金饰克价两天跌近50元 订阅黄金市场动态 +订阅 金十数据4月24日讯，现货黄金今日早间大幅回升，截至发稿报3363.836美元/盎司，涨超2%。国内各品 牌金饰价格也随之波动，记者24日查询发现，周生生金饰价格为1031元/克，较22日高点下跌49元/克； 老庙黄金金饰价格为1031元/克，较两日前下跌27元/克；周大福为1038元/克，两天跌44元/克。 （中新 经纬） ...

017167 CORPORATE INFORMATION 公司資料 Board of Directors Executive Directors Mr. Vincent CHOW Wing Shing Chairman and Group General Manager Dr. Gerald CHOW King Sing Mr. Winston CHOW Wun Sing Group Deputy General Manager Ms. Genevieve CHOW Karwing Non-executive Directors Mr. Stephen TING Leung Huel Mr. CHUNG Pui Lam Independent Non-executive Directors Dr. CHAN Bing Fun Mr. LEE Ka Lun Dr. LO King Man Mr. Stephen LAU Man Lung Mr. HSU Rockson Ms. PI Fang Company Secretary Mr. Quentin WONG Kwun Shuen Registered Off ...

金价对珠宝需求造成重大压力 华夏时报（www.chinatimes.net.cn）记者 胡梦然 深圳摄影报道 香港"黄金珠宝第一股"周生生（00116.HK）近期发布的最新业绩报告透露，2024年再关闭122家分店，净减少74 家，主要位于中国大陆。 疯狂关店背后，是周生生业绩表现显露疲态。2024年全年，周生生录得营业额211.76亿港元，同比下降15%；公 司拥有人应占年内溢利8.06亿港元，同比下降20%，其中来自持续经营业务的净利润更是大跌27%至7.72亿港元。 对此周生生解释称，2024年经济状况不明朗，加之金价创历史新高，对中国内地、香港及澳门市场的珠宝需求造 成重大压力，导致营业额按年下跌15%。不过，集团通过优化产品组合及把握金价上涨的趋势，将毛利率提升了 1.9个百分点至28.3%，一定程度上缓解了利润下滑的压力。 中国商业史学会老字号专业委员会秘书长、北京国际商贸中心研究基地教授王春娟在接受《华夏时报》记者采访 时表示，珠宝零售行业本身就是一个高度敏感的行业，其业绩很容易受到经济环境、金价波动等因素的影响。从 周生生的业绩表现来看，其盈利模式在一定程度上具备穿越周期的韧性。尽管面临外部环 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司* （於百慕達註冊成立之有限公司） 股份代號：116 截至 2024 年 12 月 31 日止年度之 全年業績公告 本公司董事會宣布本集團截至2024年12月31日止年度之綜合業績。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 2024 年 | 2023 年 | | | | 千港元 | 千港元 | 變動 | | 持續經營業務 | | | | | 營業額 | | | | | 零售 | 20,697,125 | 24,274,496 | -15% | | 其他業務 | 478,902 __________ | 738,843 _________ | -35% | | | 21,176,027 __________ | 25,013,339 _____ ...

† (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Stock code 股份代號 : 116 INTERIM REPORT 2024 2024 中期報告 The Board of the Company announces the unaudited interim results of the Group for the six months ended 30 June 2024. The interim report has been reviewed by the Audit Committee of the Board. 本公司董事會宣布本集團截至2024年6月 30日止六個月之未經審核中期業績。中期 報告已由董事會之審核委員會審閱。 FINANCIAL HIGHLIGHTS | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------ ...

Financial Performance - For the six months ended June 30, 2024, the total revenue from continuing operations was HKD 11,312,744, a decrease of 13% compared to HKD 12,999,778 for the same period in 2023[2] - Retail revenue was HKD 11,049,022, down 13% from HKD 12,671,833 in the previous year[3] - The profit attributable to the owners of the company for continuing operations was HKD 501,810, a decline of 39% from HKD 828,969 in the same period last year[2] - Basic and diluted earnings per share decreased to 77.6 cents, down 36% from 122.1 cents in the prior year[4] - The total comprehensive income for the period was HKD 268,209, a decrease from HKD 311,101 in the same period last year[5] - The adjusted profit before tax for the continuing operations was HKD 649,706, compared to HKD 1,061,669 for the same period in 2023, indicating a decrease of approximately 38.73%[17] - The total profit before tax for the continuing operations was HKD 625,526, down from HKD 1,063,429 in the previous year, representing a decline of approximately 41.19%[17] - The group's profit before tax from continuing operations for the six months ended June 30, 2024, was HKD 501,810,000, compared to HKD 828,969,000 for the same period in 2023, representing a decrease of approximately 39.4%[31] Dividends and Payouts - The interim dividend per share was set at 15.0 cents, with a payout ratio of 19%, compared to 20.0 cents and a 16% payout ratio in the previous year[2] - The group recognized a dividend of HKD 270,974,000 for the year-end dividend per share of HKD 0.40, an increase from HKD 101,615,000 for the interim dividend per share of HKD 0.15[30] - The board declared an interim dividend of HKD 0.15 per share for the six months ended June 30, 2024, down from HKD 0.20 per share in 2023[54] Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to HKD 3,747,266, down from HKD 3,882,913 as of December 31, 2023, reflecting a decrease of 3.5%[6] - Current assets totaled HKD 15,150,465 as of June 30, 2024, compared to HKD 15,273,243 as of December 31, 2023, indicating a decline of 0.8%[6] - Total current liabilities decreased to HKD 5,391,008 as of June 30, 2024, from HKD 5,634,951 as of December 31, 2023, a reduction of 4.3%[6] - Total non-current liabilities were HKD 1,339,294 as of June 30, 2024, slightly down from HKD 1,351,011 as of December 31, 2023, a decrease of 0.9%[7] - The company's equity attributable to owners was HKD 12,207,595 as of June 30, 2024, compared to HKD 12,204,072 as of December 31, 2023, showing a marginal increase[7] Revenue Sources - The company reported a total of HKD 12,999,778 in rental income from investment properties for the six months ended June 30, 2024, compared to HKD 11,312,744 for the same period in 2023[11] - The jewelry and watch retail segment generated revenue of HKD 11,049,022, while the precious metals wholesale segment contributed HKD 247,897 for the same period[15] - Revenue from the wholesale precious metals segment decreased by 21% to HKD 248 million, while the segment recorded a profit of HKD 2 million compared to a loss of HKD 1 million in the same period last year[45] Market and Operational Insights - The company plans to focus on market expansion and new product development to drive future growth[2] - Same-store sales growth in Hong Kong and Macau jewelry business increased by 4%, but declined by 9% in mainland China due to a high base from the previous year[38] - The company opened 