EF001 免責聲明 | 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，概不對因 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 英皇鐘錶珠寶有限公司 | | 股份代號 | 00887 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止6個月之中期股息 | | 公告日期 | 2025年8月20日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.0055 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.0055 HKD | | 匯率 | 1 HKD : 1 ...

[Company Announcement](index=1&type=section&id=Company%20Announcement) This section contains the official interim results announcement for the six months ended June 30, 2025 [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) The Board of Directors of Emperor Watch & Jewellery Limited announces the unaudited condensed consolidated results for the six months ended June 30, 2025 - This announcement is the unaudited condensed consolidated results announcement of Emperor Watch & Jewellery Limited for the six months ended June 30, 2025[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section summarizes the Group's key financial performance indicators for the first half of 2025 [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) The Group achieved growth in total revenue and gross profit in H1 2025, though the interim dividend saw a decline Key Financial Indicators for H1 2025 | Indicator | 2024 (HK$ million) | 2025 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 2,597 | 2,794 | + 7.6% | | Gross Profit | 780 | 840 | + 7.7% | | Gross Profit Margin | 30.0% | 30.1% | + 0.1 ppt | | Adjusted EBITD | 282 | 297 | + 5.3% | | Net Profit | 185 | 194 | + 4.9% | | Basic Earnings Per Share | 2.72 HK cents | 2.73 HK cents | + 0.4% | - The Board declared an interim dividend of **HK$0.55 cents per share**, a decrease from HK$0.65 cents in 2024[7](index=7&type=chunk) [Business Review](index=2&type=section&id=Business%20Review) This section provides a comprehensive overview of the Group's operational performance, strategies, and future outlook [Overall Performance](index=2&type=section&id=Overall%20Performance) The Group's revenue and profit grew in H1 2025, driven by sales in Hong Kong and Mainland China and a strong jewellery segment Revenue by Region and Product Segment for H1 2025 | Category | 2024 (HK$ million) | 2025 (HK$ million) | Change | Share of Total Revenue (2025) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | 2,597 | 2,794 | + 7.6% | 100% | | **By Region** | | | | | | Hong Kong | 1,465 | 1,594 | + 8.8% | 57.1% | | Mainland China | 665 | 723 | + 8.7% | 25.9% | | **By Product Segment** | | | | | | Watch | 1,632 | 1,700 | + 4.2% | 60.8% | | Jewellery | 965 | 1,094 | + 13.4% | 39.2% | | *Of which gold products accounted for jewellery segment revenue* | | | | 75.2% | - The Group's gross profit margin remained resilient, slightly increasing to **30.1%** in 2025 from 30.0% in 2024[7](index=7&type=chunk) [Business Overview](index=2&type=section&id=Business%20Overview) Emperor Watch & Jewellery is a leading retailer of European watches and "Emperor Jewellery" branded products with an extensive network across Asia - The Group's core strategy is to maintain its leading position as a watch and jewellery retailer in Greater China while expanding its business beyond the region[8](index=8&type=chunk) [Jewellery Business Expansion Strategy](index=2&type=section&id=Jewellery%20Business%20Expansion%20Strategy) The Group plans a major expansion in Mainland China by opening 600 new jewellery stores over five years through a strategic partnership - The Group has partnered with Mr Chan Sai Cheong to establish a roadmap for store expansion in Mainland China, initially targeting the opening of **600 stores** in phases over the next five years[9](index=9&type=chunk) - Product development plans include launching themed gold jewellery series, creating uniquely designed light luxury products, and engaging in IP collaborations to appeal to "Millennial" and "Gen Z" consumers[10](index=10&type=chunk) - The Group plans to strengthen its presence on platforms like Xiaohongshu, Douyin, and WeChat Mini Programs, leveraging an O2O sales model and e-commerce live streaming to enhance brand awareness and sales[10](index=10&type=chunk) [Leadership in Watch Business](index=3&type=section&id=Leadership%20in%20Watch%20Business) The Group maintains a leading position in the watch market, particularly in Hong Kong, through strong relationships with luxury Swiss brands - The Group maintains solid relationships with major luxury Swiss watch brand suppliers and holds a comprehensive portfolio of watch distributorships, maintaining a leading position especially in Hong Kong[11](index=11&type=chunk) - The official website highlights brands such as Patek Philippe, Rolex, Tudor, and Cartier, and the Group will continue to seek opportunities to collaborate with other watch