Chow Tai Fook Jewellery Group (1929) Q4 2025 earnings summary

Executive summary

• Retail sales value (RSV) declined 11.6% year-over-year for the quarter ended 31 March 2025, reflecting continued macroeconomic pressures and high gold prices impacting consumer sentiment.

• Same store sales (SSS) fell 13.2% in Mainland China (self-operated) and 22.5% in Hong Kong & Macau, with Hong Kong down 21.5% and Macau down 25.6%.

• Product optimisation and successful campaigns helped narrow the SSS decline sequentially in Mainland China.

Financial highlights

• RSV of gem-set, platinum and k-gold jewellery grew 2.4% year-over-year in Mainland China, while gold jewellery and products RSV declined 13%.

• RSV contribution of fixed-price gold products in Mainland China rose to 25.6% from 9.4% a year ago.

• E-commerce RSV in Mainland China increased 21.7% year-over-year, contributing 5.3% of RSV and 12.7% of volume.

• In Hong Kong & Macau, RSV contribution of gem-set, platinum and k-gold jewellery increased to 17.3% from 14.0% year-over-year.

Outlook and guidance

• Continued focus on product optimisation and retail network management to sustain market leadership and enhance financial health.

• New image stores in Mainland China demonstrated higher productivity, supporting ongoing brand transformation.