Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][11] Core Views - The company reported a 14.2% year-on-year decline in overall retail value for the period from October to December 2024, with a 13% decline in the Chinese market (excluding Hong Kong, Macau, and Taiwan) and a 20.4% decline in Hong Kong, Macau, and other markets [3][5] - Same-store sales in the Chinese market (excluding Hong Kong, Macau, and Taiwan) decreased by 16.1%, a significant improvement from the 24.3% decline in the previous quarter [3][5] - The company is focusing on enhancing store efficiency by closing 259 underperforming stores, with a total of 7,065 stores remaining at the end of the period [3][7] - The company is actively developing new concept stores, which have shown sales performance above the average for existing stores [7][11] - The long-term outlook for the gold and jewelry industry remains stable, supported by consumer demand for value preservation and continuous improvement in product design [4][11] Summary by Sections Retail Performance - The overall retail value in the Chinese market (excluding Hong Kong, Macau, and Taiwan) decreased by 13%, while same-store sales fell by 16.1%, showing a narrowing decline compared to the previous quarter [3][5] - In Hong Kong, Macau, and other markets, retail value declined by 20.4%, with same-store sales down by 21.3% [3][5] Product Sales Structure - The sales proportion of high-margin priced gold jewelry products in the Chinese market (excluding Hong Kong, Macau, and Taiwan) increased from 6.9% in the same period last year to 18.7%, supporting the company's gross margin resilience [3][6] Store Management - The company closed a net of 259 stores during the quarter, including 255 under the main brand, while continuing to optimize store efficiency [3][7] - New concept stores were opened in Shenzhen and Xi'an, achieving sales performance above the average [7][11] Financial Forecast - The company maintains its profit forecast for the fiscal years 2025-2027 at HKD 52.51 billion, HKD 61.54 billion, and HKD 68.84 billion, respectively, with corresponding P/E ratios of 12.86, 10.97, and 9.81 [4][11]

Group 1 - Morgan Stanley maintains a "Market Perform" rating for Chow Tai Fook, setting a target price of HKD 8.3 [1] - The research report indicates a 70% to 80% probability that Chow Tai Fook's stock will outperform the market in the next 30 days, driven by strong stimulus policy signals from the Central Political Bureau meeting, positively impacting gold and jewelry consumption [1] - The report highlights that December to February is the traditional peak sales season for jewelry, and Chow Tai Fook's stock has underperformed compared to the MSCI China Index and Hang Seng Index this year [1] Group 2 - Future valuation of Chow Tai Fook will be influenced by government stimulus measures, inflation, and the stability of gold prices [1]

Investment Rating - The investment rating for Chow Tai Fook (01929) is "Buy" with a target price of 7.04 HKD, maintaining the rating for the next six months [1]. Core Views - The report highlights strong growth in fixed-price products, which have increased their share in the overall sales mix [1]. - The company reported a significant decline in revenue and net profit for FY25H1, with revenue at 39.41 billion HKD, down 20.4%, and net profit at 2.53 billion HKD, down 44.4% due to substantial fluctuations in international gold prices [1]. - Operating profit for FY25H1 was 6.78 billion HKD, reflecting a 4% increase, with an operating profit margin (OPM) of 17.2%, up 4 percentage points [1]. - The gross profit margin improved to 31.4%, an increase of 6.5 percentage points, benefiting from rising gold prices and a higher contribution from fixed-price gold products [1]. - The interim dividend declared was 0.20 HKD per share, with a payout ratio of 78.9%, the highest in the last five years [1]. Summary by Sections Financial Performance - FY25H1 revenue was 39.41 billion HKD, a decrease of 20.4%, while net profit was 2.53 billion HKD, down 44.4% due to losses from the revaluation of gold lending contracts [1]. - Operating profit was 6.78 billion HKD, up 4%, with an OPM of 17.2%, also up 4 percentage points [1]. - The gross profit margin increased to 31.4%, up 6.5 percentage points, driven by higher gold prices and increased sales of fixed-price gold products [1]. Regional Performance - Revenue from Mainland China, Hong Kong, Macau, and other markets was 33.02 billion HKD and 6.38 billion HKD, respectively, with year-on-year changes of -18.8% and -27.9% [1]. - Retail and wholesale sales in Mainland