Chow Sang Sang Holdings International (116) H1 2025 earnings summary

Executive summary

• Turnover for the six months ended 30 June 2025 was HK$11,035.5 million, down 2% year-over-year, with retail revenue down 3% and other businesses up 4%.

• Profit attributable to owners rose 71% to HK$901.7 million, with profit from continuing operations up 81% to HK$909.8 million.

• Basic and diluted EPS increased 73% to 134.2 cents; EPS from continuing operations rose 83% to 135.4 cents.

• Interim dividend per share was HK21.0 cents, up from HK15.0 cents last year.

Financial highlights

• Gross profit margin increased by 5.2 percentage points to 33.5%, driven by higher gold prices and cost controls.

• Net cash flows from operating activities were HK$1,174.7 million; cash and cash equivalents at period end were HK$1,320.5 million.

• Equity attributable to owners increased 11% to HK$13,765.7 million; equity per share rose to HK$20.5.

• Net assets stood at HK$13,717 million as of 30 June 2025.

• Net gearing ratio was 29.3%; current ratio stood at 2.8.

Outlook and guidance

• Gold price uptrend is expected to continue supporting gross margins in the short term.

• Diamond jewellery sales recovery is expected to take longer; focus will remain on gold jewellery and high-end clientele.

• Store network in Mainland China will be repositioned, with a projected 10% reduction in store count by year-end.

• Emphasis on omni-channel expansion and AI-driven operational efficiency.