N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Shareholder, 29 July 2025 Luk Fook Holdings (International) Limited (the "Company") – Notice of Publication of (i) Annual Report 2024/25, (ii) Circular dated 29 July 2025 including Notice of Annual General Meeting, (iii) Form of Proxy (collectively the "Current Corporate Communication") and (iv) Sustainability Report 2024/25 (the "Sustainability Report") The Current Corporate Communication of the Company has been published in English and Chinese languages and ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 股東週年大會通告 茲通告六福集團（國際）有限公司（「本公司」）謹訂於2025年8月21日（星期四）下 午2時30分假座香港新界沙田安耀街2號新都廣場27樓舉行股東週年大會，以處 理下列事項： 普通決議案 「動議： 「動議： 「有關期間」指本決議案獲通過當日至下列最早時限止期間： – 1 – 1. 省覽及考慮截至2025年3月31日止年度之經審核綜合財務報表、董事會報 告及獨立核數師報告。 2. 宣派截至2025年3月31日止年度之末期股息。 3. 重選退任董事�授權董事會釐定董事酬金。 4. 續聘羅兵咸永道會計師事務所為本公司核數師及授權董事會釐定其酬金。 5. 作 為 特 別 事 項，考 慮 及 酌 情 通 過（無 論 有 否 修 訂）下 列 決 議 案 為 普 通 決 議 案： (a) 在下文(c)段之規限下，一般及無條件批准本公司董事於有關期 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或 其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有六福集團（國際）有限公司股份，應立即將本通函連同 隨附代表委任表格送交買主或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代 理人，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 2025年7月29日 發行股份及 回購股份之一般授權之建議、 重選退任董事 及 股東週年大會通告 六福集團（國際）有限公司謹訂於2025年8月21日（星期四）下午2時30分假座香港新界 沙田安耀街2號新都廣場27樓舉行股東週年大會，大會通告載於本通函第16頁至第20 頁。無論 閣下能否出席股東週年大會，務請按隨附之代表委任表格上列明之指示 填妥���格，盡快及無論如何最遲須於股東週年大會或其任何續會指定舉行時間 48小時前交回本公司之香港股份過戶登記處香港中央證券登記有限公 ...

（於百慕達註冊成立之有限公司） (Incorporated in Bermuda with Limited Liability) Stock Code 股份代號：���� 2024/25 可持續發展報告 Sustainability Report CONTENTS 目錄 ABOUT THIS REPORT 關於本報告 2 ABOUT THE GROUP 關於本集團 4 SUSTAINABILITY MANAGEMENT APPROACH 可持續發展管理方針 6 Stakeholder Engagement and Materiality Assessment 持份者參與及重要性評估 6 Materiality Matrix 重要性矩陣 8 Sustainability Key Focus Areas and Goals 可持續發展重點領域及目標 9 Sustainability Governance 可持續發展管治 10 Sustainability Strategy 可持續發展策略 11 ESG Risk Management 環境、社會及管治風險管理 12 FY2025 HIGHLIGHTS 2025財年 ...

[Global Distribution Network](index=1&type=section&id=Global%20Distribution%20Network) [Worldwide Distribution](index=1&type=section&id=Worldwide%20Distribution) As of March 31, 2025, the group's global store count decreased by 296 to 3,287, with self-operated stores increasing by 53 and franchised stores decreasing by 348 Global Store Count Changes (As of March 31) | Store Type | Region | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Self-operated Stores** | **Total** | **287** | **234** | **+53** | | | Mainland China | 193 | 150 | +43 | | | Hong Kong, Macau & Overseas | 94 | 84 | +10 | | **Franchised Stores** | **Total** | **2,983** | **3,331** | **-348** | | | Mainland China | 2,969 | 3,322 | -353 | | | Hong Kong, Macau & Overseas | 14 | 9 | +5 | | **Specialty Stores** | **Total** | **17** | **18** | **-1** | | | Mainland China | 17 | 18 | -1 | | **Global Total** | | **3,287** | **3,583** | **-296** | - By brand, the core 'Lukfook' brand saw a net decrease of **312 stores**, while the '3DG Jewellery' brand had a net increase of **21 stores**, reflecting the group's multi-brand strategy adjustments[6](index=6&type=chunk) [Mainland China Distribution](index=3&type=section&id=Mainland%20China%20Distribution) As of March 31, 2025, the group's total store count in Mainland China decreased by 311 to 3,179, with self-operated stores increasing by 43 but franchised and specialty stores decreasing by 354, primarily in Tier 4 and below cities Mainland China Store Distribution Changes by City Tier | City Tier | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | Tier 1 | +16 | -71 | -55 | | Tier 2 | +15 | -42 | -27 | | Tier 3 | -2 | -62 | -64 | | Tier 4 & Below | +14 | -179 | -165 | | **Total** | **+43** | **-354** | **-311** | Mainland China Store Distribution Changes by Region | Region | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | North China | +23 | -73 | -50 | | East China | +9 | -53 | -44 | | South China | +3 | -86 | -83 | | Central China | +8 | -128 | -120 | | West China | 0 | -14 | -14 | | **Total** | **+43** | **-354** | **-311** | [Operational Highlights](index=4&type=section&id=Operational%20Highlights) [Revenue and Profit Analysis](index=4&type=section&id=Revenue%20and%20Profit%20Analysis) For FY2025, the group's overall revenue decreased by 12.9% and segment profit by 22.6%, with Hong Kong, Macau & Overseas markets contributing the most revenue but experiencing a 19.6% decline, while retail business remained the primary revenue source despite a decline in both revenue and profit [By Market](index=4&type=section&id=By%20Market) Hong Kong, Macau & Overseas market revenue decreased by 19.6% to HKD 8.068 billion, but adjusted segment profit increased by 7.8%, while Mainland China market revenue remained stable with a slight 0.2% decrease to HKD 5.273 billion, but segment profit and adjusted segment