🏢 公司Newsroom01929Doubao · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 16:33:17时区推断·⟳ 抓取 16:42:04回填·⚡ 决策 10-22 16:44:58·5.2 天前
周大福2QFY27（截至9月季度）集团零售值同比转负-0.5%，内地-5.3%但港澳+33.2%、内地直营同店转正+2.2%，喜忧参半
这是一份动能放缓但结构改善并存的混合运营数据：集团RSV转负(-0.5%)、内地-5.3%且销量-9.7%为硬负面，但港澳+33.2%、内地直营同店转正、定价黄金ASP与占比提升构成实质正面，且无利润与指引收口，净方向取决于解读。公告PDF 16:40 HKT盘后挂出，但股价当日已放量(量比2.01)下跌3.44%，负向预期在公告前已部分交易；次日开盘多空赔率均不清晰。既无明确强空催化(不满足做空红线)，也无未被定价的干净做多edge，故不做。
📄 原文01929↗ 原文
Announcements and Notices - UNAUDITED KEY OPERATIONAL DATA FOR THREE MONTHS ENDED 30 SEPTEMBER 2026
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 周大福珠宝集团有限公司（01929.HK）
喜忧参半的季度运营数据(集团RSV-0.5%/内地-5.3% vs 港澳+33.2%/内地直营同店+2.2%)且无利润与指引，方向不明；公告盘后挂出但当日已放量下跌3.44%(量比2.01)，负向预期部分定价，做多无干净edge、做空无强催化，赔率不足，不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
周大福2QFY27集团RSV同比-0.5%、内地-5.3%(销量-9.7%)但港澳+33.2%、内地直营同店转正+2.2%、定价黄金量价齐升，属喜忧参半的运营更新且无利润指引；公告前股价已放量下跌3.44%，方向不明、edge不足，回避。
消息传播链
- 公司发布截至2026-09-30止三个月未经审核关键运营数据，集团RSV-0.5%，内地-5.3%、港澳及其他+33.2%；公告落款香港2026-10-22。市场反应:发布时点港股已收盘
- 盘后16:35-16:37财联社/新浪仅电报标题‘周大福第二财季零售值同比减少0.5%’，尚未展开港澳与同店细节。
- 2026-10-22 16:08 HKT市场反应futu行情非一手公告正式挂出前的当日交易时段，股价收跌3.44%至10.95港元、量比2.01，对疲软数据存在提前负面预判/交易。
关键理由
- 多空因子相互抵消：内地RSV-5.3%/同店销量-9.7%/净关店242家 vs 港澳+33.2%、内地直营同店+2.2%、定价黄金ASP与占比提升、DAWN系列近20亿港元RSV
- 公告于收盘后发布，但当日已放量(2.01x)下跌3.44%，市场对疲软部分已有提前反应，次日开盘缺乏清晰的预期差
主要风险
- 若券商普遍视港澳强劲与同店转正为拐点、上调盈利，次日可能高开，回避将错过反弹；反之若聚焦集团RSV转负与内地销量，则可能低开续跌
- 本数据未经审核且仅为运营口径，不含利润与指引，金价波动与业绩交流会管理层表态可能单独主导股价
反向证据
- 做多前查反向 · 来源 filing · 日期 2026-10-22 · 影响 weakens
内地RSV-5.3%、同店销量-9.7%、季度净关店242家，集团RSV转负，构成对纯做多的实质反证。
检索:周大福 2QFY27 内地 同店销量 下滑 关店 RSV 负增长 金价 原文 ↗ - 做空前查反向 · 来源 web · 日期 2026-10-22 · 影响 weakens
港澳+33.2%/同店+29.6%、内地直营同店+2.2%、定价黄金ASP大幅提升、DAWN近20亿RSV，且股价当日已先跌3.44%，不支持强空。
检索:周大福 港澳 同店 转正 定价黄金 ASP DAWN 超预期 券商 上调 原文 ↗
先例如何影响了这次决策
对本次决策的影响:支持在方向不明且已部分price-in时回避，不设tp/sl。
方向:未构建高相似对齐先例面板：本臂不入场，且可核验的港交所首发时刻与精确一致预期缺失，强行用门户转载日期做锚会污染收益统计。
涨幅量级:不足以用先例校准幅度。
形态:季节性季度运营数据公布后市场更关注内地同店/销量与港澳弹性，标题层面RSV转负易被电报先行传播(今日16:35标题先于细节)。
工具执行结果 · 成功 5 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 1,900 ms
{"result": "search_processed_events:agent query=`chow tai fook q2 fy2027 rsv sss september 2026 | 周大福 1929 第二季度 零售值 同店销售 | 周大福 季度营运数据 港澳 内地 同店`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 72.0/72 小时、26566 条本臂决策(完整)，返回 4 条候选。\n• 10-21 17:32 UTC(北京 10-22 01:32) [ticker] 不做 1929.HK (calendar) — 【催化剂预告 今日】周大福26Q3业绩交流会 · 2 - stock_quote 成功 stock_tools HTTP · 1,262 ms