China were 13.84 billion HKD and 19.19 billion HKD, with year-on-year changes of -21.9% and +16.4% [1]. Product Performance - Revenue from jewelry, platinum, and K-gold products was 5.43 billion HKD, down 20% year-on-year [1]. - Revenue from gold products (valued) was 26.13 billion HKD, down 29.7%, while revenue from gold products (priced) was 4.65 billion HKD, up 117.9% [1]. - Overall revenue from gold products decreased by 21.6%, accounting for 79.4% of total revenue [1]. Strategic Initiatives - The company is focused on five strategic initiatives: brand transformation, product optimization, accelerating digitalization, improving operational efficiency, and enhancing talent development [1]. - Positive progress in brand transformation includes the launch of a new concept store in Central Hong Kong and significant retail value from the signature "Chuan Fu" series, exceeding 1.5 billion HKD since its launch [1]. - The company continues to optimize its product and pricing strategies, with strong sales of priced gold products contributing to a 100% year-on-year increase in retail value in Mainland China [1].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 7.13 HKD and a fair value of 8.06 HKD [2]. Core Insights - The company reported a decline in revenue for FY25H1, with a total of 27.9 billion HKD, down 20.4% year-on-year, primarily due to significant fluctuations in gold prices leading to losses from gold lending contracts [2][4]. - The adjusted gross profit margin improved to 31.4%, an increase of 6.5 percentage points year-on-year, driven by a doubling in the contribution from product retail value and a 14.2% increase in average selling prices [2][4]. - The company plans to utilize up to 20 billion HKD of internal resources for share buybacks and has declared an interim dividend of 0.2 HKD per share [2][4]. Financial Performance Summary - For FY25, the company expects net profits of 5.4 billion HKD, 6.5 billion HKD, and 5.4 billion HKD for the fiscal years 2025 to 2027, respectively [2][4]. - The main revenue for 2023 was 94.684 billion HKD, with a projected growth rate of -4.3% for 2024, followed by a recovery of 14.8% in 2025 [4]. - The EBITDA for 2023 was 9.67 billion HKD, with projections of 11.207 billion HKD for 2024 and 10.112 billion HKD for 2025 [4]. - The company’s return on equity (ROE) is expected to be 16.5% in 2023, increasing to 24.7% in 2024, before stabilizing around 16.8% in the following years [4].

Revenue and Profit Performance - Revenue decreased by 20.4% year-on-year to HK$39,408 million in 1HFY2025[18] - Operating profit increased by 4.0% year-on-year to HK$6,776 million in 1HFY2025[24] - Revenue for the six months ended 30 September 2024 was HK$39,408 million, a YoY decrease of 44.3%[32][43] - Profit attributable to shareholders for the six months ended 30 September 2024 was HK$2,530 million, a YoY decrease of 44.3%[32][43] - Earnings per share (basic and diluted) for the six months ended 30 September 2024 was HK$0.25, a YoY decrease of 44.3%[32][43] - Net profit margin for the six months ended 30 September 2024 was 6.5%[43] - Group revenue declined 20.4% to HK$39,408 million in 1HFY2025, with a constant exchange rate decline of 20.0%[133][137] - Profit attributable to shareholders decreased 44.4% in 1HFY2025, mainly due to losses from gold loan revaluation amid volatile gold prices[135] - Mainland China revenue decreased 18.8% (18.3% on constant exchange rate basis), while Hong Kong, Macau, and other markets saw a 27.9% decline[138][140] - Revenue from gold jewelry and products declined 21.6%, contributing 79.4% to Group revenue, down 70 basis points[145][148] - Gem-set, platinum, and K-gold jewelry revenue declined 20.0%, while watches revenue declined 12.5%[147][149] - Revenue in Mainland China fell 18.8% to HK$33,031 million in 1HFY2025, with wholesale revenue declining 16.4% due to weakened demand from macroeconomic uncertainties[190][191] Gross Profit and Operating Profit - Gross profit margin improved by 650 basis points to 31.4% in 1HFY2025[18] - Operating profit margin expanded by 400 basis points to 17.2% in 1HFY2025[18] - Gross profit for the six months ended 30 September 2024 was HK$12,378 million, with a gross profit margin of 31.4%[43] - Operating profit for the six months ended 30 September 2024 was HK$6,776 million, reflecting a 17.2% operating profit margin[43] - Gross profit margin improved by 650 basis points to 31.4% due to pricing optimization and increased sales contribution from fixed-price gold products[133][134] - Operating profit remained resilient at HK$6,776 million, with