profit both significantly declined Revenue and Segment Profit by Market (Million HKD) | Market | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong, Macau & Overseas | 8,068 | -19.6% | 1,089 | -7.7% | 1,330 | +7.8% | | Mainland China | 5,273 | -0.2% | 577 | -40.7% | 829 | -17.6% | | **Overall** | **13,341** | **-12.9%** | **1,666** | **-22.6%** | **2,159** | **-3.6%** | [By Business](index=4&type=section&id=By%20Business) Retail business revenue decreased by 13.5% to HKD 11.031 billion, accounting for 82.7% of total revenue, while wholesale business revenue decreased by 8.8% with a sharp 92.4% drop in segment profit, and brand licensing business revenue also declined by 12.6% Revenue and Segment Profit by Business (Million HKD) | Business | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | 11,031 | -13.5% | 1,026 | -17.7% | 1,418 | +8.4% | | Wholesale | 1,406 | -8.8% | 14 | -92.4% | 115 | -45.7% | | Brand Business | 904 | -12.6% | 626 | -13.1% | 626 | -13.1% | [By Product](index=5&type=section&id=By%20Product) Despite a 15.0% decrease in sales of gold and platinum products to HKD 8.822 billion due to high gold prices, their gross profit increased by 16.2% due to a 7.1 percentage point rise in gross margin, while fixed-price jewellery sales decreased by 7.6% with stable gross profit Sales and Gross Profit by Product (Million HKD) | Product Category | Sales | Sales YoY | Gross Profit | Gross Profit YoY | Gross Margin | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gold & Platinum | 8,822 | -15.0% | 2,325 | +16.2% | 26.4% | +7.1 p.p. | | Fixed-Price Jewellery | 3,615 | -7.6% | 1,424 | +0.1% | 39.4% | +3.0 p.p. | | **Overall** | **12,437** | **-13.0%** | **3,749** | **+9.5%** | **30.1%** | **+6.2 p.p.** | [Retail Sales Performance](index=5&type=section&id=Retail%20Sales%20Performance) For FY2025, overall same store sales (SSS) decreased by 25%, a sharp contrast to the 32% growth in FY2024, with Hong Kong and Macau markets seeing a 28% decline and Mainland China a 12% decline, and gold and platinum products experiencing larger SSS drops than fixed-price jewellery in both markets Same Store Sales Growth Rate (SSS) | Market/Product | FY2025 | FY2024 | | :--- | :--- | :--- | | **Overall** | **-25%** | **+32%** | | Gold & Platinum | -28% | +38% | | Fixed-Price Jewellery | -14% | +16% | | **Hong Kong & Macau** | **-28%** | **+40%** | | Gold & Platinum | -32% | +46% | | Fixed-Price Jewellery | -15% | +22% | | **Mainland China** | **-12%** | **-2%** | | Gold & Platinum | -12% | +2% | | Fixed-Price Jewellery | -14% | -21% | [Financial Highlights](index=6&type=section&id=Financial%20Highlights) [Financial Performance](index=6&type=section&id=Financial%20Performance) For FY2025, the group's revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, while operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, and basic earnings per share decreased by 37.9% despite an increased payout ratio FY2025 Financial Performance Summary (Million HKD) | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | -12.9% | | Gross Profit | 4,417 | 4,174 | +5.8% | | Operating Profit | 1,412 | 2,116 | -33.3% | | Profit for the Year | 1,068 | 1,758 | -39.3% | | Profit Attributable to Equity Holders | 1,100 | 1,767 | -37.8% | | Basic Earnings Per Share (HKD) | 1.87 | 3.01 | -37.9% | | Full-Year Dividend Per Share (HKD) | 1.10 | 1.41 | -22.0% | | Payout Ratio | 59% | 47% | +12 p.p. | | Gross Margin | 33.1% | 27.2% | +5.9 p.p. | | Net Margin | 8.0% | 11.5% | -3.5 p.p. | [Key Financial Indicators](index=6&type=section&id=Key%20Financial%20Indicators) For FY2025, the group's inventory increased by 12.2% year-on-year, leading to a significant increase in average inventory turnover days from 310 to 427 days, and the company shifted from a net cash position of HKD 570 million to net borrowings of HKD 205 million due to a 53.8% increase in bank and gold borrowings, while Return on Equity (ROE) decreased from 13.7% to 8.3% FY2025 Key Financial Indicators | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Inventory (Million HKD) | 10,739 | 9,567 | +12.2% | | Average Inventory Turnover Days | 427 | 310 | +117 days | | Net (Borrowings)/Cash (Million HKD) | (205) | 570 | -135.9% | | Debt-to-Equity Ratio | 36.0% | 31.0% | +5.0 p.p. | | Return on Equity (ROE) | 8.3% | 13.7% | -5.4 p.p. | [Corporate Profile](index=8&type=section&id=Corporate%20Profile) Luk Fook Group, established in 1991 and listed on the Hong Kong Stock Exchange in 1997, is a leading jewellery retailer in Hong Kong and Mainland China, primarily engaged in the procurement, design, wholesale, licensing, and retail of gold, platinum, and jewellery products, continuously expanding its market share and competitiveness through a multi-brand strategy, including the acquisition of 3DG Jewellery International's controlling