Chow Sang Sang Holdings International (116) H2 2025 earnings summary

Executive summary

• Turnover from continuing operations rose 6% year-over-year to HK$22,446 million, driven by strong retail sales in Chinese Mainland and Hong Kong.

• Gross profit margin improved by 4.3 percentage points to 32.6%, reflecting higher gold prices and a shift to higher-margin fixed-price jewellery.

• Profit attributable to owners from continuing operations surged 115% to HK$1,659 million, reaching a record high.

• Retail segment results increased 141% year-over-year, supported by cost savings and network optimization.

• Earnings per share more than doubled to HK255.7 cents.

Financial highlights

• Retail turnover grew 5% to HK$21,662 million; other businesses turnover up 64% to HK$785 million.

• Total dividend per share for the year was HK100.0 cents, up 96% from the prior year.

• Equity attributable to owners increased 16% to HK$14,464 million.

• Net gearing ratio stood at 44.5%; current ratio was 2.3.

• Cash and cash equivalents at year-end were HK$978 million.

Outlook and guidance

• SSSG for Jan–Mar 2026: +4% in Chinese Mainland, +42% in Hong Kong, with gold price volatility boosting demand.

• Chinese Mainland faces cautious consumer sentiment and lower mall traffic; premium locations outperform.

• Continued focus on high-end segment, strategic openings, and network consolidation to enhance productivity.