Chow Tai Fook Jewellery Group (1929) Q2 2026 earnings summary

Executive summary

• Retail sales value (RSV) grew 4.1% year-over-year for the quarter ended 30 September 2025, with Mainland China up 3.0% and Hong Kong & Macau and other markets up 11.4%.

• Same store sales (SSS) rebounded, with self-operated stores in Mainland China up 7.6% and franchised stores up 8.6%; Hong Kong & Macau SSS increased 6.2% year-over-year.

• Fixed-price products and signature collections drove growth, with strong momentum in both gold and gem-set jewellery categories.

Segment performance

• Mainland China: RSV of fixed-price gold products surged 43.7% year-over-year; gem-set, platinum, and k-gold jewellery RSV rose 10.0%.

• E-commerce RSV in Mainland China grew 28.1% year-over-year, contributing 6.7% to RSV and 15.5% to volume.

• Hong Kong & Macau: RSV of gem-set, platinum, and k-gold jewellery was 17.9% of total; gold jewellery and products contributed 75.7%.

Outlook and guidance

• Continued focus on brand transformation, strengthening fixed-price signature collections, and enhancing store productivity.

• Ongoing optimization of the retail network by closing underperforming stores and selectively opening new, higher-productivity locations.

• Expansion planned in high-potential new territories in the current financial year.