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Visual31 Oct 2025
Three decades of Rolls-Royce
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.H2 2025 earnings summary27 Jun, 2025
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.
What's driving overseas market expansion?
How did the new ambassador impact sales?
What's the plan for Nansha plant renovation?
What are the drivers of Mainland sales rebound?
Elaborate on fixed-price gold ASP trends.
What is the FY26 same-store sales target?
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Next Luk Fook Holdings (International) earnings date
H1 202626 Nov, 2025
Next Luk Fook Holdings (International) earnings date
H1 202626 Nov, 2025
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Frequently asked questions
Luk Fook Holdings (International) Limited is a Hong Kong-based jewelry company. The company's product portfolio is diverse, featuring rings, pair rings, necklaces, pendants, earrings, bangles and bracelets, charms, figurines, accessories, and other items made from various materials such as diamond, gold, platinum, jadeite, gemstone, pearl, and silver. Its shares are listed on the Hong Kong Stock Exchange.
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