brands[11](index=11&type=chunk) [Retail Network Layout](index=3&type=section&id=Retail%20Network%20Layout) As of June 30, 2025, the Group operated 73 stores across Asia, expanding its footprint with new flagship and specialty stores Store Distribution as of June 30, 2025 | Region | Number of Stores | | :--- | :--- | | Hong Kong | 30 | | Macau | 8 | | Mainland China | 26 | | Singapore | 8 | | Malaysia | 1 | | **Total** | **73** | - During the period, the Group opened two new jewellery stores in Hong Kong and Macau, a Patek Philippe flagship store in Hong Kong, and a Tudor watch specialty store in Chongqing, Mainland China[13](index=13&type=chunk) [Future Outlook](index=4&type=section&id=Future%20Outlook) The Group anticipates retail market recovery driven by tourism and favorable policies, capitalizing on gold demand and strategic expansion in China - The anticipated rebound of the Japanese Yen, the resumption of the "multiple-entry" Individual Visit Scheme for Shenzhen residents, and the Hong Kong government's tourism blueprint are expected to drive growth in the overall retail market[14](index=14&type=chunk) - Gold jewellery as an alternative investment will continue to be popular among Chinese consumers, and the strategic partnership with Mr Chan will create valuable opportunities for jewellery business expansion in Mainland China[14](index=14&type=chunk) - The Group will adopt a diversified market segmentation strategy to effectively expand its retail network and capture the vast business opportunities in the Mainland China market[14](index=14&type=chunk) [Financial and Other Information](index=4&type=section&id=Financial%20and%20Other%20Information) This section details the Group's capital structure, liquidity, and other significant corporate activities during the period [Capital Structure and Liquidity](index=4&type=section&id=Capital%20Structure%20and%20Liquidity) The Group maintained a strong net cash position with zero bank borrowings and ample working capital as of June 30, 2025 Capital Structure and Liquidity as of June 30, 2025 | Indicator | Dec 31, 2024 (HK$ million) | Jun 30, 2025 (HK$ million) | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash on Hand | 950 | 1,508 | + 58.7% | | Bank Borrowings | 0 | 0 | - | | Net Gearing Ratio | 0 | 0 | - | | Current Assets | 4,072 | 4,586 | + 12.6% | | Current Liabilities | 531 | 569 | + 7.2% | | Current Ratio | 7.7 | 8.1 | + 0.4 | | Quick Ratio | 2.0 | 2.8 | + 0.8 | - The Group has sufficient working capital to meet its operational and future development plans[15](index=15&type=chunk) [Share Placement](index=5&type=section&id=Share%20Placement) The Group raised approximately HK$79 million in net proceeds from a successful share placement to fund retail network expansion - The Group successfully placed **477,250,000 shares**, raising net proceeds of approximately **HK$79,000,000**[16](index=16&type=chunk) - The proceeds from the placement have been fully utilized for expanding the Group's retail network and for general working capital[16](index=16&type=chunk) [Property Acquisition](index=5&type=section&id=Property%20Acquisition) The Group acquired a property in Tsim Sha Tsui, Hong Kong for approximately HK$80 million to establish a luxury watch flagship store - The Group acquired space and advertising spots at 4-8 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong for approximately **HK$80,000,000** to serve as a mega flagship store for a luxury watch brand[17](index=17&type=chunk) - The relevant resolutions were passed at a special general meeting, and the transaction is scheduled for completion in August 2025 as planned[17](index=17&type=chunk) [Establishment of Joint Venture](index=5&type=section&id=Establishment%20of%20Joint%20Venture) The Group entered into a joint venture agreement to design, produce, and sell "Emperor Jewellery" products in Mainland China - The Group entered into a joint venture agreement with an independent third party to establish a joint venture company primarily engaged in the design, production, and sale of precious metal and jewellery products under the "Emperor Jewellery" brand in Mainland China[18](index=18&type=chunk) [Employees and Remuneration](index=5&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the Group employed 738 staff with total staff costs amounting to HK$200 million Employee Headcount and Costs as of June 30, 2025 | Category | 2024 | June 30, 2025 | | :--- | :--- | :--- | | Sales Staff | 708 | 567 | | Office Staff | 225 | 171 | | **Total Staff Costs** | **HK$185,000,000** | **HK$200,000,000** | - Employee remuneration is determined based on individual responsibilities, capabilities, experience, performance, and market salary levels, with competitive benefits such as medical and life insurance and retirement plans