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Chow Tai Fook Jewellery Group (1929) investor relations material

Chow Tai Fook Jewellery Group H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary25 Nov, 2025

Executive summary

  • Revenue for 1H FY2026 was HK$38,986 million, up 1.1% year-over-year, with operating profit at HK$6,823 million, reflecting margin resilience and solid recovery amid a volatile macroeconomic environment.

  • Same Store Sales (SSS) returned to positive growth: +2.6% in the Mainland and +4.4% in Hong Kong & Macau, driven by brand transformation, product optimization, and improved consumer sentiment.

  • Brand transformation advanced with new image stores, high jewelry collections, and successful IP collaborations, elevating brand desirability and targeting younger consumers.

  • Interim dividend of HK$0.22 per share declared, with a payout ratio of 85.7%.

  • Unaudited operational data from October to mid-November 2025 showed Group RSV up 33.9% year-over-year.

Financial highlights

  • Revenue reached HK$38,986 million, up 1.1% year-over-year; gross profit margin was 30.5%, down 0.9 pts YoY, supported by a higher mix of fixed-price jewellery.

  • Operating profit rose 0.7% to HK$6,823 million, with a record-high margin of 17.5%; net profit attributable to shareholders was HK$2,534 million, flat year-over-year.

  • SG&A expenses decreased 8.8% to HK$5,453 million, with the SG&A ratio improving to 14.0%.

  • Earnings per share increased to HK$0.26.

  • Convertible bonds of HK$8,800 million were issued in June 2025 to support business expansion and working capital.

Outlook and guidance

  • Management expects continued recovery in 2HFY2026, supported by positive consumer sentiment, ongoing brand transformation, and strategic initiatives.

  • SSS performance remained solid in the first two months of Q3 FY2026.

  • The Group will maintain financial discipline, prudent cost and capital management, and agility in strategy execution.

  • CapEx guidance for FY2026 remains below 1% of revenue.

  • Expect stronger cash flow generation in H2 due to seasonality and business recovery.

Fixed-price jewellery's margin support drivers?
Mainland store optimization: profit impact?
Inventory turnover & net gearing ratio changes?
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H2 202611 Jun, 2026
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Frequently asked questions

Chow Tai Fook Jewellery Group Limited is active in the luxury jewelry industry, specializing in the design, manufacture, and marketing of a wide range of jewelry products. These include items made from platinum, gold, and precious stones such as sapphires, diamonds, rubies, etc., alongside luxury watches under various brands like Chow Tai Fook, Hearts on Fire, Soinlove, Monologue, T Mark, and Enzo. The company has a rich heritage of craftsmanship and operates roughly 7000 stores across mainland China. Chow Tai Fook Jewellery Group is headquartered in Hong Kong and its shares are listed on the Hong Kong Stock Exchange.

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