（来源：指尖新闻沈阳晚报） 2月27日 不少消费者收到 美国知名时尚品牌GUESS 官方通知短信 消息显示 因经营模式调整，GUESS全国所有线上、线下店铺将在3月底前正式关闭，同时品牌方提及未来将以全新模式深耕中国市场，具体新布局尚未公布。 GUESS也要倒闭了?刚刚收 到的手机短信 #GUESS tion 哼哼哈嘿 2小时前 01 信息 · 短信 今天 12:09 【机时商贸】尊敬的 GUESS顾客,因经营模 式调整,全国所有线上 线下店铺将在3月底前 关闭。 GUESS未来将以全新模 式深耕中国市场,敬请 期待。 2小时前 信息 · 短信 今天 12:25 短信内容明确告知消费者闭店的核心安排，这一消息也在社交媒体引发热议，多位网友纷纷晒出收到的短信截图，不少人感慨 "突然收到通知，有点意外"，还有网友表示还未来得及入手心仪单品，对品牌闭店感到惋惜。 因经营模式调整,全国所有线上线 下店铺将在3月底前关闭。 GUESS未来将以全新模式深耕中国 市场,敬请期待。 12:14 ▲ III 5GA I Guess #D*奈克 | 沂 线上和线下店了 【机时商贸】尊敬的GUESS顾客, 因经营模式调整,全国所有 ...

为核实消息真实性，记者咨询了GUESS线上官方旗舰店客服，客服确认了3月底前关闭全国所有线上线 下店铺的消息，回应简洁明确，未透露更多关于闭店后的后续服务及全新经营模式的细节。 2月27日，不少消费者收到美国知名时尚品牌GUESS的官方通知短信，消息显示因经营模式调整， GUESS全国所有线上、线下店铺将在3月底前正式关闭，同时品牌方提及未来将以全新模式深耕中国市 场，具体新布局尚未公布。 短信内容明确告知消费者闭店的核心安排，这一消息也在社交媒体引发热议，多位网友纷纷晒出收到的 短信截图，不少人感慨"突然收到通知，有点意外"，还有网友表示还未来得及入手心仪单品，对品牌闭 店感到惋惜。 目前，GUESS方面尚未公布闭店后的售后保障、库存清仓等相关安排，也未详细说明未来将以何种全 新模式继续布局中国市场。 来源丨青岛日报 公开资料显示，GUESS由Marciano四兄弟于1981年创立，总部位于美国洛杉矶，最初以牛仔服饰起家， 逐步发展为全球知名时尚集团，产品线涵盖时装、鞋履、钟表、配饰、手袋、香水等多个品类，品牌于 1996年8月8日在美国纽约上市。 ...

Group 1: Retail Market Overview - The total sales value of Hong Kong's retail industry is estimated to have increased by 1% year-on-year to HKD 380.5 billion last year [1] - Deloitte forecasts that retail sales in Hong Kong will grow nearly 8% year-on-year to approximately HKD 410 billion by 2026, driven by the gradual recovery of the Chinese economy [1] - The strengthening of the Renminbi is expected to increase the number of visitors to Hong Kong, contributing to a more optimistic market outlook [1] Group 2: Consumer Trends and Categories - The increase in outbound travel by Hong Kong residents has led to some consumption shifting to mainland China and overseas markets, although the strong Renminbi is anticipated to weaken the motivation for spending in mainland China [1] - Deloitte China expects that visitor spending in Hong Kong will continue to boost consumption in luxury goods, electronics, pharmaceuticals, cosmetics, and dining sectors this year [1] - Key retail categories expected to drive growth include jewelry and watches (19% increase), clothing and footwear (16% increase), pharmaceuticals and cosmetics (11% increase), and department stores (10% increase) [1] Group 3: Events and Tourism Development - Deloitte China recommends that the Hong Kong government further deepen and expand the development of the events economy by supporting large-scale sports events, concerts, exhibitions, and international conferences to attract more visitors [2] - Utilizing the Kai Tak Sports Park and Kai Tak Cruise Terminal for more flagship events is suggested to enhance Hong Kong's international image and solidify its position as a tourism hub and convention city [2]

Core Insights - The retail sales value in December 2025 is estimated at HKD 35 billion, representing a year-on-year increase of 6.6% compared to December 2024 [1] - Online sales accounted for 8.8% of total retail sales in December 2025, with an estimated value of HKD 3.1 billion, marking a significant increase of 30.9% from December 2024 [1] - The total retail sales value for the entire year of 2025 is estimated at HKD 380.5 billion, reflecting a 1.0% increase compared to 2024 [3] Retail Sales by Category - In December 2025, the highest sales value increase was seen in jewelry, watches, and luxury gifts, which rose by 14.3% compared to December 2024 [2] - Other notable increases include electrical appliances and other durable goods (up 58.9%) and miscellaneous consumer goods (up 7.5%) [2] - Conversely, clothing sales decreased by 10.3%, and supermarket goods saw a slight increase of only 0.3% [2] Quarterly Performance - The seasonally adjusted total retail sales value for Q4 2025 increased by 1.2% compared to Q3 2025, while the total sales quantity saw a slight decline of 0.4% [2] Future Outlook - The government spokesperson indicated that the retail sector is experiencing steady recovery, supported by improving local consumer sentiment and a significant increase in visitor numbers to Hong Kong [4]

