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周大福 Chow Tai Fook Jewellery Group (1929 HK) 一口價產品增長強勁,佔比提升 FY25H1E: fixed-price product revenue grew strongly and helped expand gross margin; store branding hones edge BUY (maintain) 投資要點/Investment Thesis 投資要點/Investment Thesis 公司發佈FY25H1財報 FY25H1收入394.1億港元同減20.4%,淨利25.3億同減44.4%; 利潤減少系期內國際金價大幅波動,以致重估黃金借貸合約產生虧損,而去年同期則錄得黃金借貸重估收益。 FY25H1公司OP(運營利潤)67.8億港元,同增4%; OPM17.2%同增4pct,毛利率31.4%同增6.5pct,受益金價上漲及公司定價黃金產品貢獻增多。 公司宣派中期股息每股0.20港元,中期派息率78.9%為近五年最高。 FY25H1E results: net profit down 44.4% yoy due to gold loan revaluations Key metrics: Chow Tai Fook (CTF) released unaudited results for FY25H1E (half-year ended September 2024) on 3 Dec. Revenue came in at HKD39.41bn, down
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