operating profit margin improving 400 basis points to 17.2%[135] - The Group's operating profit increased by 4.0% YoY to HK$6,776 million in 1HFY2025, with a corresponding margin of 17.2%[168][172] - Gross profit margin improved by 650 basis points to 31.4% in 1HFY2025, driven by higher retail margins from gold price surges and increased contribution from fixed-price gold products[175][176] Sales and Market Performance - Sales mix in gold jewellery and product RSV doubled year-on-year to 14.2% in Mainland China[17] - Signature CTF Rouge Collection exceeded HK$1.5 billion in Retail Sales Value (RSV) since its launch in April[16] - Same-store sales growth (SSSG) in Mainland China declined by 25.4% in 2024, compared to a 3.5% decline in 2023[47] - Retail sales volume in Mainland China decreased to 7,574,000 units in 2024 from 10,724,000 units in 2023[47] - Total retail sales of consumer goods in Mainland China grew by 2.7% year-on-year from April to September 2024, while gold, silver, and jewelry retail sales declined by 5.8%[95][98] - E-commerce contributed 5.6% to Mainland China's retail sales value (RSV) and 13.4% to sales volume in the first half of FY2025[104] - SSSG (Same-Store Sales Growth) in Mainland China (self-operated) showed mixed performance, with some quarters experiencing significant declines and others showing growth[152][154] - Mainland China self-operated stores saw a SSSG decline of 25.4% in 1HFY2025, while franchised stores experienced a 19.6% decline due to a higher proportion of newer stores[156][157] - Hong Kong and Macau recorded a SSS decline of 30.8% in 1HFY2025, with Hong Kong declining 27.6% and Macau falling 40.7%[156][158] - SSSG for gold jewellery and products declined by 26.4%, while gem-set, platinum, and K-gold jewellery saw a 29.8% decline in 1HFY2025[200] - Overall SSSG in Mainland China dropped by 25.4%, driven by weakened demand amid macroeconomic externalities and high gold price volatility[200] - Same-store ASP for gold jewellery and products increased to HK$6,300 in 1HFY2025, up from HK$5,500 in 1HFY2024[198] - Same-store ASP for gem-set jewellery rose to HK$8,900 in 1HFY2025, compared to HK$8,000 in 1HFY2024[198] Store Operations and Expansion - The Group operates around 7,500 stores across China and globally[6] - The Group's first new concept store in Central, Hong Kong, opened in September 2024[16] - The company's total retail points increased to 7,346 in 2024, with Mainland China accounting for 7,205 of these points[47] - The company net closed 239 Chow Tai Fook Jewelry stores in Mainland China during the period, while preparing to launch a new five-story flagship store in Shanghai in 2025[100] - The company strategically opens stores in high-end shopping malls to maximize revenue and profit, enabling continued growth and market share expansion[101] - Closed a net of 239 Chow Tai Fook jewelry retail points in mainland China during the period[105] - The company plans to open a new five-story flagship store in Shanghai by 2025[105] - Closed a net of 3 POS in Hong Kong and Macau in 1HFY2025, maintaining a total of 84 POS as of September 30, 2024[114] Financial Position and Cash Flow - Net assets per share as of 30 September 2024 is HK$2.6[29] - Inventory turnover period increased to 457 days as of 30 September 2024, compared to 286 days in the previous year[45] - Net current assets as of 30 September 2024 were HK$19,255 million, a decrease from HK$21,662 million in the previous year[45] - Gold loans as of 30 September 2024 were HK$24,507 million, reflecting a significant increase from the previous year[45] - Operating cash flows before movements in working capital increased to HK$7,761 million in 2024, up from HK$7,526 million in 2023[47] - Net cash from operating activities dropped significantly to HK$1,113 million in 2024 from HK$7,919 million in 2023[47] Strategic Initiatives and Brand Transformation - The company strategically prioritized investments in brand transformation starting FY2025 to enhance business resilience and brand desirability[54] - A new concept store was launched in Central, Hong Kong, as part of the company's initiative to elevate in-store customer experience[55] - The company is actively exploring new growth opportunities in travel retail and overseas markets, particularly in Southeast Asia[57] - The Greater Bay Area is identified as a key region for the company's brand transformation, aligning with China's strategic growth direction[57] - The company is actively seeking new opportunities in tourism retail and overseas markets with strong retail demand, such as Southeast