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 ...

| 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% ...

Core Viewpoint - Zhou Li Fu has successfully completed its long-awaited IPO journey, officially listing on the Hong Kong Stock Exchange, marking a significant milestone for the company founded by the Li brothers [1][3]. Company Overview - Zhou Li Fu, established in 2004, is a prominent Chinese jewelry brand engaged in the research, design, production, and sales of jewelry, operating through both offline stores and online channels [5][9]. - The company originated from the Shenzhen Luohu area, known for its concentration of jewelry businesses, and has grown to become a major player in the industry [5][9]. IPO Details - The IPO price was set at 24 HKD per share, with the stock opening at 26.7 HKD, reflecting a rise of over 10% [3]. - As of 10:37 AM on the listing day, the stock price reached 27.45 HKD, marking a 14.38% increase and a total market capitalization exceeding 118.73 billion HKD [3]. Financial Performance - Zhou Li Fu's revenue has shown strong growth, with figures of 31.02 billion RMB in 2022, 51.50 billion RMB in 2023, and 57.18 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 35.8% [13][17]. - The net profit for the same years was 5.75 billion RMB, 6.60 billion RMB, and 7.06 billion RMB, with a CAGR of 10.8% [13][17]. - Despite the growth, the company experienced a significant slowdown in revenue growth from 66% to approximately 11% in 2024, indicating a potential decline in growth momentum [17]. Business Model - Zhou Li Fu primarily operates through a franchise model, with 97.8% of its 4,129 stores being franchisee-operated, which contributes to 90.5% of its total revenue [17][18]. - The company has been adjusting its business structure to reduce reliance on franchise income, with online sales contributing significantly to its revenue [18]. Market Position - Zhou Li Fu is the only major jewelry brand among its peers, such as Chow Tai Fook and Lao Fu Huang, that has not been publicly listed until now [20]. - The current market environment for gold and jewelry is favorable, with rising consumer demand, positioning Zhou Li Fu to potentially become a standout stock in the market [21].

Core Viewpoint - Zhou Shifu's stock opened over 10% higher on its first day of trading in Hong Kong, currently priced at 26.7 HKD [1] Company Overview - Zhou Shifu was founded in 2004 and is recognized as one of China's leading jewelry brands [1] - The company is primarily engaged in the research and design, production and processing, chain sales, and brand operation of jewelry [1] - Zhou Shifu offers gold jewelry products and diamond-set jewelry through both offline stores and online sales channels [1]

周六福发行获得市场热捧。公开发售部分，融资认购倍数达到594.92倍，融资认购金额达到668.33亿港元，其中富途证券认购275亿港元， 辉立证券认购228亿港元。 周六福计划全球发售4680.8万股，每股发售价24港元，净筹约10.24亿港元。公司还引入了罗湖投资、永诚贰号香港、灵宝黄金(03330.HK) 等8家企业作为基石投资者。 周六福(06168.HK)今日暗盘，股价上涨12.92%，市值超115亿港元。 招股书显示，从2022年至2024年周六福珠宝的毛利率持续下滑，分别录得38.7%、26.2%和25.9%。 周六福珠宝收入主要由自营销售、加盟商服务费以及线上销售三个部分构成。加盟商收入贡献最大。从2022年至2024年，周六福珠宝加盟 费模式收入分别占比52.9%、55.4%和50.5%。这部分收入分别是产品销售和服务费，服务费包括加盟服务费、产品入网费和其他服务费。 2022年、2023年、2024年周六福珠宝向加盟商收取服务费所产生的毛利分别是7.476亿元、7.605亿元、8.014亿元。这是周六福的主要利润 来源。 从品牌力上看，周六福与老铺黄金相差甚远。早在2015年，周六福就被六福 ...

港股打新市场尤为火爆，在香江电器和曹操出行结束招股后，目前还有圣贝拉、周六福、颖通控股、泰 德医药、IFBH、云知声等六家新股处于招股期。 尽管港股打新的中签率远高于A股，但港股新股并不像大A新股一样上市首日都收涨，所以港股打新更 考验投资者的眼光。截至6月20日，今年港股IPO上市的31家新股中，上市首日有19家收涨、3家收平、 9家破发，首日上涨概率约61%、破发率约29%。 近年来，在A股放缓IPO节奏之后，许多消费公司都选择赴港IPO，所以消费企业也成为香港新股市场中 较活跃的存在。今天，发哥就详细分析一下周六福（06168.HK）、颖通控股（06883.HK）这两家消费 股的情况。 1 周六福 基石投资者：罗湖投资、永诚贰号香港、Jump Trading、凯因家族办公室等，认购总占比约51% 基本面情况： 周六福总部位于深圳罗湖区，通过线下门店和线上渠道提供各种珠宝产品，主要为黄金珠宝产品、钻石 镶嵌饰品，其中黄金珠宝产品占比较大。 产品生产方面，周六福自2022年4月停止自身工厂的生产后，就转向全面委外加工模式。委外加工虽然 能在一定程度上帮助企业降本增效，但也存在质量控制风险，如果委外加工的产品 ...

Core Viewpoint - Zhou Li Fu's long-awaited IPO is set to launch on June 26, 2025, with a global offering of 46.808 million shares at a price of HKD 24.00 per share, aiming to raise approximately HKD 1.024 billion [1] Company Overview - Zhou Li Fu, established in 2004, is a well-known jewelry brand in China, primarily engaged in the design, production, and sales of jewelry through both offline and online channels [2] - As of the end of 2024, Zhou Li Fu had 4,129 stores, ranking fifth among Chinese jewelry brands, with 4,125 located in China and 4 overseas [2] Financial Performance - In 2024, Zhou Li Fu's revenue reached RMB 5.718 billion, but the growth rate plummeted to 11% from 66% the previous year, indicating a significant slowdown [2] - The company's net profit for the year was RMB 706 million, with a net profit margin dropping from 18.5% in 2022 to 12.4% in 2024, a decline of 6.1 percentage points [2] Market Position and Challenges - Zhou Li Fu faces a differentiation dilemma, lacking a unique brand identity compared to competitors like Lao Pu Gold and Chow Tai Fook, leading to severe product homogeneity [3] - Despite rising gold prices, the jewelry industry is experiencing a "volume-price divergence," with many companies, including Zhou Li Fu, reporting declining profits [3][4] Inventory and Sales Issues - Zhou Li Fu's inventory reached RMB 2.59 billion as of April 30, 2025, posing a risk of inventory impairment if gold prices decline [4] - The total order volume for self-operated stores decreased from 122,000 in 2023 to 117,000 in 2024, with same-store sales revenue dropping from RMB 369 million to RMB 291 million [4] Franchise Model and Management Challenges - Zhou Li Fu's rapid expansion relies heavily on a franchise model, with 97.8% of its stores being franchisee-operated, which has led to quality control issues and management challenges [5][6] - In 2024, the number of closed franchise stores (674) exceeded new openings (424), indicating instability in the franchise system [5] Legal and Brand Issues - Zhou Li Fu has faced multiple legal challenges regarding trademark infringement, with 95 ongoing cases, raising concerns about its brand strategy [7] - The company's name has been criticized for being misleading and similar to established brands, which could hinder long-term growth [7] Dividend Distribution and Ownership Structure - Zhou Li Fu has distributed over RMB 944 million in dividends over two years, primarily benefiting the controlling Li family, which holds approximately 93.7% of the company's shares [8] Conclusion - While the IPO may represent a significant moment for Zhou Li Fu, underlying issues such as a fragile franchise model, brand controversies, and product homogeneity remain critical challenges [9][10]