CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） （Stock Code 股份代號：116） Yours faithfully, By order of the Board Chow Sang Sang Holdings International Limited Quentin WONG Kwun Shuen Company Secretary Notes: NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 23 September 2025 Chow Sang Sang Holdings International Limited (the "Company") - Notification of publication of Interim Report 2025 (the "Current Corporate Communication") The ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Stock code 股份代號 : 116 INTERIM REPORT 2025 2025 中期報告 The Board announces the unaudited interim results of the Group for the six months ended 30 June 2025. The interim report has been reviewed by the Audit Committee of the Board. 董事會宣布本集團截至2025年6月30日止 六個月之未經審核中期業績。中期報告已 由董事會之審核委員會審閱。 | | FINANCIAL HIGHLIGHTS | | | | | --- | --- | --- | --- | --- | | | 財務摘要 | | | | | | | Unaudited | | | | | | 未經審核 | | | | | | Six months ended 30 June | | | | | | ...

Core Insights - The international gold price remains high at $3684.9 per ounce, indicating gold's enduring appeal as a safe-haven asset and store of value [1] - Domestic gold market shows significant brand differentiation in pricing, with major jewelry brands aligning closely on gold pricing strategies [1] Group 1: Jewelry Brand Pricing - Major jewelry brands such as Chow Tai Fook, Luk Fook, King Fook, and Xie Ruilin set their gold price at 1078 CNY per gram, reflecting a synchronized pricing strategy [1][2] - Chow Sang Sang leads slightly with a price of 1088 CNY per gram, suggesting added value in craftsmanship or service [1] - Other brands like Lao Feng Xiang and Lao Miao Gold maintain prices close to the market average, indicating competitive pricing [1][3] Group 2: Real-time Pricing and Fluctuations - Water Bay region's gold price is reported at 841 CNY per gram, showcasing real-time market dynamics [2] - Chow Sang Sang's price increased by 12 CNY from the previous day, while Lao Feng Xiang's price rose by 10 CNY [2][3] - Various brands exhibit price stability or slight increases, influenced by market conditions and promotional activities [4] Group 3: Financial Institutions' Gold Bar Pricing - Financial institutions offer a range of gold bars with varying prices, with China Construction Bank's "Dragon Gold Bar" priced at 848.2 CNY per gram [4][6] - Agricultural Bank's "Heritage Gold Bar" is priced at 864.27 CNY per gram, while other banks like Bank of China and Ping An Bank have prices above 860 CNY per gram [6] - The pricing of bank gold bars generally exceeds wholesale market prices, reflecting brand premiums and service costs [6] Group 4: Shenzhen Water Bay Wholesale Market - Shenzhen Water Bay market offers competitive pricing for gold, with 99.9% pure gold priced at 835 CNY per gram [6] - Prices for various purity levels, including 99.99% and 99.999%, are slightly higher, indicating a premium for higher purity [6] - The market's pricing strategy attracts numerous buyers due to its cost-effectiveness compared to retail [6] Group 5: Gold and Silver Coin Pricing - Gold and silver coins, such as the Panda Gold Set, are priced at 50,475 CNY per set, with individual coins varying in price based on weight [11][12] - The pricing of commemorative coins reflects both investment potential and collectible value, appealing to a diverse range of investors [12][13] Group 6: Future Outlook on Gold Prices - Market anticipates potential interest rate cuts by the Federal Reserve, which could influence gold prices in the short term [16][17] - Long-term factors such as geopolitical tensions, rising debt levels, and central banks' gold purchases are expected to support gold prices [17][19] - The ongoing trend of "de-dollarization" and shifts in the global monetary system are reshaping gold's pricing logic, suggesting a strong upward trajectory for gold prices [19]

Group 1 - The core point of the news is that Southbound funds have reduced their holdings in Chow Sang Sang (00116.HK) by 3,000 shares on September 19, 2025, marking a continuous trend of reduction over the past trading days [1] - Over the last 5 trading days, Southbound funds have reduced their holdings for 5 days, with a total net reduction of 33,000 shares [1] - In the last 20 trading days, Southbound funds have reduced their holdings for all 20 days, with a cumulative net reduction of 2.136 million shares [1] Group 2 - As of September 19, 2025, Southbound funds hold 7.713 million shares of Chow Sang Sang, accounting for 1.14% of the company's total issued ordinary shares [1] - The daily changes in shareholding for Chow Sang Sang show a consistent decrease, with the largest reduction being 12,000 shares on September 17, 2025, representing a change of -0.16% [2] - Chow Sang Sang Group International Limited primarily engages in jewelry manufacturing and retail, operating through four segments: jewelry manufacturing and retail, precious metals wholesale, securities and futures brokerage, and other related businesses [2]