stake in 2024 - The group primarily engages in the procurement, design, wholesale, trademark licensing, and retail of various gold, platinum, and jewellery products[34](index=34&type=chunk) - Currently, the group operates over **3,100 retail points** across **11 countries and regions** globally, continuously seeking new international market opportunities[34](index=34&type=chunk) - In January 2024, the group successfully acquired a controlling stake in 3DG Jewellery International to advance its multi-brand strategy and enhance market share and competitiveness[35](index=35&type=chunk) [Chairman's Statement](index=9&type=section&id=Chairman%27s%20Statement) [Performance Review](index=10&type=section&id=Performance%20Review) The Chairman noted that the group's business faced challenges in FY2025 due to macroeconomic uncertainties, rising gold prices, and inflationary pressures, resulting in a 12.9% decrease in total revenue and a 37.8% decline in profit attributable to equity holders, despite which the group responded by optimizing business models and improving efficiency, with a net reduction of 296 global stores FY2025 Performance Summary | Metric | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 13.341 billion | -12.9% | | Profit Attributable to Equity Holders | 1.100 billion | -37.8% | | Basic Earnings Per Share | 1.87 | -37.9% | | Full-Year Dividend Per Share | 1.10 | -22.0% | | Full-Year Payout Ratio | 59% | +12 p.p. | - The total number of global stores decreased by **296** from 3,583 to **3,287**, with the 'Lukfook' brand seeing a net decrease of **312 stores** and the '3DG Jewellery' brand a net increase of **21 stores**[43](index=43&type=chunk) [Outlook](index=11&type=section&id=Outlook) The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and sees strong growth potential in overseas markets, planning to open a net of 50 new stores in Mainland China, 20 overseas, and 2 in Macau for FY2025/26, while implementing a new three-year corporate strategy focused on overseas market expansion, market-oriented products, and operational efficiency optimization - The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and plans to open a net of **50 new stores** in Mainland China, approximately **20** in overseas markets, and **2** in Macau for FY2025/26[49](index=49&type=chunk) - The three key pillars of the new three-year corporate strategy are: overseas market expansion, market-oriented products, and operational efficiency optimization[50](index=50&type=chunk) - 3DG Jewellery Group's performance has been strong post-merger, with revenue reaching **HKD 712 million** for the nine months ended March 31, 2025, a nearly **20% year-on-year increase**, and gross margin improving by **7 percentage points** to **35%**, positioning it as a significant growth driver for the group[48](index=48&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance Review](index=14&type=section&id=Financial%20Performance%20Review) For FY2025, total revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, despite which operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, primarily due to expanded gold hedging losses and a high base effect from a one-off acquisition gain in the prior year - Total revenue decreased by **12.9%** to **HKD 13.341 billion**, but gross profit increased by **5.8%** to **HKD 4.417 billion**, primarily due to an increase in gross margin from **27.2%** to **33.1%**[63](index=63&type=chunk) - Profit for the year decreased by **39.3%** to **HKD 1.068 billion**, mainly impacted by two factors: 1) gold hedging losses expanding from **HKD 121 million** to **HKD 493 million**; and 2) a one-off acquisition gain of **HKD 213 million** in the prior year[64](index=64&type=chunk) [Business Overview](index=15&type=section&id=Business%20Overview) Under its multi-brand strategy, the group operates 2 main brands and 4 sub-brands/product lines, with a global store count of 3,287 as of March 31, 2025, representing a net decrease of 296 stores year-on-year, specifically a net decrease of 312 'Lukfook' brand stores and a net increase of 21 '3DG Jewellery' brand stores Store Count by Brand (As of March 31) | Brand/Product Line | 2025 | 2024 | | :--- | :--- | :--- | | Lukfook Jewellery | 2,805 | 3,117 | | 3DG Jewellery | 239 | 218 | | Lukfook Joaillerie | 39 | 28 | | Goldstyle | 27 | 56 | | Heirloom Fortune | 160 | 146 | | Love LUKFOOK JEWELLERY | 17 | 18 | | **Total** | **3,287** | **3,583** | [Analysis by Business Segment](index=16&type=section&id=Analysis%20by%20Business%20Segment) Retail business remains the primary revenue source, accounting for 82.7% of total revenue, but its revenue decreased by 13.5% year-on-year, while wholesale business revenue declined by 8.8% and segment profit sharply dropped by 92.4% due to weak demand for diamond products in Mainland