周大福2024/2025中期报告

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INTERIM REPORT2024/2025 企業簡介CORPORATE PROFILE Chow Tai Fook Jewellery Group Limited (the “Group”; SEHK stock code: 1929) was listed on the MainBoard of The Stock Exchange of Hong Kong in December 2011. The Group celebrates its 95thanniversarythis year and forges ahead into a new chapter of success, guided by a vision: “To be the leading globaljewellery brand that is a trusted lifetime partner for every generation”. Founded in 1929, the Group’s iconic brand “CHOW TAI FOOK” has become an emblem of tradition,celebrated for its bold designs and an unwavering attention to detail. Building upon a rich heritage and afoundation of trust, the Group is not only widely recognised for honouring traditions but also for fosteringdeep, meaningful connections with a diverse customer base through its exquisite jewellery. The Group’slong-standing commitment to innovation and craftsmanship has been integral to its success over timeand has become synonymous with excellence, value and authenticity. As a leading Chinese jeweller, the Group believes in blending contemporary cutting-edge designs withtraditional techniques to create jewellery that can be passed down from generation to generation. Everycollection is thoughtfully conceived and crafted to reflect the stories of our customers, celebrating thespecial moments in their lives. Committed to growing alongside our customers, the Group embraces aspirit that aspires to inspire and captivate generations to come, weaving the story of CHOW TAI FOOKinto the fabric of their lives. Offering a wide variety of products, services and channels, the Group’s brand portfolio comprises theCHOW TAI FOOK flagship brand with curated retail experiences, and other individual brands includingHEARTS ON FIRE, ENZO, SOINLOVE and MONOLOGUE. The Group is committed to delivering sustainable long-term value creation for its stakeholders byenhancing the quality of earnings and driving higher value growth. With an extensive retail network ofaround 7,500 stores across China as well as multiple locations globally, and a growing e-commercebusiness, the Group is implementing targeted online-to-offline (“O2O”) strategies to strengthen itscompetitiveness in today’s omni-channel retail environment. 周大福珠寶集團有限公司（「集團」；香港聯交所股份代號 ：1929）於2011年12月在香港聯合交易所主板上市。集團今年踏入95周年誌慶，在「引領珠寶行業，相伴世代人生」的願景推動下，昂首邁向新里程。 集 團 標 誌 性 品 牌「周 大 福」創 立 於1929年，透 過 別 出 心 裁 的 設 計 和 對 細 節 的 堅 持，讓 傳 統 成 為 經 典。周大福珠寶集團承載著深厚的歷史底蕴及堅實的品牌信賴基礎，一直視弘揚傳統文化為己任，並透過匠心打造的精緻飾品，與廣泛的顧客建立深厚的情感聯繫，成就廣獲認同。集團對創新與工藝的恒久堅持是其取得成功的要素。時至今日，集團已成為了品質、價值和顧客滿意度的代名詞。 周大福珠寶集團作為行業領先的中國珠寶商，確信透過現代創新設計揉合傳統工藝，能創造出代代相傳的珠寶首飾。我們每個產品系列都經過巧妙構思、匠心製作，旨在述說不同顧客的故事，慶祝他們生命中 每 個 特 別 時 刻。 我 們 將 陪 伴 每 一 代 的 顧 客 一 同 成 長， 在 他 們 追 尋 幸 福 的 道 路 上 提 供 激 勵 和 啟 發，把「周大福」的品牌故事和產品編織到顧客的生活脈絡當中。 集團擁有廣泛的產品、服務及銷售渠道，品牌組合包括旗艦品牌「周大福」及精心策劃的零售體驗，以及HEARTS ON FIRE、ENZO、SOINLOVE與MONOLOGUE等其他個性品牌。 集團致力通過提高盈利質量和推動更高價值的增長，為不同持分者創造可持續的長期價值。集團擁有龐大的零售網絡，包括遍佈中國和全球多個地區約7,500家門店，以及日益增長的電子商務業務。此外，集團亦正實施具針對性的線上線下策略，以加強在當前全渠道零售環境中的競爭力。 目錄CONTENTS A Snapshot of Chow Tai Fook Jewellery Group周大福珠寶集團簡況2 Interim Results at a Glance中期業績概覽3 Financial and Operational Highlights財務及營運摘要6 Chairman’s Statement主席報告書8 Strategic Report策略報告11 Management Discussion and Analysis管理層討論與分析22 Report on Review of Interim Financial Information中期財務資料審閱報告57 Condensed Consolidated Financial Statements簡明綜合財務報表59 Additional Information其他資料89 Information for Investors投資者資訊93 Glossary詞彙95 周大福珠寶集團簡況A SNAPSHOT OFCHOW TAI FOOK JEWELLERY GROUP We value feedback from our stakeholders as it is important for us to ensure continuousimprovement of our reporting quality. We invite you to share your views by email to ir@chowtaifook.com.我們珍視持份者的意見，以確保報告質量得以持續改善。現誠邀閣下將您對本報告的寶貴建議電郵至ir@chowtaifook.com。 中期業績概覽INTERIM RESULTS AT A GLANCE KEY HIGHLIGHTS •Whilemacro-economicexternalities,particularlyrecordgoldprices,continuedtoimpactindustry-widedemand,wecontinuedtodiligently execute our five strategic priorities with a focus on brand transformation and have witnessed encouraging results. •OurbrandtransformationtoelevatebranddesirabilitygainedpositivemomentumduringthefirsthalfofFY2025(“1HFY2025”).Ourfirst new concept store in Central, Hong Kong, celebrated its grand opening in September 2024, offering gallery-like aesthetics andan immersive experience for our customers. Our signature CTF Rouge Collection continued to receive a strong response fromcustomers, exceeding HK$1.5 billion Retail Sales Value ("RSV") during this period since its launch in April. •Inresponsetodynamicmarketconditions,weproactivelyoptimisedourproductandpricingstrategyandlaunchedproductofferingsof different value propositions. We sustained strong sales performance in fixed-price gold jewellery, with the sales mix in goldjewellery and product RSV doubling year-on-year to 14.2% in Mainland China during the period. •TheGroup’srevenuedecreasedby20.4%year-on-yeartoHK$39,408millionin1HFY2025whileouroperatingprofitabilityremainedresilient.Grossprofitmarginimprovedby650basispointsto31.4%