Group 1: Domestic Gold Market - Domestic gold prices have stabilized after a slight decline, with the highest price at 1078 CNY/gram and the lowest at 999 CNY/gram, maintaining a price difference of 79 CNY [1] - The latest prices from various gold retailers show a mix of slight declines and stable prices, with notable prices including Lao Miao at 1067 CNY/gram (down 8 CNY) and Shanghai China Gold at 999 CNY/gram (unchanged) [1] - Platinum prices have increased, with Zhou Shengsheng's platinum jewelry priced at 557 CNY/gram, up by 5 CNY [1] Group 2: Gold Recycling Prices - The gold recycling price has decreased by 4.5 CNY/gram, with significant price differences among brands [2] - The current recycling prices for gold are as follows: 815 CNY/gram for general gold, 820.50 CNY/gram for Cai Bai, and 828.00 CNY/gram for Lao Feng Xiang [2] Group 3: International Gold Market - The spot gold price has continued to decline, closing at 3644.29 USD/ounce, down 0.42%, with a slight recovery to 3645.15 USD/ounce reported [4] - The decline in gold prices is attributed to a strengthening US dollar and a decrease in initial jobless claims in the US, leading to profit-taking by investors [4] - Despite recent declines, the long-term outlook for gold remains positive, with expectations of a potential rise towards 4000 USD/ounce as market consensus strengthens [4]

本交易涉及其他关联方：Pandanus Associates Inc.、Pandanus Partners L.P.。 香港联交所最新资料显示，9月12日，富达国际减持周生生(00116)88.5万股，每股均价14.2405港元，总 金额约为1260.28万港元。减持后最新持股数目为3987.2万股，最新持股比例为5.94%。 ...

本交易涉及其他关联方：Pandanus Associates Inc.、Pandanus Partners L.P.。 智通财经APP获悉，香港联交所最新资料显示，9月12日，富达国际减持周生生(00116)88.5万股，每股 均价14.2405港元，总金额约为1260.28万港元。减持后最新持股数目为3987.2万股，最新持股比例为 5.94%。 ...

Core Viewpoint - International gold prices have reached new highs, with spot gold nearing $3,690 per ounce, marking a significant milestone in the market [1][3]. Group 1: Gold Price Movements - Spot gold prices increased by 0.44%, reaching $3,677.2 per ounce, while COMEX gold futures peaked at $3,728, setting a historical record [3]. - Domestic gold jewelry prices have also surged, with brands like Chow Sang Sang and Lao Feng Xiang hitting their highest prices of the year at 1,091 RMB per gram and 1,086 RMB per gram, respectively [4][5]. Group 2: Market Predictions - JPMorgan's report indicates that gold typically performs strongly during Federal Reserve rate-cutting cycles, with average returns often exceeding double digits within nine months of rate cuts [5]. - The bank forecasts that gold prices could average $3,800 per ounce in Q4 of this year and potentially exceed $4,000 per ounce in Q1 of next year, with a scenario predicting prices could surpass $5,000 per ounce if concerns about the Fed's independence escalate [5]. Group 3: Consumer Sentiment - Consumer reactions to rising gold prices reflect a mix of regret for not investing earlier and optimism about continued price increases, with sentiments suggesting that gold prices may only continue to rise [5].

Group 1 - The core viewpoint is that gold prices have surged significantly, with COMEX gold rising over 10% in the past month, reaching a new historical high of $3739.3 per ounce [2] - Accompanying the rise in international gold prices, the price of gold jewelry has also increased, with major brands like Chow Sang Sang reporting prices of 1091 RMB per gram for gold jewelry [4] - Other brands such as Chow Tai Fook and Luk Fook have also adjusted their gold prices to around 1087 RMB per gram, reflecting the overall trend in the gold market [4] Group 2 - Looking ahead, Huashan Fund anticipates that the Federal Reserve is likely to restart interest rate cuts in September, which could benefit gold prices [5] - The current economic environment characterized by "high interest rates + high debt" is leading to increased interest costs on U.S. government debt, contributing to ongoing concerns about U.S. Treasury and dollar credit risks [5] - Central bank gold purchases are expected to continue, indicating that gold is on a path towards a new cycle of growth [5]

Group 1 - International gold prices have reached a new high, surpassing $3,690 per ounce, driven by multiple factors [1] - The latest surge in gold prices began on August 20, with a cumulative increase of over 40% this year [5] - Factors contributing to the rise include expectations of interest rate cuts by the Federal Reserve, a weakening dollar, increased gold purchases by global central banks, and heightened geopolitical uncertainties [5] Group 2 - Domestic gold jewelry prices have also risen, with brands like Chow Sang Sang and Lao Feng Xiang reaching their highest prices of the year [3] - On September 16, Chow Sang Sang's gold price was 1,091 yuan per gram, up 17 yuan from the previous day, while Lao Miao's price was 1,087 yuan per gram, up 13 yuan [3][4] - Other brands such as Chow Tai Fook and Liufuk also saw price increases, with their gold priced at 1,087 yuan per gram, reflecting a daily increase of 9 yuan [3][4] Group 3 - Goldman Sachs predicts that gold could reach $4,000 per ounce within the next 12 months, emphasizing a long-term trend of diversification among global investors [5] - The analysis indicates that the weak U.S. job market, particularly the non-farm payrolls falling short of expectations, further supports the outlook for interest rate cuts [5]