China and fewer franchised stores, and brand business revenue also decreased by 12.6% - Retail business revenue was **HKD 11.031 billion**, a **13.5% year-on-year decrease**; segment profit was **HKD 1.026 billion**, a **17.7% year-on-year decrease**[72](index=72&type=chunk) - Wholesale business revenue was **HKD 1.406 billion**, an **8.8% year-on-year decrease**; segment profit sharply declined by **92.4%** from **HKD 186 million** to **HKD 14.05 million**[73](index=73&type=chunk) - Brand business revenue was **HKD 904 million**, a **12.6% year-on-year decrease**; segment profit was **HKD 626 million**, a **13.1% year-on-year decrease**[74](index=74&type=chunk) [Analysis by Product Category](index=18&type=section&id=Analysis%20by%20Product%20Category) International gold prices increased by nearly 30% year-on-year, impacting consumer sentiment and leading to a 15.0% decrease in sales of gold and platinum products by weight, yet the rising gold prices also boosted their gross margin by 7.1 percentage points, resulting in a 16.2% increase in gross profit, while fixed-price jewellery sales decreased by 7.6% with stable gross profit, and overall same store sales declined by 25.1% - Gold and platinum product sales were **HKD 8.823 billion**, a **15.0% year-on-year decrease**, accounting for **70.9%** of total sales[82](index=82&type=chunk) - Fixed-price jewellery product sales were **HKD 3.615 billion**, a **7.6% year-on-year decrease**, accounting for **29.1%** of total sales[83](index=83&type=chunk) - The group's overall same store sales were **-25.1%**, with gold and platinum products at **-28.5%** and fixed-price jewellery products at **-14.1%**[84](index=84&type=chunk) [Business Review by Market](index=20&type=section&id=Business%20Review%20by%20Market) Hong Kong, Macau & Overseas markets experienced declines in both revenue and profit, primarily due to weak tourist spending, with same store sales decreasing by 26.2%, while Mainland China market revenue remained stable but profit significantly declined, though retail business improved in the second half of the fiscal year with same store sales decreasing by 11.9%, and Mainland China e-commerce revenue slightly increased by 0.4%, accounting for 58.4% of Mainland China retail revenue [Hong Kong, Macau and Overseas](index=21&type=section&id=Hong%20Kong,%20Macau%20and%20Overseas) Despite an increase in Mainland visitor numbers, per capita spending declined, leading to a decrease in Hong Kong and Macau retail revenue, with Hong Kong market retail revenue down 20.0% and Macau market down 28.5%, resulting in an overall regional revenue decrease of 19.6% to HKD 8.068 billion and a 7.7% decline in segment profit, with same store sales down 26.2% - Hong Kong market retail revenue decreased by **20.0%** to **HKD 5.087 billion**; Macau market revenue decreased by **28.5%** to **HKD 2.069 billion**[94](index=94&type=chunk) - Overall same store sales for Hong Kong, Macau & Overseas markets were **-26.2%**, with gold and platinum products at **-30.1%** and fixed-price jewellery products at **-14.1%**[105](index=105&type=chunk) [Mainland China](index=25&type=section&id=Mainland%20China) Mainland China's overall revenue slightly decreased by 0.2% to HKD 5.273 billion, but segment profit significantly declined by 40.7%, with retail business revenue increasing by 10.4% but wholesale business revenue decreasing by 12.2% and turning into a loss, and brand licensing business revenue also decreasing by 13.6%, while Mainland China e-commerce revenue slightly increased by 0.4% to HKD 1.844 billion, accounting for 58.4% of Mainland China retail revenue - Mainland China retail revenue increased by **10.4% year-on-year** to **HKD 3.160 billion**, but segment profit decreased from **HKD 194 million** to **HKD 57.38 million**[109](index=109&type=chunk) - Mainland China wholesale business revenue decreased by **12.2% year-on-year** to **HKD 1.259 billion**, turning from a profit of **HKD 105 million** to a loss of **HKD 55.30 million**[110](index=110&type=chunk) Mainland China E-commerce Business Performance | Metric | FY2025 | YoY Change | | :--- | :--- | :--- | | Revenue (Million HKD) | 1,844 | +0.4% | | Average Selling Price (RMB) | 2,200 | +22.2% | | % of Mainland China Retail Revenue | 58.4% | -5.8 p.p. | | % of Group Retail Revenue | 16.7% | +2.3 p.p. | [Financial Review](index=31&type=section&id=Financial%20Review) As of March 31, 2025, the group transitioned from a net cash position to net borrowings of HKD 205 million, primarily due to increased bank and gold borrowings, while inventory levels rose by 12.2% to HKD 10.739 billion, causing average inventory turnover days to significantly increase from 310 to 427 days, with gold products increasing by 96 days and fixed-price jewellery by 128 days - The group's cash and bank