CHOW TAI FOOK-周大福(01929) - 2024 - 年度业绩

Financial Performance - Chow Tai Fook Jewellery Group achieved record high revenue of HK $108,713 million in FY2024, representing a 14.8% increase, or 18.5% on a constant exchange rate basis[10]. - Core operating profit increased by 28.9% to HK$ 12,163 million, with the core operating profit margin improving by 120 basis points to 11.2%[10]. - Revenue for the year ended March 31, 2024, reached HK $108,713 million, representing a year-on-year increase of 20.7%[17]. - Core operating profit for the same period was HK$ 12,163 million, reflecting a year-on-year growth of 28.9%[17]. - Earnings per share increased to HK $0.65, up from HK$ 0.54 in the previous year, marking a growth of 20.4%[17]. - Profit attributable to shareholders increased by 20.7% to HK $6,499 million, with earnings per share at HK$ 0.65[28]. - The gross profit margin for the year was 20.5%, down from 22.4% in the previous year[17]. - The adjusted gross profit margin moderated by 90 basis points to 22.8% due to changes in product and wholesale mix[84]. - The net gearing ratio as of March 31, 2024, was 78.2%, significantly higher than 27.6% in the previous year[18]. - The Group's total equity as of March 31, 2024, was HK $33,360 million, a decrease of HK$ 6,614 million from HK $26,746 million in 2023[178]. Market Performance - Revenue from Hong Kong, Macau, and other markets climbed 45.6% year-on-year, driven by the recovery in inbound tourism[10]. - Retail sales value (RSV) in Hong Kong and Macau grew by 36.7% during FY2024, driven by increased tourist arrivals and the Lunar New Year holiday[71]. - The Mainland jewellery market is expected to remain resilient, driven by a GDP growth target of around 5% and increasing demand from young consumers[33]. - Retail sales volume in Mainland China for the year ended 31 March 2023 was 21,988,000 units, a slight decrease from 22,118,000 units in 2022[20]. - The retail sales value (RSV) in Hong Kong and Macau surged by 32.0% and 53.2% respectively, driven by the recovery of inbound tourism[163]. - The Mainland continued to be the main profit contributor, accounting for over 85% of the group's core operating profit in FY2024[100]. Strategic Initiatives - The company is undergoing a brand transformation to enhance brand desirability and customer experience, including the launch of new consumer-facing logos and the CTF Rouge Collection[10]. - Strategic priorities include brand transformation, product optimization, accelerated digitalization, operational efficiency, and talent cultivation[27]. - Chow Tai Fook plans to enhance customer experience across omni-channel touchpoints to adapt to evolving consumer preferences[33]. - The company is implementing a strategic refurbishment of all stores over the next five years in preparation for its 100th anniversary in 2029[47]. - The company aims to enhance operational efficiency and profitability through selective store openings and closures in its retail network[65]. Operational Efficiency - The number of retail points increased by 143 to a total of 7,403, with same-store sales growth (SSSG) of 1.8%[14]. - Inventory turnover period improved to 274 days, compared to 294 days in the previous year[18]. - The company aims to leverage AI and a comprehensive data lake to enhance operational efficiency and data-driven decision-making[49]. - The average selling price (ASP) of e-commerce products increased to approximately HK$ 2,080 in FY2024, up from HK$1,870 in FY2023, reflecting a growth of around 11.2%[129]. - The overall SSS volume growth was 32.0%, with gem-set, platinum, and k-gold jewellery experiencing a decline of 4.8%[142]. Awards and Recognition - The company received multiple awards in 2023, including Best CEO and Best CFO, reflecting strong governance and investor relations performance[21]. Future Outlook - The company expects a same-store sales growth of 1.8% for the year ending 31 March 2024 in Mainland China[20]. - The Group remains cautiously optimistic for FY2025, focusing on enhancing store productivity and disciplined cost management[78]. - The company anticipates growth opportunities in Southeast Asia, driven by a rising middle class and economic recovery in tourism[34].