Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

纺织服装 行业周报（20250629-20250705） 同步大市-A(维持) 361 度超品店达 49 家，周六福 6 月 26 日登陆港交所 2025 年 7 月 7 日 行业研究/行业周报 纺织服装行业近一年市场表现 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：6 月 26 日，周六福于港交所上市 6 月 26 日，周六福于港交所上市。公司成立于 2004 年 4 月，首家加盟店于中国新疆维吾 尔自治区开业；2009 年，公司推出第一代门店形象；2012 年，公司于中央电视台首次亮 相；2013 年，公司开始通过线上渠道进行销售；2019 年，全国门店突破 3000 家；2022 年，全国门店突破 4000 家。2024 年，周六福品牌连续九年获得"中国 500 最具价值品 牌证书"。 管理团队方面，公司执行董事共四名。董事长李伟柱先 ...

作者 | 黄黛露 编辑 | 宝珠 视觉 | 顾芗 谢霆锋暌违20年，回归 演唱会 再度开唱；容祖儿两度失声，也四处"走穴"综艺节目。当粉丝观众感叹 港圈一代影帝、天后不服老的敬业精神时，他们背后的英皇集团，早已"屋漏偏逢连夜雨"。 谢霆锋2025年香港演唱会现场 台前风光难掩幕后危机。近日，英皇集团旗下的英皇国际公布了2024/2025财年全年业绩公告，数据显 示，英皇国际年度亏损由上年的20.28亿港元扩至48.4亿港元，亏损扩大138%；股东应占亏损47.43亿港 元，同比扩大131.7%。 财报一出，股市闻风响应，英皇系全线大跌——英皇钟表珠宝、英皇娱乐酒店跌超5%，英皇文化产业暴 跌10%，英皇资本跌幅最大接近20%。英皇国际股价低至0.199港元，已成仙股（股价低于1元）。 英皇集团的财务状况，亮起红灯。财报披露后，一度传出英皇可能要变卖旗下资产用以抵债，这意味 着，谢霆锋、容祖儿等香港老牌艺人，面临被"变卖"的可能性。 接下来谢霆锋的10场演唱会所得，对于债台高筑的英皇来说，恐怕也只是杯水车薪。 英皇国际股价低至0.199港元/图源：腾讯证券 警报 在一众香江娱乐圈大亨中，邵逸夫做"慈善"，江志强 ...

编号：20250702 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □√ 现场参观 □ 一对一沟通 □其他 参与单位 名称及人 员姓名 中信证券、信达证券、大成基金、国投瑞银、华安基金、 淡水泉投资等 13 人 时间 2025 年 7 月 2 日 地点 公司会议室 上市公司 接待人员 董事会办公室 投资者关 系活动主 要内容介 绍 一、参观公司展厅及臻宝博物馆； 二、问答环节： 各方还就开店情况、海外门店情况、珠宝产品系列情况、新品 规划情况、产品结构情况、电商业务等内容进行了交流，可参阅公 司已披露公告、互动平台问答和前次活动记录表之问答。 交流过程中严格按照有关制度规定，没有出现未公开重大信 息泄露等情况。 附件清单 无 | | | 证券代码：002345 证券简称：潮宏基 广东潮宏基实业股份有限公司投资者关系活动记录表 ...

摩根大通的最新报告对老铺黄金海外首店的表现给予了高度评价，认为整体表现超出预期。不仅客流量 强劲，而且90%的客户是首次到店，这些客户过去多曾购买国际珠宝品牌，此次却被老铺黄金独特的设 计、精湛的工艺及深刻的产品寓意所吸引，充分彰显了品牌强大的国际竞争力。 而老铺黄金备受资本市场追捧主要是其业绩超高增长。2024年，老铺黄金实现收入85.1亿元，同比增长 167.5%；取得净利润14.7亿元，同比增长254.1%，这是老铺黄金业绩大幅增长的第二年。而在2023 年，老铺黄金收入同样大幅增长145.7%，净利润增长更是达到340.4%。 2022年到2024年，老铺黄金取得毛利率41.89%、41.89%和41.16%，均维持在40%以上的水平，而周大 福、周大生同期毛利率仅为20%左右，老凤祥毛利率则不足10%。 老铺黄金的高利润增速以及高毛利率主要来源于线下门店的超强吸金能力，根据弗若斯特沙利文数据， 2024年，在所有国内外知名珠宝品牌中，老铺黄金在中国大陆的单个商场收入、坪效跃居第一。 2024年，老铺黄金的线下门店取得销售收入85.35亿元。而截至2024年末，老铺黄金在15个城市共只开 设了36家自 ...