balances were **HKD 1.991 billion**, with total bank and gold borrowings of **HKD 2.196 billion**, resulting in net borrowings of **HKD 205 million**, compared to net cash of **HKD 570 million** in the prior year[126](index=126&type=chunk) Inventory Turnover Days (By Product) | Inventory Turnover Days | FY2025 | YoY Change | | :--- | :--- | :--- | | **Average Inventory Turnover Days** | | | | Gold | 276 | +96 | | Fixed-Price Jewellery | 866 | +128 | | Overall | 427 | +117 | | **Period-End Inventory Turnover Days** | | | | Gold | 306 | +115 | | Fixed-Price Jewellery | 879 | +126 | | Overall | 451 | +129 | [Outlook and Strategy](index=33&type=section&id=Outlook%20and%20Strategy) The group anticipates sustained high gold prices, but improved gross margins are expected to mitigate the impact of sales declines, and it will actively promote fixed-price gold products, with a positive start to the new fiscal year (April 1 to June 21) showing improved same store sales, including nearly 20% growth in Mainland China, as the group implements a new three-year strategy focused on expanding overseas markets, offering market-oriented products, and enhancing operational efficiency - The new fiscal year (April 1 to June 21, 2025) has started well, with Mainland China same store sales growing by nearly **20%** and Hong Kong and Macau markets remaining flat[147](index=147&type=chunk) - Future three-year goals include entering at least **3 new countries** and opening a net of **50 new overseas stores**[156](index=156&type=chunk) - Strategic priorities include: 1) Overseas market expansion (physical stores + e-commerce); 2) Market-oriented products (covering high-end and affordable luxury); 3) Operational efficiency optimization (supply chain, automation, big data, and AI technology)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) [Multi-Brand Strategy](index=36&type=section&id=Multi-Brand%20Strategy) [Brand Portfolio Overview](index=36&type=section&id=Brand%20Portfolio%20Overview) To meet diverse consumer needs, the group implements a multi-brand strategy, with brands including Lukfook Jewellery, 3DG Jewellery, Heirloom Fortune, Goldstyle, Lukfook Joaillerie, and Love LUKFOOK JEWELLERY, each targeting different segments such as mass market, affordable luxury, traditional craftsmanship, fashion, high-end, and youth, and employing precise marketing through celebrity endorsements, IP collaborations, and themed events - **Lukfook Jewellery:** Focuses on the mass luxury market, featuring actor Cheng Yi as its global brand ambassador and launching the "Ice • Diamond Light Gold" series to enhance its youthful brand image[163](index=163&type=chunk)[168](index=168&type=chunk) - **3DG Jewellery:** Positioned in the affordable luxury market, announced Kelly Chen as its brand friend, and highlights personalized DIY matching with its "Love Lane" series[180](index=180&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk) - **Heirloom Fortune:** Specializes in ancient gold craftsmanship, launching series like "Song Rhyme Heirloom" and "Dunli Jinhuang" to preserve traditional culture, and has opened its first store in Hong Kong[187](index=187&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - **Other Brands:** Goldstyle focuses on hard gold craftsmanship; Lukfook Joaillerie targets the high-end market and actively expands in Southeast Asia; Love LUKFOOK JEWELLERY targets young consumers and has opened its first overseas store in Thailand[195](index=195&type=chunk)[197](index=197&type=chunk)[205](index=205&type=chunk)[207](index=207&type=chunk) [Product Design, Quality and Service](index=43&type=section&id=Product%20Design,%20Quality%20and%20Service) The group emphasizes product design and quality, with its professional design team having accumulated 220 awards, ensuring product quality through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute, while service adheres to the "Six Heart Service" standard, optimizing e-commerce systems and O2O shopping experiences, and introducing three new store concepts—"Image Store," "Affordable Luxury Store," and "Concept Store"—to enhance the shopping environment - The group's professional jewellery design team has won numerous awards in various competitions, accumulating **220 awards** as of March 31, 2025[209](index=209&type=chunk)[211](index=211&type=chunk) - Professional appraisal and quality assurance services are provided through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute[215](index=215&type=chunk)[218](index=218&type=chunk) - To enhance the shopping experience, the group has developed three new store concepts for "Lukfook Jewellery": "Image Store," "Affordable Luxury Store," and "Concept Store"[226](index=226&type=chunk) [Corporate Governance Report](index=47&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance