Chow Sang Sang Holdings International Limited · HKEX:116
Chow Sang Sang Holdings International — FY2025 Earnings Presentation
40 slides from Chow Sang Sang Holdings International's earnings presentation, March 2026
Slide 1: 2025 Annual Results Investors Presentation
CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司 (Incorporated in Bermuda with limited liability) Stock code: 116 2025 Annual Results Investors Presentation March 2026
Slide 2: FY2025 Highlights
FY2025 Highlights ____________________________________ ____________________________________ Turnover* Retail segment results* HK$22,446 million HK$2,695 million ▲ 6% ▲ 141% ____________________________________ ____________________________________ Gross profit margin* Earnings per share 32.6% (2024:
Slide 3: I. Review of Operations
I. Review of Operations
Slide 4: Operations Review
Operations Review • Broader reach, stronger new-generational appeal Brand Positioning & • Lifestyle-led & daily-wear focused Product Mix • Premium collection and experience for jewellery connoisseurs • Disciplined self-owned network optimisation Retail Network and • Quality growth over scale Channel
Slide 5: Strategic Market Focus – The New Generation
Strategic Market Focus – The New Generation One of our product and marketing strategies centres on our hero Charme collection, positioning jewellery as a form of lifestyle and personal expression. 5
Slide 6: Tapping into the New Generation leveraging IP's Buzz
Tapping into the New Generation leveraging IP’s Buzz IP collaborations amplify Charme’s creativity and entry-level offerings, increase relevancy with younger consumers while creating win-win engagement with shopping malls and China’s e-commerce platforms. They also serve as an effective tool to reac
Slide 7: Strategic Market Focus – The Taste-makers
Strategic Market Focus – The Taste-makers We continue to scale the reach and market impact of our signature line-ups, defined by a distinctive artistic vision and a harmonious East-West aesthetic delivered through exceptional craftsmanship. 7
Slide 8: Differentiated Artistic Direction Driving Brand Distinction
Differentiated Artistic Direction Driving Brand Distinction Through the development of differentiated gem-set gold collections and focused marketing initiatives, sales of gem-set jewellery continue to deliver robust growth. 8
Slide 9: Strategic Market Focus - Jewellery Connoisseurs
Strategic Market Focus - Jewellery Connoisseurs We strengthen our appeal to jewellery connoisseurs by refining the in-store shopping experience and curating a premium product line-up, including collectible pieces, with a strong focus on craftsmanship excellence and enduring value. 9
Slide 10: Deepening Relationships Through Exclusive Experiences and Engagement
Deepening Relationships Through Exclusive Experiences and Engagement We cultivate long-term loyalty among jewellery connoisseurs through bespoke customer engagement, including exclusive salons, relationship-led servicing and curated cultural, artistic and flagship events. 10
Slide 11: Self-owned Model & Retail Network Strategies
Self-owned Model & Retail Network Strategies Through optimization of our self-owned retail network by selective openings and relocations in strategic cities, we enhance overall network quality and profitability. 11
Slide 12: Strengthen the High-end Segment Store Network
Strengthen the High-end Segment Store Network We carried out new store openings, relocations with image uplift, and expansions at premium retail locations. Taikoo Hui, Guangzhou (relocation) Center 66, Wuxi (Uplift) Deji Plaza, Nanjing (relocation) IFC, Shanghai (new) Grand Emporium, Zhengzhou (Expa
Slide 13: Strengthen the flagship of strategic cities to gain market share
Strengthen the flagship of strategic cities to gain market share We focus new store openings and expansions at premises that has promising footfall and growth potential. Yaohan, ZhenJiang (Expansion) Hopson, Beijing (Expansion) BeiGuo, ShiJiaZhuang (Expansion) China Hong Kong City, Hong Kong (New) 1