provided[19](index=19&type=chunk) [Dividend Policy](index=6&type=section&id=Dividend%20Policy) The Board declared an interim dividend of HK$0.55 cents per share for the fiscal year ending December 31, 2025 Interim Dividend Declaration | Year | Dividend per Share (HK cents) | Total Amount (HK$ '000) | | :--- | :--- | :--- | | 2025 | 0.55 | 39,912 | | 2024 | 0.65 | 44,066 | - The interim dividend will be paid on September 17, 2025, to shareholders on the register as of September 5, 2025[20](index=20&type=chunk) - To determine eligibility for the interim dividend, the register of members will be closed from September 4, 2025, to September 5, 2025[21](index=21&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's unaudited financial statements for the interim period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, costs, expenses, and profit for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the 6 months ended June 30, 2025) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue | 2,793,641 | 2,597,314 | | Cost of sales | (1,953,291) | (1,817,119) | | Gross profit | 840,350 | 780,195 | | Other income | 14,792 | 13,446 | | Selling and distribution expenses | (502,855) | (478,089) | | Administrative expenses | (86,642) | (74,247) | | Other gains or losses | (14,388) | (5,733) | | Finance costs | (10,466) | (12,258) | | Profit before tax | 240,791 | 223,314 | | Tax | (46,469) | (38,606) | | Profit for the period | 194,322 | 184,708 | | Exchange differences on translation of foreign operations | 17,400 | (6,520) | | Total comprehensive income for the period | 211,722 | 178,188 | | Profit for the period attributable to owners of the Company | 196,474 | 184,708 | | Profit for the period attributable to non-controlling interests | (2,152) | – | | Total comprehensive income for the period attributable to owners of the Company | 213,332 | 178,188 | | Total comprehensive income for the period attributable to non-controlling interests | (1,610) | – | | Basic earnings per share | 2.73 HK cents | 2.72 HK cents | [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and net equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Item | Jun 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, plant and equipment | 1,336,276 | 1,383,443 | | Right-of-use assets | 381,796 | 374,882 | | Rental deposits | 94,270 | 97,382 | | Deposits paid for acquisition of property, plant and equipment | 31,261 | 9,736 | | Deferred tax assets | 5,094 | 5,094 | | **Total Non-current Assets** | **1,848,697** | **1,870,537** | | **Current Assets** | | | | Inventories | 2,986,732 | 3,003,428 | | Right-of-return assets | 1,289 | 1,289 | | Receivables, deposits and prepayments | 89,537 | 116,704 | | Amounts due from related companies | 430 | 578 | | Time deposits with original maturity over three months | 396,505 | 33,459 | | Cash and cash equivalents | 1,111,708 | 916,360 | | **Total Current Assets** | **4,586,201** | **4,071,818** | | **Current Liabilities** | | | | Payables and accrued charges | 201,567 | 202,375 | | Lease liabilities | 217,675 | 216,477 | | Contract liabilities | 39,674 | 30,193 | | Refund liabilities | 2,267 | 2,267 | | Amounts due to related companies | 9,181 | 15,186 | | Tax payable | 98,963 | 64,690 | | **Total Current Liabilities** | **569,327** | **531,188** | | **Net Current Assets** | **4,016,874** | **3,540,630** | | **Non-current Liabilities** | | | | Deferred tax liabilities | 1,281 | 1,221 | | Lease liabilities | 198,474 | 195,856 | | **Total Non-current Liabilities** | **199,755** | **197,077** | | **Net Assets** | **5,665,816** | **5,214,090** | | **Capital and Reserves** | | | | Share capital | 3,563,493 | 3,484,152 | | Reserves | 1,825,920 | 1,729,938 | | Equity attributable to owners of the Company | 5,389,413 | 5,214,090 | | Non-controlling interests | 276,403 | – | | **Total Equity** | **5,665,816** | **5,214,090** | [Notes to the Financial Statements](index=10&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations of the accounting policies and specific items in the financial statements [Basis of Preparation and Accounting Policies](index=10&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The financial statements are prepared under HKAS 34, consistent with prior year policies, with no material impact from new accounting standards - The unaudited condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules[25](index=25&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards during the interim period has not had a material effect on the financial position and performance of the Group for the current and prior periods[27](index=27&type=chunk) [Revenue and Segment Information](index=11&type=section&id=Revenue%20and%20Segment%20Information) Revenue is primarily from retail sales, with Hong Kong remaining the