Chow Tai Fook Jewellery Group Limited · HKEX:1929
Chow Tai Fook Jewellery — FY2026 Earnings Presentation
49 slides from Chow Tai Fook Jewellery's earnings presentation, Jun 11, 2026
Slide 1: Presentation on 2026 Annual Results
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: 2026 Annual Results Investors Presentation
2026 ANNUAL RESULTS INVESTORS PRESENTATION 2026.06.11
Slide 3: Record High Results – FY2026
RECORD HIGH RESULTS – FY2026 Validating successful transformation, with further acceleration ahead Revenue Gross profit margin HK$ 94,398 million 32.3% 5.3% 2.8 % pts Operating profit Operating profit margin HK$ 18,850 million 20.0% 27.8% 3.6 % pts Profit attributable to shareholders Dividend per sh
Slide 4: Bringing Chow Tai Fook to the World Stage
BRINGING CHOW TAI FOOK TO THE WORLD STAGE Five strategic priorities powered by the three levers of growth 3
Slide 5: The Three Rs: Our Levers of Growth
THE THREE R s: OUR LEVERS OF GROWTH REDEFINE REJUVENATE REIMAGINE Chinese Luxury Portfolio and Operational New Horizons Globally Efficiency Redefining Chinese luxury Curating our product world Extending the Chow Tai Fook globally, showcasing the and optimising our network universe into new geographi
Slide 6: The Three Rs: Our Levers of Growth
THE THREE R s: OUR LEVERS OF GROWTH REDEFINE REJUVENATE CHINESE LUXURY GLOBALLY PORTFOLIO AND OPERATIONAL EFFICIENCY • Redefining Chinese luxury globally, showcasing the • Enhancing store productivity to improve SSSG and RSV through contemporary Chinese culture, innovation and exquisite craftsmanshi
Slide 7: FY2026 Brand Transformation Progress: First Global Flagship Store
FY2026 BRAND TRANSFORMATION PROGRESS Unveiling our first global flagship store – A vibrant expression of our holistic brand experience and lifestyle Canton Road, Hong Kong 6
Slide 8: Brand Transformation: Successful Iconic Collections
BRAND TRANSFORMATION Transformation in motion – successful iconic collections drive growth Rouge Palace Museum Joie DAWN Collection Collection Collection Collection FY2025 FY2025 FY2026 FY2027 7
Slide 9: Signature Collections with Lifestyle Offerings
FY2026 BRAND TRANSFORMATION PROGRESS Celebrating success of signature collections with lifestyle offerings Mainland fixed -price jewellery RSV contribution 35.4% 45 -50 % FY2026 FY2030 CTF Accessories Chow Tai Fook Home 8
Slide 10: Reimagine New Horizons Globally
FY2026 BRAND TRANSFORMATION PROGRESS Reimagine new horizons globally Jewel Changi Airport, Singapore Westfield Sydney, Australia Siam Paragon, Bangkok, Thailand 9
Slide 11: IP Collaborations: Acquiring New and Younger Customers
FY2026 BRAND TRANSFORMATION PROGRESS IP collaborations: Acquiring new and younger customers 10
Slide 12: Establishing Presence in High Jewellery
FY2026 BRAND TRANSFORMATION PROGRESS Formally establish Chow Tai Fook’s presence in the High Jewellery sector 11
Slide 13: Chow Tai Fook Universe
WE ARE BUILDING THE UNIVERSE
Slide 14: Business Update
BUSINESS UPDATE
Slide 15: Chinese Mainland – A Smarter Network
CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS A smarter network through retail experience elevation and disciplined portfolio optimisation RSV and POS by tier of cities 1 RSV and POS by operating model FY2026 Highlights 16.1% ⚫ Ov erall quality of our POS network have 18.6% improved, thanks to holi