25 new stores and closed 47 stores, primarily in mainland China, resulting in a net decrease of 22 stores[41] - Online sales in mainland China for the first half of 2024 amounted to HKD 1,485 million, a decrease of 7% compared to HKD 1,594 million in the same period of 2023[43] - The company’s same-store sales growth for gold jewelry and products in mainland China recorded a decline of 12% in the first half of 2024[40] - The company’s retail segment performance in Taiwan showed an 18% year-on-year growth, contrasting with declines in other major markets[39] Financial Instruments and Investments - The company reported a net loss from designated financial instruments was HKD (35,627), a significant decline from a gain of HKD 90,316 in the previous year[18] - The net loss from the sale of derivative financial instruments was HKD 24,827,000 for the six months ended June 30, 2024, compared to HKD 1,833,000 in the same period of 2023, indicating a significant increase in losses[20] - The group reported other income of HKD 5,044 from the sale of derivative financial instruments, down from HKD 20,480 in the previous year, indicating a decrease of approximately 75.40%[18] Employee and Operational Costs - As of June 30, 2024, the group employed 11,784 staff, with total employee expenses amounting to HKD 1,086 million for the six-month period[52] - The group's depreciation of property, plant, and equipment for the six months ended June 30, 2024, was HKD 170,559,000, slightly down from HKD 175,554,000 in the same period of 2023[19] Compliance and Governance - The company has complied with the applicable code provisions during the review period, with an exception noted regarding the roles of the Chairman and CEO[56] - The board of directors includes both executive and independent non-executive members, ensuring a balanced decision-making process[58]

Financial Performance - The company recorded a profit of HK$1,013 million in 2023, a 124% increase compared to the previous year[7] - The company's profit level in 2023 is roughly equivalent to that of 2018, indicating a recovery from the pandemic impact[7] - Total jewellery and watch sales in the first half of 2023 rebounded significantly by 31% year-on-year, with the second half slowing to 15% year-on-year, driven by strong consumer demand for gold despite rising prices[20] - The company's consolidated turnover from continuing operations increased by 22% to HK$25,013 million in 2023, with profit attributable to owners of the company rising by 124% to HK$1,013 million[21] - Gross profit margin increased slightly by 0.1 percentage point from 26.3% to 26.4%, supported by the rising trend in gold prices[21] - Retail turnover for 2023 reached HK$24,274,496 thousand, a 22.9% increase compared to HK$19,751,940 thousand in 2022[58] - Total profit before tax for 2023 was HK$1,357,452 thousand, a 129.0% increase from HK$592,764 thousand in 2022[58] - Profit for the year from continuing operations in 2023 was HK$1,046,862 thousand, up 120.1% from HK$475,761 thousand in 2022[58] - Total assets as of December 31, 2023, amounted to HK$19,156,156 thousand, a 2.7% increase from HK$18,650,857 thousand in 2022[65] Growth Strategies and Market Expansion - The company is focusing on enhancing logistics, marketing, merchandising, and cost control to drive future growth[8] - The company is selectively and judiciously expanding its store networks and markets[8] - The company anticipates growth from mainland China due to relaxed travel schemes and government policies[7] - The company is hopeful for economic revival efforts by the Hong Kong government to make progress[7] - The company is seeking relief from labor shortages and rental increases in Hong Kong[7] - The company is preparing to welcome new guests from mainland China under relaxed travel schemes[7] - Retail networks in key markets expanded with a net increase of 55 stores, primarily located in Mainland China[20] - Mainland China segment revenue grew by 15% to HK$15,818 million, with segment results increasing by 64% to HK$872 million[23] - Hong Kong and Macau segment revenue increased by 40% to HK$8,175 million, with segment results rising by 87% to HK$598 million[23] - Taiwan segment revenue grew by 22% to HK$282 million, with segment results increasing by 45% to HK$29 million[23] - Total jewellery and watch sales in 2023 grew by 23% year-on-year, driven by strong demand for gold in Mainland China, Hong Kong, and Macau[23] - The company expanded online sales into countries like the United States, Britain, Malaysia, and Australia, though key markets remain Mainland China, Hong Kong, Macau, and Taiwan[20] - The group's retail of jewellery and watches segment results improved by 72% year-on-year, benefiting from positive same-store sales growth across all key markets[23] - Mainland China's same-store sales growth (SSSG) for gold jewellery and products increased by 21% in 2023, while Hong Kong and Macau saw a 47% increase[29] - Gem-set jewellery SSSG in Mainland China declined by 23% in 2023, but Hong Kong and Macau recorded a 21% increase, driven by the "PROMESSA" and "Infini Love Diamond" brands[29] - Watch sales SSSG in Mainland China and Hong Kong/Macau both grew by 9% in 2023, despite a slowdown in the second half of the year[29] - The company opened 101 new Chow Sang Sang stores in Mainland China in 2023, with 72 located in shopping malls[31] - Omni-channel retailing accounted for 31% of total sales in Mainland China in 2023, slightly down from 34% in 2022[34] - Online