largest contributor to both revenue and segment profit in H1 2025 - Revenue represents income from the sale of products to retail customers and commission income from services provided, all of which is recognised at a point in time[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) Revenue and Segment Profit by Region for H1 2025 | Region | 2025 Revenue (HK$ '000) | 2024 Revenue (HK$ '000) | 2025 Segment Profit (HK$ '000) | 2024 Segment Profit (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 1,690,942 | 1,641,992 | 215,206 | 167,526 | | Macau | 194,454 | 171,580 | 31,505 | 23,282 | | China | 723,002 | 665,038 | 83,807 | 103,624 | | Other APAC | 309,673 | 307,638 | 52,640 | 53,714 | | **Consolidated Total** | **2,793,641** | **2,597,314** | **383,158** | **348,146** | [Analysis of Items in Profit Before Tax](index=14&type=section&id=Analysis%20of%20Items%20in%20Profit%20Before%20Tax) Profit before tax is detailed after deducting costs such as inventory, depreciation, and employee expenses Items Deducted from (Credited to) Profit Before Tax (For the 6 months ended June 30, 2025) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Cost of inventories included in cost of sales | 1,947,872 | 1,812,224 | | Depreciation of property, plant and equipment | 74,911 | 68,170 | | Depreciation of right-of-use assets | 133,145 | 135,395 | | Staff costs, including directors' remuneration | 200,297 | 184,969 | | Loss on disposal/write-off of property, plant and equipment | 6,902 | 1,182 | | Loss/(gain) on termination/modification of leases | 3,944 | (261) | | Net foreign exchange loss | 3,542 | 4,812 | [Tax Expense](index=15&type=section&id=Tax%20Expense) Total tax expense for the period was HK$46.5 million, primarily comprising profits tax from various jurisdictions in Asia Tax Expense (For the 6 months ended June 30, 2025) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 25,681 | 16,325 | | Macau Complementary Tax | 4,243 | 4,109 | | China Enterprise Income Tax | 8,823 | 9,755 | | Other APAC Income Tax | 7,722 | 8,287 | | Deferred tax | – | 130 | | **Total** | **46,469** | **38,606** | - Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit, Macau Complementary Tax at 12%, China subsidiaries at 25%, and Singapore income tax at 17%[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Dividends](index=16&type=section&id=Dividends) An interim dividend of HK$0.55 cents per share was declared for H1 2025, totaling approximately HK$39.9 million Dividends Declared and Paid (For the 6 months ended June 30, 2025) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Interim dividend declared: HK$0.55 cents per share (2024: HK$0.65 cents) | 39,912 | 44,066 | | 2024 final dividend paid: HK$0.45 cents per share (2023: HK$0.56 cents) | 32,655 | 37,965 | [Earnings Per Share](index=16&type=section&id=Earnings%20Per%20Share) Basic earnings per share slightly increased to HK$2.73 cents, with no diluted EPS presented due to the absence of potential dilutive shares Calculation of Basic Earnings Per Share (For the 6 months ended June 30, 2025) | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for basic EPS calculation | 196,474 | 184,708 | | Number of ordinary shares for basic EPS calculation | 7,256,708,129 | 6,779,458,129 | | **Basic Earnings Per Share** | **2.73 HK cents** | **2.72 HK cents** | - No diluted earnings per share was presented for both periods as there were no potential dilutive ordinary shares in issue during both periods[42](index=42&type=chunk) [Receivables, Deposits and Prepayments](index=17&type=section&id=Receivables,%20Deposits%20and%20Prepayments) Trade receivables decreased as of June 30, 2025, with the majority of balances aged within 30 days Analysis of Receivables, Deposits and Prepayments (As at June 30, 2025) | Item | Jun 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade receivables from contracts with customers (net) | 22,455 | 45,654 | | Other receivables, deposits and prepayments | 79,959 | 77,339 | | Rental deposits | 94,270 | 97,382 | | Recoverable VAT in China | 15,208 | 3,447 | | Recoverable GST in Singapore | 3,176 | – | | **Total** | **215,068** | **223,822** | | **Of which current portion** | **89,537** | **116,704** | Ageing Analysis of Trade Receivables (As at June 30, 2025) | Ageing | Jun 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 30 days | 22,314 | 44,540 | | 31 to 60 days | 31 | 1,105 | | 61 to 90 days | 43 | – | | Over 90 days | 591 | 525 | | **Total** | **22,979** | **46,170** | [Payables and Accrued Charges](index=19&type=section&id=Payables%20and%20Accrued%20Charges) Total payables and accrued charges remained stable, with most trade payables aged within 30 days Analysis of Payables and Accrued Charges (As at June 30, 2025) | Item | Jun 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade