进一步拆解六福集团三季度财报，按重量计价的黄金及铂金产品仍是营收主力；而定价首饰，尤其是定 价黄金产品则成为增速最快的"黑马"品类。 10月21日，黄金价格经历"历史性"回调，创下12年来最大单日跌幅；次日，金价持续下跌，据wind数 据，截至发稿，伦敦金现报4065美元/盎司，单日跌幅1.44%。 虽金价有所回调，但多家黄金首饰品牌报价仍高于1200元/克，稳定在千元价位。 居高不下的金价一度使得黄金消费遇冷，而六福集团（0590.HK）公布的2026财年第二季度（即7月1 日-9月30日）及10月前两周的零售销售表现显示，由高金价导致的黄金消费颓势似乎有所好转。 第三季度，六福集团整体零售值同比增长18%，零售收入增15%，同店销售增10%，均保持两位数增 长。 不过，六福集团披露的财报亦显示，虽然黄金产品的同店销售额增长，但所销售的黄金产品重量出现下 跌。 总的来看，黄金价格持续在高位波动，黄金消费尚未稳定，金企受到的挑战也仍然存在。 金饰销售扭转颓势 此番黄金价格"跳水"前，9、10月份，金价经历了急速走高的过程，上海黄金交易所AU99.99价格直接 站上900元/克高位。 而据六福财报披露，"消费者 ...

六福集团(00590)发布公告，集团第二季整体销售表现承接上季的增长势头，叠加低基数效应，第二季 整体零售销售表现较第一季更为理想。集团2026财年第二季整体零售值(含自营店、品牌店及电子商务 业务)及零售收入(含自营店及电子商务业务)按年分别升18%及15%，值得一提的是定价黄金产品的零售 值占比对比去年同期增加4个百分点至16%。 集团第二季整体同店销售进一步改善至+10%。虽然季内国际平均金价(每盎司兑美元)按年升约40%并于 9月再度破顶，按重量计价的黄金产品销售金额同店销售由上季的持平改善至+6%。定价首饰产品的同 店销售亦提升至+25%，其中定价黄金产品同店销售升67%，钻石产品的跌幅则收窄至-10%。 中国香港、中国澳门及海外市场，零售值及零售收入均升13%;同店销售亦改善至双位数字升幅，达 +11%。中国内地市场整体表现良好，零售值升20%，零售收入则升23%，主要由电子商务业务带动。 集团整体黄金产品及定价产品的同店销售分别为+6%及+25%，其中定价黄金产品同店销售升幅为 +67%。 集团第二季净减少店铺49间。截至2025年9月30日止六个月期间，集团已开设8间海外店铺，并首度进驻 越南 ...

Group 1 - The company reported a strong retail performance in Q2, with overall retail sales increasing by 18% and retail revenue rising by 15% year-on-year, benefiting from a low base effect [1] - Same-store sales improved to +10%, with gold product sales increasing by 6% and jewelry product sales rising by 25%, particularly driven by a 67% increase in same-store sales of gold products [1] - Retail values and revenues in Hong Kong, Macau, and overseas markets rose by 13%, with same-store sales improving to +11%, while the mainland China market saw retail value growth of 20% and revenue growth of 23%, mainly driven by e-commerce [1] Group 2 - The company closed 49 stores in Q2 but opened 8 new overseas stores, marking its entry into the Vietnamese market [2] - In the first two weeks of October, same-store sales across all markets exceeded those of Q2 [2]

Core Insights - The company reported a strong performance in Q2, with overall retail value, retail revenue, and same-store sales increasing by 18%, 15%, and 10% respectively compared to Q1 [1] - The retail value and revenue in Hong Kong, Macau, and overseas markets rose by 13%, while same-store sales improved to a double-digit growth of +11% [1] - The mainland China market showed significant growth, with retail value increasing by 20% and retail revenue by 23%, primarily driven by e-commerce [1] - The company opened 8 overseas stores, marking its first entry into the Vietnamese market [1] Retail Performance - Same-store sales improved to +10% in Q2, with gold product sales increasing by +6% and pricing jewelry products seeing a +25% increase [2] - The same-store sales for priced gold products surged by 67%, while diamond product sales experienced a decline of -10% [2] Store Network - As of September 30, 2025, the company had a total of 3,113 stores globally, with a net decrease of 49 stores in Q2 [3] - The company operates 159 self-owned "Luk Fook Jewelry" stores, distributed across mainland China, Hong Kong, Macau, and overseas [3] - In total, the company has 2,634 "Luk Fook Jewelry" stores worldwide, including 2,458 brand stores in mainland China and 17 overseas [3]

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]