sales in Mainland China grew by 12% to HK$2.974 billion in 2023, maintaining a 19% share of total Mainland China sales[35] - The company invested in over 22,000 hours of live-streaming in 2023, up from 19,000 hours in 2022, to drive online sales[35] - The company expanded its presence in Hong Kong with 3 new Chow Sang Sang stores and 1 new PROMESSA store, while maintaining 8 點睛品 stores in Macau[32] - The Group plans to open 50 new stores in Mainland China, primarily in second-tier cities and above, as part of its expansion strategy[49] - The Group's gold sales are increasing, putting downward pressure on gross profit margins, prompting a focus on higher-margin products like gemstone-set jewelry and gold pieces with higher design value[49] - The Group is planning a series of marketing events in 2024, including an exhibition in Chengdu showcasing the "Infini Love Diamond" collection, to strengthen its brand image[49] Leadership and Governance - Mr. Stephen TING Leung Huel, aged 70, has over 40 years of experience in accounting, auditing, and management, and serves as a Non-executive Director and member of the Audit, Remuneration, and Nomination Committees[14] - Mr. CHUNG Pui Lam, aged 83, is a Non-executive Director and member of the Audit, Remuneration, and Nomination Committees, with extensive legal and corporate governance experience[14] - Mr. Winston CHOW Wun Sing, aged 66, has been with the Group since 1984 (except 1988-1992) and serves as the Group Deputy General Manager, focusing on product development and staff training in the Greater China jewellery business[14] - Mr. LEE Ka Lun, aged 68, is an Independent Non-executive Director with over 25 years of experience in banking and auditing, and currently serves as an independent non-executive director for two other listed companies in Hong Kong[15] - Dr. LO King Man, aged 86, is an Independent Non-executive Director with extensive experience in higher education management and public service, and currently serves as the Chairman of the Hong Kong Arts Festival Programme Committee[15] - Mr. Stephen LAU Man Lung, aged 78, is an Independent Non-executive Director with over 30 years of management and marketing experience, particularly in the textile and apparel field[16] - Ms. Genevieve CHOW Karwing, aged 39, is an Executive Director and the Group's General Manager of Omni-channel Development, leading the e-Commerce business and overseeing the branding and product management of EMPHASIS and PROMESSA since 2018[17] - Ms. Genevieve CHOW holds a dual Bachelor of Arts Degree in Science of Earth Systems and Economics from Cornell University and is a GIA Applied Jewellery Professional (A.J.P.) and GIA Diamonds Graduate[17] - The company's executive directors include Mr. Vincent CHOW Wing Shing, Dr. Gerald CHOW King Sing, Mr. Winston CHOW Wun Sing, and Ms. Genevieve CHOW Karwing[73] - The company's independent non-executive directors include Dr. CHAN Bing Fun, Mr. LEE Ka Lun, Dr. LO King Man, Mr. Stephen LAU Man Lung, and Mr. HSU Rockson (appointed on 1 June 2023)[73] - The company's directors' interests in shares are recorded as per the Securities and Futures Ordinance, with long positions noted as of 31 December 2023[83] - Mr. Vincent CHOW Wing Shing holds 136,271,595 shares, representing 20.12% of the company's total shareholding[85] - Dr. Gerald CHOW King Sing holds 76,026,394 shares, representing 11.22% of the company's total shareholding[85] - Mr. Winston CHOW Wun Sing holds 75,594,220 shares, representing 11.16% of the company's total shareholding[85] - Everwin Company Limited holds 120,000,000 shares, representing 17.71% of the company's total shareholding[89] - Speed Star Holdings Limited holds 74,995,996 shares, representing 11.07% of the company's total shareholding[89] - Schroders plc holds 54,276,447 shares, representing 8.01% of the company's total shareholding[89] - Happy Family Limited holds 53,909,932 shares, representing 7.96% of the company's total shareholding[89] - Pandanus Associates Inc., Pandanus Partners L.P., and FIL Limited each hold 34,009,000 shares, representing 5.02% of the company's total shareholding[89][92] - The company has maintained the prescribed public float under the Listing Rules throughout the year and up to the date of this report[94] - Pandanus Partners L.P. holds a 38.71% stake in FIL Limited, which in turn holds 34,009,000 shares of the company[95] - The company has maintained the required public float throughout the year and as of the report date[96] ESG and Sustainability - The Environmental Sustainability Department was established to define and promote sustainability strategies, expanding the reporting boundary to include Greater China (Hong Kong, Mainland China, Macau, and Taiwan) from 2023 onwards[99] - The number of retail stores included in the ESG report has increased due to the company's continued expansion[99] - The company established a Carbon Neutrality Task Force in 2023, comprising senior management from key operational units across all business locations, to define and execute the company's carbon neutrality strategy[102] - The company has set a series of environmental targets to decarbonize its business portfolio, covering greenhouse gas emissions and resource consumption[102] - The Board oversees the company's ESG strategy, material ESG-related risks, and the effectiveness of ESG risk management and internal control systems[102] - The ESG Working Group is responsible for monitoring important ESG trends, targets, and associated risks and