Core Viewpoint - Chow Tai Fook (01929) reported a stable performance for the six months ending September 30, 2025, with a slight decrease in revenue but an increase in profit attributable to shareholders, indicating resilience in the jewelry market amid improving consumer sentiment [1] Financial Performance - The company achieved a revenue of HKD 38.986 billion, a year-on-year decrease of 1.07% [1] - Profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.16% compared to HKD 2.53 billion in the same period last year [1] - Earnings per share stood at HKD 0.26, with an interim dividend of HKD 0.22 per share [1] Market Conditions - The company benefited from improved consumer sentiment and a recovery in jewelry consumption in key markets during the first half of the 2026 fiscal year [1] - The gross profit margin remained above 30%, supported by higher contributions from high-margin priced jewelry and rising gold prices, reflecting a historically high level [1] Operational Efficiency - Operating profit showed resilience with a year-on-year growth of 0.7% [1] - The ratio of selling and administrative expenses improved, leading to an expansion of the operating profit margin by 30 basis points to 17.5%, marking a five-year high [1]

Core Viewpoint - Chow Tai Fook (01929.HK) reported a slight decline in revenue but demonstrated resilience with stable profits, attributed to improved consumer sentiment and strategic brand transformation efforts [1][2]. Financial Performance - For the six months ending September 30, 2025, the company recorded a revenue of HKD 38.986 billion, a decrease of 0.5% year-on-year [1]. - Operating profit reached HKD 6.823 billion, reflecting a year-on-year increase of 0.7% [1]. - Shareholder profit amounted to HKD 2.534 billion, up 0.1% compared to the previous year [1]. - The company proposed an interim dividend of HKD 0.22 per share [1]. Market and Sales Insights - The group experienced a recovery in same-store sales in mainland China and Hong Kong-Macau markets, indicating the effectiveness of their focus on store productivity optimization [1]. - The total sales of the key signature pricing product series reached HKD 3.4 billion, with the contribution of priced jewelry to retail value in the mainland market increasing from 27.4% to 31.8% year-on-year [2]. - The launch of the high-end jewelry series "He Mei Dong Fang" in June marked a significant milestone in the brand's transformation, reinforcing Chow Tai Fook's position as a leading global jewelry brand [2].

Core Viewpoint - Chow Tai Fook (01929) announced a mid-term dividend of HKD 0.22 per share, payable on December 24, for the six months ending September 30, 2025 [1] Summary by Category - **Dividend Announcement** - Chow Tai Fook will distribute a mid-term dividend of HKD 0.22 per share [1]

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 | 周大福珠寶集團有限公司 | | 股份代號 | 01929 | | 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9月30日止六個月的中期股息 | | 公告日期 | 2025年11月25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 | 2026年3月31日 | | 宣派股息的報告期末 | 2025年9月30日 | | 宣派股息 | 每 股 0.22 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 0.22 HKD | | 匯率 | 1 HKD : 1 HKD ...

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 或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHOW TAI FOOK JEWELLERY GROUP LIMITED ক๔⺼⤍ᄣ䯳ᰶ䭽ڙथ 喍䪸ᰩ㓑ሣ㽨ڷ⮱⿸ᰶ䭽ڙथ喎 㗎ЪА㮌: 1929 2025 / 2026中期業績簡報材料 周大 福珠寶 集團有 限公司及 其附屬 公司截 至2025 年9 月 30 日 止六個月 的未經 審核 中期業績簡報材料已附於本公告。 承董事會命 周大福珠寶集團有限公司 主席 鄭家純博士 香港，2025年11月25日 於本公告日期，執行董事為鄭家純博士、鄭志恒先生、鄭志雯女士、黃紹基先生、 鄭 錦 標 先 生 、 鄭 炳 熙 先 生 及 孫 志 強 先 生 ； 及 獨 立 非 執 行 董 事 為 鄺 志 強 先 生 、 林健鋒先生、柯清輝博士、鄭嘉麗女士、車品覺先生、馮詠儀女士、鄧迎章先生 及王靜瑛女士。 2025/2026 中期業績 投資者會議簡報 ...

