管理层上调明年3月底止2026财年全年毛利率指引，至介乎31%至32%，意味同比升1.5至2.5个百分点， 原先料同比降0.8至1.2个百分点，因金价上升及定价产品销售占比增加。 管理层并上调经营利润率指引 至介乎18%至19%，意味同比升1.6至2.6个百分点，原先料同比降0.6至1个百分点。 该行指，鉴于10月至11月中旬销售趋势、利润率指引优于预期后，将周大福2026、2027财年净利润预测 分别上调6%及1%，至分别87亿及88亿元。美银证券认为，周大福管理层对同店销售增长指引略为保 守，认为指引有上行空间; 又相信同店销售增长下滑的最坏时期已经过去。 其推动业务转型的举措可能 支持盈利复苏。 智通财经APP获悉，美银证券发布研报称，将周大福(01929)目标价由原先17.5港元微升至17.6港元，相 当于预测2027财年市盈率20倍;重申"买入"评级，理由是同店销售增长的持续改善可能支撑估值重评。 周大福9月底止2026财年上半财年净利润为25亿元，同比大致持平，符合该行预期; 收入390亿元，同比 下降1%，较该行预期低3%; 上半财年毛利率为30.5%，低于该行预期的31.3%，但被销售、管理及 ...

报告提到，10月1日至11月18日期间，内地自营门店的同店销售增长达48.7%，加盟店增长38.8%，香港 及澳门市场亦增长18.3%。即使增值税改革后产品加价，11月需求仍保持中双位数增长。该行指，虽然 近期销售强劲，公司仍维持原有收入指引，管理层坦言对收入指引持谨慎态度，因仍在观察增值税改革 后的需求趋势，后续将相应更新指引。目前的需求趋势已好过管理层预期，公司对竞争格局充满信心， 认为税改将有利周大福等龙头品牌。 该行指，周大福中期业绩符合预期。公司将毛利率指引由28.3至28.7%，上调至31至32%，调整幅度高 过该行预期。若计及较高的对冲损失，最新指引意味着2026财年净利润将同比增长44至55%，至85至91 亿元，即下半财年同比增长75至90%。 摩根士丹利发布研报称，将周大福(01929)2026财年每股盈利预测上调7%，净利润预测上调6%至87.5亿 元;2027至2028年每股盈利预测则上调2%，因预期金价会大致维持于目前水平，加上宏观环境将逐步复 苏。维持目标价19港元及"增持"评级。 ...

证券日报网讯莱绅通灵（603900）11月21日在互动平台回答投资者提问时表示，在临近年底的关键阶 段，公司将持续推进产品结构优化，加强营销资源精准投放，全力把握销售机会，力争实现全年经营目 标。 ...

金至尊集团(02882)公布，该集团预期截至2025年9月30日止六个月取得公司权益持有人应占亏损约为 8500万港元至9500万港元，而截至2024年12月31日止六个月的亏损则约为5000万港元。董事会认为亏损 增加主要是由于金价飙升造成对冲亏损，影响了黄金贷款的公允价值。金价于本期间末加速上涨，仅在 2025年9月便取得本期间超过一半的对冲亏损。 ...

Group 1 - The company has entered into a conditional agreement to acquire approximately 5.56% of VAX Limited's issued share capital for a total consideration of HKD 100 million, with HKD 24 million to be paid in cash and the remaining HKD 76 million through the issuance of convertible bonds [1] - VAX Limited operates a virtual asset trading platform and is licensed under the Securities and Futures Ordinance to conduct regulated activities in Hong Kong, including securities trading and automated trading services [1] - The acquisition is seen as a valuable investment opportunity that will enhance the company's virtual asset strategy, particularly in the context of recent developments in virtual asset regulation in Hong Kong and globally [2] Group 2 - The company aims to explore the development and opportunities of asset tokenization using blockchain technology, particularly for real-world assets (RWA) such as physical gold, commodities, and other precious metals [2] - The acquisition of VAX Limited is expected to create synergies with the company's existing jewelry product business and provide a regulated trading platform for potential RWA issuance in the future [2]