Group 1 - The core viewpoint of the article highlights the strong performance and strategic adjustments of Chow Tai Fook, a leading player in the gold and jewelry industry, with a focus on product upgrades and store optimization [1][2][3] Group 2 - Chow Tai Fook, established in 1929 and listed in Hong Kong in 2011, is the largest gold jewelry brand in China, with a target of 5,813 stores by the end of 2025 [1] - The company reported total revenue of HKD 89.656 billion and a net profit of HKD 5.916 billion for FY2025 [1] - The share of fixed-price products in retail sales has significantly increased, with a year-on-year growth of 59.6% in FY26Q3, raising its contribution from 29.4% in FY25Q3 to 40.1% [1] - The company has been closing underperforming stores since 2024, resulting in a net reduction of 228 stores by FY26Q3, down nearly 30% from a peak of 7,885 stores in FY24Q3 [2] - Overall retail sales grew by 18% year-on-year in FY26Q3, with mainland China and Hong Kong/Macau contributing 84.8% and 15.2% to total sales, respectively [2] - The company's gross margin has steadily increased, reaching 30.5% in FY26H1, while the expense ratio has improved from 21.2% in FY20 to 14.7% in FY26H1 [3] - The net profit margin has remained stable at around 6.5% [3] - Revenue forecasts for FY26-28 are projected at HKD 94.265 billion, HKD 99.234 billion, and HKD 105.213 billion, with expected growth rates of 5.14%, 5.27%, and 6.03% respectively [3] - Net profit forecasts for FY26-28 are HKD 8.873 billion, HKD 9.958 billion, and HKD 11.058 billion, with growth rates of 50.00%, 12.23%, and 11.04% respectively [3] - The company is rated as a "buy" due to its leading position in the industry and the high-end design and branding of its products [3]

证券研究报告·海外公司研究简报·专业零售(HS) 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | 20.71 | (8.98) | 50.00 | 12.23 | 11.04 | | EPS-最新摊薄（港元/股） | 0.66 | 0.60 | 0.90 | 1.01 | 1.12 | | P/E（现价&最新摊薄） | 20.43 | 22.44 | 14.96 | 13.33 | 12 ...

证券研究报告·海外公司研究简报·专业零售(HS) [Table_Tag] [Table_Summary] 投资要点 [Table_Summary] 投资要点 2026 年 01 月 29 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - Chow Tai Fook is a leading brand in the gold and jewelry industry with a rich history, established in 1929 and listed in Hong Kong in 2011. The company is the largest gold jewelry brand in China, with a total of 5,813 stores as of the end of FY26Q3 [7][8]. - The company has shown significant improvement in overall performance, with a retail revenue growth of 18% year-on-year in FY26Q3, driven by strong sales in mainland China and Hong Kong/Macau [14][18]. - The company is undergoing a strategic transformation, focusing on product upgrades and enhancing brand value, which has led to a notable increase in the proportion of fixed-price products in sales [9][24]. Summary by Sections Financial Performance - For FY2025, the company achieved total revenue of HKD 89.66 billion and a net profit of HKD 5.92 billion, with projections for FY2026-2028 showing revenue growth of 5.14%, 5.27%, and 6.03% respectively [1][24]. - The gross profit margin has been steadily increasing, reaching 30.5% in FY26H1, while the net profit margin remains stable at around 6.5% [20][24]. Store Operations - The company is in a store closure cycle, having reduced its total number of stores by 228 in FY26Q3, while still maintaining strong same-store sales growth, particularly in mainland China [7][18]. - The same-store sales growth in mainland China for FY26Q1, Q2, and Q3 were -3.3%, +7.6%, and +21.4% respectively, indicating a positive trend [18]. Product Strategy - The proportion of fixed-price products has significantly increased, with retail value growth of 59.6% year-on-year for these products in FY26Q3, contributing to 40.1% of total sales [9][24]. - The company is focusing on high-end positioning by closing underperforming stores in lower-tier markets and opening new concept stores in higher-tier cities [14][24].

英皇钟表珠宝(00887)大涨超36%，截至发稿，涨36.75%，报0.32港元，成交额1380.84万港元。 消息面上，英皇钟表珠宝发布公告称，根据对集团所得最新财务资料进行的初步评估，集团预计于截至 2025年12月31日止年度将取得不少于4.2亿港元的纯利，2024年纯利为2.57亿港元。纯利于本年度大幅上 升超过60%主要是由于本集团于香港及中国内地的零售表现理想，致使其总收入及整体毛利上升。 ...

消息面上，英皇钟表珠宝发布公告称，根据对集团所得最新财务资料进行的初步评估，集团预计于截至 2025年12月31日止年度将取得不少于4.2亿港元的纯利，2024年纯利为2.57亿港元。纯利于本年度大幅上 升超过60%主要是由于本集团于香港及中国内地的零售表现理想，致使其总收入及整体毛利上升。 智通财经APP获悉，英皇钟表珠宝(00887)大涨超36%，截至发稿，涨36.75%，报0.32港元，成交额 1380.84万港元。 ...