Chow Tai Fook Jewellery Group Ltd. reported a resilient financial performance for FY2025, with operating profit rising 9.8% year-on-year to HK$14.75 billion, despite a 17.5% decline in revenue to HK$89.66 billion amid challenging macroeconomic conditions and high gold prices.
The group’s strategic brand transformation, including five new premium-format stores in Mainland China and Hong Kong, drove a 400 basis point expansion in operating margin to 16.4%. Gross profit margin also rose to 29.5%, supported by a stronger product mix and increased sales of fixed-price gold jewellery.
While profit attributable to shareholders dipped 9% to HK$5.92 billion due to gold loan contract revaluations, the group maintained a high dividend payout ratio of 87.8%, declaring a full-year dividend of HK$0.52 per share.
Dr. Henry Cheng, Chow Tai Fook Jewellery Group Chairman, said, “At Chow Tai Fook Jewellery, we are making great strides in our brand transformation journey. We remain determined to satisfy evolving customer demand while seizing the emerging opportunities across China and other markets. As the leading Chinese jeweller, we maintain our strong commitment to carrying forth our legacy of bold innovation, masterful craftsmanship, and proud cultural heritage.”
Notably, revenue from fixed-price gold products soared 105.5% year-on-year, now making up 19.2% of Mainland gold jewellery sales. Signature collections like CTF Rouge and the Palace Museum line each surpassed HK$4 billion in sales.
Chow Tai Fook also leaned into online retail, with livestreaming and e-commerce contributing 5.8% of Mainland retail sales value. In Hong Kong and Macau, online sales grew 91% thanks to a revamped website and popular IP collaborations.
Looking ahead, the Group expects FY2026 to benefit from ongoing brand upgrades, improving market conditions, and sustained cost discipline, setting the stage for quality growth.