Slide 16: Strategically Executed New Openings Driving Productivity
CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS Strategically executed new openings driving substantial productivity improvement Average monthly sales per new store 1 (HK$ million) 1.6 +57% Newly designed stores 1.0 Strategic store openings in in luxury format high -footfall locations, 8 as of Mar 20
Slide 17: Solid Drivers Powering Future Topline and SSS Growth
CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS Solid drivers powering future topline and SSS growth RSV per store as a % of • 3 growth levers to drive revenue and SSS , average same store positioning us well for stronger business 140.0% 130.2% momentum in the next 3 -5 years 120.0% 114.2% 1) Maturit
Slide 18: Chinese Mainland – E-Commerce Business
CHINESE MAINLAND – E-COMMERCE BUSINESS Robust growth momentum anchored by enhanced customer engagement RSV FY2025 FY2026 Highlights 23.0 % 3.6% ⚫ Robust performance of Mainland e -commerce, anchored by enhanced customer engagement, such as in -house livestreaming studio and the deployment of AI -liv
Slide 19: Hong Kong & Macao and Other Markets
HONG KONG & MACAO OF CHINA AND OTHER MARKETS Elevated retail experience and high -quality store additions to strengthen brand desirability Wynn Palace, Macao K11 Musea, Hong Kong MGM Cotai, Macao 18
Slide 20: Solid Tourism Revival and Enhanced Retail Experience
HONG KONG & MACAO OF CHINA AND OTHER MARKETS Solid tourism revival and enhanced retail experience driving robust business recovery RSV and POS by geography FY2026 Highlights Overall upgrade in experience and customer journey in Hong 17.7% Kong and Macao, supported by ⚫ Enhanced visual merchandising
Slide 21: Other Markets – Expanding into High-Potential Markets
OTHER MARKETS – CHOW TAI FOOK JEWELLERY POS Expanding into high -potential markets to accelerate global brand reach and influence FY2026 Highlights Fixed -price jewellery RSV RSV contribution Number of CTFJ POS 52.6% (Ex Mainland duty -free: 29.7% 63 (Ex Mainland duty -free: (Openings: +7 I Closings
Slide 22: Financial Review
FINANCIAL REVIEW
Slide 23: FY2026 Income Statement Highlights
FY2026 INCOME STATEMENT HIGHLIGHTS Record high profits confirm transformation success Revenue Revenue YoY on constant fx HK$94,398 million 5.3% 4.5% Gross profit Gross profit margin FY2025 HK$30,500 million 15.3% 32.3% 29.5% SG&A SG&A ratio FY2025 HK$12,343 million 1.2% 13.1% 13.9% Operating profit
Slide 24: Revenue Breakdown – Reportable Segment
REVENUE BREAKDOWN – REPORTABLE SEGMENT (HK$M) YoY Change 108,713 98,938 94,684 94,398 5.3% 89,656 35.5% 44.3% 39.3% 38.9% 13.5% 36.1% 47.0% Chinese Mainland (Retail) 47.0% 41.6% -7.0% 43.6% 46.9% Chinese Mainland (Wholesale) Hong Kong & Macao of China 13.8% 17.5% 16.8% 19.5% 22.0% 12.1% and other ma
Slide 25: Revenue Breakdown – Product
REVENUE BREAKDOWN – PRODUCT (HK$M) (EXCLUDING JEWELLERY TRADING AND SERVICE INCOME FROM FRANCHISEES ) YoY Change 107,757 97,799 93,729 19.2% 92,999 6.2% 87,546 26.2% 23.1% 31.5% 15.7% 28.9% 76.2% 67.9% 71.7% 3.0% 66.2% 64.2% Fixed-price jewellery Weight-based gold jewellery Watches 6.0% 5.3% 4.6% 4.