opportunities, as well as assessing the adequacy and effectiveness of the company's ESG-related implementations[102] - The company has implemented relevant policies and procedures to manage ESG-related risks, with clearly delegated roles and responsibilities to all relevant parties[105] - The company maintains close communication with stakeholders including employees, customers, shareholders, and suppliers through various channels such as company websites, meetings, and online communications to align business practices with stakeholder expectations[108][110] - The company has implemented systems to monitor product quality, ensuring materials meet national standards for fineness, absence of toxic elements, and workmanship levels[113] - The company conducts product testing using surface spectrometric and destructive methods at externally-accredited laboratories in Hong Kong and Shunde[113] - The company's subsidiary, Hong Kong Gemological Research and Authentication Centre Company Limited, has been designated as a "Designated Local Research Institution" by the Hong Kong Innovation and Technology Commission[113] - The company has established a Quality Standard for Incoming Goods to ensure products are free from harmful elements such as lead, mercury, and hexavalent chromium[113] - The company has policies in place to ensure advertising and labeling comply with applicable laws and regulations, and respects intellectual property rights in business dealings[116] - The company has a dedicated customer relations team to address inquiries and complaints through various channels including service hotlines, emails, and social media platforms[116] - All store staff are trained to handle product-related queries, maintenance, and repair, with all customer correspondence logged and documented[117] - The company evaluates risks and initiates recall procedures for defective or substandard products, notifying relevant parties promptly and developing action plans for recalls[115] - The company reviews stakeholder feedback periodically to identify and prioritize material ESG issues, ensuring alignment with business practices[108][110] - The company was awarded the "Customer Service Power Brand Award" by the Hong Kong Institute of Marketing (HKIM) in July 2023[120] - The company received the "Excellence in Personalisation Marketing – Gold" and "Excellence in Loyalty Marketing – Bronze" awards from MARKETING-INTERACTIVE[120] - The company was commended as a long-term participating retailer member of the "No Fakes Pledge" Scheme at the 25th Anniversary Celebration[121] - The company was awarded the "Most Valuable Brand Award in Greater Bay Area" at the Third Navigator "9+2" Greater Bay Area Navigation Award Ceremony[121] - The company's Chow Sang Sang Precious Metal Laboratory was awarded the Gold Award of the "Testing and Certification Manpower Development Award Scheme" 2023-2024[122] - The company has policies and procedures in place to ensure compliance with data privacy laws, including the Personal Data (Privacy) Ordinance of Hong Kong, the Personal Information Protection Law of China, and the General Data Protection Regulation of the European Union[123] - The company only collects and retains the minimum amount of personal data of customers in its database, which is well-protected both in policy and technological terms[123] - The company regularly reviews the impact of updates in data privacy regulations on its business operations and enhanced its Privacy Policies and internal guidelines in 2023[123] - The company provides provisions in relevant guidelines, operation manuals, and customer data management codes for frontline staff regarding the collection, use, retention, processing, and management of customer data[126] - The company has implemented comprehensive procurement and supply chain management policies, prioritizing suppliers with responsible and sustainable operations, and conducts background checks and ESG evaluations on new suppliers[127] - Diamond suppliers are required to provide documented proof of ethical provenance, and all materials and finished goods are monitored, with only those passing tests being accepted[127] - The company maintains relationships with multiple suppliers to mitigate risks of over-reliance and promotes fair competition during supplier selection[127] - The company has a zero-tolerance policy on bribery and corruption, with employees required to comply with anti-corruption policies and undergo regular training[130] - The company's operating subsidiaries in Hong Kong registered as Dealers in Precious Metals and Stones (DPMS) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance since December 2023[131] - Over 200 staff members attended pilot training on statutory requirements such as customer due diligence and record-keeping prior to DPMS registration[131] - The company has a total of 12,175 employees as of 31 December 2023, with detailed employment data provided in the ESG Data Table[138] - The company strictly prohibits child and forced labor in all business operations, including suppliers, and no cases were identified in 2023[137] - The company won the title of "Foshan Harmonious Labour Relations Enterprises" in 2023, awarded by the Foshan Municipal Human Resources and Social Security Bureau[132] - The company ensures diversity in its workforce and prohibits discrimination in recruitment and promotion based on ethnicity, age, gender, marital status, and other factors[136] - The company had a total of 12,175 employees