{ - web_search 成功 doubao_search · 1,540 ms
豆包搜索结果（原始查询:周大福 第二财季 零售值 同店销售 预期 券商 2026年10月；API SearchType:web） - kb_search 成功 stock_tools HTTP · 235 ms
{ - search_case_library 成功 stock_tools HTTP · 16 ms
{"result": "search_case_library「1929.HK」—— 与这些标的相关的自家决策案例(本页 9 条,该标的全历史相关记录共 9 条；ENTER 只按该标的自己的腿统计):\n◆ 1929.HK：相关历史决策 9 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 9 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-10-21 UTC(北京 2026-10-22) 不做 · 事件:事件日历提示
原文全文
展开原文 · 13,140 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited
take no responsibility for the contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
CHOW TAI FOOK JEWELLERY GROUP LIMITED
ক๔⺼⤍ᄣ䯳ᰶ䭽ڙथ
(Incorporated in the Cayman Islands with limited liability)
Stock Code: 1929
UNAUDITED KEY OPERATIONAL DATA
FOR THREE MONTHS ENDED 30 SEPTEMBER 2026
Chow Tai Fook Jewellery Group Limited (the “Company”), together with its subsidiaries (the
“Group”), hereby announce certain unaudited key operational data of the Group for the three
months ended 30 September 2026 (the “Second Quarter”, or the “Quarter”). The unaudited
key operational data in this announcement should be read in conjunction with the Company’s
FY2026 annual report.
KEY OPERATIONAL DATA
For the three months ended 30 September 2026
(% change compared to the same period last year)
Group
Retail Sales Value(1) (“RSV”) growth –0.5%
Hong Kong &
Macao of
Chinese China and
Mainland other markets
RSV growth –5.3% +33.2%
Contribution to Group RSV 83.3% 16.7%
Hong Kong &
Chinese Macao of
Mainland China
Same Store Sales(2) (“SSS”) growth +2.2% +29.6%
SSS volume growth –9.7% +14.0%
SSSG by product
— Fixed-price jewellery +11.1% +13.0%
— Weight-based gold jewellery +1.7% +43.5%
(1)
“Retail Sales Value” measures the sales at the ending price (VAT inclusive, if any), in respective functional currencies,
of products sold to customers in the POS network and other channels.
(2)
“Same Store Sales” for the Second Quarter is the RSV from the self-operated POS of CHOW TAI FOOK JEWELLERY
existing as at 30 September 2026 and which have been opened prior to 1 April 2025. RSV from franchised POS and
other channels are not included.
