周大福2023/2024中期报告

CORPORATE PROFILE Chow Tai Fook Jewellery Group Limited (the “Group”; SEHK stock code: 1929) was listed on the Main Board of The StockExchange of Hong Kong in December 2011. The Group’s vision is to become the most trusted jewellery group in the world. Founded in 1929, the Group’s iconic brand “CHOW TAI FOOK” is widely recognised for its trustworthiness and authenticity,and is renowned for its product design, quality and value. A long-standing commitment to innovation and craftsmanship hascontributed to the Group’s success, along with that of its iconic retail brand, and has been embodied in its rich heritage.Underpinning this success are our long-held core values of “Sincerity • Eternity”. The Group’s differentiation strategy continues to make inroads into diverse customer segments by catering to a bespokeexperience for different lifestyles and personalities, as well as customers’ different life stages. Offering a wide variety ofproducts, services and channels, the Group’s brand portfolio comprises the CHOW TAI FOOK flagship brand with curatedretail experiences, and other individual brands including HEARTS ON FIRE, ENZO, SOINLOVE and MONOLOGUE. The Group’s commitment to sustainable growth is anchored in its customer-centric focus and strategies, which are in placeto promote long-term innovation in business, in people and in culture. Another asset underpinning sustainable growth is asophisticated and agile business model. This supports the Group by fostering excellence and extending opportunities alongthe entire value chain to communities and industry partners across the world. With an extensive retail network in China, Japan, Korea, Southeast Asia, the United States and Canada, as well as a fast-growing smart retail business, the Group is implementing effective online-to-offline (“O2O”) strategies to succeed in today’somni-channel retail environment. 企業簡介 ;1929201112 1929• HEARTS ON FIRE ENZO SOINLOVEMONOLOGUE CONTENTS目錄 57REPORT ON REVIEW OF INTERIMFINANCIAL INFORMATION中期財務資料審閱報告 A SNAPSHOT OF CHOW TAI FOOKJEWELLERY GROUP周大福珠寶集團簡況2 59CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS簡明綜合財務報表 3INTERIM RESULTS AT A GLANCE中期業績概覽 6FINANCIAL AND OPERATIONALHIGHLIGHTS財務及營運摘要 92ADDITIONAL INFORMATION其他資料 INFORMATION FOR INVESTORS投資者資訊96 8CHAIRMAN’S STATEMENT主席報告書 10STRATEGIC REPORT策略報告 98GLOSSARY詞彙 23MANAGEMENT DISCUSSIONAND ANALYSIS管理層討論與分析 A SNAPSHOT OFCHOW TAI FOOK JEWELLERY GROUP周大福珠寶集團簡況 Chow Tai FookJewellery Group Website Our History Corporate Presentation Our SustainabilityReport Corporate Video We value feedback from our stakeholders as it is importantfor us to ensure continuous improvement of our reporting quality.We invite you to share your views by email to ir@chowtaifook.com.ir@chowtaifook.com INTERIM RESULTS AT A GLANCE中期業績概覽 KEY HIGHLIGHTS •ImprovementinmobilityandretailactivityinourkeymarketsduringthefirsthalfofFY2024(“1HFY2024”)drovea6.4%year-on-yearincreaseinrevenuetoHK$49,526million.Thegrowthwouldamountto11.3%onaconstantexchangeratebasis.InHongKong,Macauandothermarkets,revenuegrew57.7%duringtheperiodduetoimprovedinboundtourismwiththeprogressivereturnofMainlandtourists •Coreoperatingprofitincreased37.7%toHK$5,989million,outpacingrevenuegrowth.Thiswasledbyongoingeffortsinoptimisedpricingstrategyandoperationalefficiencyenhancement,coupledwiththebenefitsfromgoldpricesurge.Onaconstantexchangeratebasis,itwasup44.3%YoY •Inlinewithourcommitmenttoenhancingearningsquality,adjustedgrossprofitmarginimproved140basispointsyear-on-yearto23.8%whilethecoreoperatingprofitmarginexpandedby280basispointsto12.1%intheperiod.Thisvalidatesourclearfocustowardshighervaluegrowthanddeliveringsustainablelong-termstakeholdervaluecreationaswechartsteadyprogressinourtransition •Asat30September2023,wehadatotalof7,458CHOWTAIFOOKJEWELLERYPOSinMainlandChina(the“Mainland”).Leveragingonourexistingretailnetwork,wearefocusedonenhancingstoreproductivityandcustomerexperience •Ourbrandrevampisontracktostrengthenourcompetitiveness,withtheunveilingofnewdesignsfortheHUÁCollectioncoupledwiththefirst-ever360-degreeglobalmarketingcampaignlaunchedin1HFY2024 •2024財政年度上半年，主要市場的人員流動及零售活動有所改善，帶動營業額按年上升6.4%至49,526百萬港元。若按相同匯率計算，增長則為11.3%。由於入境旅遊復甦及內地旅客逐步重臨，香港、澳門及其他市場營業額於期內上升57.7% •主要經營溢利增加37.7%至5,989百萬港元，增長高於營業額。這是由於我們持續優化定價策略及提升營運效率，加上受惠於黃金價格上漲所致。若按相同匯率計算，則按年上升44.3%•期內，經調整後的毛利率按年上升140個點子至23.8%，而主要經營溢利率則上升280個點子至12.1%，與我們致力提升盈利質量的承諾相符。這印證了我們正專注於穩步邁向更高價值增長，並致力為持份者創造可持續的長遠價值•於2023年9月30日，我們在中國內地（「內地」）共有7,458個大福珠寶零售點。我們將借助現有的零售網絡，專注提升店舖生產力及顧客體驗•我們正順利推進重塑品牌的進程，以增強競爭力，當中包括於2024財政年度上半年推出傳承系列的新產品，並開展首個360度全方位的全球市場營銷活動 HK$港元0.25 (1)主要經營溢利（並非按國際財務報告準則計算），指毛利及其他收益的合計，減銷售及分銷成本、一般及行政開支以及黃金借貸的未變現虧損（收益），本公司相信此等數據有助更透徹了解其經營表現及業務的實際趨勢 As at 30 September 2023於2023年9月30日 CHOW TAI FOOK JEWELLERY retail network and performance周大福珠寶零售網絡及表現 Hong Kong &Macauof China中國香港及中國澳門 Other markets其他市場 (2)不包括大福鐘錶零售點 Chow Tai Fook membership programme周大福會員計劃~6,652,000Total number of members會員總數 28,400+Total number of employees員工總數Chow Tai Fook emp