Asia[62] - The company plans to engage over 50,000 individuals in a new collaborative educational program with the Hong Kong Palace Museum over the next five years[65] - The company opened its first new concept store in Hong Kong, spanning 2,880 square feet, as part of its brand transformation strategy[73] - HEARTS ON FIRE unveiled its first retail store in Central, Hong Kong, marking a significant milestone in its brand transformation[74] Product Performance and Innovation - The company's fixed-price gold jewelry sustained strong sales momentum, with robust growth in Retail Sales Value (RSV) in Mainland China[80] - The CTF Rouge Collection, launched in April, generated remarkable sales and attracted a significant portion of new customers[81] - The Chow Tai Fook Palace Museum Collection, released in August, features unique representations of Chinese heritage and craftsmanship[82] - The CTF Bond Collection, introduced in September, includes a 2-Prong Bond Ring with a two-claw frameless setting to enhance diamond brilliance[83] - Gold product sales in Mainland China showed significant retail value growth, reflecting the success of the company's adjusted product and pricing strategies[85] - The CTF Rouge Collection, launched in April, achieved strong sales, with most buyers being new customers, indicating the effectiveness of the product optimization strategy[85] - The Chow Tai Fook Palace Museum Collection, launched in August, was inspired by the treasures of the Palace Museum, catering to customers who appreciate Chinese cultural and creative products[86] - The new wedding collection, CTF Bond Collection, launched in September, features innovative designs such as the two-prong floating diamond ring[87] E-commerce and Technology - E-commerce contributed 5.6% to Mainland China's retail sales value (RSV) and 13.4% to sales volume in the first half of FY2025[104] - The company enhanced the online shopping experience using generative AI tools, AI chatbots, and an AI recommendation engine on CTFMall, its online flagship store in Mainland China[102] - An AR-enabled try-on service was introduced in April on CTFMall's mini-program, allowing customers to visualize how signature collections enhance their look, which has been particularly popular among young shoppers[103] - E-commerce contributed 5.6% of retail value and 13.4% of sales volume to mainland business in the first half of FY2025[108] - The company introduced AR technology for jewelry try-on services on its mainland mini-program starting April[107] Expenses and Cost Management - SG&A expenses as a percentage of revenue decreased, with Mainland China accounting for 79.4% of total SG&A expenses in 1HFY2025[181][182] - SG&A expenses decreased by 2.8% to HK$5,978 million, with other SG&A expenses decreasing by 4.2% due to reduced sales-related credit card charges and inspection fees, partially offset by increased royalty fees and strategic transformation expenses[186] - SG&A ratio increased by 280 basis points to 15.2% as revenue decline outpaced cost savings, with fixed expenses accounting for approximately 60% of SG&A in 1HFY2025[186] - Concessionaire fees decreased by 2.8% to HK$6,150 million, while rental expenses increased by 0.8% to 6.5% of revenue[184] - Advertising and promotion expenses decreased by 9.9% to 1.5% of revenue, reflecting cost management efforts[184] Market and Economic Conditions - Inbound visitor arrivals in Hong Kong and Macau increased by low to mid-teens year-on-year from April to September[110] - The duty-free allowance for Mainland visitors to Hong Kong and Macau was increased to RMB15,000 in July[111] - Singapore led the Other Markets segment with a 14.3% year-on-year growth in RSV in 1HFY2025[118] - Duty-free business in Mainland China recorded a 56.6% decline in RSV in 1HFY2025[119] - New regulations for pre-departure downtown duty-free shopping in Mainland China came into effect in October[117] - London gold price increased by 18.8% in 1HFY2025 compared to the same period last year, with an average price increase of 23.4%[179] Employee and Operational Metrics - Total number of employees as of 30 September 2024 was 26,500+, with 83.2% based in Mainland China[42] - As of 30 September 2024, the company had 5,346 franchised CHOW TAI FOOK JEWELLERY POS, contributing approximately 59% of wholesale revenue in Mainland China[192] - The company's capital expenditure decreased to HK$308 million in 2024 from HK$474 million in 2023[47]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 8.50 [8][9]. Core Views - The company reported a significant decline in revenue for H1 