as of December 31, 2023[139] - In 2023, there were 1,924 lost days due to work-related injuries, compared to 1,308 in 2022[144] - The company achieved ISO 45001 certification in 2023 to improve occupational health and safety performance[144] - The company has a Management Trainee Programme in Mainland China, launched in 2020, to align with its omni-channel retailing strategy[148] - The company subsidizes employees requiring professional qualifications or advanced studies for specific positions[148] - The company conducts a significant portion of its training virtually via platforms like Zoom, "WeCom," and "Channel T"[148] - The company has zero work-related fatalities in the last three years[144] - General staff accounted for 58.2% of total working hours, middle management for 37.4%, and upper management for 4.4%[151] - The company has set a target to reduce electricity consumption and greenhouse gas emissions intensity by 7% at jewelry manufacturing factories by 2030[156] - The company aims to increase the use of e-receipts to 70% of transaction records issued to customers by 2030 as part of its paper waste reduction program[156] - The company has developed a roadmap towards decarbonization, with medium-term goals to enhance emission reduction disclosure and long-term goals to achieve decarbonization beyond regulatory requirements[158] - The company has won the "2023 Green Sustainable Development Contribution Award" for its contributions to carbon neutrality and environmental protection[158] - The company's Manufacturing Technology and Production Centre in Hong Kong has implemented energy-saving measures, including replacing lighting systems with energy-saving LEDs and upgrading air conditioners[158] - The company has signed up for the "Charter on External Lighting" and "Energy Saving Charter" organized by the Hong Kong Government, committing to reducing energy use in stores[159] - The company is upgrading lighting in offices and stores to LED lights, with replacement works in four factories expected to be completed by 2024[159] - The company has implemented multiple energy and water efficiency measures, including controlling billboard lighting with timers and replacing conventional vehicles with electric vehicles[160] - The company has adopted green building design and materials in the construction of the Xian flagship store, including solar panels for electricity generation[161] - The company aims to reduce water consumption and intensity by 7% at jewelry manufacturing factories by 2030[163] - The company is upgrading air conditioners to Grade 1 energy efficiency at its Hong Kong factory[163] - The company plans to complete the upgrade of lighting to LED in four factories by 2024[162] - The company implemented a lights-off initiative during lunch hours to conserve energy, reducing electricity consumption[163] - The company has set water and energy consumption reduction targets for its factories to enhance climate resilience[165] - The company is developing an automated planting area in its Taiwan office using LED lights and soil condition detection technology[163] - The company observed higher energy consumption in 2023 due to resumed operations and business growth[163] - The company is monitoring energy efficiency performance to reduce environmental impact and comply with relevant laws[166] - The company has established emergency response plans for flooding and placed production equipment above ground level in factories[165] - The company is incorporating sustainability as a key priority in supplier screening and assessment[166] - The company faces physical risks from extreme weather events such as cyclones, floods, and water shortages in mainland China and Hong Kong, which could disrupt operations and supply chains[167] - The company has implemented measures to mitigate climate change impacts, including emergency plans, flood prevention, and energy/water conservation targets for its factories[167] - The company identified market risks from increasing customer environmental and social awareness, which could harm its reputation if sustainability expectations are not met[168] - The company is sourcing recycled gold to reduce

Financial Performance - The total revenue for the year ended December 31, 2023, was HKD 25,013,339, representing a 22% increase from HKD 20,556,516 in 2022[2] - Retail revenue reached HKD 24,274,496, up 23% from HKD 19,751,940 in the previous year[2] - Profit attributable to owners of the company from continuing operations was HKD 1,060,359, a significant increase of 118% compared to HKD 486,365 in 2022[2] - Basic and diluted earnings per share increased to HKD 1.495 from HKD 0.668, marking a 124% rise[4] - The company reported a net profit of HKD 999,183 for the year, compared to HKD 441,722 in 2022[5] - Total revenue for the year ended December 31, 2023, was HKD 25,013,339, with external sales contributing HKD 25,003,417[17] - The gross profit from continuing operations was HKD 7,163,077, compared to HKD 5,555,179 in 2022, reflecting an increase of approximately 29%[23] - The company reported a pre-tax profit of HKD 592,764 from continuing operations, compared to HKD 558,725 in 2022, marking an increase of approximately 6.1%[23] Dividends and Equity - The total dividend for the year was HKD 0.60 per share, up from HKD 0.30 per share in 2022, with a payout ratio of 40%[2] - The company’s total equity attributable to owners increased to HKD 12,204,072, up 3% from HKD 11,890,543 in 2022[2] - Total equity increased to