周生生2024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 42 0 2 4 2024630 The Board of the Company announces the unaudited interim results ofthe Group for the six months ended 30 June 2024. The interim reporthas been reviewed by the Audit Committee of the Board. CORPORATE INFORMATION Board of Directors 202491 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 RocksonMs. PI Fang(appointed with effect from 1 September 2024) 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@vistra.com 愨1617+852 2980-1333+852 2810-8185is-enquiries@vistra.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 11Consolidated Statement of Profit or Loss 13Consolidated Statement of Comprehensive Income 14Consolidated Statement of Financial Position Overview In the first quarter of 2024, turnover of jewellery in Hong Kong andMacauexperienced some growth,with positive SSSG of 4%;but inMainlandChina SSSG dropped 9%compared to the high base oflast year. By March and April, the price of gold shot up amid strongeconomic headwinds. By the end of the second quarter, SSSG in HongKong and Macau, and that in Mainland China both recorded the samedecrease of 24%. 20244%9%24% 28.0%28.3% Although sales in all markets were dominated by gold jewellery andrelated products, we managed to increase our gross profit margin from28.0% to 28.3% by fine-tuning our product assortment. In the first half of 2024, we opened 25 stores and closed 47 stores,mainly in Mainland China. 20242547 TheGroup’s consolidated turnover from continuing operations forthefirst half of 2024 decreased by 13%to HK$11,313 million.Profitattributable to owners of the Company decreased by 36%toHK$526million.Profit attributable to owners of the Company fromcontinuing operations decreased by 39% to HK$502 million. 202413%11,31336%52639%502 Retail of Jewellery and Watches By Geographical Key Markets 202413%18%30% •The Group’s total jewellery and watch sales in the first half of2024 decreased by 13% year-on-year, caused by weak jewellerysalesin Mainland China,as well as Hong Kong and Macaumarkets. However, our operation in Taiwan continued its upwardtrend, achieving 18% year-on-year growth. The Group’s retail ofjewellery and watches segment results decreased by 30% year-on-year. •2244•PROMESSA8•PROMESSA •During the period, the Group opened 22 stores and closed 44stores in Mainland China.•In Hong Kong, we added one Chow Sang Sang store in WongChuk Hang and closed one PROMESSA store in Tsim Sha Tsui.The number ofstores in Macau remained at 8.•We added one newstore and had a net decrease of onePROMESSA store in Taiwan. MANAGEMENT DISCUSSION AND ANALYSIS Retail of Jewellery and Watches (continued) Chow Sang Sang Omni-Channel Retailing The Group’s Omni-Remote Sales strategy encompasses online sales, StarConciergeService and remote sales concluded outside-of-store withremote inventory. Omni-channel retailing brought in 28% (2023 1H:30%) of the total sales in Mainland China. 28%202330% •Ouronline sales in Mainland China slowed in 2024 1H,accountingfor approximately 20%(2023 1H:18%)of totalMainlandChina sales.We have continued to invest in live-streaming using home-grown and external talents in over 11,100(2023 1H: 11,200) hours of shows. •Online sales in Hong Kong, Taiwan and other regions maintainedsteady growth in the first half of 2024. Product and Marketing •On the product front, demand for gold jewellery and productswas still dominant. Sales for “Cultural Blessings” collection ofgold ornaments continued to grow in proportion.•Though gem-set jewellery sales remained sluggish, brands under“EMPHASIS”, and “MARCO BICEGO” have continued to grow. ••EMPHASISMARCO BICEGO•202453%15%202322% •PersonalisedJewellery Service in 2024