Chow Sang Sang Holdings International (116) H1 2026 earnings summary

Executive summary

• Turnover from continuing operations rose 17% year-over-year to HK$12,878 million, driven by robust retail growth and an 18% increase in jewellery and watches sales across all key markets.

• Profit attributable to owners surged 141% to HK$2,193 million, supported by retail growth and significant unrealised fair value gain on bullion loans.

• Earnings per share increased 139% to HK320.5 cents; first interim dividend per share up 33% to HK28 cents.

• Gross profit margin was 33.2%, slightly down from 33.5% last year, reflecting gold price volatility and sales mix shifts.

Financial highlights

• Retail segment revenue grew 18% to HK$12,713 million; segment results up 31% to HK$1,828 million.

• Wholesale of precious metals turnover dropped 41% to HK$156 million due to softer demand.

• Equity attributable to owners increased 13% to HK$16,278 million.

• Cash and cash equivalents rose to HK$1,593 million from HK$978 million at year-end 2025.

• Net gearing ratio improved to 29.1% from 44.5% at year-end 2025.

Outlook and guidance

• Positive sales momentum continued into Q3 2026, with modest growth in Chinese Mainland and strong performance in Hong Kong and Macau.

• Focus on targeted marketing, omni-channel promotions, and customer engagement to sustain growth.

• Ongoing store network upgrades and premiumisation strategy across all regions.