周大福：百年品牌向“新”而生看好产品&渠道优化驱动盈利提质

国金证券2025-05-08

公司系我国标杆珠宝商，创立近百年，在经济周期波动中几经顺逆，把握市场动能和消费势能、调整增长策略，坚持推动匠心工艺、创新求变，持续引领珠宝行业，中高端旗舰品牌周大福截至1Q25 末拥有6423 个零售点（FY25 净减397 家）。据欧睿数据，2024 年公司在我国珠宝行业的市占率为10%、位列第一。行业趋势：黄金消费需求望触底改善，胜负手从渠道力升级至产品力。24 年4 月来高金价抑制终端动销，...

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周大福：百年品牌向“新”而生 看好产品&渠道优化驱动盈利提质

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周大福：百年品牌向“新”而生看好产品&渠道优化驱动盈利提质