Chow Tai Fook Jewellery Group Limited · HKEX:1929
Chow Tai Fook Jewellery — 1H FY2026 Earnings Presentation
42 slides from Chow Tai Fook Jewellery's earnings presentation, Nov 25, 2025
Slide 1: Presentation on 2025/2026 Interim Results (HKEX announcement)
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: 2025/2026 Interim Results Investors Presentation
2025/2026 INTERIM RESULTS INVESTORS PRESENTATION 2025.11.25
Slide 3: 1H2026 Highlights
1H2026 HIGHLIGHTS Solid trajectory with sustained profitability Revenue Gross profit margin HK$38,986 1H2025 million On constant fx 30.5% 31.4% 1.1% 0.5% Operating profit Operating profit margin HK$6,823 17.5% 1H2025 million 0.7% 17.2% Profit attributable to shareholders Dividend per share HK$2,534
Slide 4: 1H2026 Key Achievements
1H2026 KEY ACHIEVEMENTS Charting steady progress on our brand transformation journey Showcasing aesthetic jewellery Expanding our signature Unveiling more immersive Launching new High design excellence in sports collections and optimising new image stores, elevating Jewellery Collection, through med
Slide 5: Brand Transformation: Strengthened storytelling and differentiated product offerings
BRAND TRANSFORMATION Strengthened storytelling and differentiated product offerings propelled sales growth Key fixed-price signature collections contributed ~HK$3.4 billion Unlock our brand videos Chow Tai Fook Rouge Collection Joie Collection Palace Museum Collection 4
Slide 6: Brand Transformation: Building momentum towards our centenary
BRAND TRANSFORMATION Building momentum towards our centenary Enriching differentiated New image stores Leveraging High Jewellery to signature products and rollout underway elevate our brand‘s strategic brand collaborations desirability and positioning 5
Slide 7: Business Update
BUSINESS UPDATE CHOW TAI FOOK JEWELLERY GROUP.
Slide 8: Chinese Mainland – Chow Tai Fook Jewellery POS
CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS POS optimisation enhanced network productivity RSV and POS by tier of cities 1 RSV and POS by operating model RSV and POS by store format 16.9% 17.4% 16.7% 31.8% 12.4% 54.1% 27.3% 22.1% 22.8% 47.7% 18.5% 21.9% 42.9% 72.7% 30.2% 47.3% 29.2% 68.2% % of %
Slide 9: Chinese Mainland – Curated new stores in prime locations
CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS Curated new stores in prime locations delivered strong network performance Quality expansion Average monthly sales per new store 1 ⚫ Prioritising store productivity and earnings quality. Selectively opened HK$ million 57 new stores in 1HFY2026 ⚫ Strateg
Slide 10: Chinese Mainland – E-commerce Business
CHINESE MAINLAND – E-COMMERCE BUSINESS Strong growth momentum fuelled by enhanced customer engagement strategies Digital customer engagement RSV 1H2025 ⚫ Proactively harnessed the potential of livestreaming channels through strategic investment in content curation, host 27.6% 0.6% collaborations, an
Slide 11: Hong Kong & Macau of China and Other Markets
HONG KONG & MACAU OF CHINA AND OTHER MARKETS Revival in retail sentiment and foot traffic supported steady recovery RSV and POS by geography Hong Kong and Macau Retail network 14.5% ⚫ POS network stayed steady in 1HFY2026 with 88 CHOW TAI FOOK JEWELLERY POS as of 30 Sep 43.1% 66.7% ⚫ Continued refin
Slide 12: Other Markets – Two-pronged expansion
OTHER MARKETS – CHOW TAI FOOK JEWELLERY POS (EXCLUDING CHINA DUTY FREE) Two-pronged expansion with focus on the quality and store productivity 1H2026 highlights Revitalising key Expanding in new high-potential existing markets territories RSV ⚫ Upgrading, relocating and adding stores to ⚫ Expand in
Slide 13: Financial Review
FINANCIAL REVIEW CHOW TAI FOOK JEWELLERY GROUP.