framework, culture, and practices, detailing the diverse board of directors comprising five executive, three non-executive, and four independent non-executive directors, along with the responsibilities, composition, and meeting attendance of its committees (Audit, Nomination, Remuneration), emphasizing risk management and internal controls through a dedicated Risk Management and Sustainability Committee, and covering shareholder rights, investor relations, and information disclosure policies - The company's Chairman and Chief Executive Officer are held by the same person (Mr Wong Wai Sheung), which the company believes aids business development in Mainland China, and the existing board structure ensures a balance of power[245](index=245&type=chunk)[246](index=246&type=chunk) - The Board has established an Audit Committee, a Nomination Committee, and a Remuneration Committee, with the Audit and Remuneration Committees composed entirely of independent non-executive directors, and the Nomination Committee predominantly comprising independent non-executive directors[284](index=284&type=chunk)[285](index=285&type=chunk)[297](index=297&type=chunk)[317](index=317&type=chunk) - The company has established risk management and internal control systems, and a Risk Management and Sustainability Committee is in place to oversee the risk management system, sustainability strategy, and related risk assessments[331](index=331&type=chunk)[339](index=339&type=chunk) [Report of the Directors](index=77&type=section&id=Report%20of%20the%20Directors) This report summarizes the company's principal activities, business review, key risks and uncertainties, financial highlights, and directors' and shareholders' interests, noting that the group primarily engages in the retail, wholesale, and brand licensing of jewellery products, facing key risks including global economic conditions, geopolitical factors, raw material price fluctuations, and intense market competition, and detailing the shareholdings of directors and major shareholders in the company and its associated companies, such as 3DG Jewellery International - The group faces key risks including: economic risks (global economic slowdown), political risks (geopolitics, trade policies), operational risks (rent, raw material prices, intense competition, inventory turnover), and regulatory risks (legal changes, intellectual property)[409](index=409&type=chunk)[410](index=410&type=chunk)[412](index=412&type=chunk)[415](index=415&type=chunk) Five-Year Financial Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | 11,978 | 11,738 | 8,861 | | Profit Attributable to Equity Holders | 1,100 | 1,767 | 1,285 | 1,392 | 1,017 | | Total Assets | 17,898 | 16,854 | 14,929 | 16,220 | 14,512 | | Total Liabilities | 4,756 | 3,990 | 2,708 | 4,142 | 3,188 | - As of March 31, 2025, Chairman Mr Wong Wai Sheung and his family trust collectively held approximately **44.54%** of the company's shares[518](index=518&type=chunk) [Independent Auditor's Report](index=110&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued a standard unqualified audit opinion, affirming that the group's consolidated financial statements fairly and accurately reflect its financial position and operating results, with two key audit matters identified: the existence and valuation of inventory, and the impairment assessment of goodwill and trademarks - Auditor's Opinion: The consolidated financial statements present fairly, in all material respects, the consolidated financial position of the group as at March 31, 2025, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards[591](index=591&type=chunk) - Key Audit Matter 1: The existence and valuation of inventory, due to its high value and portability, posing theft risk, and the significant management judgment and estimation involved in assessing its net realizable value[600](index=600&type=chunk)[601](index=601&type=chunk)[605](index=605&type=chunk) - Key Audit Matter 2: Impairment assessment of goodwill and trademarks, where the estimation of recoverable amounts involves high inherent risk and relies on significant assumptions made by management in calculating discounted cash flows using the value-in-use or fair value less costs of disposal methods[615](index=615&type=chunk)[626](index=626&type=chunk) [Financial Statements](index=123&type=section&id=Financial%20Statements) [Consolidated Income Statement](index=123&type=section&id=Consolidated%20Income%20Statement) For FY2025, revenue was HKD 13.341 billion, a 12.9% year-on-year decrease, while gross profit was HKD 4.417 billion, a 5.8% year-on-year increase, but operating profit decreased by 33.3% to HKD 1.412 billion due to expanded other net losses (primarily gold hedging losses) and increased operating expenses, resulting in a profit for the year of HKD 1.068 billion, a 