HKD 12,170,194 thousand in 2023, up from HKD 11,870,228 thousand in 2022, representing a growth of approximately 2.53%[7] - The proposed final dividend for 2023 is HKD 270,974,000, compared to HKD 101,615,000 for the previous year[27] - The proposed final dividend for the year ending December 31, 2023, is HKD 0.40 per share, up from HKD 0.15 in 2022, resulting in a total annual dividend of HKD 0.60 per share, compared to HKD 0.30 in 2022[53] Assets and Liabilities - Non-current assets totaled HKD 3,882,913, a slight decrease from HKD 3,990,316 in 2022[6] - Current assets increased to HKD 15,273,243 from HKD 14,660,541, driven by higher inventory and receivables[6] - Non-current liabilities decreased to HKD 1,351,011 thousand in 2023 from HKD 1,423,819 thousand in 2022, reflecting a reduction of about 5.08%[8] - The total receivables amounted to HKD 818,472,000 after impairment adjustments, compared to HKD 875,695,000 in 2022[33] - The company’s total assets related to discontinued operations were HKD 83,823,000 in 2023, down from HKD 131,459,000 in 2022[29] - The company’s total liabilities related to discontinued operations were HKD 645,000 in 2023, compared to HKD 2,616,000 in 2022[29] Revenue Sources and Segments - Revenue from continuing operations reached HKD 25,003,417 thousand in 2023, a significant increase of 21.88% compared to HKD 20,544,680 thousand in 2022[15] - The jewelry and watch retail segment remains a key business unit, primarily operating in mainland China, Hong Kong, Macau, and Taiwan[16] - Revenue from mainland China was HKD 15,826,481 in 2023, up from HKD 13,700,246 in 2022, indicating a growth of about 15.5%[19] - Jewelry and watch retail sales grew by 23% year-on-year, with significant demand for gold in mainland China, Hong Kong, and Macau[39] - The wholesale revenue for precious metals decreased by 7% to HKD 711 million due to a drop in demand for platinum metals[45] Operational Challenges and Losses - The company experienced a foreign exchange loss of HKD 223,819, compared to a loss of HKD 651,647 in the previous year[5] - The company reported a net loss of HKD 505,390 from precious metal lending, indicating significant challenges in this segment[17] - The company incurred a net loss of HKD 7,351 from the sale of property, machinery, and equipment, indicating potential asset management issues[17] - The company experienced a net impairment of HKD 9,003 on accounts receivable, suggesting potential credit risk concerns[17] - The company reported a net loss of HKD 14,499 from foreign exchange differences, impacting overall profitability[17] Strategic Initiatives and Future Outlook - The company is preparing to disclose potential impacts related to international tax reforms as they become applicable, demonstrating proactive risk management[14] - The company aims to enhance its brand image in 2024, marking its 90th anniversary, with a series of marketing activities including an exhibition in Chengdu showcasing the "Infini Love Diamond" collection[52] - The company plans to open 50 new stores primarily in second-tier cities and above in mainland China to counteract the decline in embedded jewelry sales[52] - The company is focusing on high-margin products such as gemstone jewelry and design-driven gold accessories to maintain profitability amid rising gold sales[52] - The company is investing in new technology development to enhance operational efficiency[60] Market and Consumer Trends - The company has observed a cautious consumer sentiment in mainland China, reflected in the decline of wedding jewelry purchases, indicating economic uncertainty and demographic changes[52] - The same-store sales growth for gold products was +21% in mainland China and +47% in Hong Kong and Macau[40] - The group's omnichannel retail strategy accounted for 31% of total sales in mainland China, down from 34% in 2022[42] - Online sales in mainland China reached HKD 2,974 million in 2023, a 12% increase from HKD 2,666 million in 2022, representing approximately 19% of total sales[43] Governance and Compliance - New accounting standards adopted this year did not significantly impact the financial statements, indicating compliance with updated regulations[10] - The overall financial reporting is conducted in accordance with Hong Kong Financial Reporting Standards, ensuring transparency and accuracy in financial disclosures[9] - The board emphasized the importance of adhering to corporate governance codes to maintain investor confidence[60]

Sales Performance - The Group's total jewellery and watch sales in the first half of 2023 increased by 31% year-on-year, with turnover in Hong Kong and Macau up 59% and Mainland China up 22%[6] - Consolidated turnover from continuing operations for the first half of 2023 increased by 29% to HK$13,000 million, while profit attributable to owners of the Company rose by 75% to HK$827 million[6] - Segment revenue for Mainland China was HK$8,714,780 thousand, reflecting a 22% increase compared to the previous year[8] - Segment results for Hong Kong and Macau showed a profit increase of 156% to HK$365,610 thousand[8] - In Hong Kong and Macau, turnover increased by 59% year-on-year, with segment results jumping 156%[14] - Overall same-store sales growth (SSSG) was +19% in the first half of 2023 compared to the first half of 2022[12] - In Mainland China, the overall SSSG was +19% in the first half of 2023 compared to the first half of 2022[12] - SSSG for gold jewellery and products rebounded with an increase of 78% in