Slide 26: Same Store Sales Growth – Key Markets
SAME STORE SALES GROWTH (“SSSG”) – KEY MARKETS SSSG recovery drives steady trajectory despite extreme gold price volatility in 4Q 40.1% 40.6% 26.3% 21.4% 19.7% 8.6% Chinese Mainland (Self -operated) 2.2% 7.6% Chinese Mainland (Franchised) 0.0% 0.2% 15.2% 14.3% Hong Kong & Macao of China 6.2% -12.3%
Slide 27: Movements in Gross Profit Margin
MOVEMENTS IN GROSS PROFIT MARGIN Robust margin supported by transformation initiatives and gold price strength 2.1% 0.8% 32.3% 1.0% 0.5% 29.5% 10.3% 8.0% FY2025 FY2026 Impact from retail/wholesale mix Changes in product mix Changes in gross profit margin by product Impact from jewellery trading Impa
Slide 28: SG&A Analysis
SG&A ANALYSIS (HK$M) 13.9% 12.2% 13.1% YoY Change 13,300 % 12,491 % 12,343 % -1.2% Staff costs and related expenses 5,378 4.9% Concessionaire fees 5,247 5.9% 5,270 5.6% 0.4% Rental expenses Depreciation and amortisation (Right -of-use assets, “ROUA”) Depreciation and amortisation 1,887 1.7% (Propert
Slide 29: SG&A – Staff Costs and Related Expenses
SG&A – STAFF COSTS AND RELATED EXPENSES (HK$M) Chinese Mainland Hong Kong & Macao of China 10.9% 5.1% 8.7% 8.3% 5.1% 4.4% FY2026 Average FY2026 Average no. of employees 1 no. of employees 1 YoY Change YoY Change 17,690 2,420 1,302 1,266 -6.3 % YoY -2.4% YoY 1,213 -4.2% 3,924 3,830 3,904 1.9% 36.2% 2
Slide 30: SG&A – Concessionaire Fees and Lease-Related Expenses
SG&A – CONCESSIONAIRE FEES AND LEASE – RELATED EXPENSES (HK$M) Chinese Mainland Hong Kong & Macao of China 7.7% 7.9% 7.7% 5.0% 4.5% 4.1% 4.1% 5.3% 4.5% YoY Change YoY Change 2,518 689 9.5% 662 2,126 2,173 2.2% 629 32.8% 37.2% 25.1% 74.4% 70.6% 71.1% 3.0% 70.1% 63.7% 58.8% 25.6% 29.4% 28.9% 0.4% 4.0%
Slide 31: Operating Profit and Profitability Analysis
OPERATING PROFIT AND PROFITABILITY ANALYSIS A five -year high profitability with sustained improvement Operating profit by reportable segment (HK$m) Profitability– Chinese Mainland YoY Change 28.7% 23.8% 31.5% 18,850 27.8% 16.8% 20.1% 13.0% 14,746 13,432 12.2% 11.4% 12.8% 81.1% 22.0% FY2024 FY2025 F
Slide 32: Inventory and Capital Expenditure
INVENTORY AND CAPITAL EXPENDITURE (HK$M) Capital discipline across inventory management and capex spend Inventory balances by product 1 Capex by function 64,593 63,666 55,368 963 32,917 51.0% 34,463 54.1% 31,850 57.5% 212 29,967 46.4% 27,819 43.7% 593 21,918 39.6% 578 45 1,709 2.6% 1,601 2.9% 1,384
Slide 33: FY2026 Return on Equity
FY2026 RETURN ON EQUITY High -quality earnings and shareholder value ROE Net profit Total equity 28.4% FY202 5: 21.9% Net profit margin Assets turnover Equity multiplier Net profit Revenue Total assets Revenue Total assets Total equity 9.6% 1.1 times 2.7 times FY202 5: 6.7% FY202 5: 1.2 times FY202
Slide 34: Capital Management
CAPITAL MANAGEMENT
Slide 35: Capital Structure Highlights
CAPITAL STRUCTURE HIGHLIGHTS Effective capital management for sustainable financial stability and performance Bank deposits and cash equivalents 1 Bank borrowings As at 31 Mar 2 5 As at 31 Mar 25 HK$8,262 million HK$7,582 million HK$4,760 million HK$3,825 million Total equity Gold loans As at 31 Mar
Slide 36: Summary – Movements in Cash Flows
SUMMARY – MOVEMENTS IN CASH FLOWS (HK$M) Pro forma free cash flows 7,795 21,233 872 6,876 5,097 885 … 593 9,602 8,714 5,327 1,785 7,582 8,262 FY2025 FY2026 (31 Mar 25) Operating cash flows before movements in working capital Net increase in bank borrowings (31 Mar 26) Bank balances Leases paid 1 Net
Slide 37: Fair Value Change on Gold Loan
FAIR VALUE CHANGE ON GOLD LOAN A balanced and pragmatic hedging approach sustained margin resilience (HK$m) FY2025 FY2026 Revenue 89,656 94,398 London gold price (US$/ounce) FY2025 FY2026 YoY Change -17.5% +5.3% As of beginning of the period 2,214 3,115 Weight -based gold jewellery As of the end of
Slide 38: Market Outlook
MARKET OUTLOOK
Slide 39: Market Outlook: Accelerating Transformation with Purpose and Precision
MARKET OUTLOOK Accelerating transformation with purpose and precision ⚫ The success of our brand transformation strategy is evidenced our resilient financial and operational performance in FY 2026 and in FY 2027 to date ⚫ We are now entering the definitive phase of our multi-year transformation jour
Slide 40: FY2030 Ambitions
FY2030 AMBITIONS Driving high-quality shareholder value REVENUE Above -market growth ROE Stay high at above 25 % SUSTAINABILITY 50% reduction in GHG emissions (Base year: FY2024) 39
Slide 41: Appendix
APPENDIX CHOW TAI FOOK JEWELLERY GROUP.
