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Luk Fook Holdings (International) (0590) investor relations material
Luk Fook Holdings (International) H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue declined 12.9% year-over-year to HK$13.3 billion, mainly due to high gold prices impacting gold product sales and significant gold hedging losses.
Profit for the year dropped 39.3% to HK$1.07–1.1 billion, with basic EPS down 37.9% to HK$1.87 and a dividend payout ratio of 59%.
Gross margin improved by 5.9 percentage points to 33.1%, and gross profit rose 5.8% to HK$4.42 billion.
Net decrease of 296 shops globally, with 3,287 shops at year-end.
Membership base grew nearly 23% to over 4.9 million, contributing 55% of retail sales.
Financial highlights
Gold hedging losses surged to HK$493 million, while prior year included a one-off gain from an acquisition.
Total operating expenses to revenue ratio rose 4.6 percentage points to 19.6%.
EBITDA fell 22.5% to HK$2.02 billion; net margin decreased 3.5 percentage points to 8.0%.
Net cash position turned negative to -HK$205 million; net gearing ratio at 1.6%.
NAV per share increased 2.2% to HK$22.38.
Outlook and guidance
Double-digit same store sales growth expected across all regions in FY2026, with nearly 20% growth in Mainland from April to June 2025.
Three-year strategy (FY2026–FY2028) focuses on overseas expansion, market-oriented products, and operational efficiency.
Plans to net add 50 shops in Mainland and 20 overseas in FY2026; CapEx budget set at HK$100 million, mainly for shop renovations.
Stable gold hedging ratio to be maintained at 25–27%.
Gold prices expected to remain high due to central bank demand and geopolitical tensions.
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