周生生2023中期报告

† (Incorporated in Bermuda with limited liability)Stock code: 116 I N T E R I M R E P O R T 2 0 2 32 0 2 3 The Board of the Company announces the unaudited interim results ofthe Group for the six months ended 30 June 2023. The interim reporthas been reviewed by the Audit Committee of the Board. 2023630 CORPORATE INFORMATION Board of Directors Executive DirectorsMr. Vincent CHOW Wing ShingChairman and Group General ManagerDr. Gerald CHOW King SingMr. Winston CHOW Wun SingGroup Deputy General ManagerMs. Genevieve CHOW Karwing Non-executive DirectorsMr. Stephen TING Leung HuelMr. CHUNG Pui Lam Independent Non-executive DirectorsDr. CHAN Bing FunMr. LEE Ka LunDr. LO King ManMr. Stephen LAU Man LungMr. HSU Rockson Company Secretary Mr. Quentin WONG Kwun Shuen Registered Office Clarendon House, 2 Church StreetHamilton HM 11, Bermuda Clarendon House, 2 Church StreetHamilton HM 11, Bermuda Principal Place of Business 4/F, Chow Sang Sang Building229 Nathan Road, KowloonHong Kong 2294 Bermuda Principal Share Registrar MUFG Fund Services (Bermuda) Limited4th floor North, Cedar House41 Cedar Avenue, Hamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th floor North, Cedar House41 Cedar Avenue, Hamilton HM 12Bermuda Hong Kong Branch Share Registrar Tricor Tengis Limited17/F, Far East Finance Centre16 Harcourt Road, Hong KongTelephone: +852 2980-1333Facsimile: +852 2810-8185Email: is-enquiries@hk.tricorglobal.com 愨1617+852 2980-1333+852 2810-8185is-enquiries@hk.tricorglobal.com Investor Relations Corporate Affairs Department27/F, 9 Wing Hong StreetCheung Sha Wan, Kowloon, Hong KongTelephone: +852 2991-0366Facsimile: +852 2730-9683Email: ir@chowsangsang.com 27+852 2991-0366+852 2730-9683ir@chowsangsang.com Website www.chowsangsang.com www.chowsangsang.com CONTENTS 13Consolidated Statement of Profit or Loss 15Consolidated Statement of Comprehensive Income 16Consolidated Statement of Financial Position 18Consolidated Statement of Changes in Equity MANAGEMENT DISCUSSION AND ANALYSIS Overview Following the end of epidemic-related restrictions in Mainland China,Hong Kong and Macau, the Group’s total jewellery and watch sales inthe first half of 2023 increased 31% year-on-year. Turnover for HongKong and Macau was up 59%, and turnover in Mainland China grew22%. Strong demand for gold jewellery was the main driver in bothcases. 202331%59%22% In the first half of 2023, the Group added a net total of 39 stores to itsretail network. 202339 Compared with the first half of 2022, there was a higher concentrationof gold products in our sales mix, and the price of gold was generallyhigher. The combined effect drove our overall gross profit margin downby 0.5 percentage points from 28.5% to 28%. 202228.5%0.528% TheGroup’s consolidated turnover from continuing operations forthe first half of 2023 increased by 29% to HK$13,000 million. Profitattributable to owners of the Company increased by 75% to HK$827million. Profit attributable to owners of the Company from continuingoperations increased by 72% to HK$829 million. 202329%13,00075%82772%829 Retail of Jewellery and Watches (continued) Analysis by Geographical Area (continued) Mainland China •Strongrebound of gold jewellery and products with SSSG of+26%.•Diamond jewellery sales, particularly sales of diamond jewellery athigher price ranges, was on a downward trend.•Sales of Rolex and Tudor watches recorded SSSG of +37% overthe low base in 2022 which was the result of disrupted suppliesduring the pandemic period. •+26%••2022+37% Retail of Jewellery and Watches (continued) Analysis by Geographical Area (continued) Hong Kong and Macau •59%156%•20222023+93%+33%•78%•34%•2022+16% •Withall travel restrictions lifted,turnover in Hong Kong andMacau increased 59% year-on-year, and segment results jumped156%.•Overall, SSSG was +93% in the first quarter of 2023 as comparedtothe same period of 2022 which was battered by covidlockdowns,and SSSG of+33%was recorded in the secondquarter.•SSSG of gold jewellery and products rebounded with increase of78%.•SSSG of gem-set jewellery recorded increase of 34% with “InfiniLove Diamond” collection continued to contribute to SSSG.•Watchsales recorded steady growth of SSSG of+16%ascompared to the first half of 2022. Retail of Jewellery and Watches (continued) Analysis by Geographical Area (continued) Taiwan Sales in Taiwan maintained steady growth. New strategies in networkexpansion and merchandising, devised by the local management team,enabledsales to grow 32%year-on-year,and segment results toincrease 89%. 32%89% Store Network Retail of Jewellery and Watches (continued) Store Network (continued) •During the period, 53 new Chow Sang Sang stores of which 6being•(Oasis by Chow Sang Sang) stores were openedin Mainland China and a total of 21 stores were closed. 35 of thenew stores were located in shopping malls.•In Hong Kong and Macau, we added 1 PROMESSA store in TuenMun, Hong Kong and 1store in Ma