Financial Data and Key Metrics Changes - Revenue reached HKD 13.3 billion, a 12.9% decrease compared to the same period last year, primarily due to a decline in sales of gold products caused by high gold prices [6] - The group's profit for the year decreased by 39.3% to HKD 1 billion, with basic earnings per share decreasing by 37.9% to HKD 1.87 [6][7] - Total operating expenses increased by 13.7% to around HKD 2.6 billion, leading to an increase in the ratio of total operating expenses to revenue by 4.6 percentage points to 19.6% [8][27] - The group's NAV per share was HKD 22.38, a 2.2% increase from the same period last year [11] Business Line Data and Key Metrics Changes - Retailing revenue decreased by 13.5% to HKD 11.1 billion, accounting for 82.7% of the group's total revenue, with segment profit decreasing by 17.7% to HKD 1 billion [14] - Licensing income decreased by 12.6% to HKD 904 million, accounting for 6.8% of the group's total revenue [16] - Wholesaling revenue declined by 8.8% to HKD 1.4 billion, accounting for 10.5% of the group's total revenue, with segment profit decreasing to HKD 14 million [15] Market Data and Key Metrics Changes - Revenue from Hong Kong, Macau, and overseas markets decreased by 19.6% to HKD 8.07 billion, accounting for 60.5% of the group's revenue [11] - Revenue from the Mainland market decreased by 0.2% to RMB 5.3 billion, accounting for 59.5% of the group's total revenue, with segment profit decreasing by 40.7% to HKD 577 million [12] - Retailing revenue in Mainland increased by 10.4% to HKD 3.1 billion, accounting for 59.9% of Mainland market's total [21] Company Strategy and Development Direction - The group has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancements [29] - Plans to enter three more countries and establish 50 new overseas shops within the next three years [29] - The group aims to net 50 shops in the Mainland market and approximately 20 shops in overseas markets in financial year 2026 [31] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about medium to long-term business prospects in the Mainland and expects improvement in the Hong Kong market [30][52] - The group anticipates a rebound in sales performance in the Mainland market due to new product launches and effective marketing strategies [48][52] - Management noted that the high gold prices have affected consumer sentiment but expect sales of gold products to normalize as consumers adapt [41][42] Other Important Information - The average international gold price increased nearly 30% year on year, impacting sales of gold and platinum products [17] - The group has integrated ESG principles into its corporate planning and received 40 awards in FY '25 [40] Q&A Session Summary Question: Can you elaborate on the recovery in sales momentum for Mainland China? - Management noted strong performance in fixed price gold jewelry products due to new collections and effective promotions, with a new ambassador contributing positively [48][49][51] Question: What is the ASP trend for fixed price gold products? - The contribution of fixed price gold products to overall retailing revenue increased from 33% to 54%, with expectations for continued growth [56][66] Question: What is the guidance for same store sales growth and profitability? - Management expects double-digit growth for same store sales across all regions in FY 2026, with a stable gold hedging ratio maintained around 20% to 27% [61][62]

| 30.000 | | | 27.376(CNY) | | | | | 周六福 立即 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | +6.000 +25.00% | | | | | 6168 交易 | | HKEX HKD 16:08:09 | | | | | | | | 1 . . + | | 载 | 95.99% 357 | | | 8764 | 交生 | 0.00% 120日 | | 0.00% | | 菜五 买入 | | 30.250 | - | - ) | 5日 | 0.00% 250日 | | 0.00% | | 空内 | | 30.200 | 4500 | 6) | 20日 | | 0.00% 52周高 | 0.00 | | 一 | | 30.150 | 3500 | 5) | 60日 | | 0.00% 52周低 | 0.00 | | 三 | | 30.100 | 700 | 3) | | 2022 | 2023 | 2024 | | 或 | | 30.050 | 800 | 1) | EPS | 1.57 ...

