Chow Sang Sang Holdings International (116) H2 2025 earnings summary

Executive summary

• Turnover reached HK$22,446 million, up 6% year-over-year, with gross profit margin rising to 32.6% from 28.3% in FY2024, driven by strong retail sales in Chinese Mainland and Hong Kong.

• Profit attributable to owners surged 115% to HK$1,659 million, and EPS increased to HK255.7 cents.

• Retail segment results rose 141% to HK$2,695 million, supported by cost savings and network optimization.

• Dividend per share increased 96% to HK100.0 cents.

• Strategic focus on new-generation consumers, premium collections, and omni-channel integration drove growth.

Financial highlights

• Retail turnover grew 5% to HK$21,662 million; other businesses turnover up 64% to HK$785 million.

• Gross profit margin improved to 32.6% (from 28.3% in 2024), reflecting higher ASP and product mix optimization.

• Retail gross profit margin excluding gold volatility reached 34.3%.

• Inventory turnover days reduced to 242 from 302, with inventory balances at HK$12,785 million.

• Cash and cash equivalents at year-end were HK$978 million, with total borrowings at HK$7,411 million.

Outlook and guidance

• SSSG in Chinese Mainland was +4% (Jan–15 Mar 2026), with premium malls outperforming despite cautious consumer spending.

• Hong Kong SSSG was +42%, driven by tourist and community mall stores and heightened gold demand.

• Focus remains on disciplined network strategy, high-end segments, and selective experiential store rollouts.