Slide 42: Appendix I – Income Statement Summary
APPENDIX I – INCOME STATEMENT SUMMARY For the year ended 31 March (HK$m) 2024 2025 2026 YoY Change Revenue 108,713 89,656 94,398 5.3% Gross profit 26,042 26,455 30,500 15.3% Gross profit margin 24.0% 29.5% 32.3% 2.8% pts Selling and distribution costs and general and administrative expenses (“SG&A”)
Slide 43: Appendix II – Profitability Analysis – 1H/2H
APPENDIX II – PROFITABILITY ANALYSIS – 1H/2H Profitability- Chinese Mainland Profitability- Hong Kong & Macao of China and other markets 35.5% 35.5% 33.0% 32.7% 33.6% 31.2% 29.5% 26.8% 21.9% 22.1% 19.7% 21.0% 18.3% 17.7% 17.3% 15.6% 16.9% 16.3% 13.8% 12.8% 14.9% 12.0% 11.8% 11.6% 1H2025 2H2025 1H202
Slide 44: Appendix III – London Gold Price
APPENDIX III – LONDON GOLD PRICE (US$ PER OUNCE) 1HFY2025 2HFY2025 1HFY2026 2HFY2026 30.9.2024 vs T -180 days price 31.3.2025 vs T -180 days price 30.9.2025 vs T -180 days price 31.3.2026 vs T -180 days price +9.1% +12.8% +13.3% +2.1% 6,100 30.9.2024 vs 31.3.2024 31.3.2025 vs 30.9.2024 30.9.2025 vs
Slide 45: Appendix IV – Our Sustainability
APPENDIX IV – OUR SUSTAINABILITY Sustainability 2049 ENVIRONMENT PEOPLE INDUSTRY Conserve • Preserve Cultivate • Collaborate Innovate • Advocate Circularity Traceability Low -impact Chinese Culture Future Talents Well-being for All Recycled and Clean Jewellery Operations Traceable Gold Production Pr
Slide 46: Appendix IV – FY2026 Highlights
APPENDIX IV – OUR SUSTAINABILITY FY2026 HIGHLIGHTS ENVIRONMENT PEOPLE INDUSTRY Circularity Chinese Culture Recycled and Traceable Gold • 11.5% recycled gold as a share of total gold feed • 5,000+ kindergarten children and teachers reached through • Corporate Standard for Recycled Gold Adornment • JI
Slide 47: Appendix IV – Reporting Principles and Recognitions
APPENDIX IV – OUR SUSTAINABILITY Reporting principles and recognitions Reporting principles In additions to the Environmental, Social and Governance Reporting Guide of HKEX, our sustainability disclosure is also prepa red with reference to the recommendations from: • Global Reporting Initiative Sust
Slide 48: Disclaimer
DISCLAIMER These materials have been prepared by Chow Tai Fook Jewellery Group Limited (the “Company”) solely for use at this presentation and are not for public dissemination. The slides and any other materials used in this presentation are the property of the Company and must be treated as such. T
Slide 49: Chow Tai Fook Jewellery Group
CHOW TAI FOOK JEWELLERY GROUP
Chow Tai Fook Jewellery Group — FY2026 Earnings Presentation on 6ix