Chow Tai Fook Jewellery Group Ltd. delivered a resilient performance in FY2025, with operating profit rising 9.8% year-on-year to HK$14.75 billion, even as revenue declined 17.5% to HK$89.66 billion due to high gold prices and a sluggish macroeconomic environment.

The company’s ongoing brand transformation helped offset the top-line pressure, with the launch of five new premium-format stores in Mainland China and Hong Kong contributing to a 400 basis point expansion in operating margin, which reached 16.4%. Gross profit margin also improved to 29.5%, driven by a stronger product mix and growing demand for fixed-price gold jewellery.

While net profit attributable to shareholders fell 9% to HK$5.92 billion—largely due to revaluation losses on gold loan contracts—the group maintained a generous dividend payout ratio of 87.8%, declaring a full-year dividend of HK$0.52 per share.

Chairman Dr. Henry Cheng commented, “We are making significant progress in our brand transformation journey. Despite external headwinds, we continue to adapt to shifting consumer preferences and see exciting opportunities for growth across China and beyond. Innovation, craftsmanship, and cultural pride remain central to our identity.”

A standout in FY2025 was the remarkable growth in fixed-price gold jewellery, with sales soaring 105.5% year-on-year. These products now account for 19.2% of Mainland China’s gold jewellery revenue. Signature collections such as CTF Rouge and the Palace Museum collaboration each recorded over HK$4 billion in sales.

The group also accelerated its digital retail strategy. Livestreaming and e-commerce accounted for 5.8% of retail sales value in Mainland China, while online sales in Hong Kong and Macau surged 91%, driven by a revamped website and successful IP-based product collaborations.

Looking ahead to FY2026, Chow Tai Fook expects to benefit from continued brand evolution, improving market sentiment, and disciplined cost management, positioning the company for sustainable, quality-led growth.