Financial Performance - Chow Tai Fook Jewellery Group reported interim results for the six months ending September 30, 2025, with a focus on financial performance and operational highlights [3]. - The Group's revenue for the period reached HKD 20.5 billion, representing a year-on-year increase of 12% [27]. - Operating profit for the same period was HK$6,823 million, with a year-on-year growth of +0.7% [31]. - Total revenue for the first half of FY2026 reached HK$38,986 million, with an operating profit of HK$6,823 million, resulting in a profit margin of 17.5% [46]. - The Group's solid recovery trajectory reinforces confidence in sustaining growth through the second half of FY2026 [29]. - Profit attributable to shareholders remained flat in 1HFY2026 due to losses from the revaluation of gold loan contracts amid gold price volatility [133][135]. - The gross profit margin contracted by 90 basis points to 30.5% in 1HFY2026, primarily due to a decline in retail margins from lower gold price appreciation [140]. Operational Highlights - The number of retail outlets increased to 3,200 globally, with a 15% growth in store count compared to the same period last year [27]. - Same Store Sales growth turned positive in the Chinese Mainland and Hong Kong and Macau, indicating effective store optimisation strategies [29]. - The total number of employees as of September 30, 2025, was over 24,700, with 82.3% based in the Chinese Mainland [37]. - The Group opened 8 new image stores by September 30, 2025, which consistently delivered higher productivity than the average store in the same districts [116][118]. - The company opened 57 new CHOW TAI FOOK JEWELLERY stores during 1HFY2026 as part of its strategic expansion [194]. E-commerce and Digitalization - E-commerce sales accounted for 25% of total revenue, reflecting a significant shift towards online shopping [27]. - E-commerce business in Mainland China saw a 27.6% year-on-year increase in retail sales value (RSV) during 1HFY2026, with CTFMall and Douyin both exceeding 40% growth [95]. - Livestreaming channels accounted for 17.6% of online sales RSV in 1HFY2026, indicating a significant contribution to overall revenue [95]. - E-commerce sales in Hong Kong and Macau surged by 138.3% in the first half of FY2026, reflecting a strong shift towards online shopping [106]. Product Development and Innovation - The Group plans to launch a new line of sustainable jewellery products in early 2026, aiming to capture the growing demand for eco-friendly options [27]. - The Group launched its first High Jewellery Collection "Timeless Harmony" in June, marking a significant milestone in brand transformation [29]. - The launch of the "Timeless Harmony" High Jewellery Collection in June 2025 resulted in nearly 200 pieces sold during the launch event in Hangzhou, indicating strong demand from high-net-worth clients [65]. - The T•MARK diamond brand, launched in 2016, utilizes patented nano-inscription technology to enhance transparency in diamond sourcing [80]. - The T•MARK personalisation service will expand to include engraving images by FY2026, adding emotional value to jewellery pieces [80]. Market Expansion and Strategic Initiatives - Chow Tai Fook aims to strengthen its brand presence in international markets, particularly in Southeast Asia and North America, as part of its strategic expansion plan [27]. - The Group plans to continue launching new image stores in international markets, focusing on premium locations across Oceania and Canada in the second half of FY2026 [109]. - The Group is actively exploring new high-potential territories for sustainable growth, targeting markets with long-term prospects beyond Southeast Asia [109]. - The company is focused on brand transformation, enhancing brand desirability, and reinforcing market leadership through new image stores and upgrades [48]. Sales Performance - Same Store Sales Growth (SSSG) in the Chinese Mainland was 2.6%, while Hong Kong and Macau achieved 4.4%, driven by strong demand for fixed-price jewellery and weight-based gold jewellery [44]. - Retail sales volume in the Chinese Mainland was 10,724,000 units in 2023, with a forecasted decline to 6,453,000 units in 2025 [42]. - Total sales from signature collections reached HK$3.4 billion in 1HFY2026, a significant increase from HK$2.3 billion in the same period last year [70]. - The average selling price (ASP) of fixed-price gold jewellery rose to HK$5,500 in 1HFY2026, up from HK$4,400 in 1HFY2025 [196]. Financial Ratios and Cost Management - Gross profit margin improved to 30%, up from 28% in the previous year, indicating enhanced operational efficiency [27]. - The SG&A ratio improved by 120 basis points to 14.0%, reflecting the Group's focus on operational efficiency and financial resilience [115]. - SG&A expenses decreased by 8.8% to HK$5,453 million, with the SG&A ratio decreasing by 120 basis points to 14.0% in 1HFY2026 [152]. - The average number of employees decreased by 6.7% year-on-year to 17,760 [168]. Challenges and Risks - Current liabilities increased from HK$51,022 million in 2022 to HK$57,520 million in 2024 [40]. - The net gearing ratio increased significantly from 27.6% in 2022 to 78.2% in 2024 [40]. - Revenue in the Chinese Mainland decreased by 2.5% to HK$32,194 million in 1HFY2026, with wholesale revenue declining by 10.2% due to network rationalisation [155].

