智通财经网·2026-01-21 08:46Core Viewpoint - Chow Tai Fook (01929) reported a 17.8% year-on-year increase in retail value for the third quarter ending December 31, 2025, with notable growth in both mainland China and Hong Kong, Macau, and other markets [1] Group 1: Retail Performance - Retail value in mainland China grew by 16.9%, while Hong Kong, Macau, and other markets saw a 22.9% increase [1] - Same-store sales in mainland China for direct stores increased to 21.4%, and franchise stores saw a growth of 26.3% [1] - Excluding watch business, same-store sales for direct stores grew by 25.6% [1] - Same-store sales in Hong Kong and Macau increased by 14.3%, with Hong Kong up by 10.1% and Macau by 31.3% [1] Group 2: Average Selling Price - The average selling price of gold jewelry in mainland China rose to HKD 11,000 (from HKD 7,300 in Q3 FY2025), while in Hong Kong and Macau, it increased to HKD 20,100 (from HKD 13,300 in Q3 FY2025) [1] - The average selling price of gold jewelry in mainland China reached HKD 9,500 (from HKD 5,200 in Q3 FY2025), and for jewelry set with gold, it rose to HKD 8,900 (from HKD 8,000 in Q3 FY2025) [2] - In Hong Kong and Macau, the average selling price of gold jewelry increased to HKD 8,300 (from HKD 4,700 in Q3 FY2025), while jewelry set with gold was priced at HKD 17,500 (from HKD 18,700 in Q3 FY2025) [2] Group 3: Product and Brand Strategy - The company is focusing on brand transformation and enhancing its iconic product lines, launching new products to attract younger customers, including a blind box series in collaboration with Hong Kong Disneyland [2] - New store designs have shown better performance than standard stores, indicating higher productivity [2] - The company opened new stores in high-end retail locations, including Singapore's Changi Airport and Shanghai's Hongqiao Henglong Plaza [2] Group 4: Market Expansion and Store Network Optimization - The company is optimizing its retail network by closing underperforming stores and opening high-productivity stores in core locations [4] - In mainland China, the company selectively opened 34 new retail points while closing 264, resulting in a net closure of 230 points [4] - The company plans to expand internationally by launching new stores in high-potential markets by June 2026 [4]