Core Viewpoint - Chao Hong Ji's revenue for the first three quarters of 2025 increased by 28.4% year-on-year, with net profit attributable to shareholders (excluding impairment) rising by 54.5% year-on-year [1] Group 1: Financial Performance - The company's third-quarter revenue performance outperformed the industry [1] - The net profit margin (excluding impairment) showed a significant improvement [1] Group 2: Business Strategy - The company successfully expanded its franchise channels [1] - Differentiated product strength consolidates its core advantages [1] - There is potential for brand expansion overseas [1] Group 3: Future Outlook - Due to the impact of goodwill impairment, the bank has lowered the earnings forecast for 2025 [1] - However, from a long-term perspective, the company's growth logic remains robust due to consumer insights and differentiated product strength [1] - The earnings forecast for 2026-2027 has been raised, maintaining a "buy" rating [1]

Core Insights - Mankalon Jewelry Co., Ltd. reported a revenue of 2.164 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 29.30% [1] - The net profit attributable to shareholders for the same period was 102 million yuan, an increase of 32.58% year-on-year [1] - In Q3 2025, the company achieved a revenue of 608 million yuan, with a year-on-year growth of 36.22%, and a net profit of approximately 25.49 million yuan, up 25.33% year-on-year [1] Revenue Breakdown - Online business revenue reached 1.19 billion yuan, a year-on-year increase of 39.34%, accounting for 54.99% of total revenue [2] - Offline business revenue was 974 million yuan, growing by 20.25% year-on-year, making up 45.01% of total revenue [2] Marketing and Management Strategies - The company is enhancing its brand development strategy by leveraging big data to understand consumer needs and investing in product research and development [1] - Mankalon is optimizing its organizational structure by implementing a partner model and project-based teams to improve efficiency across all channels [2] - Sales expenses for the first three quarters were 109 million yuan, with a sales expense ratio of 5.06%, down 1.02 percentage points from the previous year [2] - Management expenses totaled approximately 54.06 million yuan, with a management expense ratio of 2.50%, a decrease of 0.19 percentage points year-on-year [2]

Group 1: Event Overview - The investor relations activity was a site visit held on September 18, 2025, at the Shenzhen office [1] - A total of 67 participants from various investment firms attended the event [1] Group 2: Key Activities - The main activities included a tour of the company's order fair exhibition hall and a Q&A session [1] - During the Q&A, discussions covered topics such as store openings, overseas store status, product structure changes, new product specifications, and jewelry product series [2] Group 3: Compliance and Transparency - The communication adhered strictly to relevant regulations, ensuring no undisclosed significant information was leaked during the discussions [2]

繼續暫停交易 本公告由御德國際控股有限公司（以下簡稱「本公司」）根據《證券及期貨條例》（香 港法例第 571 章）第 XIVA 部所訂的「內幕消息規定」及香港聯合交易所有限公司（以 下簡稱「交易所」）《GEM 證券上市規則》（以下簡稱「GEM 上市規則」）第 17.10(2)條 有關規定發放。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YU TAK INTERNATIONAL HOLDINGS LIMITED 御德國際控股有限公司 (在百慕達註冊成立之有限公司) (股份代號: 08048) 復牌進度之季度更新 和 茲提述本公司於 2025 年 5 月 23 日刊發之公告（「第一季度更新」）。除另有說明外， 本文件所用詞彙與該公告所界定者具有相同涵義。 交易繼續暫停 本公司股票自 2025 年 4 月 1 日起已暫停在交易所進行交易。 該安排將繼續維持，直 至另行通知為止。 業務運作更新 如該等公告所述，本集團失去對資訊科技分部於香港及海外若干附屬 ...

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with 11 participating investors from various institutions [2] - The event took place on September 12, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, the company's performance in the first half of 2025, product structure, brand matrix, collaboration with Wuyou Media, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2] Group 3: Compliance and Documentation - During the reception, investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the event, adhering to the company's information disclosure management system [2]