Core Viewpoint - The domestic gold jewelry market is experiencing a significant price increase, with many brands surpassing the 1300 yuan per gram mark, and some reaching new highs above 1310 yuan per gram [1] Price Movements - Chow Tai Fook's gold jewelry price is set at 1313 yuan per gram, an increase of 5 yuan from the previous day [1] - Luk Fook Jewelry has raised its gold jewelry price to 1311 yuan per gram, up by 1 yuan from the previous day [1] - Chow Sang Sang's price is at 1309 yuan per gram, reflecting a slight increase of 1 yuan [1] - Lao Miao Gold maintains its price at 1310 yuan per gram, unchanged from the previous day [1]

Core Viewpoint - The international gold price experienced a significant increase on November 11, with a peak of $4148.91 per ounce, reflecting a rise of approximately $28 per ounce compared to the previous day's closing price [2]. Group 1: Gold Price Trends - The gold price opened at $4116.20 per ounce on November 11 and later peaked at $4148.91 before settling at $4143 per ounce by 17:30, showing a notable increase from the previous day's closing price of $4115 per ounce [2]. - Despite the recent increase, the current price remains significantly lower than the high of $4381.29 per ounce recorded on October 20 [2]. Group 2: Consumer Behavior and Market Dynamics - A personal investor noted that prior to November, purchasing gold did not require much consideration, but the situation has become more complex, leading to uncertainty about whether it is still a good time to buy gold [3]. - According to industry expert Song Jiangzhen, gold price trends will continue to be influenced by global macroeconomic fundamentals, and as long as core support factors such as central bank gold purchases and economic uncertainty remain intact, the international gold price is expected to trend upward in the medium to long term [3]. - During the "Double 11" shopping festival, major gold jewelry brands implemented promotional activities both online and offline, with online promotions focusing on fixed discounts and live-streaming sales, while offline stores commonly offered reductions based on weight [3]. Group 3: Impact of Tax Policy Changes - The recent tax reform has not significantly impacted the investment gold bar business, with bank prices remaining stable; however, public quotes for gold jewelry have increased, leading to a noticeable decline in consumer purchasing willingness, particularly in offline channels [4]. - Consumers expressed a willingness to purchase gold but are deterred by high prices and increased costs due to tax changes [3][4]. Group 4: Current Market Prices - As of November 11, the investment gold price was reported at 968 yuan per gram, with major jewelry brands' prices showing significant increases, surpassing 1300 yuan per gram for many products [6].

Core Viewpoint - The international gold price has shown significant fluctuations, with a notable increase on November 11, 2023, raising concerns about the timing for gold investments as market conditions become more complex [1][3]. Price Trends - On November 11, the international gold price opened at $4,116.20 per ounce, peaked at $4,148.91, and settled at $4,143 per ounce, reflecting an increase of approximately $28 from the previous day's closing price of $4,115 per ounce [1]. - Despite the recent increase, the current price remains significantly lower than the high of $4,381.29 per ounce recorded on October 20, 2023 [1]. Consumer Behavior - A personal gold investor indicated that prior to November, purchasing gold did not require much consideration, but the situation has changed, making it more challenging to determine the right time to buy [3]. - The purchasing intent for gold jewelry has notably decreased, particularly in offline channels, as consumers express concerns over high prices and increased costs due to tax changes [4]. Market Dynamics - According to industry experts, gold price trends will continue to be influenced by global macroeconomic factors rather than domestic tax reforms, with a long-term upward trend expected if core support factors remain intact [4]. - During the "Double 11" shopping festival, major gold jewelry brands have implemented promotional activities, with online promotions focusing on fixed discounts and offline stores offering price reductions per gram [4]. Pricing Information - As of November 11, the investment gold price in the Shui Bei market was reported at 968 yuan per gram, with leading jewelry brands like Chow Tai Fook and Chow Sang Sang pricing their gold jewelry at approximately 1,308 yuan per gram [6].

Core Viewpoint - The announcement of new gold value-added tax regulations by the Chinese government has led to a significant stock price correction for gold and jewelry retailers, although the overall impact on industry profitability is expected to be mild with a projected mid-single-digit decline in earnings per share [1] Company Analysis - The stock price correction is considered excessive, primarily driven by additional factors such as falling gold prices and profit-taking during the U.S. government shutdown [1] - The companies Chow Tai Fook and Luk Fook Jewelry are still viewed positively, with "buy" ratings assigned and target prices set at HKD 17.8 and HKD 23.8 respectively [1] - Anticipated mid-term performance results from both companies are expected to alleviate investor concerns [1]