[Table_Title] 研究报告 Research Report 20 Oct 2025 周大福 Chow Tai Fook (1929 HK) 定价黄金驱动结构修复，2QFY26 同店延续复苏节奏 yy.kou@htisec.com ashley.fy.chen@htisec.com Priced Gold Drives Structural Recovery, Same-Store Sales Maintain Rebound Momentum in 2QFY26 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen 渠道优化聚焦高效率门店，关店并非收缩而是提质。2QFY26 周大福持续优化零售网络，于中国内地净关闭约 300 家 门店，同时在香港及澳门新开两家零售店；管理层预计新店店效约为关闭门店的三倍，可有效提升整体门店生产 力。公司目前已开设 8 家新形象店，均位于核心商圈购物中心，单店销售明显高于传统门店，且高毛利产品占比更 高。海外扩张也稳步推进，公司计划于曼谷 Paragon 及新加坡樟宜机场开设形象店。在线上渠道方面，凭借顾客互 动提升及 IP 联乘引流效应，电商零售额季度同 ...

Core Insights - Chow Tai Fook (1929.HK) reported a 3% growth in retail value for the first three quarters, with mainland China contributing 86.9% of the total retail value [2] Group 1: Retail Performance - The retail value of priced gold products showed a strong momentum, with a year-on-year growth of 43.7% during the quarter [2] - Retail value for jewelry, platinum, and K-gold jewelry increased by 10.0%, with jade jewelry sales more than doubling [2] - The contribution of jewelry, platinum, and K-gold jewelry to retail value rose to 15.3% in the quarter, up from 14.4% in the second quarter of FY2025, while gold jewelry and products contributed 80.8%, down from 81.4% [2] - Overall, the retail contribution of priced products increased to 29.9% in the quarter, compared to 24.8% in the second quarter of FY2025 [2] Group 2: E-commerce Performance - The retail value from e-commerce in mainland China maintained strong momentum, increasing by 28.1% year-on-year during the quarter [2] - E-commerce contributed 6.7% to the retail value in mainland China and accounted for 15.5% of total sales [2]