周生生2025年报

2025 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 Legal Adviser Woo Kwan Lee & Lo Auditor Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditorunder the Accounting and Financial Reporting Council Ordinance Principal Bankers Australia and New Zealand Banking Group LimitedBank of China (Hong Kong) LimitedBNP Paribas Hong Kong BranchHang Seng Bank LimitedIndustrial and Commercial Bank of China LimitedStandard Chartered Bank (Hong Kong) LimitedThe Hongkong and Shanghai Banking Corporation Limited Website www.chowsangsang.com www.chowsangsang.com CONTENTS 2Financial Highlights3Chairman’s Message4Board of Directors and Senior Management9Management Discussion and Analysis21Report of the Directors32Corporate Governance Report 47Independent Auditor’s Report55Consolidated Statement of Profit or Loss57Consolidated Statement of Comprehensive Income58Consolidated Statement of Financial Position60Consolidated Statement of Changes in Equity62Consolidated Statement of Cash Flows64Notes to the Consolidated Financial Statements174Particulars of Properties Held179Glossary Theyear 2025 was tumultuous.Tariff and other actions by the USplayed havoc in the global geopolitical arena, and the price of goldcontinued its rising trend. It went up some 65% from the beginning tothe end of the year. 202565% Consumers, affected by the cooling of the economy and the rising goldprice, became more selective and the result was that sales of higher-endproducts fared better than others. By judiciously orienting our producttableau toward upper tier fixed-price gold jewellery, we were able tocounter the effects of declining diamond demand and drop in overallsales count to record an 6% increase in turnover to HK$22.4 billion,bringing in a profit of HK$1.7 billion, a new high. We also reaped costsavings and improved rates of return at the shop level by upgrading andpruning of the store network. 6%22417 The year marks the inauguration of our standalone Sustainability Report,with a lot of details on our efforts and achievements. The year of the fiery horse, 2026, appears to be even more challenging.Even in the first quarter, there is war in the Middle East, oil price hasshot up, and the price of gold has become more volatile than ever inrecent memory. To ride out the storm, we will carefully manage ourinventory, continue the refinement of our store network, and run a leanship aimed at the high-end segment deploying a lineup of products withnew-generation appeal. 2026 I sincerely thank all our stakeholders for their unflinching support and Iwish everyone a smooth passage through the turbulence in these tryingtimes. Vincent CHOW Wing ShingChairman Hong Kong Dr.CHAN Bing Fun,MB,BS,DMRT,aged 92,is an IndependentNon-executive Director of the Company, and a member of the AuditCommittee,Remuneration Committee and Nomination Committee ofthe Company. He has been with the Group for over 50 years. Dr. CHANis a medical doctor in private practice in Hong Kong. MBBS DMRT 9250 SBSBBS MBE79EverwinCompany LimitedGoldenCourt Limited4019982013– Mr. Vincent CHOW Wing Shing, SBS, BBS, MBE, JP, aged 79, is anExecutive Director of the Company, the Chairman of the Board, theGroup General Manager and a director of all subsidiaries within theGroup. Mr. CHOW is the cousin of Dr. Gerald CHOW King Sing andMr. Winston CHOW Wun Sing and the father of Ms. Genevieve CHOWKarwing.He is a director of Everwin Company Limited and GoldenCourt Limited, substantial shareholders of the Company. Mr. CHOW hasbeen with the Group for over 40 years, having been the Group GeneralManager and the Chairman since 1998 and 2013 respectively. He wasthe Chairman of the Home Affairs Bureau to its Advisory Committee onArts Development, and is currently a member of the Culture Commissionand a member of the Board of Governors of City University of HongKongFoundation.Mr.CHOW was made an Honorary Fellow of theHong Kong Academy for Performing Arts; and he serves as a Director ofthe Board of The Hong Kong International Film Festival Society Limited,which is a not-for-profit organisation. He is a member of the Board ofGovernors and a member of the College Council of the UOW CollegeHong Kong. 6940SpeedStar Holdings Limited201820222009201120072015200920111997 Dr. Gerald CHOW King Sing, aged 69, is an Executive Director ofthe