周大福母公司预计2026财年净利润同比增长80-90%

HongKong&ChinaMarketDaily 11 June 2026 What’s Hot Today: ►Luk Fook (590 HK, HK$20.50, HK$12.0bn)–Expects FY26NP to be up by 80-90% LukFookisaleadinggoldandjewelleryretailerinHongKongandChinawithover3,000shops.ThecompanyissuedaprofitalertindicatingthatitsFY26netprofitwilljumpby80-90%YoYlargelyduetobettermarginsdrivenbyhighergoldpricesandimprovedsalesmixoffixed-pricegoldproducts.BasedontheFY25netprofitofaboutHK$1.10bn,itisestimatedthatitsFY26EnetprofitwillbeintherangeofHK$1.98bntoHK$2.09bn.Theactualresultisscheduledtobereleasedon25Jun2026. Lookingat its 4Q26 numbers,customers were still keen in purchasing goldproductsdespitethesharpcorrectioningoldpriceduringthequarter.4Q26SSSGofgoldsalesstoodat42%andwasthestrongestquarterfortheyear.Itisalsonotedthatcustomersareadoptingwelltofixedpriceproducts,whichconsistofmostlycuteandstylishdesignstoattractyoungercustomersandgiftpurchase. Ourview:Itisexpectedthattheimplementationofthenewvalue-addedtaxpolicieson gold in the Mainland which widening product price differentialbetweenHongKong/MacauandtheMainlandmarketwillcontinuetobenefittheretailperformanceoftheHonKong/Macaumarket.Meanwhile,thecompanyisstillcautiousabouttheMainlandmarket,closelymonitoringtheperformanceoftheretailstores.Ontheotherhand,itplanstoaccelerateoverseasexpansionwith20newshopsalreadyopenedduringFY26.ThecounteristradingatanFY26EPEofnomorethan6x. So urce: B lo o mberg Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Affiliated & Overseas Offices Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre,89 Queensway, Hong KongTel: 852-2283-7000Fax: 852-2877-2665 Guangdong廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,Guangzhou, 511455, PRC