Slide 14: 1H2026 Income Statement Highlights
1H2026 INCOME STATEMENT HIGHLIGHTS Margin resilience validated success of transformation and management calibre Revenue Revenue YoY on constant fx HK$38,986 million 1.1% 0.5% Gross profit Gross profit margin HK$11,908 million 30.5% 1H2025 3.8% 31.4% SG&A SG&A Ratio 1H2025 HK$5,453 million 8.8% 14.0%
Slide 15: Revenue Breakdown
REVENUE BREAKDOWN Revenue by reportable segment (HK$ m) Revenue by product (HK$ m) (Excluding jewellery trading and service income from franchisees) 49,526 YoY Change 49,030 YoY Change 46,535 46,070 44,186 43,746 19.1% 39,408 38,986 -1.1% 38,771 38,496 -0.7% 35.8% 24.0% 39.6% 27.0% 44.8% 26.9% 35.1%
Slide 16: Same Store Sales Growth – Key Markets
SAME STORE SALES GROWTH (“SSSG”) – KEY MARKETS Positive SSSG momentum across key markets and product categories 48.7% Chinese Mainland (Self-operated) 38.8% Chinese Mainland (Franchised) Hong Kong & Macau of China 8.6% 2.2% 7.6% 0.0% 18.3% -8.7% -12.3% 6.2% -19.1% -20.3% -3.3% -16.1% -13.2% -26.4% -
Slide 17: Movements in Gross Profit Margin
MOVEMENTS IN GROSS PROFIT MARGIN Robust margin supported by gold price rise and brand transformation 0.9% 0.2% 0.6% 2.6% 31.4% 30.5% 9.8% 7.9% 1H2025 1H2026 Impact from wholesale business Impact from jewellery trading Changes in product mix Changes in gross profit margin by product in retail busines
Slide 18: SG&A Analysis
SG&A ANALYSIS (HK$M) Favourable operating leverage and disciplined cost management 12.4% 15.2% 14.0% YoY Change 6,150 % 5,978 % 5,453 % -8.8% Staff costs and related expenses 2,528 5.1% 2,549 6.5% Concessionaire fees Rental expenses 2,412 6.2% -5.4% Depreciation and amortisation (Right-of-use assets
Slide 19: SG&A – Staff Costs and Related Expenses
SG&A – STAFF COSTS AND RELATED EXPENSES (HK$M) Chinese Mainland Hong Kong & Macau of China 12.2% 5.6% 5.5% 8.9% 9.5% 4.5% 1H2026 Average 1H2026 Average YoY Change no. of employees 1 YoY Change no. of employees 1 1,842 635 17,760 1,820 1,774 -3.7% 2,380 629 565 -10.3% -6.7% YoY -5.6% YoY 28.5% 28.3%
Slide 20: SG&A – Concessionaire Fees and Lease-Related Expenses
SG&A – CONCESSIONAIRE FEES AND LEASE – RELATED EXPENSES (HK$M) Chinese Mainland Hong Kong & Macau of China 8.2% 8.1% 5.4% 8.0% 5.0% 4.2% 4.5% 6.3% 5.3% YoY Change YoY Change 319 317 4.2% 1,196 304 985 -2.3% 28.4% 963 23.2% 41.0% 74.0% 68.1% 69.2% -0.8% 71.7% 67.8% 55.6% 26.0% 31.9% 30.8% -5.5% 3.4%
Slide 21: Operating Profit and Profitability Analysis
OPERATING PROFIT AND PROFITABILITY ANALYSIS Profitability sustained at high levels across reportable segments Operating profit by reportable segment (HK$m) Profitability – Chinese Mainland YoY Change 31.2% 29.5% 25.0% 6,776 6,823 0.7% 18.3% 17.7% 6,514 14.1% 11.5% 13.8% 12.8% 1H2024 1H2025 1H2026 89
Slide 22: Inventory and Capital Expenditure
INVENTORY AND CAPITAL EXPENDITURE (HK$M) Prioritising inventory management and capex spend for business growth and efficiency Inventory balances by product 1 Capex by function 67,574 474 62,668 55,368 34,984 51.8% 129 35,717 57.0% 31,850 57.5% 308 37 30,863 45.7% 21,918 39.6% 25,503 40.7% 227 1,728
Slide 23: Capital Management
CAPITAL MANAGEMENT CHOW TAI FOOK JEWELLERY GROUP.
Slide 24: 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 25 HK$10,351 HK$6,564 As at 31 Mar 25 million HK$7,582 million million HK$3,825 million Total Equity Gold loans As at 31 Mar
Slide 25: Summary – Movements in Cash Flows
SUMMARY – MOVEMENTS IN CASH FLOWS (HK$M) Pro forma free cash flows (3,628) 7,660 423 8,714 … 6,781 3,195 1,728 10,320 7,582 3,857 2,732 157 227 FY2025 1H2026 (31 Mar 25) Operating cash flows before movements in working capital Net increase in bank borrowings (30 Sep 25) Bank balances Leases paid 1 N
Slide 26: Fair Value Change on Gold Loan
FAIR VALUE CHANGE ON GOLD LOAN Effective hedging to sustain margin resilience For the period (HK$m) 1H2025 1H2026 Revenue 39,408 38,986 London gold price (US$/ounce) 1H2025 1H2026 YoY Change -20.4% -1.1% As of beginning of the period (31 Mar) 2,214 3,115 Weight-based gold jewellery revenue YoY Chang
Slide 27: Market Outlook
MARKET OUTLOOK
Slide 28: Market Outlook: Well positioned for sustainable high-quality growth
MARKET OUTLOOK Well positioned for sustainable high-quality growth ⚫ Continual improvement in consumer sentiment revived jewellery spending in 1HFY2026. We witnessed solid business recovery as Same Store Sales returned to positive in all key markets in which we operate ⚫ Despite the recent short-ter
Slide 29: Appendix
APPENDIX CHOW TAI FOOK JEWELLERY GROUP.
