机构：国盛证券 研究员：杨莹/王佳伟/李宏科 公司FY2026H1 营收同比下降1.1%，经营利润同比增长0.7%，经营表现稳步改善。公司披露FY2026H1 中报，公司营收同比下降1.1%至389.86 亿港元，与此同时受益于产品结构优化以及公司良好的费用管 控，经营利润率同比提升0.3pcts 至17.5%，经营利润同比增长0.7%至68.23亿港元，呈现稳步复苏的态 势，综合考虑黄金借贷公允价值变动的影响后，归母净利润同比增长0.1%至25.34 亿港元。公司派发中 期股息每股0.22港元，派息率85.7%。 产品端：定价黄金销售收入占比继续提升，核心款销售优异。 FY2026H1 公司定价黄金首饰及产品销售收入同比增长9.3%，占公司营收比重提升2.7pcts 至29.6%，期 内公司专注于推行产品优化并丰富标志性产品系列，上半财年周大福传喜、传福、故宫系列销售额达到 34 亿港元（同比增长48%）；对比之下按照克重计价的黄金首饰及产品收入同比下降3.8%，营收占比 下降2.2pcts 至65.2%，根据公司披露期内消费者对于计价黄金首饰信心改善，但是由于门店缩减导致收 入下降。中长期来看我们判断公司 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported a revenue decline of 17.5% year-on-year to HKD 89.656 billion for FY2025, while operating profit increased by 9.8% to HKD 14.746 billion, indicating a significant improvement in profit margins [1][6] - The company is focusing on optimizing its product structure and enhancing its retail network, which is expected to support revenue growth of approximately 4% in FY2026 [2][6] - The sales of priced gold jewelry and products saw a remarkable increase of 105.5%, contributing to the improvement in profit margins [6] Summary by Sections Revenue Performance - FY2025 revenue from mainland China decreased by 16.9% to HKD 74.556 billion, with retail and wholesale channels declining by 16% and 17.5% respectively [1] - Revenue from Hong Kong, Macau, and other regions fell by 20.6% to HKD 15.1 billion, impacted by macroeconomic fluctuations and changes in consumer preferences [2] Profitability - The operating profit margin improved by 4 percentage points to 16.4% in FY2025, despite a decline in net profit attributable to shareholders by 9% to HKD 5.916 billion [1][6] - The company plans to maintain a high dividend payout ratio of approximately 87.8% for FY2025, with a proposed final dividend of HKD 0.32 per share [1] Market Strategy - The company is strategically expanding into Southeast Asia and beyond, with a notable 91% year-on-year growth in online sales in Hong Kong and Macau [2] - The company is expected to continue a cautious approach to store operations, with a focus on high-quality new store openings while reducing the number of underperforming stores [6] Financial Forecast - The forecast for FY2026 includes an expected net profit of HKD 7.546 billion, representing a 27.6% year-on-year increase, with a projected P/E ratio of 16 times [6][10]