the first half of 2023[14] - SSSG for gem-set jewellery recorded an increase of 34%, driven by the "Infini Love Diamond" collection[14] - In Taiwan, sales grew by 32% year-on-year, with segment results increasing by 89%[18] - SSSG for watches in Hong Kong and Macau recorded steady growth of +16% compared to the first half of 2022[14] - The overall SSSG for the first quarter of 2023 was +93% compared to the same period in 2022, while the second quarter recorded +33%[14] - Sales of Rolex and Tudor watches in Mainland China recorded SSSG of +37% over the low base in 2022 due to disrupted supplies during the pandemic[10] Store Expansion - The Group added a net total of 39 stores to its retail network in the first half of 2023[6] - The total number of stores increased from 977 at the end of 2022 to 1,016 by June 30, 2023, reflecting a net change of +39 stores[19] - The company opened 47 new stores in the first half of 2023, while closing 17, resulting in a net increase of 30 stores in Taiwan[19] - Chow Sang Sang opened 53 new stores during the period, including 6 in Mainland China, while closing a total of 21 stores[21] - Chow Sang Sang Holdings plans to expand its market presence in Mainland China, targeting a 20% increase in store openings by the end of 2024[131] Financial Performance - The Group's profit attributable to owners from continuing operations increased by 72% to HK$829 million[6] - The interim dividend per share was set at 20.0 cents, with a dividend payout ratio of 16%[3] - The Group's turnover for the six months ended June 30, 2023, was HK$12,671,833, an increase of 31.0% compared to HK$9,668,795 for the same period in 2022[41] - Gross profit for the same period was HK$3,636,988, representing a 26.4% increase from HK$2,878,514 in 2022[41] - Profit before tax from continuing operations was HK$1,063,429, up 68.3% from HK$631,775 in the previous year[41] - Profit for the period from continuing operations was HK$822,004, a significant increase of 72.2% compared to HK$476,935 in 2022[41] - Basic earnings per share attributable to owners of the Company for profit for the period was 122.1 cents, compared to 69.6 cents in the previous year, reflecting a 75.8% increase[43] - Total comprehensive income for the period was HK$311,101, compared to a loss of HK$141,907 in the same period last year[45] - The Group's finance costs increased to HK$62,932 from HK$33,352 in the previous year, indicating a rise of 88.8%[41] - The Group's profit before tax from continuing operations was impacted by various charges, including a significant net loss on bullion contracts[76] Cash Flow and Liquidity - As of June 30, 2023, the Group had cash and cash equivalents of HK$1,258 million, up from HK$749 million as of December 31, 2022, indicating strong cash flow from retail operations[29][30] - The Group's total unutilized banking facilities amounted to HK$4,249 million as of June 30, 2023, compared to HK$3,879 million as of December 31, 2022[31] - Net cash flows from operating activities for the six months ended June 30, 2023, were HK$1,603,059, compared to HK$746,693 for the same period in 2022, representing a significant increase[61] - Cash and cash equivalents significantly increased to HK$1,257,816 from HK$748,628, a growth of 68%[47] - The Group's lease liabilities increased to HK$1,116 million as of June 30, 2023, from HK$983 million as of December 31, 2022[32] Risk Management and Governance - The Group has maintained effective risk management and internal control systems, with no significant weaknesses identified during the review period[39] - The Board is committed to appointing a new independent non-executive director before the 2023 Annual General Meeting to comply with corporate governance standards[37] - The Group's hedging level is approximately 40% of total gold inventories, indicating a proactive approach to managing bullion price exposure[31] - The Group maintains 33% of its bank loans at fixed rates, an increase from 25% as of December 31, 2022, to manage interest cost risks[31] E-commerce and Digital Strategy - Online sales in Mainland China accounted for approximately 18% of total sales, with a growth in gold jewellery sales outpacing other categories[21] - The Group's e-commerce sales have become a significant contributor to revenue, with plans to enhance the integration of online and physical sales[32] - The Group invested over 11,200 hours in live streaming shows to enhance online sales engagement[21] - The company has implemented new digital marketing strategies, resulting in a 25% increase in online sales during the first half of 2023[131] Sustainability and Innovation - Chow Sang Sang Holdings is committed to sustainability, with plans to source 50% of its materials from eco-friendly suppliers by 2025[131] - The company is investing in new product development, with a focus on innovative jewelry designs expected to launch in Q3 2023[131] Shareholder Information - The Company declared an interim dividend of HK20.0 cents per ordinary share for the six months ended 30 June 2023, an increase from HK15.0 cents in 2022[126] - A final dividend of HK15.0 cents per ordinary share for the year ended 31 December 2022 was approved and paid on 21 June 2023[126] - As of June 30, 2023, the largest shareholder, Everwin Company Limited, held 120,000,000 shares, representing approximately 17.71% of the shareholding[119] - Directors' interests included Mr. Vincent Chow with 136,271,595 shares, accounting for 20.12% of the total[116]

