Core Viewpoint - The company reported a significant decline in total revenue and net profit for the fiscal year 2025, but managed to improve its gross margin through product optimization and pricing strategies, indicating a focus on high-end products and international market expansion [1][5][6]. Financial Performance - Total revenue for FY2025 was HKD 896.56 billion, a decrease of 17.5% from HKD 1,087.13 billion in FY2024, primarily due to weak domestic demand [5][6]. - Retail revenue in mainland China fell from HKD 548.19 billion to HKD 447.68 billion, a decline of 18.4%, while wholesale revenue dropped from HKD 538.93 billion to HKD 448.87 billion, a decrease of 17.1% [5][10]. - Operating profit increased by 9.8% to HKD 147.46 billion, up from HKD 134.32 billion in FY2024, with a gross margin improvement to 29.5% from 24.0% [2][6]. Product and Market Strategy - The average selling price of gold jewelry rose by 12.5% to HKD 6,300, while the average price of gem-set jewelry increased by 21.25% to HKD 9,700, reflecting enhanced pricing power [1][12]. - The company launched popular product lines, such as the "Fortune" series and the "Palace Museum" series, each generating over HKD 40 billion in sales [1][7]. - The company is focusing on Southeast Asia as a key growth engine, with plans to open new retail points and enhance brand experience to capture local and Chinese tourist spending [1][20]. Capital Management and Customer Experience - The company plans to distribute a final dividend of HKD 0.32 per share, reflecting a commitment to returning value to shareholders while retaining funds for business development [2][15]. - Initiatives like T·MARK Personalisation service and fixed-price product strategies are aimed at enhancing customer experience and brand appeal [2][13]. International Expansion - The company opened three new retail points in Southeast Asia during FY2025 and plans further expansion in FY2026 to meet growing demand for Chinese gold jewelry [1][20]. - The company is also exploring international brand collaborations and acquisition opportunities to strengthen its global presence [20]. Operational Efficiency - Despite an increase in the proportion of sales and administrative expenses, the absolute amount decreased, indicating improved operational efficiency [8]. - Cash flow management has improved, with bank deposits and cash equivalents declining only 1.5% compared to a 34.4% decline in FY2024 [11].