payables | 73,070 | 64,582 | | Other payables and accrued charges | 127,545 | 134,295 | | VAT payable in China | 952 | 2,772 | | GST payable in Singapore | – | 726 | | **Total** | **201,567** | **202,375** | - Other payables and accrued charges include accumulated bonuses and incentives of HK$13,078,000, accrued commission of HK$7,981,000, and accrued renovation costs of HK$30,332,000[46](index=46&type=chunk) Ageing Analysis of Trade Payables (As at June 30, 2025) | Ageing | Jun 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 30 days | 71,179 | 64,131 | | 31 to 60 days | 793 | 69 | | 61 to 90 days | 333 | 230 | | Over 90 days | 765 | 152 | | **Total** | **73,070** | **64,582** | [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the Group's corporate governance practices and other statutory disclosures [Review of Interim Results](index=20&type=section&id=Review%20of%20Interim%20Results) The Group's condensed consolidated financial statements for the period have been reviewed by the Audit Committee - The Group's condensed consolidated financial statements for the period have not been reviewed or audited by the Company's auditor, but have been reviewed by the Company's Audit Committee[48](index=48&type=chunk) [Compliance with Corporate Governance Code](index=20&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code throughout the period - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the period[49](index=49&type=chunk) [Model Code for Securities Transactions](index=20&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company has adopted its own code for securities transactions by directors, with full compliance confirmed for the period - The Company has adopted its own code of conduct regarding securities transactions by directors on terms no less exacting than the required standard set out in the Model Code in Appendix C3 to the Listing Rules[50](index=50&type=chunk) - Upon specific enquiry of the directors, all directors confirmed that they have complied with the required standard of dealings set out in the Emperor Watch & Jewellery Securities Code throughout the period[50](index=50&type=chunk) [Dealings in Listed Securities](index=20&type=section&id=Dealings%20in%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities[51](index=51&type=chunk) [Publication of Announcement](index=20&type=section&id=Publication%20of%20Announcement) This interim results announcement is available on the websites of the HKEX and the Company - This interim results announcement is published on the website of the Stock Exchange (https://www.hkexnews.hk) and the Company's website (https://www.EmperorWatchJewellery.com)[52](index=52&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) The Board of Directors comprises three Executive Directors and three Independent Non-executive Directors as of the announcement date Board of Directors | Position | Name | | :--- | :--- | | Executive Director | Ms Yeung Nok Sze | | Executive Director | Mr Leong Ho Cheong | | Executive Director | Ms Fan Man Seung | | Independent Non-executive Director | Mr Liu Hing Hung | | Independent Non-executive Director | Mr Lo Ka Ming | | Independent Non-executive Director | Ms Lai Ka Fung |

Group 1 - The core point of the article highlights a significant drop in the stock price of Emperor Watch and Jewellery, which fell by 6.58% to HKD 0.355 per share, with a trading volume of HKD 14.70 million as of August 15 [1] - Emperor Watch and Jewellery primarily engages in the sales of watches and jewelry, including European brand watches and its own brand, Emperor Jewellery. The company operates retail stores in Hong Kong, Macau, mainland China, Singapore, and Malaysia, and also sells through online shopping platforms [1] - As of the 2024 annual report, Emperor Watch and Jewellery reported total revenue of HKD 4.843 billion and a net profit of HKD 238 million [2] Group 2 - Emperor Watch and Jewellery is scheduled to disclose its interim report for the fiscal year 2025 on August 20 [3]

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，概不對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。 英皇鐘錶珠寶有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於 2025 年 8 月 20 日（星期三）舉行董事會會議，藉以（其中包括）批准刊發本公司及其附 屬公司截至 2025 年 6 月 30 日止六個月之中期業績公告，以及考慮會否派發中期股息。 （於香港註冊成立之有限公司） （股份代號：887） 董事會會議日期 於本公告日期，董事會成員為： | 執行董事： | 楊諾思女士 | | --- | --- | | | 梁浩昌先生 | | | 范敏嫦女士 | | 獨立非執行董事： | 廖慶雄先生 | | --- | --- | | | 羅家明先生 | | | 黎家鳳女士 | 承董事會命 英皇鐘錶珠寶有限公司 公司秘書 馮佩玲 香港，2025年8月8日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 英皇鐘錶珠寶有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00887 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 7,256,708,129 | | 0 | | 7,256,708,129 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 7,256,708,129 | | 0 | | 7,256,708,1 ...

