黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 2025H1 同店高速增长，品牌力与渠道扩张驱动高质量发展 2025 年 8 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 20 日，公司披露 2025 年中期业绩，2025 年上半年，公司实现收入 123.54 亿元， 同比增长 251.0%，实现归母净利润 22.68 亿元，同比增长 285.8%。公司董事会建议派发 中期股息每股人民币 9.59 元，派息率为 73%。 事件点评 0 2025 年上半年同店销售表现强劲，品牌势能持续释放，带动公司营收业绩爆发式增 长。营收端，2025 年上半年，公司实现收入 123.54 亿元，同比增长 251.0%。业绩端， 2025 年上半年，公司实现归母净利润 22.68 亿元，同比增长 285.8%；经调整净利润 23.51 亿元，同比增长 290.6%。公司营收业绩大幅增长，主要受益于：（1）品牌影响力持续扩 大，消费者心智强化带动客群扩容，同店销售额实现 200.8%的高速增长。截至 2025 年 6 月末，公司忠诚会员人数约 48 万名，较 2024 年末增长 13 万名。（ ...

Group 1 - Zhou Li Fu officially listed on the Hong Kong Stock Exchange on June 26, 2024, marking the end of a six-year IPO journey [1][3][5] - The IPO price was set at HKD 24 per share, opening at HKD 26.7, representing a more than 10% increase, and reaching HKD 27.45 with a 14.38% rise shortly after [5][3] - Zhou Li Fu's total market capitalization exceeded HKD 118.73 billion at the time of listing [3][5] Group 2 - Founded in 2004, Zhou Li Fu is a prominent Chinese jewelry brand, focusing on the design, production, and sales of jewelry through both offline and online channels [9][12] - The company has expanded rapidly, with 4,129 offline stores by the end of 2024, maintaining a top-five position among Chinese jewelry brands for eight consecutive years [18][23] - Zhou Li Fu's revenue grew from RMB 31.02 billion in 2022 to RMB 57.18 billion in 2024, with a compound annual growth rate of 35.8%, significantly outpacing the industry average of 2.7% [18][20] Group 3 - The company's net profit for 2024 was RMB 7.06 billion, with a net profit margin declining from 18.5% in 2022 to 12.4% in 2024 [22][23] - Zhou Li Fu's revenue sources are primarily from franchise sales (RMB 28.9 billion) and online sales (RMB 22.9 billion), together accounting for 90.5% of total revenue [23] - The company faced challenges in 2024, closing 674 franchise stores while only opening 424, resulting in a net decrease of 250 stores [23][22] Group 4 - Zhou Li Fu's founders, Li Wei Zhu and Li Wei Peng, control 93.7% of the voting rights through a multi-layered structure, retaining 83.39% control post-IPO [24] - The IPO comes at a favorable time for the jewelry market, with rising consumer demand, positioning Zhou Li Fu as a potential standout in the market [28]

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]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1]. Core Viewpoints - The textile and apparel industry has shown a steady market performance over the past year, with notable growth in specific segments such as sports and entertainment products, which saw a year-on-year increase of 25.7% from January to May 2025 [14]. - The report highlights the successful IPO of Zhou Li Fu on June 26, 2025, raising approximately HKD 12.92 billion, with a first-day market capitalization of around HKD 130 billion [13][68]. - 361 Degrees has rapidly expanded its retail presence, opening 49 new stores in 2025, establishing itself as a new landmark for urban sports consumption [13][73]. Summary by Sections Company Overview - Zhou Li Fu, established in 2004, has grown significantly, with over 4,125 stores by the end of 2024, and has been recognized as one of China's top 500 most valuable brands for nine consecutive years [20][68]. - The management team includes experienced individuals with over 20 years in the gold and jewelry industry, focusing on overall business strategy and supply chain management [4][20]. Product and Revenue Breakdown - In 2024, gold jewelry products accounted for 91.0% of Zhou Li Fu's revenue, while diamond-inlaid jewelry and other products contributed 9.0% [21]. - The company has seen a compound annual growth rate (CAGR) of 35.8% in revenue from 2022 to 2024, increasing from CNY 3.102 billion to CNY 5.718 billion [23][69]. Channel Distribution - As of 2024, revenue contributions from franchise stores, self-operated stores, online channels, and other businesses were 50.5%, 8.0%, 40.0%, and 1.5%, respectively [22]. - Online sales have experienced a CAGR of 46.1% from 2022 to 2024, with online revenue making up 40.0% of total revenue in 2024 [22][70]. Financial Performance - Zhou Li Fu's net profit grew from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [23][69]. - The company's gross profit margin has shown a decline, attributed to a decrease in high-margin service fee income from franchise channels and competitive pricing strategies in online sales [23]. Market Dynamics - The SW textile and apparel sector saw a 1.36% increase in the week of June 30 to July 4, 2025, while the SW light industry manufacturing sector rose by 0.58% [10][24]. - The report notes that the textile manufacturing sub-sector has a PE-TTM of 20.09, while the apparel and home textiles sub-sector has a PE-TTM of 27.21, indicating varying levels of market valuation [31]. Industry News - Anta is set to open its first retail store in Beverly Hills, California, marking a significant step in its international expansion strategy [7][65]. - Zhou Li Fu's successful market entry and rapid growth in the jewelry sector highlight the potential for recovery and growth in traditional jewelry companies as consumer demand rebounds [14][68].

