周生生2025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 52 0 2 5 2025630 The Board announces the unaudited interim results of the Group for thesix months ended 30 June 2025. The interim report has been reviewedby the Audit Committee of the Board. 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 DirectorMr. Stephen TING Leung Huel Independent Non-executive DirectorsDr. CHAN Bing FunMr. LEE Ka LunDr. LO King ManMr. Stephen LAU Man LungMr. HSU RocksonMs. PI Fang 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 Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Appleby Global Corporate Services (Bermuda) LimitedCanon’s Court22 Victoria StreetPO Box HM 1179Hamilton HM EXBermuda Hong Kong Branch Share Registrar Tricor Investor Services 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 13Consolidated Statement of Profit or Loss 15Consolidated Statement of Comprehensive Income 16Consolidated Statement of Financial Position Overview 202520242%6% Inthe first half of 2025,the turnover of jewellery and watches inMainland China declined by 2% from that of the same period of 2024.In Hong Kong and Macau, the decrease was 6%. 5.233.5% The Group’s gross profit margin increased by 5.2 percentage points to33.5%. During the period, sales of gold items garnered higher grossprofit margins as the price of gold stayed on an uptrend. Reduction incosts realised from the rationalisation of the store network and othercost-control measures also contributed to the profit increase. Anothercontributor to the increased margin was the adjustment of our productassortment to favour higher margin items. 71%90281%910 Profitattributable to owners of the Company increased by 71%toHK$902 million, while profit attributable to owners of the Companyfrom continuing operations rose by 81% to HK$910 million. Retail of Jewellery and Watches •3%•35% •With higher gross margins resulting from the increase in gold priceand savings from cost control and store network rationalisation,theGroup’s retail jewellery and watches segment results sawan overall improvement across all markets, despite a decline insegment revenue by 3% year-on-year.•Notably, our operations in Taiwan continued their upward trend,achieving35%revenue growth year-on-year and contributingpositively to the overall segment results. MANAGEMENT DISCUSSION AND ANALYSIS Inthe first half of 2025,SSSG in our key markets maintainedanimproving trend.While gold price volatility dampened thesales of gold jewellery in general and of generic gold jewellery inparticular, our branded collections of fixed-price designs affordedimprovement on average selling price. • •3%4%•23%22%•-1%-12% •SSSGfor gold jewellery and products in Mainland China,andHong Kong and Macau declined by 3% and 4% respectively. Calculated-price gold jewelleryFixed-price gold jewelleryOthers •82%CharmeYUYU5%34% •Gold jewellery and products accounted for 82% of total sales inMainland China. The popularity of “Charme”, “Cultural Blessings”and“YUYU”collections boosted the sales of fixed-price goldjewellery. The sales mix of fixed-price gold jewellery increased 5%to 34% within the gold jewellery and products. Calculated-price gold jewelleryFixed-price gold jewelleryOthers •77%IP11%20% •Goldjewellery and products represented 77%of total sales inHongKong and Macau.The sales contribution of calculated-price gold jewellery declined while there was an upward trendinthe sales of intellectual property(“IP”)products as well asgold jewellery set with diamonds. The proportion of fixed-pricegold jewellery rose from 11% to 20% of the total sales of goldjewellery and products. •1185••PROMESSA •During the period, the Group opened 11 and closed 85 jewellerystores in Mainland China.•We closed one store each in Hong Kong and Macau.•We added twostores and one PROMESSA store in Taiwan. •29%14,900202411,100•2025 •The online sales in Mainland China increased by 29% year on year,mainlyon key e-commerce platforms.Growth in sales o