Summary of Key Points Core Viewpoint - As of May 28, a total of 65 stocks reached their 52-week highs, with notable performances from Kingway Medical Holdings (08559), China Silver Technology (00515), and Honghui Group (00183) leading the list with high rates of increase [1]. Group 1: Stocks Reaching 52-Week Highs - Kingway Medical Holdings (08559) achieved a closing price of 0.027 with a peak of 0.045, marking a high rate of 32.35% [1]. - China Silver Technology (00515) closed at 0.280, reaching a maximum of 0.305, resulting in a high rate of 28.15% [1]. - Honghui Group (00183) had a closing price of 0.255, with a peak price of 0.255, reflecting a high rate of 27.50% [1]. - Other notable stocks include Emperor Watch and Jewellery (00887) with a high rate of 27.14% and Sogo Department Store (00312) at 21.79% [1]. Group 2: Additional Stocks with Significant Increases - Lehua Entertainment (02306) reached a high rate of 13.73% with a closing price of 2.540 [1]. - Kingway Medical (08143) had a closing price of 0.124 and a peak of 0.230, resulting in a high rate of 10.05% [1]. - Other stocks with notable increases include Zhu Feng Gold (01815) at 6.98% and Yaoshi Bang (09885) at 6.68% [1]. Group 3: Stocks with Lower Performance - The report also includes stocks that did not perform as well, with some reaching their 52-week lows, such as China Parenting Network (01736) with a low rate of -14.40% [2]. - XI Nan Tes-U (09366) and XI Nan Tes (07366) also showed declines of -10.08% and -8.60% respectively [2]. - Other stocks like He Fu Hui Huang (00733) and Pai Ge Biomedical-B (02565) experienced decreases of -7.04% and -6.95% [2].

Group 1 - The domestic gold jewelry prices continue to decline, with most brands reporting a price of 976 CNY per gram [1][5] - Several brands have adjusted their prices, with Zhou Shengsheng's gold jewelry dropping by 17 CNY to 975 CNY per gram, and Caibai's gold jewelry priced at 965 CNY per gram [1][5] - The price decrease reflects a broader trend in the gold market, indicating potential shifts in consumer demand and market dynamics [1]

Core Viewpoint - The domestic gold jewelry prices continue to rise, with several brands reporting an increase of 7 yuan per gram, reaching 1033 yuan per gram for certain products [1]. Group 1: Price Increases - Multiple gold jewelry brands in China have announced an increase in the price of 24K gold jewelry, with prices now at 1033 yuan per gram for brands like Zhou Dasheng, TSL, and others [1][5]. - Cai Bai Jewelry's 24K gold products are priced at 1005 yuan per gram, indicating a competitive pricing strategy within the market [5]. Group 2: Brand Pricing - Zhou Dasheng's 24K gold jewelry is priced at 1033 yuan per gram, aligning with several other brands [5]. - TSL's gold products also reflect the same price point of 1033 yuan per gram, showcasing consistency across major brands [5]. - Jin Zun's 24K gold jewelry is similarly priced at 1033 yuan per gram, indicating a trend among leading jewelry brands [5].