–1–
Same Store Sales Growth
40.1% 41.7%
26.3% 29.6%
8.6% 21.4%
7.6% 19.6% Chinese Mainland (Self-operated)
2.2% 6.2% Chinese Mainland (Franchised)
0.0% 0.2% 15.7% 2.2%
14.3% Hong Kong & Macao of China
-3.3% -5.8% -2.9%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
— The Second Quarter performance demonstrated the resilience of our business model and
validated the growing traction of our brand transformation. In Chinese Mainland (the
“Mainland”), SSS of self-operated stores increased by 2.2% during the Quarter, while that
of franchised stores decreased by 2.9%. Nevertheless, we continued to outperform the
jewellery retail market. In Hong Kong and Macao, SSSG reached 29.6% in the period,
with Hong Kong up by 24.0% and Macao up by 47.3%, supported by robust consumption
sentiment and customer traffic.
— The Same Store Average Selling Price (“ASP”) of weight-based gold jewellery remained
resilient during the Quarter. In the Mainland, its ASP increased to HK$10,200
(2QFY2026: HK$9,500). In Hong Kong and Macao, its ASP was HK$15,400 (2QFY2026:
HK$16,800).
— ASP of the fixed-price jewellery also stayed firm. In the Mainland, ASP of fixed-price
gold jewellery, which includes gold products and gem-inlaid gold products, rose to
HK$10,100 (2QFY2026: HK$7,000), while ASP of gem-set jewellery stayed relatively
flat at HK$9,100 (2QFY2026: HK$9,300). In Hong Kong and Macao, ASP of fixed-price
gold jewellery increased to HK$8,900 (2QFY2026: HK$5,700) and ASP of gem-set
jewellery increased to HK$16,400 (2QFY2026: HK$15,900).
— As a global Chinese luxury group, we elevated our storytelling and creative vision,
exemplified by the sensory-driven Summer Tuning branding campaign. To broaden our
reach among younger generations, we appointed Zhao Lusi, one of China’s most
influential actresses and singers, as our Global Brand Ambassador in July.
— Our brand transformation continued to drive high-quality earnings during the Quarter,
anchored by iconic collection launches. The signature DAWN Collection generated nearly
HK$2 billion in RSV during the period, significantly outperforming expectations. In
August, we expanded our portfolio with the SONG Collection, which blends cultural
heritage with refined design. Together, the two collections have deeply strengthened our
cultural relevance and emotional connection with younger consumers.
–2–
— We continued to strengthen the resilience of our retail network by elevating customer
experience. During the Quarter, we added one luxury-format boutique, bringing our total
number of luxury-format boutiques in the Mainland to 13 and keeping us on track to reach
our target of 50 by FY2030.
— Our international business serves as a strategic platform and growth driver for the Group
as the brand transformation progresses. By deepening our presence in distinguished
luxury destinations, we successfully engage affluent local clientele and international
travellers. During the Quarter, other markets recorded strong RSV growth of 31.1%. We
opened stores at Wisma Atria in Singapore and Mid Valley Megamall in Malaysia. These
high-profile showcases are actively redefining Chinese luxury on the world stage,
highlighting the beauty of craftsmanship and cultural heritage to global audience.
RSV Analysis
Chinese Mainland
YoY change of respective RSV by product
59.6%
24.2%
21.0%
8.7% Fixed-price jewellery
-6.5%
Weight-based gold jewellery
-3.5%
-3.8% -0.6%
-8.2% -9.3% -5.5% -7.7%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
— The decline in Mainland RSV during the Quarter was mainly attributable to network
optimisation and a high comparison base in the corresponding period last year.
— In terms of RSV contributions, weight-based gold jewellery accounted for 67.5%
(2QFY2026: 66.3%) and fixed-price jewellery accounted for 29.2% (2QFY2026: 29.9%)
during the Quarter.
— RSV of e-commerce in the Mainland sustained growth of 25.6% year-on-year in the
Quarter, supported by our ongoing targeted marketing and product initiatives. Its
contribution to the Mainland business was 8.9% in RSV and 19.8% in volume during the
Quarter.
— RSV contribution of franchised CHOW TAI FOOK JEWELLERY stores in the Mainland
lowered to 61.6% (2QFY2026: 67.5%) during the Quarter mainly due to the network
optimisation.
