices, with some companies reporting positive growth in retail value and net profit, while facing challenges from store closures, particularly among franchise outlets [1][5][10]. Group 1: Financial Performance - Chow Tai Fook's retail value increased by 4.1% year-on-year in Q3, while Luk Fook's overall retail value rose by 18% [1][6]. - Zhou Dasheng reported a net profit growth of 13.57% attributable to the high gold prices and increased consumer spending [1][6]. - Despite the growth in retail value, the number of closed stores continues to rise, with Chow Tai Fook closing 296 stores and Luk Fook closing 49 stores in Q3 [1][12]. Group 2: Market Dynamics - The increase in retail value is supported by three main factors: high gold prices leading to higher average transaction values, an increase in the proportion of priced products sold, and strong growth in e-commerce channels [6][7]. - In Q3, Chow Tai Fook's same-store sales in mainland China grew by 7.6%, while same-store sales volume decreased by 8.6%, indicating a shift towards higher-priced items [6][7]. - E-commerce sales for Chow Tai Fook grew by 28.1% year-on-year, contributing significantly to overall retail value despite a general slowdown in physical store performance [7][8]. Group 3: Franchise Model Challenges - The franchise model, which has been a key growth strategy for many gold jewelry brands, is facing scrutiny as many franchise stores are underperforming and closing [1][10][12]. - As of September 30, Chow Tai Fook had 6,041 stores globally, with over 4,000 being franchise stores, highlighting the reliance on this model [11]. - The trend shows a shift towards increasing self-operated stores, with Zhou Dasheng opening 47 self-operated stores in the first nine months of the year, while closing 333 stores overall [14].

Core Viewpoint - The article discusses the mixed performance of gold retail companies amid rising gold prices, highlighting both growth in retail values and ongoing challenges with franchise store closures [1][4]. Group 1: Financial Performance - Several gold jewelry brands reported positive retail value growth in Q3, with Chow Tai Fook's retail value increasing by 4.1%, Luk Fook's overall retail value rising by 18%, and Zhou Dasheng's net profit growing by 13.57% [1][4]. - Despite the growth, the "store closure wave" continues, particularly affecting franchise stores, with Chow Tai Fook closing 296 stores and Luk Fook closing 49 stores in Q3 [1][4]. Group 2: Factors Supporting Growth - Three main factors contributed to the retail value growth: high gold prices leading to increased average transaction values, a higher proportion of priced products sold, and strong growth in e-commerce channels [4][6]. - In Q3, Chow Tai Fook's same-store sales in mainland China grew by 7.6%, while same-store sales volume decreased by 8.6%, indicating a shift towards higher-priced products [4][6]. Group 3: E-commerce Performance - E-commerce channels showed significant growth, with Chow Tai Fook's e-commerce retail value increasing by 28.1% in Q3, contributing 6.7% to total retail value and 15.5% to sales volume [6]. - Luk Fook also reported that its retail value in mainland China rose by 20%, driven primarily by e-commerce business [6]. Group 4: Franchise Model Challenges - The franchise model, which allowed rapid expansion of store networks, is now facing challenges as many franchise stores are underperforming and closing [8][9]. - As of September 30, Chow Tai Fook had 6,041 stores globally, with over 4,000 being franchise stores, while Zhou Dasheng had 4,675 stores, with 4,275 being franchises [8]. Group 5: Shift to Self-operated Stores - Despite the reduction in franchise stores, self-operated stores are increasing, with Zhou Dasheng opening 47 self-operated stores in the first nine months of the year [9]. - The gross profit margin for self-operated stores is higher than that of franchise stores, indicating a potential shift in strategy towards more self-operated outlets [9].