Zhi Tong Cai Jing·2025-11-25 09:11Core 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]