–3–
Hong Kong & Macao of China and other markets
YoY change of respective RSV by product
61.5% 57.7%
46.7% 44.4%
57.0%
11.2% 14.5%
22.2% Fixed-price jewellery
19.0%
11.9% Weight-based gold jewellery
7.8%
-7.1%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
Note: The percentages calculated are subject to minor rounding differences.
— RSV contribution of fixed-price jewellery was 26.5% (2QFY2026: 29.6%) during the
Quarter, while that of weight-based gold jewellery was 69.3% (2QFY2026: 63.9%).
POS Network
As at 31.3.2026 30.6.2026 30.9.2026
Total Total Addition Reduction Net Total
CHOW TAI FOOK
JEWELLERY 5,460 5,205 26 (265) (239) 4,966
Chinese Mainland(1) 5,305 5,047 23 (263) (240) 4,807(2)
Hong Kong & Macao
of China 92 93 1 – 1 94
Other markets 63 65 2 (2) – 65
Other brands 229 229 8 (11) (3) 226
Chinese Mainland 219 219 8 (11) (3) 216
Hong Kong & Macao
of China 3 3 – – – 3
Other markets 7 7 – – – 7
Total 5,689 5,434 34 (276) (242) 5,192
(1)
CTF Watch excluded
(2)
68.3% of CHOW TAI FOOK JEWELLERY POS were in franchised format
–4–
— During the Quarter, we selectively opened 23 CHOW TAI FOOK JEWELLERY POS in
the Mainland and closed 263 POS, resulting in a net closure of 240 POS. In Hong Kong,
Macao and other markets, we net opened 1 POS CHOW TAI FOOK JEWELLERY in the
Quarter.
CAUTION STATEMENT
The Board wishes to remind investors that the above unaudited operational update is based on
the Company’s internal records and management accounts for the three months ended 30
September 2026 which have not been reviewed or audited by auditors of the Company.
Shareholders of the Company and potential investors are advised to exercise caution
when dealing in the shares of the Company.
By order of the Board
Chow Tai Fook Jewellery Group Limited
Dr. Cheng Kar-Shun, Henry
Chairman
Hong Kong, 22 October 2026
As at the date of this announcement, the executive directors are Dr. Cheng Kar-Shun, Henry,
Mr. Cheng Chi-Heng, Conroy, Ms. Cheng Chi-Man, Sonia, Mr. Wong Siu-Kee, Kent,
Mr. Cheng Kam-Biu, Wilson, Mr. Cheng Ping-Hei, Hamilton and Mr. Suen Chi-Keung, Peter;
and the independent non-executive directors are Mr. Lam Kin-Fung, Jeffrey,
Dr. Or Ching-Fai, Raymond, Ms. Cheng Ka-Lai, Lily, Mr. Chia Pun-Kok, Herbert,
Ms. Fung Wing-Yee, Sabrina, Mr. Tang Ying-Cheung, Eric and Ms. Wong Ching-Ying, Belinda.
–5–
take no responsibility for the contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
CHOW TAI FOOK JEWELLERY GROUP LIMITED
ক๔⺼⤍ᄣ䯳ᰶ䭽ڙथ
(Incorporated in the Cayman Islands with limited liability)
Stock Code: 1929
UNAUDITED KEY OPERATIONAL DATA
FOR THREE MONTHS ENDED 30 SEPTEMBER 2026
Chow Tai Fook Jewellery Group Limited (the “Company”), together with its subsidiaries (the
“Group”), hereby announce certain unaudited key operational data of the Group for the three
months ended 30 September 2026 (the “Second Quarter”, or the “Quarter”). The unaudited
key operational data in this announcement should be read in conjunction with the Company’s
FY2026 annual report.
KEY OPERATIONAL DATA
For the three months ended 30 September 2026
(% change compared to the same period last year)
Group
Retail Sales Value(1) (“RSV”) growth –0.5%
Hong Kong &
Macao of
Chinese China and
Mainland other markets
RSV growth –5.3% +33.2%
Contribution to Group RSV 83.3% 16.7%
Hong Kong &
Chinese Macao of
Mainland China
Same Store Sales(2) (“SSS”) growth +2.2% +29.6%
SSS volume growth –9.7% +14.0%
SSSG by product
— Fixed-price jewellery +11.1% +13.0%
— Weight-based gold jewellery +1.7% +43.5%
(1)
“Retail Sales Value” measures the sales at the ending price (VAT inclusive, if any), in respective functional currencies,
of products sold to customers in the POS network and other channels.