FY25, with a total of HKD 39.41 billion, representing a year-on-year decrease of 20.4%. However, operating profit increased by 4.0% to HKD 6.78 billion, leading to an operating margin improvement of 4 percentage points to 17.2%. Net profit fell by 44.4% to HKD 2.53 billion, primarily due to substantial losses from gold lending amounting to HKD 3.065 billion caused by gold price volatility [1][2]. - The company announced an interim dividend of HKD 0.2 per share and plans to repurchase up to HKD 2 billion worth of shares, reflecting confidence in long-term growth [1]. - The sales performance was impacted by high gold price fluctuations, but the introduction of fixed-price products helped improve gross margins, which rose by 6.5 percentage points to 31.4% [2]. - The company has optimized its store network, closing 239 stores in H1 FY25, resulting in a total of 7,113 stores across various regions. The company expects to slow down store closures in the second half of the fiscal year [4]. Summary by Sections Financial Performance - For H1 FY25, the company reported revenue of HKD 39.41 billion, a decrease of 20.4% year-on-year. Operating profit was HKD 6.78 billion, up 4.0%, with a net profit of HKD 2.53 billion, down 44.4% [1]. - The company maintains a forecast for net profit for FY25 to FY27 at HKD 5.69 billion, HKD 6.15 billion, and HKD 6.56 billion, respectively, with corresponding EPS of HKD 0.57, HKD 0.61, and HKD 0.66 [5]. Sales and Market Trends - Same-store sales growth (SSSG) for H1 FY25 showed declines of 25.4% in mainland China and 30.8% in Hong Kong and Macau. The introduction of the "Chuanfu" series in April generated over HKD 1.5 billion in retail value, significantly boosting fixed-price product sales by 117.9% [2][3]. - The sales decline has narrowed in the third quarter to a 15% year-on-year drop, compared to a 21% decline in the previous months, attributed to promotional events and new product launches [3]. Store Network and Strategy - The company is actively optimizing its store network to enhance financial health and achieve high-quality profitability, with a focus on improving store performance amid macroeconomic challenges [4]. - The total number of stores as of the end of H1 FY25 was 6,968 in mainland China and 145 in Hong Kong and Macau [4]. Valuation and Market Position - The company is valued at a PE ratio of 15 times for FY25, reflecting its position as a market leader expected to benefit from increased industry concentration due to heightened competition [5].

Investment Rating - The investment rating for Chow Tai Fook (1929.HK) is not explicitly stated in the provided documents, but the report indicates a significant decline in revenue and a mixed outlook for future performance [1]. Core Insights - Chow Tai Fook reported a revenue of HKD 39.408 billion for FY2025H1, a decrease of 20.4% year-on-year, while gross profit increased by 0.5% to HKD 12.378 billion, leading to an operating profit of HKD 6.776 billion, which represents a 4% increase [1]. - The gross margin improved to 31.4%, up 6.5 percentage points year-on-year, indicating enhanced profitability despite revenue challenges [1]. - The company plans to distribute an interim dividend of HKD 0.2 per share, with a payout ratio of 78.9% [1]. Summary by Sections Financial Performance - For FY2025H1, revenue from mainland China was HKD 33.031 billion, down 18.8%, with retail and wholesale revenues declining by 21.9% and 16.4% respectively [1]. - The number of Chow Tai Fook stores in mainland China was 6,968, with a net closure of 239 stores [1]. - Same-store sales in mainland China for gold and jewelry decreased by 26.4% and 29.8% respectively, with overall same-store sales down 25.4% [1]. Profitability - The gross margin in mainland China was 31.2%, an increase of 6.2 percentage points, driven by rising gold prices and product mix optimization [1]. - Operating profit margin improved to 13.8%, up 2.3 percentage points year-on-year, despite a decline in revenue [1]. Market Trends - Revenue from Hong Kong, Macau, and other markets was HKD 6.377 billion, down 27.9%, with same-store sales declining by 30.8% [1]. - The gross margin in these markets was 32.7%, an increase of 8.5 percentage points, attributed to higher margins on retail gold products [1]. Future Outlook - The company expects a slowdown in store closures and a narrowing of same-store sales declines in FY2025H2 [2]. - Revenue projections for FY2025 to FY2027 are HKD 89.5 billion, HKD 91.45 billion, and HKD 93.82 billion, reflecting a year-on-year decline of 18% in FY2025, followed by modest growth [3].

