周大福：截至2025年9月30日止六个月中期业绩公告 及由2025年10月1日至11月18日未经审核的主要经营数据

CHOW TAI FOOK JEWELLERY GROUP LIMITEDক๔⺼⤍ᄣ䯳౅ᰶ 䭽ڙथ 喍᫩䪸ᰩ㓑ሣ㽨ڷ᜽⿸⮱ᰶ䭽ڙथ喎㗎ЪА㮌: 1929 202593020251011118 20259302025/2026 中期報告2025/2026INTERIM REPORT 目錄CONTENTS Corporate Profile企業簡介2 Vision and Values願景與價值3 A Snapshot of Chow Tai Fook Jewellery Group周大福珠寶集團簡況4 Interim Results at a Glance中期業績概覽5 Financial and Operational Highlights財務及營運摘要8 Chairman’s Statement主席報告書10 Strategic Report策略報告13 Management Discussion and Analysis管理層討論與分析26 Report on Review of Interim Financial Information中期財務資料審閱報告61 Condensed Consolidated Financial Statements簡明綜合財務報表63 Additional Information其他資料94 Information for Investors投資者資訊101 Glossary詞彙103 企業簡介CORPORATE PROFILE Chow Tai Fook Jewellery Group Limited (the “Group”; SEHK stock code: 1929) was listed on the Main Board of The Stock Exchange ofHong Kong in December 2011. The Group firmly upholds the vision: “To be the leading global jewellery brand that is a trusted lifetimepartner for every generation”, drawing on nearly a century of legacy and success. Founded in 1929, the Group’s iconic brand “CHOW TAI FOOK” has become an emblem of tradition, celebrated for its bold designs andan unwavering attention to detail. Building upon a rich heritage and a foundation of trust, the Group is not only widely recognised forhonouring traditions but also for fostering deep, meaningful connections with a diverse customer base through its exquisite jewellery.The Group’s long-standing commitment to innovation and craftsmanship has been integral to its success over time and has becomesynonymous with excellence, value and authenticity. As a leading Chinese jeweller, the Group believes in blending contemporary cutting-edge designs with traditional techniques to createjewellery that can be passed down from generation to generation. Every collection is thoughtfully conceived and crafted to reflect thestories of our customers, celebrating the special moments in their lives. Committed to growing alongside our customers, the Groupembraces a spirit that aspires to inspire and captivate generations to come, weaving the story of CHOW TAI FOOK into the fabric oftheir lives. Offering a wide variety of products, services and channels, the Group’s brand portfolio comprises the CHOW TAI FOOK flagship brandwith curated retail experiences, and other individual brands including HEARTS ON FIRE, ENZO and MONOLOGUE. The Group is committed to delivering sustainable long-term value creation for its stakeholders by enhancing the quality of earnings anddriving higher value growth. We operate an extensive omni-channel retail ecosystem, with a retail network across China and multiplelocations globally, complemented by a growing e-commerce business that further enhances our competitive edge. 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。集團承襲近百年光輝，秉持「引領珠寶行業，相伴世代人生」的願景，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，集團已成為了卓越品質、非凡價值和誠信可靠的代名詞。 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 份 者 創 造 可 持 續 的 長 期 價 值。我 們 構 建 了 龐 大 的 全 渠 道 零 售 生 態 系統，門店網絡遍布中國和全球多個地區，同時擁有日益增長的電子商務業務，進一步強化競爭優勢。 願景與價值VISION AND VALUES VISION願景 引領珠寶行業，相伴世代人生。To be the leading global jewellery brandthat is a trusted lifetime partner for every generation. VALUES價值 Understanding that people are core to our company’s success – whether it be our employees,shareholders, partners or customers, we work together for the best possible outcomes.人，是我們獲得成功的關鍵—我們的每一位員工、股東、合作夥伴和消費者，都在成功道路上扮演著不可或缺的角色。 Based on strong ethics, behaving in a manner that is true to our heritage of always beinghonest, transparent, and genuine.我們以誠信為基礎，秉承高尚的道德標準，並始終如一地遵循誠實、公開和真誠的原則。 Embodying adaptability with agility, demonstrating curiosity towards alternative perspectivesand welcoming the new. 我們採取一種靈活開放的態度，反應敏捷，適應力強，對不同的觀點和新事物保持好奇心。 Taking ownership of our actions, acknowledging that successes and mistakes are all learningopportunities. 我們鼓勵勇於擔當的精神，對我們的行為及後果負責任。每一次成功或犯錯我們都將其視為重要的學習機會，並從中成長。 Carrying and expressing genuine interest in what we do and create, always acting with driveand enthusiasm. 我們對工作和創作保持初心和熱忱，以源源不絕的動力和熱情不斷追求卓越和創新，並致力將這份熱情傳遞給整個團隊，互相激勵，共同追求成功。 周大福珠寶集團簡況A SNAPSHOT OFCHOW TAI FOOK JEWELLERY GROUP 中期業績概覽INTERIM RESULTS AT A GLANCE KEY HIGHLIGHTS •InthefirsthalfofFY2026(“1HFY2026”),theGroupdemonstratedremarkableresilienceanddeliveredsolidresults,supportedbyanimprovement in consumer sentiment and a revival in jewellery spending across the Group’s key markets. •Wemadesteadyprogressinourbrandtransformationandproductoptimisationduringtheperiod.Thesestrategicinitiativesstrengthened our operational efficiency and financial resilience, reaffirming our commitment to quality growth. O