Financial Performance - Total revenue increased by 8.4% to HK$5,230.3 million in 2024, compared to HK$4,823.2 million in 2023[19] - Revenue from Hong Kong rose by 16.5% to HK$2,923.2 million, accounting for 55.9% of total revenue[19] - Revenue from the jewellery segment surged by 41.0% to HK$1,893.0 million, representing 36.2% of total revenue[19] - Gross profit for the year was HK$1,480.9 million, slightly up from HK$1,450.3 million in 2023[20] - Net profit decreased by 14.0% to HK$256.7 million, down from HK$299.2 million in 2023[20] - Basic earnings per share fell to HK3.79 cents, compared to HK4.41 cents in the previous year[20] Dividends - The company recommended a final dividend of HK0.45 cent per share, down from HK0.56 cent in 2023[20] - Total dividends for the full year amounted to HK1.10 cents per share, a decrease from HK1.32 cents in 2023[20] - The Group's interim dividend for the Year was HK$0.65 per share, totaling approximately HK$44.1 million, a decrease from HK$51.5 million in 2023[101] - The proposed final dividend is HK$0.45 per share, amounting to approximately HK$32,700,000, down from HK$0.56 per share and HK$38,000,000 in 2023[106] Market Environment - Market uncertainties, including geopolitical tensions and soft consumer confidence in China, impacted the business environment[24] - The Group expects the overall retail market to regain growth momentum due to increased foot traffic and disposable income following recent economic stimulus measures[50] Business Strategy and Operations - The company continues to be a leading retailer of European-made watches and jewellery products under its own brand, "Emperor Jewellery"[25] - The Group aims to enhance its brand positioning and increase market share in the wedding market by expanding product diversity and personalisation[44] - The Group is focused on maintaining solid relationships with major high-end luxury Swiss watch brands to uphold its leading position in the watch industry[35] - The Group plans to optimise product offerings in response to dynamic market conditions and enhance its competitive edge[54] - The Group has established a presence on several online shopping platforms, including HKTVmall, Tmall, and jd.com, to enhance customer experience and expand revenue sources[46] Store and Market Presence - As of December 31, 2024, the Group operates a total of 82 stores across Hong Kong, Macau, Mainland China, Singapore, and Malaysia, with 34 stores in Mainland China alone[32] - Approximately 75% of the Group's stores in Mainland China are located in first-tier and new first-tier cities, aligning with its customer targeting strategy[33] Financial Position - As of December 31, 2024, the Group's bank balances and cash increased to HK$949.8 million, up from HK$619.6 million in 2023, with no bank borrowings reported[55] - The Group's current assets and current liabilities were approximately HK$4,071.8 million and HK$531.2 million, respectively, resulting in a current ratio of 7.7, an increase from 7.3 in 2023[56] - The Group maintained a net cash position with a net gearing ratio of zero as of December 31, 2024, consistent with the previous year[58] - The current ratio and quick ratio improved to 7.7 and 2.0, respectively, indicating strong liquidity[56] - The Group has approximately HK$1,043.3 million in unutilized banking facilities available for future use[55] Shareholder Information - As of December 31, 2024, Ms. Cindy Yeung holds 4,298,630,000 shares, representing 63.41% of the issued voting shares of the Company[141] - The Company has a share option scheme with 687,308,812 options available for grant, equating to 9.47% of the issued shares as of the report date[151] - The total number of shares held by Ms. Cindy Yeung in Emperor E Hotel is 636,075,041, which is 53.52% of the issued voting shares[148] Corporate Governance - The Board is committed to high standards of corporate governance, ensuring accountability, responsibility, and transparency towards shareholders and stakeholders[199] - The company fully complied with all code provisions of the Corporate Governance Code during the year[200] Connected Transactions - The Group's transactions with connected persons were deemed non-exempt continuing connected transactions under Chapter 14A of the Listing Rules[179] - The independent auditor issued an unqualified conclusion regarding the Non-exempt Continuing Connected Transactions (CCTs) in accordance with the Listing Rules[181]

