Zheng Quan Shi Bao·2025-11-25 15:39Core Viewpoint - Chow Tai Fook's performance shows resilience with a recovery in same-store sales driven by improved consumer sentiment and jewelry consumption in key markets [2][3] Group 1: Financial Performance - The group's revenue for the period reached HKD 38.986 billion, maintaining stability [3] - Gross profit margin remained above 30%, supported by high-margin jewelry pricing and rising gold prices [3] - Operating profit was HKD 6.823 billion, a year-on-year increase of 0.7% [3] - Profit attributable to shareholders was HKD 2.534 billion, a slight increase of 0.1% year-on-year [3] Group 2: Same-Store Sales Growth - Same-store sales in mainland China increased by 2.6%, while franchise retail points saw a growth of 4.8% [4] - Hong Kong and Macau same-store sales rose by 4.4%, driven by improved retail sentiment and increased foot traffic [4] - Hong Kong's same-store sales increased by 1.8%, while Macau experienced a growth of 13.7% [4] Group 3: E-commerce and Marketing Strategies - E-commerce has enhanced customer interaction, contributing approximately 18% to online sales revenue [4] - The company has invested in live-streaming channels and marketing strategies targeting younger consumers [4] - During the recent Double Eleven shopping festival, e-commerce retail value grew by over 30% [4] Group 4: Market Conditions - Gold prices have shown high volatility, with international gold prices fluctuating above USD 4,000 per ounce [5][6] - Domestic gold prices also experienced significant increases, with prices surpassing CNY 1,300 per gram [6] - The overall gold price has risen over 50% year-to-date, impacting the pricing of gold jewelry in retail [6] Group 5: Stock Performance - Chow Tai Fook's stock has performed strongly this year, with a cumulative increase of over 120% [4] - The company's latest market capitalization is approximately HKD 150 billion [4]