39.3% year-on-year decrease Consolidated Income Statement Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 13,341,295 | 15,325,962 | | Cost of Sales | (8,924,289) | (11,151,623) | | **Gross Profit** | **4,417,006** | **4,174,339** | | Other Income | 132,540 | 197,181 | | Other (Losses)/Gains, Net | (523,516) | 92,206 | | Selling & Distribution Expenses | (2,233,305) | (2,043,459) | | Administrative Expenses | (379,928) | (254,107) | | **Operating Profit** | **1,412,051** | **2,115,623** | | Profit Before Income Tax | 1,379,443 | 2,085,004 | | **Profit for the Year** | **1,067,858** | **1,757,838** | | **Profit Attributable to Equity Holders of the Company** | **1,099,864** | **1,767,305** | [Consolidated Balance Sheet](index=125&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, total assets were HKD 17.898 billion, a 6.2% year-on-year increase driven primarily by increased inventory, while total liabilities were HKD 4.756 billion, a 19.2% year-on-year increase mainly due to higher bank and gold borrowings, and total equity slightly increased by 2.2% to HKD 13.142 billion Consolidated Balance Sheet Summary (Thousand HKD) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 4,305,795 | 4,521,756 | | Current Assets | 13,591,860 | 12,332,308 | | *Of which: Inventory* | *10,738,527* | *9,567,062* | | *Of which: Cash & Bank Balances* | *1,913,986* | *1,998,219* | | **Total Assets** | **17,897,655** | **16,854,064** | | **Equity & Liabilities** | | | | Total Equity | 13,142,122 | 12,863,898 | | Non-current Liabilities | 432,712 | 473,357 | | Current Liabilities | 4,322,821 | 3,516,809 | | *Of which: Bank & Gold Borrowings* | *2,196,369* | *1,427,805* | | **Total Liabilities** | **4,755,533** | **3,990,166** | | **Total Equity & Liabilities** | **17,897,655** | **16,854,064** | [Consolidated Statement of Cash Flows](index=129&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For FY2025, net cash inflow from operating activities significantly decreased to HKD 919 million from HKD 1.663 billion in the prior year, while net cash outflow from investing activities was HKD 182 million, and net cash outflow from financing activities was HKD 805 million, primarily for loan repayments and dividend payments, resulting in a net decrease in cash and cash equivalents of HKD 68.33 million Consolidated Statement of Cash Flows Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 919,196 | 1,662,913 | | Net Cash Outflow from Investing Activities | (182,483) | (777,336) | | Net Cash Outflow from Financing Activities | (805,045) | (1,257,335) | | **Net Decrease in Cash & Cash Equivalents** | **(68,332)** | **(371,758)** | | Cash & Cash Equivalents at Beginning of Year | 1,930,611 | 2,347,651 | | Exchange Differences | (1,443) | (45,282) | | **Cash & Cash Equivalents at End of Year** | **1,860,836** | **1,930,611** |

Investment Rating - The investment rating for the company is "Hold" based on the analysis of its performance and market conditions [1]. Core Insights - The company reported a retail value growth of 13% year-on-year for FY26Q1, with same-store sales increasing by 5%. The proportion of retail value from priced gold increased from 12% to 17% compared to the same period last year, with same-store growth of 73% [1][2]. - The recovery in sales growth in mainland China reached nearly 20%, with retail value growth of 14% in FY26Q1. Self-operated stores outperformed brand stores, with self-operated retail income growing by 31% and same-store growth of 19% [2][3]. - The company aims for a net increase of 72 stores globally in FY2026, with a target of 50 new stores in mainland China, primarily expected to be achieved in the second half of the fiscal year [3]. Financial Performance Summary - Revenue projections for FY2026 to FY2028 are estimated at HKD 15,284 million, HKD 17,180 million, and HKD 18,740 million, representing year-on-year growth of 15%, 12%, and 9% respectively. Net profit attributable to the parent company is projected to be HKD 1,505 million, HKD 1,731 million, and HKD 1,980 million, with growth rates of 37%, 15%, and 14% respectively [3][6]. - Earnings per share (EPS) are forecasted to be HKD 2.56, HKD 2.95, and HKD 3.37 for FY2026, FY2027, and FY2028, respectively, with corresponding price-to-earnings (P/E) ratios of 8, 7, and 6 [3][6].

今日金市震荡：国内金价暴涨，国际金价跳水，投资风险与机遇并存 国内金价今日上演惊险一幕：回收价暴涨7元/克至768元/克（足金999），令不少市民跃跃欲试，准备出手家中闲置黄金饰品。然而，这波涨势背后暗藏玄 机，投资者需谨慎应对。 | 黄金种类 | 回收价格 | 黄金纯度 | 报价时间 | | --- | --- | --- | --- | | 黄金回收价格 | 768元 / 克 | 99.9%-99.999% | 2025 年 07 月 | | 22k 金回收价格 | 680元 / 克 | 91.6% | 2025 年 07 月 | | 18k 金回收价格 | 553元/克 | 75.0% | 2025 年 07 月 | | 14k 金回收价格 | 433元 / 克 | 58.5% | 2025 年 07 月 | | 999 铂金回收价格 | 303元 / 克 | 99.9% | 2025 年 07 月 | | 999 把金回收价格 | 254元/克 | 99.9% | 2025年07月 | 国内金价"独立行情"：今日上海期货交易所黄金期货价格报784.8元/克，现货价格则高达789元/克，两者价差达4.1 ...