Core Viewpoint - The Hong Kong stock market continues to experience a strong initial public offering (IPO) trend, with significant investor interest and varying performance among newly listed stocks [2][6]. Group 1: IPO Performance - In 2023, 40 new stocks have been listed in the Hong Kong market [1]. - On June 26, three new stocks were listed: Chow Tai Fook, Saint Bella, and Ying Tong Holdings, with Chow Tai Fook and Saint Bella seeing increases of 25% and 33.74% respectively, while Ying Tong Holdings experienced a decline of 16.67% [2][5]. - Among the eight new stocks listed this week, four saw price increases, with the highest being Yaojie Ankang-B, which rose by 78.71% [6]. Group 2: Investor Sentiment - The ongoing profitability from IPOs has led to heightened enthusiasm among investors, with many stocks receiving hundreds of times the subscription requests during public offerings [6]. - Chow Tai Fook and Saint Bella attracted significant investor interest, with Chow Tai Fook's public offering receiving 711.11 times subscription and Saint Bella's 193 times [7][9]. Group 3: Company Profiles - Chow Tai Fook is a leading Chinese jewelry company, consistently ranked among the top five brands in the Chinese jewelry market from 2017 to 2024, with a market share of 6.2% in total merchandise transaction value [7]. - Saint Bella is recognized as the largest postpartum care and recovery group in Asia, with a network of 96 high-end postpartum centers, and is projected to have a leading market share in cities like Hangzhou and Shanghai [9]. - Ying Tong Holdings is the largest perfume group in China, with products sold in over 400 cities and more than 100 directly operated points of sale [11].

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]

Core Viewpoint - The Hong Kong stock market continues to experience a strong demand for new listings, with significant price increases for newly listed stocks, indicating a robust appetite from both retail and institutional investors for initial public offerings (IPOs) [1][4][6]. Group 1: New Listings Performance - Three new stocks were listed on June 26, with notable price increases: Chow Tai Fook rose by 25%, and Saint Bella surged by 33.74%, while Yingtong Holdings saw a decline of 16.67% [1][4][6]. - Among the eight new stocks listed recently, four experienced price drops, while four saw gains, with the highest increase being 78.71% for Yaojie Ankang-B [4][5]. Group 2: Investor Interest and Subscription Rates - The subscription rates for the new listings were exceptionally high, with Chow Tai Fook receiving 711.11 times oversubscription in the Hong Kong public offering and 13.55 times in the international offering [7][8]. - Saint Bella also attracted significant interest, with a subscription rate of 193 times for the Hong Kong public offering and 15.59 times for the international offering [11][12]. Group 3: Company Profiles - Chow Tai Fook is a leading Chinese jewelry company, maintaining a top-five position in the Chinese jewelry market for eight consecutive years, with a market share of 6.2% in gold jewelry and 1.0% in overall jewelry sales [6][8]. - Saint Bella is recognized as the largest postpartum care and recovery group in Asia, with a network of 96 high-end postpartum care centers, and is projected to have the largest market share in cities like Hangzhou and Shanghai by 2024 [10][12]. Group 4: Financial Highlights - Chow Tai Fook's global offering consisted of 53.83 million H-shares, with a share price of HKD 24, raising approximately HKD 1.193 billion [6][8]. - Saint Bella's global offering included 109.7 million H-shares at a price of HKD 6.58, generating around HKD 630 million [10][12]. - Yingtong Holdings offered 333.4 million shares at HKD 2.88, raising about HKD 883 million, but had lower subscription rates compared to the other two companies [14][15].

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]

Core Viewpoint - Zhou Li Fu's IPO has received significant market interest, with a subscription multiple of 594.92 times and total subscription amount reaching 66.833 billion HKD [2][3] Group 1: IPO Details - Zhou Li Fu plans to globally offer 46.808 million shares at a price of 24 HKD per share, aiming for a net fundraising of approximately 1.024 billion HKD [3] - The company has attracted eight cornerstone investors, including Luo Hu Investment and Ling Bao Gold [3] Group 2: Market Performance and Comparisons - The high subscription amount for Zhou Li Fu's IPO is partly influenced by the strong performance of its industry peer, Lao Pu Gold, which has seen a continuous rise since its listing [3] - Other recent IPOs in the Hong Kong market, such as Chi Feng Gold, have also performed well, contributing to market expectations for Zhou Li Fu [3] Group 3: Company Overview - Founded in 2004, Zhou Li Fu is a well-known jewelry brand in China, engaged in the design, production, and sales of jewelry through both offline and online channels [3] - As of 2024, Zhou Li Fu operates 4,129 stores, ranking fifth among Chinese jewelry brands [4] Group 4: Financial Performance - Zhou Li Fu's revenue over the past three years has been 3.102 billion, 5.15 billion, and 5.718 billion CNY, with net profits of 575 million, 660 million, and 709 million CNY, respectively [4] - The company's net profit margins have shown a decline, recorded at 18.5%, 12.8%, and 12.4% over the same period [4] Group 5: Revenue Composition - The revenue of Zhou Li Fu primarily comes from self-operated sales, franchise service fees, and online sales, with franchise income being the largest contributor [5] - From 2022 to 2024, the franchise fee income accounted for 52.9%, 55.4%, and 50.5% of total revenue, respectively [5] Group 6: Legal Challenges - Zhou Li Fu has faced significant legal challenges regarding trademark infringement, including a lawsuit from Liu Fu Jewelry in 2015 and another from Chow Tai Fook and Liu Fu Group in 2021, resulting in a court ruling against Zhou Li Fu [5] Group 7: Pre-IPO Activities - Prior to its IPO in June 2024, Zhou Li Fu completed a final round of private financing and distributed substantial cash dividends, totaling approximately 1.394 billion CNY since 2020, with 945 million CNY in dividends for 2023 and 2024 [6]