Investment Rating - The report maintains a "BUY" rating for Chow Tai Fook with a target price (TP) cut by 31% to HK$10.00, reflecting lower net profit forecasts [1][3]. Core Insights - Chow Tai Fook reported a 1H FY25 revenue decline of 20.4% YoY to HK$39.4 billion, with net profit dropping 44.4% YoY to HK$2.5 billion, which was 20% below consensus estimates. This was attributed to weak consumer sentiment and fair value loss of gold loans due to rising gold prices [1][2]. - The company has announced a share buyback plan of HK$2 billion and declared a dividend of HK$0.2 per share, despite the significant decline in net profit [1][2]. Financial Performance Summary - Revenue for FY25E is projected at HK$91,057 million, reflecting a YoY decline of 16.2%. For FY26E and FY27E, revenue is expected to decrease by 2.4% and increase by 3.2%, respectively [2][5]. - Net profit estimates for FY25E, FY26E, and FY27E are HK$4,994 million, HK$6,396 million, and HK$6,829 million, indicating a YoY change of -23.2%, +28.1%, and +6.8%, respectively [2][5]. - The gross profit margin is expected to improve slightly to 25.1% in FY25E, while the EBIT margin is projected at 10.5% [5][7]. Shareholder Returns - Chow Tai Fook has increased its payout ratio from 55% in 1HFY24 to 79% in 1HFY25, reflecting its commitment to shareholder returns despite the decline in net profit [1][2].

28 Nov 2024 CMB 国际全球市场 | 股票研究 | 公司更新 周大福(1929 年香港) 1H 收益未中 ， 2H 仍面临压力 Chow Tai Fook (CTF) 报告了2025财年中期（截至2024年9月的6个月）的结 果，营收同比下降20.4%，符合彭博社的一致预期。净利润下降44.4%，比一 致预期低20%，主要原因是消费者信心疲弱和由于金价上涨导致的黄金贷款 的公允价值损失。CTF 宣布了一项20亿港元的股份回购计划，并每股派发0.2 港元的股息。考虑到消费者信心可能持续减弱以及金价波动，我们下调了净 利润预测，幅度为20%-30%，预计2025/26/27财年的净利润增长率分别为-23 .3%/28.1%/6.8%。相应地，我们将目标价下调31%至10.0港元，对应2025财 年的市盈率20倍。 1HFY25 收入一致 ， NP 错过 公司公布了2025财年第一财季（截至2024年9 月）的业绩。收入同比下降20.4%，至港币394亿元，符合市场预期，主要受 消费者信心减弱和因金价上涨而加剧的观望情绪影响。净利润大幅下滑44.4% ，至港币25亿元，低于市场预期20%。这主要是由于毛 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook (1929 HK) despite a downward revision in profit forecasts [4] Core Views - Chow Tai Fook's 1HFY2025 revenue decreased by 20 43% YoY to HKD 39 408 billion, with net profit attributable to shareholders dropping by 44 40% YoY to HKD 2 53 billion [1] - The company's gross margin improved significantly by 6 49 percentage points to 31 41%, driven by higher gold prices and an increased proportion of fixed-price gold products [2] - Retail sales value for the period from October 1 to November 18, 2024, declined by 15% YoY, with mainland China down 14 2% and Hong Kong, Macau, and other markets down 20% [1] Financial Performance - Operating expenses ratio increased by 2 87 percentage points to 15 95%, with selling/distribution, administrative, and financial expense ratios rising by 1 71, 1 04, and 0 11 percentage points respectively [2] - The company revised its FY2025/FY2026/FY2027 net profit forecasts downward by 34%/23%/20% to HKD 4 944 billion, HKD 6 26 billion, and HKD 7 014 billion respectively [4] Operational Highlights - Total number of stores decreased by 240 to 7,346 as of September 30, 2024, with mainland China stores down by 239 to 6,968 and Hong Kong/Macau/other markets remaining flat at 145 [3] - The company launched its first new concept experience store in Central, Hong Kong in September 2024 and plans to open its first mainland flagship store in Shanghai in 2025 [3] - The "Chow Tai Fook Official Mall" mini-program introduced AR technology for virtual jewelry try-ons starting April 2024 [3] Market Position - Chow Tai Fook maintains strong channel and brand competitiveness in the industry, with continuous optimization of its high-end product lines [4] - The company's retail value composition shows mainland China accounting for 86 1% of total retail value, with Hong Kong, Macau, and other markets making up 13 9% [13] Valuation Metrics - The report provides forward-looking P/E ratios of 14x, 11x, and 10x for FY2025E, FY2026E, and FY2027E respectively [5] - P/B ratios are projected at 2 6x, 2 5x, and 2 4x for the same periods [5]