Domestic Gold Market - The overall gold prices in domestic brand stores remained stable compared to last Friday, with Chow Sang Sang experiencing a two-day price increase, reaching 1012 CNY per gram, the highest among gold stores [1] - Shanghai China Gold quoted the lowest price at 969 CNY per gram, resulting in a price difference of 43 CNY per gram between the highest and lowest priced stores [1] - The latest gold prices from various brands are as follows: Lao Miao 1004 CNY, Liu Fu 1008 CNY, Chow Tai Fook 1008 CNY, and others, with no significant changes except for Chow Sang Sang [1] Platinum Prices - Platinum prices rebounded after a significant drop on Saturday, with Chow Sang Sang's platinum jewelry price increasing by 3 CNY to 581 CNY per gram [1] Gold Recycling Prices - The gold recycling price saw a slight increase of 3.3 CNY per gram, with significant price differences among brands: the average recycling price is 765.20 CNY per gram, while Lao Feng Xiang offers the highest at 778.20 CNY [2] International Gold Market - Last Friday, spot gold prices rose, peaking at 3361.05 USD per ounce before closing at 3349.42 USD, marking a 0.31% increase [4] - As of the latest update, spot gold is trading at 3367.69 USD per ounce, reflecting a 0.55% increase [4] - The rise in gold prices is attributed to increased demand for safe-haven assets due to U.S. tariff policies and geopolitical tensions in the Middle East and Ukraine [4] - Concerns over the expanding U.S. debt and potential tariff escalations are expected to continue driving the gold market [4] - Recent U.S. inflation expectations and consumer confidence data have influenced market sentiment, with inflation expectations dropping to 4.4% from a previous 5.0% [4]

Group 1: Hong Kong Stocks - Oriental Selection (01797) surged over 14% with the upcoming launch of a second sanitary napkin product, indicating growth potential in self-operated products [1] - AI application stocks rose in early trading, with Kingsoft Cloud (03896) and Innovation Works (02121) both up over 11%, and other companies like Kintor Pharmaceutical (01860) and Kingdee International (00268) also showing gains [1] - Yao Cai Securities (01428) increased over 8% as Ant Group actively develops stablecoins in Hong Kong, enhancing the prospects for Yao Cai's virtual asset business [1] - Meitu (01357) saw a rise of over 7% during trading, with institutions optimistic about the company's performance potential due to AI Agent product validation [1] - Jinli Permanent Magnet (06680) initially rose over 8%, with a projected net profit increase of up to 180% year-on-year for the first half of the year, as institutions reassess the value of rare earth strategic metals [1] - NIO-SW (09866) increased over 4% as the pre-sale price of the L90 model exceeded expectations, with Morgan Stanley forecasting monthly sales to surpass 5,000 units [1] - Guoquan (02517) rose over 11% following an earnings forecast, expecting a net profit of approximately 180 million to 210 million yuan for the first half of the year, a year-on-year increase of about 111%-146% [1][2] Group 2: US Stocks - PepsiCo (PEP.US) rose 7.45% after Q2 earnings exceeded expectations, with EPS at $2.12, surpassing the forecast of $2.03, and revenue growing 1.0% year-on-year to $22.73 billion [3] - Lucid (LCID.US) soared 36.24% as it announced a partnership with Uber to launch a self-driving taxi fleet [3] - Abbott (ABT.US) fell over 8% due to Q3 guidance falling short of expectations and a downward revision of the annual profit forecast [3] - AI application software stocks saw gains, with Unity Software (U.US) rising over 12% at one point, and other companies like SoundHound AI (SOUN.US) and AppLovin (APP.US) also increasing [3] - Taiwan Semiconductor Manufacturing Company (TSM.US) rose 3.38%, achieving a record high with Q2 EPS of $2.47, exceeding the forecast of $2.39, and revenue growing 44.4% year-on-year to $30.07 billion [4] - Oracle (ORCL.US) increased 3.09%, reaching a new high as it announced a $3 billion investment in AI and cloud infrastructure in Germany and the Netherlands over the next five years [4] - BigBear.ai Holdings (BBAI.US) rose 15.45% ahead of its earnings report, with expectations of a loss of $0.07 per share but revenue projected to reach $40.99 million, a year-on-year increase of 3.04% [4] Group 3: Drone and Streaming Stocks - Drone-related stocks strengthened, with Palladyne AI (PDYN.US) rising 31.4% and Joby Aviation (JOBY.US) increasing 8.51% amid U.S. Department of Commerce investigations into drone systems and key solar materials [5] - Netflix (NFLX.US) saw a slight decline of over 2% after reporting Q2 revenue of $11.079 billion, slightly above the forecast, but underperformed in the APAC and LATAM regions [5]

截至 2026 年 3 月 31 日止財政年度第一季度之零售銷售表現 (1) 摘要 | | 集團整體 | | 香港、澳門及海外 | | 內地 | | | --- | --- | --- | --- | --- | --- | --- | | 零售值 | +13% | | +9% | | +14% | | | 產品佔比： | (6) 黃金及鉑金 | ：76% | 黃金及鉑金 | ：68% | 黃金及鉑金 | ：78% | | | 定價首飾 | ：24% | 定價首飾 | ：32% | 定價首飾 | ：22% | | 零售收入 | +14% | | +8% | | +31% | | | 同店銷售 | +5% | | +3% | | +19% | | | 店舖數目 | 3,162 | | 111 | | 3,051 | | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 備註︰ (5) 同店銷售為同一間自營店於可比較期內有完整日營運的銷售比較，有關數據不包 ...