(2)
“Same Store Sales” for the Second Quarter is the RSV from the self-operated POS of CHOW TAI FOOK JEWELLERY
existing as at 30 September 2026 and which have been opened prior to 1 April 2025. RSV from franchised POS and
other channels are not included.
–1–
Same Store Sales Growth
40.1% 41.7%
26.3% 29.6%
8.6% 21.4%
7.6% 19.6% Chinese Mainland (Self-operated)
2.2% 6.2% Chinese Mainland (Franchised)
0.0% 0.2% 15.7% 2.2%
14.3% Hong Kong & Macao of China
-3.3% -5.8% -2.9%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
— The Second Quarter performance demonstrated the resilience of our business model and
validated the growing traction of our brand transformation. In Chinese Mainland (the
“Mainland”), SSS of self-operated stores increased by 2.2% during the Quarter, while that
of franchised stores decreased by 2.9%. Nevertheless, we continued to outperform the
jewellery retail market. In Hong Kong and Macao, SSSG reached 29.6% in the period,
with Hong Kong up by 24.0% and Macao up by 47.3%, supported by robust consumption
sentiment and customer traffic.
— The Same Store Average Selling Price (“ASP”) of weight-based gold jewellery remained
resilient during the Quarter. In the Mainland, its ASP increased to HK$10,200
(2QFY2026: HK$9,500). In Hong Kong and Macao, its ASP was HK$15,400 (2QFY2026:
HK$16,800).
— ASP of the fixed-price jewellery also stayed firm. In the Mainland, ASP of fixed-price
gold jewellery, which includes gold products and gem-inlaid gold products, rose to
HK$10,100 (2QFY2026: HK$7,000), while ASP of gem-set jewellery stayed relatively
flat at HK$9,100 (2QFY2026: HK$9,300). In Hong Kong and Macao, ASP of fixed-price
gold jewellery increased to HK$8,900 (2QFY2026: HK$5,700) and ASP of gem-set
jewellery increased to HK$16,400 (2QFY2026: HK$15,900).
— As a global Chinese luxury group, we elevated our storytelling and creative vision,
exemplified by the sensory-driven Summer Tuning branding campaign. To broaden our
reach among younger generations, we appointed Zhao Lusi, one of China’s most
influential actresses and singers, as our Global Brand Ambassador in July.
— Our brand transformation continued to drive high-quality earnings during the Quarter,
anchored by iconic collection launches. The signature DAWN Collection generated nearly
HK$2 billion in RSV during the period, significantly outperforming expectations. In
August, we expanded our portfolio with the SONG Collection, which blends cultural
heritage with refined design. Together, the two collections have deeply strengthened our
cultural relevance and emotional connection with younger consumers.
–2–
— We continued to strengthen the resilience of our retail network by elevating customer
experience. During the Quarter, we added one luxury-format boutique, bringing our total
number of luxury-format boutiques in the Mainland to 13 and keeping us on track to reach
our target of 50 by FY2030.
— Our international business serves as a strategic platform and growth driver for the Group
as the brand transformation progresses. By deepening our presence in distinguished
luxury destinations, we successfully engage affluent local clientele and international
travellers. During the Quarter, other markets recorded strong RSV growth of 31.1%. We
opened stores at Wisma Atria in Singapore and Mid Valley Megamall in Malaysia. These
high-profile showcases are actively redefining Chinese luxury on the world stage,
highlighting the beauty of craftsmanship and cultural heritage to global audience.