Group 1 - Zhou Liu Fu Jewellery Co., Ltd. successfully completed its initial public offering on June 26, 2025, raising approximately HKD 1.292 billion prior to the exercise of the over-allotment option [2][4] - The company has a nationwide sales network with a total of 4,129 stores as of December 31, 2024, covering 31 provinces and 305 prefecture-level cities in China, along with four franchise stores overseas [5][6] - Zhou Liu Fu has maintained its position as one of the top five brands in the Chinese jewelry market for eight consecutive years from 2017 to 2024, based on the number of stores [5][6] Group 2 - In the year ending December 31, 2024, Zhou Liu Fu ranked sixth and tenth among all gold jewelry companies in China in terms of gross merchandise value and revenue from gold jewelry products, respectively [5][6] - Zhong Lun Law Firm provided comprehensive legal services for Zhou Liu Fu's listing process, which was highly recognized by the client and stakeholders [3][4]

年内已有40只港股上市。 在港股市场持续的打新赚钱效应下，投资者对新股的认购热情极为高涨，不少个股在公开发售中都获得了数百倍的认购，国际发售也都是 10倍以上，这也表明不论是散户还是机构投资者，都对打新充满热情和期待。 本次上市的周六福和圣贝拉也获得了不少投资者的青睐和"抢筹"。 招股书显示，周六福是一家中国珠宝公司，通过线下门店和在线销售渠道提供各种珠宝产品，主要为黄金珠宝产品及钻石镶嵌珠宝。根据 弗若斯特沙利文的资料，以中国门店数目计，周六福于2017年至2024年连续八年维持于中国珠宝市场前五大品牌之列。截至2024年12月 31日止年度，以商品交易总额及来自黄金珠宝产品的收入计，周六福在中国所有黄金珠宝公司中分别排名第六及第十，市场占有率分别为 6.2%及1.0%。 周六福公布的配发结果显示，公司全球发售5382.92万股H股股份，香港公开发售占43.48%，国际发售占56.52%。每股发售价24港元， 全球发售净筹约11.93亿港元。预期股份于2025年6月26日开始在联交所买卖。 6月26日，港股市场再次迎来3只新股上市，打新的赚钱效应仍在持续。 | | 30.000 +6.000 +25.00% ...

中国经济网北京6月26日讯 周六福珠宝股份有限公司(以下简称"周六福"，06168.HK)今日在港交所 上市。截至收盘，该股收报30.00港元，涨幅25.00%。 最终发售价及配发公告显示，周六福发售股份数目53,829,200股H股，最终公开发售股份数目 23,404,000股H股，最终国际发售股份数目30,425,200股H股。 | 菱售股份及股本 | | | --- | --- | | 發售股份數目 | 53,829,200 | | 最終公開發售股份數目 | 23,404,000 | | 最终國際發售股份數目 | 30,425,200 | | 於上市時已發行的股份數目 | 432,541,728 | 周六福的联席保荐人、保荐人兼整体协调人、整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人为中国国际金融香港证券有限公司、中信建投(国际)融资有限公司；整体协调人、联席全 球协调人、联席账簿管理人及联席牵头经办人为招银国际融资有限公司；联席账簿管理人及联席牵头经 办人为农银国际融资有限公司、交银国际证券有限公司、中国银河国际证券(香港)有限公司、兴证国际 融资有限公司、复星国际证券有限公司、富途证 ...