Slide 14: Stronger Omni-channel Operation Model
Stronger Omni-channel Operation Model With around 30,000 hours of annual live streaming, we have transformed this channel into a seamless bridge between online and offline retail. Working alongside e-commerce platforms and mall partners, we create win-win large-scale initiatives that enhance brand v
Slide 15: Expanding Network Reach Through Global Cultural Platforms
Expanding Network Reach Through Global Cultural Platforms Returning to ComplexCon for the second year positions us within a global cultural platform, unlocking access to new audiences and fostering engagement with emerging consumer communities beyond traditional retail touchpoints. 15
Slide 16: II. Financial Highlights
Will. Financial Highlights | it [E [ail fale Crafted to radiate from the heart
Slide 17: Overall Retail Segment
Overall Retail Segment Elevated gross margin; increase in ASP for key categories Revenue & GP Margin ASP (HK$M) 33.7% Chinese Mainland 28.8% 2024 2025 27.1% Physical Physical RMB Online Online store store 24,274 Calculated-price 3,300 7,200 4,600 10,700 281 21,662 20,697 454 Fixed-price (Gem) 3,800
Slide 18: SSSG Key markets supported by strong sales growth for fixed-price jewellery
SSSG Key markets supported by strong sales growth for fixed-price jewellery and products By key markets +27% Chinese Mainland +24% Hong Kong & Macau +16% +15% +6% +4% +1% -9% -11% -13% -13% -24% -19% -26% -24% -30% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2024 2025 Chinese Mainland Hong Kong and Macau By products 1H
Slide 19: Chinese Mainland Retail Segment
Chinese Mainland Retail Segment Sales Growth Supported by Both Calculated and Fixed-Price Jewellery Revenue & GP Margin Sales Mix 35.4% (HK$M) 10% 30.2% 28.5% 11% 15,818 13,508 13,819 32% 32% 57% 58% 7,103 6,113 6,570 2024 2025 Calculated-price jewellery and products Fixed-price jewellery and produc
Slide 20: Hong Kong and Macau Retail Segment
Hong Kong and Macau Retail Segment Sales Growth Supported by Both Calculated and Fixed-Price Jewellery Revenue & GP Margin Sales Mix (HK$M) 29.9% 10% 25.5% 24.0% 13% 8,175 23% 7,389 21% 6,857 66% 4,351 67% 3,359 4,085 2024 2025 Calculated-price jewellery and products Fixed-price jewellery and produc
Slide 21: Omni-Channel and Online Sales
Omni-Channel and Online Sales Online Sales in key markets continue to grow Chinese Mainland Hong Kong, Macau, Taiwan and Others (HK$M) (HK$M) 31% 31% 31% e-shop 24% 22% 19% 6% 6% ⚫ chowsangsang.com 3,364 5% ⚫ Tmall 2,974 -0% 2,967 ⚫ JD 5% 4% ⚫ VIP 1,455 3% ⚫ Douyin 402 1,380 1,482 ⚫ Amazon US 310 ⚫
Slide 22: Retail Segment Results
Retail Segment Results Profitability improvement across all key markets Segment Results Segment Results Margin (HK$M) 12.4% 19.4% 6.2% 2,695 5.4% 88 15.4% 905 12.3% 1,498 10.3% 12.2% 29 1,118 597 51 430 1,702 7.3% 6.3% 872 5.5% 637 4.7% 2023 2024 2025 2023 2024 2025 Chinese Mainland HK&Macau Taiwan
Slide 23: Inventory Balances and Capital Expenditure
Inventory Balances and Capital Expenditure Inventory Balances and Turnover Days Capital Expenditure (HK$M) (HK$M) 365 302 242 17,504 435 12,257 12,785 157 214 45 129 278 20 169 109 YE2023 YE2024 YE2025 2023 2024 2025 Inventory balances Inventory turnover days New openings and Other purposes refittin
Slide 24: YE2025 Capital Management
YE2025 Capital Management ____________________________________ ____________________________________ Cash and cash equivalents Total borrowings HK$978 million HK$7,411 million (YE2024: HK$1,336 million) (YE2024: HK$5,028 million) ____________________________________ __________________________________
Slide 25: III. Market Outlook
WH ll. Market Outlook EMPHASIS Crafted for multifaceted beauty
Slide 26: Outlook: SSSG Performance in Key Markets (1 Jan – Mar 2026)