RSV Analysis
Chinese Mainland
YoY change of respective RSV by product
59.6%
24.2%
21.0%
8.7% Fixed-price jewellery
-6.5%
Weight-based gold jewellery
-3.5%
-3.8% -0.6%
-8.2% -9.3% -5.5% -7.7%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
— The decline in Mainland RSV during the Quarter was mainly attributable to network
optimisation and a high comparison base in the corresponding period last year.
— In terms of RSV contributions, weight-based gold jewellery accounted for 67.5%
(2QFY2026: 66.3%) and fixed-price jewellery accounted for 29.2% (2QFY2026: 29.9%)
during the Quarter.
— RSV of e-commerce in the Mainland sustained growth of 25.6% year-on-year in the
Quarter, supported by our ongoing targeted marketing and product initiatives. Its
contribution to the Mainland business was 8.9% in RSV and 19.8% in volume during the
Quarter.
— RSV contribution of franchised CHOW TAI FOOK JEWELLERY stores in the Mainland
lowered to 61.6% (2QFY2026: 67.5%) during the Quarter mainly due to the network
optimisation.
–3–
Hong Kong & Macao of China and other markets
YoY change of respective RSV by product
61.5% 57.7%
46.7% 44.4%
57.0%
11.2% 14.5%
22.2% Fixed-price jewellery
19.0%
11.9% Weight-based gold jewellery
7.8%
-7.1%
1Q 2Q 3Q 4Q 1Q 2Q
FY2026 FY2027
Note: The percentages calculated are subject to minor rounding differences.
— RSV contribution of fixed-price jewellery was 26.5% (2QFY2026: 29.6%) during the
Quarter, while that of weight-based gold jewellery was 69.3% (2QFY2026: 63.9%).
POS Network
As at 31.3.2026 30.6.2026 30.9.2026
Total Total Addition Reduction Net Total
CHOW TAI FOOK
JEWELLERY 5,460 5,205 26 (265) (239) 4,966
Chinese Mainland(1) 5,305 5,047 23 (263) (240) 4,807(2)
Hong Kong & Macao
of China 92 93 1 – 1 94
Other markets 63 65 2 (2) – 65
Other brands 229 229 8 (11) (3) 226
Chinese Mainland 219 219 8 (11) (3) 216
Hong Kong & Macao
of China 3 3 – – – 3
Other markets 7 7 – – – 7
Total 5,689 5,434 34 (276) (242) 5,192
(1)
CTF Watch excluded
(2)
68.3% of CHOW TAI FOOK JEWELLERY POS were in franchised format
–4–
— During the Quarter, we selectively opened 23 CHOW TAI FOOK JEWELLERY POS in
the Mainland and closed 263 POS, resulting in a net closure of 240 POS. In Hong Kong,
Macao and other markets, we net opened 1 POS CHOW TAI FOOK JEWELLERY in the
Quarter.
CAUTION STATEMENT
The Board wishes to remind investors that the above unaudited operational update is based on
the Company’s internal records and management accounts for the three months ended 30
September 2026 which have not been reviewed or audited by auditors of the Company.
Shareholders of the Company and potential investors are advised to exercise caution
when dealing in the shares of the Company.
By order of the Board
Chow Tai Fook Jewellery Group Limited
Dr. Cheng Kar-Shun, Henry
Chairman
Hong Kong, 22 October 2026
As at the date of this announcement, the executive directors are Dr. Cheng Kar-Shun, Henry,
Mr. Cheng Chi-Heng, Conroy, Ms. Cheng Chi-Man, Sonia, Mr. Wong Siu-Kee, Kent,
Mr. Cheng Kam-Biu, Wilson, Mr. Cheng Ping-Hei, Hamilton and Mr. Suen Chi-Keung, Peter;
and the independent non-executive directors are Mr. Lam Kin-Fung, Jeffrey,
Dr. Or Ching-Fai, Raymond, Ms. Cheng Ka-Lai, Lily, Mr. Chia Pun-Kok, Herbert,
Ms. Fung Wing-Yee, Sabrina, Mr. Tang Ying-Cheung, Eric and Ms. Wong Ching-Ying, Belinda.
–5–
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