业绩持续承压，门店数下滑 日前，周大福披露了其2025财年(截至2025年3月31日年度)业绩。财报显示，2025财年公司营业额为 896.56亿港元，同比下降17.5%。对于营业额的下滑，周大福坦言主要受宏观经济外部因素及黄金价格 高企影响消费导致。归母净利润59.16亿港元，同比下降8.98%。 利润的下降主要是由于黄金借贷合约产生亏损所致，而扣除黄金借贷公允价值变动等因素影响后，公司 经营利润147.46亿港元，同比增长9.8%。 分产品来看，2025财年周大福定价黄金首饰品收入同比增长105.5%至127.82亿港元，占零售额的比重提 高8.8个百分点至14.6%。克重类黄金首饰产品受制于高金价而收入同比下降29.4%至579.55亿港元。钻 石镶嵌等品类下跌13.8%，但其中金镶钻产品营业额同比增长一倍多。 随着金价的持续上涨，大部分黄金珠宝企业销售普遍受到冲击，仅老铺黄金一骑绝尘，从业绩角度来 说，黄金珠宝企业可以分为老铺黄金和其他的黄金珠宝企业。近日，黄金珠宝商龙头企业周大福 (01929)披露2025财年业绩进一步印证了这一现象，其营业收入同比下滑17.5%。 尽管周大福业绩仍在下滑，但根据其 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 06 13 年 月 日 周大福（01929.HK） 产品结构优化效果显著，FY2025 经营利润增长 10% 公司 FY2025 营收同比下降 18%，经营利润同比增长 10%，利润 率改善明显。公司披露 FY2025 年报，由于消费环境波动以及金价高 企，公司营收同比下降 17.5%至 896.56 亿港元，与此同时受益于产 品结构优化以及金价上行带来的收益，公司经营利润率同比提升 4pcts 至 16.4%，经营利润同比增长 9.8%至 147.46 亿港元，整体表 现优异，综合考虑黄金借贷公允价值变动的影响后，归母净利润同比 下降 9%至 59.16 亿港元。董事会建议派发末期股息每股 0.32 港元， 全年股息每股共 0.52 港元，2025 财政年度全年派息率约为 87.8%。 邮箱：wangjiawei@gszq.com 相关研究 内地：FY2025 内地营收下降 17%，公司持续优化渠道网络，同时 推动产品力提升。FY2025 中国内地营收同比下降 16.9%至 745.56 亿 港元，其中零售/批发渠道营收同比-16%/-17 ...

Core Viewpoint - The gold jewelry industry is facing significant challenges due to high gold prices, leading to decreased consumer purchasing enthusiasm and declining revenues for many companies [2][4]. Industry Overview - Gold prices have recently risen, with spot gold reported at $3,338 per ounce and Shanghai Gold Exchange opening at 792.86 yuan per gram [1]. - Despite high gold prices, consumer demand for gold jewelry has decreased, with China's gold consumption in Q1 2024 at 290.492 tons, down 5.96% year-on-year [2]. Company Performance - Major gold jewelry companies are reporting declines in revenue and profit. For instance, Zhou Dasheng's Q1 2025 revenue was 2.673 billion yuan, down 47.28% year-on-year, with a net profit decline of 11.25% [2]. - Lao Feng Xiang reported a revenue of 17.521 billion yuan in Q1 2025, a decrease of 31.64% year-on-year, and a net profit drop of 23.55% [3]. - Li Jia, a jewelry store operator, noted that business has significantly declined compared to previous years, with low transaction volumes despite high foot traffic during the May Day holiday [4]. Market Trends - The high gold prices are constraining consumer purchases, leading to a shift in strategy among gold jewelry companies. Many are focusing on high-end markets to enhance brand value [6]. - Companies like Lao Pu Gold have seen success, with a revenue increase of 167.5% in 2024, while others are closing stores [5][6]. - Pricing strategies are evolving, with companies increasingly offering "fixed-price" gold jewelry that allows for greater design elements and higher margins [7][8]. Consumer Behavior - Consumers are currently hesitant to purchase gold jewelry unless it is for essential needs or investment purposes due to high prices [4]. - The trend of fixed-price gold jewelry is gaining traction, with some brands reporting significant sales growth in this category despite overall market challenges [7][9].