Chow Tai Fook Jewellery Group (1929) Q1 2026 earnings summary

Executive summary

• Retail Sales Value (RSV) for the group declined 1.9% year-over-year for the quarter ended 30 June 2025.

• Mainland China saw RSV decrease by 3.3%, while Hong Kong & Macau and other markets grew by 7.8%.

• Same Store Sales (SSS) in Mainland China self-operated stores declined 3.3%, but franchised stores were flat; Hong Kong & Macau SSS increased 2.2%.

• Brand transformation initiatives included the launch of the High Jewellery Collection and new signature collections.

Financial highlights

• Fixed-price gold products in Mainland China achieved 20.8% year-over-year RSV growth, with their RSV contribution rising to 19.8%.

• RSV of gem-set, platinum, and k-gold jewellery in Mainland China returned to positive growth at 0.5%.

• E-commerce RSV in Mainland China grew 27.0% year-over-year, contributing 7.6% to RSV and 16.9% to volume.

• In Hong Kong & Macau, RSV contribution of gold jewellery and products was 76.5%, up from 74.0% last year.

Outlook and guidance

• Management continues to focus on driving earnings quality and margin resilience by optimizing the retail network and maximizing store productivity.