Financial Data and Key Metrics Changes - The group's revenue increased by 25.6% to HKD 6.8 billion compared to the same period last year [3] - Operating profit margin rose by 1.6 percentage points to 11.4%, boosting operating profits by 45.4% to HKD 518 million [4] - Profit attributable to equity holders increased by 42.5% to HKD 619 million, with basic earnings per share rising by 41.9% to HKD 1.05 [4] - Gross profit increased by 33.2% to HKD 2.37 billion, while operating expenses rose by 12.4% to around HKD 1.3 billion [5] - The overall gross margin increased by 2 percentage points to 34.7%, marking a record high for both interim and annual results [4][5] Business Line Data and Key Metrics Changes - Retailing revenue increased by 12.8% to HKD 5.26 billion, accounting for 76.8% of total revenue [8] - Wholesale revenue rose significantly by 119.6% to HKD 1.12 billion, turning a profit of HKD 108 million [9] - Licensing income increased by 16.6% to HKD 471 million, contributing 6.9% of total revenue [9] Market Data and Key Metrics Changes - Revenue from the Hong Kong/Macau/Overseas market increased by 9.9% to HKD 3.86 billion, accounting for 56.4% of total revenue [6] - Revenue from the mainland market surged by 54.2% to HKD 2.98 billion, representing 43.6% of total revenue [8] - Retailing revenue in the mainland increased by 23.6% to HKD 1.5 billion, but recorded a selling loss of HKD 14 million due to gold hedging losses [13] Company Strategy and Development Direction - The company has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancement [17] - Plans to enter at least three additional countries and add a net of 50 overseas shops within three years [18] - The company aims to optimize product mix and enhance product differentiation to meet diverse customer needs [20] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical tensions and rising gold prices, the group's performance remained strong across all regions [3] - The company expects double-digit growth to continue in the second half of the financial year [40] - Management is optimistic about future growth and network expansion, particularly in overseas markets [66] Other Important Information - The company experienced a net decrease of 174 shops globally, including 173 Luk Fook shops and one 3DG Jewelry shop [4] - The average international gold price increased by nearly 91% year-on-year, impacting sales by weight [10] - The company has integrated ESG principles into its corporate planning and operational decision-making processes [26] Q&A Session Summary Question: Can you compare November sales momentum versus October? - Management indicated that overall sales growth in the mainland market exceeded 30% in November, with fixed-price jewelry products growing faster than gold sales by weight [36] Question: What is the guidance for simple sales growth for the full year of FY 2026? - Management expects double-digit growth to continue in the second half of the year, despite a higher base [40] Question: What is the outlook for gross profit margin next year? - Management stated that if gold prices stabilize, the gross margin would return to standard levels, but they anticipate maintaining a record high gross margin in the second half [44][48] Question: What are the drivers behind the strong performance in wholesale revenue? - The company shifted exclusive and promotional products into the wholesaling business, leading to significant revenue increases [56] Question: How long will the current trend of store closures in mainland China continue? - Management expects a net reduction of around 200 shops for the full year, with fewer closures anticipated in the second half [65]

Financial Data and Key Metrics Changes - The group's revenue increased by 25.6% to HKD 6.8 billion compared to the same period last year [3] - Operating profit margin rose by 1.6 percentage points to 11.4%, boosting operating profits by 45.4% to HKD 518 million [4] - Profit attributable to equity holders increased by 42.5% to HKD 619 million, with basic earnings per share rising by 41.9% to HKD 1.05 [4] - Overall gross margin increased by 2 percentage points to 34.7%, marking a record high for both interim and annual results [4][5] - Inventory balance grew to around HKD 12.3 billion, with inventory turnover days increasing by over 60 days year-on-year [5][6] Business Line Data and Key Metrics Changes - Retailing revenue increased by 12.8% to HKD 5.26 billion, accounting for 76.8% of total revenue [8] - Wholesale revenue rose significantly by 119.6% to HKD 1.12 billion, turning selling profit from a loss to a profit of HKD 108 million [9] - Licensing income increased by 16.6% to HKD 471 million, driven by improved sales in the mainland [9] Market Data and Key Metrics Changes - Revenue from the Hong Kong/Macau/Overseas market increased by 9.9% to HKD 3.86 billion, accounting for 56.4% of total revenue [6] - Revenue from the mainland market surged by 54.2% to HKD 2.98 billion, accounting for 43.6% of total revenue [7] - Retailing revenue in the mainland increased by 23.6% to HKD 1.5 billion, despite selling losses due to gold hedging [13] Company Strategy and Development Direction - The company has set a new three-year corporate strategy focusing on overseas market expansion, market-oriented products, and operational efficiency enhancement [17] - Plans to enter at least three additional countries and add a net of 50 overseas shops within three years [18][19] - Emphasis on product differentiation and optimizing product mix to cater to both premium and affordable luxury segments [20] Management's Comments on Operating Environment and Future Outlook - Management noted that despite geopolitical tensions and rising gold prices, the group's performance remained strong across all regions [3] - The company expects to see continued double-digit growth in simple sales for the second half of the financial year [36] - Management is optimistic about future growth and network expansion, particularly in overseas markets [45] Other Important Information - The company experienced a net decrease of 174 shops globally, including 173 Luk Fook shops and one 3DG Jewelry shop [4] - The average international gold price increased by nearly 91% year-on-year, impacting sales by weight [10] - The company has integrated ESG principles into its corporate planning and operational decision-making processes [26] Q&A Session Summary Question: Can you compare November sales momentum versus October? - Management indicated that overall simple sales growth for the mainland market exceeded 40% from October to November, with self-operated shops showing mid-teen growth and licensed shops over 40% [32] Question: What is the sales momentum by products for November? - Fixed-price jewelry products are growing faster than gold sales by weight, with gold sales by weight increasing faster in November compared to fixed-price jewelry [33][34] Question: What is the guidance for simple sales growth for the full year of FY 2026? - Management expects double-digit growth to continue in the second half, despite a higher base in the second half compared to the first [36] Question: What is the outlook for gross profit margin next year? - Management anticipates maintaining a high gross margin due to the new VAT policy and lower cost inventory, with expectations for a record high margin in the second half [39] Question: What are the drivers behind the strong performance in wholesale revenue? - The shift in strategy to include exclusive and promotional products in the wholesaling business has driven significant revenue growth [41]