核心观点FY25（24.04-25.03）公司营收和净利润同比-17.5%、-9.0%，系高金价短期抑制终端需求影响收入，FY25H2 业绩降幅收窄。FY25一口价黄金及金镶嵌产品占比快速提升，定价黄金首饰产品收入127.8 亿港元/+104.5%，营收占比14.6%/+8.8pct（FY25Q4 占比达25.6%），得益于周大福传福和周大福故宫系列放量。渠道端继续优化门店，FY25 门店6644...
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