Financial Performance - Revenue from continuing operations for retail reached HKD 12,671,833, representing a 31% increase compared to HKD 9,668,795 in the same period last year[2] - Profit attributable to owners from continuing operations was HKD 828,969, a significant increase of 72% from HKD 481,239 in the previous year[3] - Basic and diluted earnings per share for continuing operations rose to 122.4 cents, up 72% from 71.0 cents in the prior year[4] - Total comprehensive income for the period amounted to HKD 311,101, compared to a loss of HKD 141,907 in the same period last year[5] - Adjusted profit before tax for continuing operations was HKD 1,063,429, compared to HKD 631,775 for the same period in 2022, reflecting a significant increase[14] - The company reported a total segment profit of HKD 1,056,365 for the six months ended June 30, 2023, compared to HKD 632,437 for the same period in 2022[14] - The overall performance indicates a positive outlook for the second half of 2023, with expectations of continued growth in revenue and profitability[14] Dividends - The company declared an interim dividend of 20.0 cents per share, with a payout ratio of 16%[2] - The company declared an interim dividend of HKD 0.20 per share for 2023, up from HKD 0.15 per share in 2022[25] - The board declared an interim dividend of HKD 0.20 per share for the six months ended June 30, 2023, compared to HKD 0.15 per share in 2022[54] Sales and Revenue Growth - Revenue from continuing operations for the six months ended June 30, 2023, was HKD 12,994,530, an increase of 28.5% compared to HKD 10,085,728 for the same period in 2022[11] - The jewelry and watch retail segment generated revenue of HKD 12,671,833, while the precious metals wholesale segment contributed HKD 635,706 for the same period[13] - Revenue in Hong Kong and Macau increased by 59% year-on-year after the lifting of travel restrictions, with segment performance soaring by 156%[38] - Online sales in mainland China reached HKD 1,594 million, a 14% increase from HKD 1,395 million in the same period of 2022[43] - Taiwan sales grew by 32% year-on-year, with segment performance increasing by 89%[40] Costs and Expenses - The total sales cost for the period was HKD 12,999,778, up from HKD 10,092,060, reflecting a 29% increase[3] - Total tax expenses for the period amounted to HKD 241,425,000, up from HKD 154,840,000 in the previous year, reflecting a year-on-year increase of approximately 55.8%[19] - The group's total employee expenses for the six months ended June 30, 2023, were HKD 1,060 million, with a total workforce of 11,977 employees[52] Assets and Liabilities - Total non-current assets increased to HKD 4,064,024 thousand as of June 30, 2023, compared to HKD 3,990,316 thousand as of December 31, 2022, reflecting a growth of 1.85%[6] - Current assets rose to HKD 14,797,319 thousand, up from HKD 14,660,541 thousand, indicating an increase of 0.94%[6] - Total non-current liabilities reached HKD 1,593,867 thousand, up from HKD 1,423,819 thousand, marking an increase of 11.95%[7] - The company's net asset value stood at HKD 12,079,714 thousand, compared to HKD 11,870,228 thousand, reflecting a growth of 1.76%[7] - The total equity attributable to owners of the company increased to HKD 11,937,743 thousand from HKD 11,721,184 thousand, showing a rise of 1.84%[7] Inventory and Receivables - Inventory decreased slightly to HKD 11,850,854 thousand from HKD 12,112,349 thousand, a decline of 2.17%[6] - The company reported a decrease in accounts receivable to HKD 791,594 thousand from HKD 818,472 thousand, a reduction of 3.28%[6] - Trade receivables as of June 30, 2023, amounted to HKD 791,594 thousand, a decrease from HKD 818,472 thousand as of December 31, 2022[28] Market Strategy and Operations - The company plans to continue expanding its retail operations in mainland China, Hong Kong, Macau, and Taiwan[12] - The company is focusing on the development of new products, particularly lab-grown diamonds and gemstone jewelry, through its e-commerce platform[12] - The group plans to be more selective and cautious in opening new stores after surpassing 1,000 locations, focusing on improving operational efficiency[53] - The group continues to implement a multi-brand strategy and aims to enhance the integration of online and offline sales channels[53] Financial Instruments and Risks - The group's pre-tax profit from continuing operations was impacted by a net loss of HKD 337,022,000 from designated financial instruments, compared to a loss of HKD 127,611,000 in 2022, representing a significant increase in losses[16][17] - The fair value net gain from designated financial instruments was HKD 90,316,000 in 2023, a substantial increase from HKD 28,723,000 in 2022, highlighting improved market conditions[15] - The company is currently assessing its risks related to the OECD's Pillar Two tax reforms, which may affect future financial reporting[10] Capital Expenditure and Financing - Capital expenditure amounted to HKD 296 million, with HKD 151 million allocated for new store openings and renovations[49] - The total unused bank financing amounted to HKD 4,249 million as of June 30, 2023, compared to HKD 3,879 million on December 31, 2022[50] - The group's capital debt ratio was 36.6%, based on total bank loans and precious metal borrowings of HKD 4,431 million against equity attributable to owners of HKD 12,107 million[50] - The group maintains a diversified funding source by applying for financing from multiple local and overseas banks[50]