Outlook: SSSG Performance in Key Markets (1 Jan – 15 Mar 2026) Chinese Mainland Hong Kong SSSG: +4% SSSG: +42% • Lower mall foot traffic and high gold prices • Growth driven by both tourist and community weighed on mass-market demand mall stores • Consumer spending remained cautious and • Movement i
Slide 27: Disclaimer
Disclaimer The information, statements and opinions contained in this Presentation and any subsequent discussion do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any securities or other financial instruments or any advice or recommendation in respect of su
Slide 28: IV. Q&A
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Slide 29: V. Appendix
iv. Appendix |
Slide 30: Business Segments
Business Segments Chow Sang Sang Holdings International Limited Trading of Laboratory-grown Diamond Retail of Jewellery and Watches Wholesale of Precious Metals and Gemstones 30
Slide 31: Retail Store Brand Category
Retail Store Brand Category ⚫ Our mainline store brand whose stores carrying all our lines of merchandise ⚫ Our mainline store brand name in Macau and Taiwan ⚫ Devoted to offer customers a personalised and ceremonial shopping experience with our signature collections of engagement rings, wedding ban
Slide 32: Retail Store Brand Category
Retail Store Brand Category ⚫ Aims to define the new daily wear jewellery. Fusing fine materials and intricate craftmanship with avant-garde design, our fine jewellery collections embody the spirit of multifaceted beauty ⚫ An affordable daily wear brand in Mainland China that caters to the younger c
Slide 33: Store Network
Store Network As at 31 Net As at 31 Stores Network by Products Opening Closure Dec 2024 Change Dec 2025 771 28 (121) (93) 678 Chinese Mainland 49 1 (9) (8) 41 22 2 (16) (14) 8 Subtotal: 842 31 (146) (115) 727 50 1 - 1 51 Hong Kong 4 - (1) (1) 3 Macau 8 - (1) (1) 7 Subtotal: 62 1 (2) (1) 61 31 3 (2)
Slide 34: Retail Gross Profit Margin
Retail Gross Profit Margin 34.3% (▲7.4%) Influence of 29.2% gold price (▲2.9%) volatility 27.2% (▲1.7%) 26.9% 26.3% 25.5% 2023 2024 2025 GP% GP% exclude gold volatility 34 * Inventory impairment impact excluded
Slide 35: Sustainability Framework
Sustainability Framework • ↓ 42% Scope 1+2 emissions • Zero serious injuries • AI for retail & operations by 2030 • Employee trainings Exquisite • ↓ 25% Scope 3 emissions Craftsmanship Moving towards by 2030 and Innovating the Carbon Neutrality • Carbon Neutral by 100th People Oriented Future annive
Slide 36: Sustainability Achievements
Sustainability Achievements Energy Management Training and Education Supporting Art and Culture Circular Economy Staff Engagement Service Excellence Preserving Heritage AI Adoption in Value Chain Exquisite Quality & Craftmanship
Slide 37: Industry Analysis – Chinese Mainland and Hong Kong
Industry Analysis – Chinese Mainland and Hong Kong Value of retail sales of FY2025 FY2025 Hong Kong Jewellery, Watches and Clocks, and Valuable Gifts Chinese Mainland Gold, Silver and Jewellery Sales 7.00 40.00 37.75 37.75 36.70 6.00 35.00 32.50 32.80 5.32 30.60 4.94 29.60 30.00 28.70 29.30 29.20 5.
Slide 38: Industry Analysis – Chinese Mainland Luxury Market Overview
Industry Analysis – Chinese Mainland Luxury Market Overview ⚫ China accounts for 25% of global luxury sales, making it a crucial market for brands, which have been adapting through effective product activations, marketing campaigns, store network optimisation. ⚫ Chinese consumer sentiment is showing
Slide 39: Definitions
Definitions In this presentation, unless the context otherwise requires, the following terms shall have the following meanings: ASP average selling price Chinese Mainland PRC excluding, for the purpose of this presentation (unless otherwise indicated), Hong Kong, Macau and Taiwan Company Chow Sang S
Slide 40: Thank You
AES chow Sang Sang
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