Slide 30: Appendix I – Income Statement Summary
APPENDIX I – INCOME STATEMENT SUMMARY For the six months ended 30 September (HK$m) 1H2024 1H2025 1H2026 YoY Change Revenue 49,526 39,408 38,986 -1.1% Gross profit 12,311 12,378 11,908 -3.8% Gross profit margin 24.9% 31.4% 30.5% -0.9% pts Selling and distribution costs and general and administrative
Slide 31: Appendix II – Profit Before Taxation
APPENDIX II – PROFIT BEFORE TAXATION For the six months ended 30 September (HK$m) 1H2025 1H2026 YoY Change Operating profit 6,776 6,823 47 Other gains and losses (3,135) (3,169) (34) - Fair value change of gold loan (3,065) (3,143) (78) - Net Fx gain / (loss) (34) (2) 32 - Others (36) (24) 12 Other
Slide 32: Appendix III – FY2025 Return on Equity
APPENDIX III – FY2025 RETURN ON EQUITY Resilient profitability sustained shareholders’ return ROE Net profit Total equity 21.9% FY2024: 24.7% Net profit margin Assets turnover Equity multiplier Net profit Revenue Total assets Revenue Total assets Total equity 6.7% 1.2 times 2.8 times FY2024: 6.1% FY
Slide 33: Appendix IV – Enhanced performance in newly opened stores
APPENDIX IV – CHINESE MAINLAND – CHOW TAI FOOK JEWELLERY POS Enhanced performance in newly opened stores Ratio of RSV per store to RSV per Same Store by store age in FY2025 160.2% 119.8% 89.3% 90.8% Average monthly sales per store FY2025 RSV 78.4% HK$ million per same store: HK$13.5 million 2,3 >1.0
Slide 34: Appendix V – London Gold Price
APPENDIX V – LONDON GOLD PRICE (US$ PER OUNCE) 1HFY2025 2HFY2025 1HFY2026 30.9.2024 vs T-180 days price 31.3.2025 vs T-180 days price 30.9.2025 vs T-180 days price +9.1% +12.8% +13.3% 4,100 30.9.2024 vs 31.3.2024 31.3.2025 vs 30.9.2024 30.9.2025 vs 31.3.2025 +18.8% +18.4% +22.8% 3,600 3,100 2,600 2,
Slide 35: Appendix VI – Product Innovation and Strategic Brand Collaborations
APPENDIX VI – PRODUCT INNOVATION AND STRATEGIC BRAND COLLABORATIONS TO ENHANCE BRAND DESIRABILITY 34
Slide 36: Appendix VII – Enhancement of Retail Experience
APPENDIX VII – ENHANCEMENT OF RETAIL EXPERIENCE 5-storey new image store in Shanghai HOF in MGM Cotai, Macau Rolex store in K11 Musea, Hong Kong 35
Slide 37: Appendix VIII – Our Sustainability: Sustainability 2049
APPENDIX VIII – 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 P
Slide 38: Appendix VIII – Our Sustainability: FY2025 Highlights
APPENDIX VIII – OUR SUSTAINABILITY FY2025 HIGHLIGHTS ENVIRONMENT PEOPLE INDUSTRY Circularity Chinese Culture Recycled and Traceable Gold • Launched MONOLOGUE 100% recycled gold products to champion circularity • Embarked on separate partnerships with the Palace Museum • Research and information coll
Slide 39: Appendix IX – Reporting Principles and Recognitions
APPENDIX IX – 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 prepared with reference to the recommendations from: • Global Reporting Initiative Susta
Slide 40: Appendix X – Hurun Chinese Luxury Consumer Survey
APPENDIX X – HURUN CHINESE LUXURY CONSUMER SURVEY Top 10 favourable jewellery brands of high-net-worth individuals 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Bulgari Cartier Cartier Cartier Cartier Cartier Ca
Slide 41: 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 42: Chow Tai Fook Jewellery Group
CHOW TAI FOOK JEWELLERY GROUP
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