周大福（1929 HK）：FY25Q3旺季同店降幅收窄，一口價表現積極

事件：公司發佈截止2024年12月31日止三個月主要經營數據。

零售值：FY25Q3（對應自然年為2024年10-12月）集團零售值同比下滑14.2%，其中，中國內地零售值同比下滑13.0%，中國香港、中國澳門及其他市場零售值同比下滑20.4%。宏觀經濟外部因素及黃金價格高企持續影響消費意願。

同店銷售表現：由於季內黃金價格回穩及成功推行產品優化措施，中國內地和中國香港及澳門同店降幅收窄。FY25Q3中國內地直營店/加盟店同店銷售分別同比下滑16.1%/下滑12.3%。中國香港及澳門市場繼續受到市民外遊以及內地旅客消費模式和喜好轉變影響，同店銷售同比下滑21.3%，其中香港/澳門同店銷售分別同比下滑16.9%/下滑35.3%。

各品類表現：

1）黃金品類：FY25Q3中國內地黃金首飾及產品零售值同比下滑13.0%、同店銷售同比下滑15.3%，中國港澳及其他市場黃金首飾及產品類零售值同比下滑33.5%、同店銷售同比下滑36.2%。黃金產品同店平均售價季內維持韌性，其中，中國內地平均售價上升至6300港元（FY24Q3為5500港元），中國香港及澳門平均售價上升至8800港元（FY24Q3為8200港元）。

2）鑲嵌品類：FY25Q3中國內地鑲嵌、鉑金及K金首飾零售值同比下滑11.9%、同店銷售同比下滑20.3%，中國港澳及其他市場鑲嵌、鉑金及K金首飾零售值同比增長34.4%、同店銷售同比增長33.7%，受益於有效的年度促銷活動。價格方面，FY25Q3中國內地珠寶鑲嵌首飾平均售價上升至10100港元（FY24Q3為8100港元），中國香港及澳門平均售價維持在17500港元（FY24Q3為17400港元）。

開店情況：

1）周大福珠寶：截至2024年12月31日，周大福珠寶零售點達6836家，季內凈關店255家。其中，中國內地周大福珠寶零售點達6685家，季內凈關店261家; 中國香港、中國澳門及其他市場周大福珠寶零售店達151家，季內凈開設6家。

2）其他品牌：截止2024年12月31日，其他品牌零售點達229家，季內淨關店4家。其中，中國內地其他品牌零售點達219家，季內凈關閉4家，其他市場中其他品牌零售點達10家。

3）集團門店總計：截止2024年12月31日，集團共計7065個零售點，季內凈減少259家。

Retail sales value fell across Chow Tai Fook’s markets on macro pressures in FYQ3. However, CTF is making good progress in driving a brand revamp via product optimization and fixed-price product strategies, while raising operating efficiency. We maintain our BUY call on the stock.

The gist: BUY

·FY25Q3 update: total RSV down 14% yoy and SSS decline narrowed

·Total gold products RSV fell; non-mainland inlaid and other jewelry RSV up

·Store count: cuts 261 CTF Jewellery stores in mainland; adds 6 elsewhere

FY25Q3 update: total RSV down 14% yoy and SSS decline narrowed

Total retail sales: Chow Tai Fook’s (CTF) business update for FY25Q3 (October to December 2024) released on 22 Jan 2025 shows total retail sales value (RSV) fell 14.2% yoy. A breakdown by market follows:

·Mainland of China: RSV fell 13.0% yoy in the last quarter of the calendar year;

·Non-mainland markets: RSV from Hong Kong, Macau and other markets fell 20.4% yoy, as non-mainland markets were dragged by macroeconomic pressures such as high gold prices, which reduced consumer willingness to purchase.

Same-store-sales trends: the company said its same-store sales (SSS) downtrend softened across the Chinese markets because of relatively stable gold prices in the quarter, coupled with effective product mix optimization:

·Mainland of China: SSS fell 16.1%/12.3% yoy respectively in CTF’s directly-operated/franchised stores in FY25Q3.

·Hong Kong and Macau: SSS fell 21.3% yoy in both the China SARs, down 16.9% yoy in Hong Kong and down 35.3% yoy in Macau, due to shifts in consumer behavior as more mainlanders traveled overseas to mark the year-end holidays.

Total gold products RSV fell; non-mainland inlaid and other jewelry RSV up

Gold jewelry and other products:

·Mainland of China: gold products RSV fell 13.0% yoy and SSS fell 15.3% yoy in FY25Q3;

·HK, Macau and other markets: gold products RSV fell 33.5% yoy and SSS fell 36.2% yoy.

·ASP trends: gold products ASPs in SSS terms showed resilience in the quarter across the Chinese markets, rising to HKD6,300 in the mainland (vs HKD5,500 in FY24Q3) and to HKD8,800 in Hong Kong and Macau (vs HKD8,200 yoy).

Inlaid, platinum and K-gold jewelry:

·Mainland of China: RSV fell 11.9% yoy for inlaid, platinum and K-gold jewelry in FY25Q3; while SSS fell 20.3% yoy.

·HK, Macau and other markets: RSV rose to 34.4% yoy in the inlaid, platinum and K-gold jewelry category in FY25Q3, while SSS expanded 33.7% yoy; which the company attributes to effective promotional efforts.

·ASP trends: inlaid jewelry ASP rose to HKD10,100 in mainland of China in FY25Q3 (vs HKD8,100 in FY24Q3), while remaining flat at HKD17,500 in Hong Kong and Macau (vs HKD17,400 in FY24Q3).

Store network: cuts 261 CTF Jewellery stores in mainland; adds 6 elsewhere

Total store network: CTF has 7,065 retail outlets as of 31 Dec 2024, a net decrease of 259 stores in the last calendar quarter.

Chow Tai Fook Jewellery stores: the network has 6,836 Chow Tai Fook Jewellery branded retail outlets (net closure of 255 stores): 6,685 in mainland of China (net closure of 261 stores) and 151 in the non-mainland markets (net adding 6 stores).

Other brands: the company has 229 other brand stores, after net closing 4 outlets in the quarter: 219 in mainland of China (net closure of 4 stores) and 10 stores in the non-mainland markets.