Financial Performance - Total revenue increased by 8.4% to HKD 5,230 million for the year ended December 31, 2024, compared to HKD 4,823 million in 2023[4] - Net profit decreased by 14.0% to HKD 257 million, down from HKD 299 million in the previous year[4] - Adjusted EBITDA decreased by 7.9% to HKD 433 million, reflecting challenges in operational performance[4] - Basic earnings per share fell by 14.0% to HKD 3.79, down from HKD 4.41 in 2023[6] - The company's gross profit for the same period was HKD 1,480,943,000, slightly up from HKD 1,450,281,000 in 2023, indicating a gross margin improvement[24] - The net profit for the year was HKD 256,737,000, down from HKD 299,219,000 in 2023, reflecting a decrease of 14.2%[24] - The company reported a pre-tax profit of HKD 317,038,000 for the year ended December 31, 2024, compared to HKD 367,732,000 in 2023, a decrease of approximately 13.8%[34] - Total tax expenses for 2024 amounted to HKD 60,301,000, a decrease of 11.9% from HKD 68,513,000 in 2023[43] Revenue Breakdown - Revenue from Hong Kong increased by 16.5% to HKD 2,923 million, accounting for 55.9% of total revenue[5] - Jewelry segment revenue surged by 41.0% to HKD 1,893 million, representing 36.2% of total revenue[5] - Sales of watches amounted to HKD 3,319,145,000 in 2024, down from HKD 3,465,488,000 in 2023, reflecting a decline of approximately 4.2%[39] - Jewelry sales increased significantly to HKD 1,892,997,000 in 2024, up from HKD 1,342,848,000 in 2023, marking a growth of around 40.9%[39] - The segment profit for the Asia-Pacific region was HKD 581,146,000 for 2024, compared to HKD 609,402,000 in 2023, indicating a decrease of about 4.6%[34] Dividends and Shareholder Returns - The company has proposed a final dividend of HKD 0.45 per share, down from HKD 0.56 per share in the previous year[6] - The board proposed a final dividend of HKD 0.0045 per share, down from HKD 0.0056 per share in 2023, subject to shareholder approval[21] - The company proposed a final dividend of HKD 0.0045 per share for 2024, down from HKD 0.0056 per share in 2023, representing a decrease of 19.6%[47] Operational Highlights - The total number of stores reached 82 across Hong Kong, Macau, mainland China, Singapore, and Malaysia[10] - The company plans to enhance its e-commerce business by leveraging online platforms to capture the potential of internet and mobile users[15] - The company aims to expand its market share in the wedding jewelry sector by diversifying product offerings and enhancing brand exposure[14] - The company continues to explore market expansion opportunities and new product development to enhance future growth prospects[44] Financial Position - The company maintained a strong liquidity position with a current ratio of 7.7 and a quick ratio of 2.0 as of December 31, 2024[17] - The company reported cash and cash equivalents of HKD 916,360,000 as of December 31, 2024, a significant increase from HKD 458,750,000 in 2023[26] - The company has approximately HKD 1,043,300,000 in available but undrawn bank financing, indicating strong financial flexibility[17] - The company incurred financing costs of HKD 24,119,000 in 2024, compared to HKD 10,228,000 in 2023, indicating an increase of approximately 136.5%[34] - The company’s total assets decreased to HKD 223,822,000 in 2024 from HKD 271,677,000 in 2023, indicating a decline of 17.6%[50] - The company’s cash and cash equivalents were reported at HKD 116,704,000 in 2024, down from HKD 177,341,000 in 2023, a decrease of 34.2%[50] Employee Costs - The total employee cost for the year was HKD 370,300,000, an increase from HKD 340,000,000 in 2023, reflecting a focus on talent retention and competitive compensation[20] - The total employee costs, including director remuneration, rose to HKD 370,281,000 in 2024 from HKD 339,996,000 in 2023, an increase of about 8.9%[42] Market Conditions - Total revenue from operations in 2024 is expected to be impacted by ongoing market conditions, with a focus on cost management strategies[44] - The company has not recognized any tax provisions for Malaysia due to no taxable profits generated in 2024[46] Governance and Reporting - The board of directors consists of executive and independent non-executive members, ensuring diverse governance[63] - The annual performance announcement has been published on the Hong Kong Stock Exchange website and the company's website[62] - The annual report will be published at an appropriate time on the aforementioned websites and sent to shareholders[62]