Core Viewpoint - Chow Tai Fook Jewelry Group reported a strong performance for the first half of the 2026 fiscal year, driven by improved consumer sentiment and a recovering jewelry market, achieving a revenue of HKD 38.986 billion and a slight increase in operating profit [1] Financial Performance - The group’s operating profit increased by 0.7% year-on-year to HKD 6.823 billion, with an operating profit margin expanding by 30 basis points to 17.5%, marking a five-year high [1] - Shareholders' profit remained stable at HKD 2.534 billion, and the board declared an interim dividend of HKD 0.22 per share, with a payout ratio of approximately 85.7% [1] Business Development - The group’s brand transformation and store optimization strategies have shown significant results, with same-store sales in core markets rebounding: a 2.6% increase in mainland direct retail points and a 4.8% increase in franchise retail points [1] - Same-store sales in Hong Kong and Macau rose by 4.4%, with Macau experiencing a notable increase of 13.7% [1] - The product mix continues to improve, with high-margin priced jewelry performing exceptionally well; the retail value contribution from the mainland market increased from 27.4% to 31.8% [1] - Iconic series such as the Palace Museum series and Chuanfu achieved total sales of HKD 3.4 billion, and sales of jade products doubled year-on-year [1] - The launch of the first high-end jewelry series "He Mei Dong Fang" in June marked an important milestone in the brand transformation [1] Channel Expansion - The group opened three new flagship stores in Beijing, Shijiazhuang, and Macau, bringing the total to eight, with monthly sales consistently exceeding the average in those regions [1] - International expansion is progressing steadily, with a new flagship store at Singapore Changi Airport already opened, and plans to further establish a presence in Southeast Asia, Oceania, Canada, and the Middle East, aiming to add six new stores in international markets by June 2026 [1] Strategic Outlook - The group will continue to dynamically optimize its operational strategies to adapt to the complex and changing market landscape, reinforcing its leading position in the industry [2] - The company will maintain rigorous financial discipline through prudent cost control and capital allocation to support sustainable quality profits and create long-term stable shareholder value [2]

Core Insights - The Group demonstrated remarkable resilience in the first half of FY2026, delivering solid results supported by improved consumer sentiment and a revival in jewellery spending across key markets [1] - Steady progress was made in brand transformation, as well as store and product optimisation during the period [1]

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,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 全部或任何部份内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。 本公告僅作參考用 途,並不 構 成 要 約 出 售 或 招 攬 要 約 購 買 任 何 證 券,而 本 公 告 或 其 所 戴 內 容 亦 不 構 成 任 何 合 約 或 承 諾 之 基 準 。 本 公 告 或 其 任 何 副 本 不 得 攜入美國或於該地分發。 本公告所載資料不會於美國或其境內直接或間接分發。本公告並不構成或組 成 於 美 國 購 買 或 認 購 證 券 之 任 何 要 約 或 招 纜 之 一 部 分 。本 公 告 所 述 之 新 股 份 及 債 券 並 未 亦 將 不 會 根 據 證 券 法 登 記 · 且 除 非 已 根 據 證 券 法 之 登 記 規 定 登 記 或獲豁免登記,否則將不得於美國提呈發售或出售。新股份或債券將不會於 美國公開發售。 CHOW TAI FOOK JEWELLERY GROUP LIMITED ...

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]