Chow Tai Fook Jewellery Group Reports 15.1% Retail Sales Growth and Strong Brand Transformation in Q1 FY2027

Chow Tai Fook Jewellery Group Q1 FY2027 Key Operational Update: Strong Growth and Strategic Transformation

Key Highlights for Investors

Group Retail Sales Value (RSV) up 15.1% YoY: Robust growth driven by strong performances in both Chinese Mainland (+10.7%) and Hong Kong & Macao (+44.8%).
Same Store Sales (SSS) Growth: Mainland self-operated stores SSS up 19.6%, franchised up 15.7%. Hong Kong & Macao SSS up 41.7%, with Hong Kong up 35.0% and Macao surging 64.6%.
Weight-based Gold Jewellery Outperformance: Weight-based gold jewellery SSS grew 38.0% in the Mainland and 63.7% in Hong Kong & Macao. Fixed-price jewellery SSS slightly down in Mainland (-1.0%) but up in Hong Kong & Macao (+13.1%).
Rising Average Selling Prices (ASP): Notable increases in ASP across all segments, especially for gold jewellery in both regions.
Brand Transformation & New Launches: The DAWN Collection achieved RSV of over HK\$870 million in its launch quarter, exceeding management expectations. High Jewellery segment launch received strong client and social media response.
Strategic Network Optimization: Ongoing rationalization of Mainland POS network, with net closure of 258 stores, while opening high-productivity luxury-format stores in prime locations and overseas expansion in Canada.
E-commerce Momentum: Mainland e-commerce RSV grew 28.9% YoY, now representing 8.9% of RSV and 19.4% of volume.
Weight-based Gold Jewellery Gains Share: In both Mainland and Hong Kong & Macao, weight-based gold jewellery continues to increase its share of total RSV.

Detailed Operational Performance

Group Financials and Market Breakdown

Chow Tai Fook Jewellery Group delivered a strong start to FY2027, posting a 15.1% year-on-year increase in group RSV for Q1.
Chinese Mainland contributed 83.6% of Group RSV, while Hong Kong, Macao and other markets accounted for 16.4% of the total.

Same Store Sales (SSS) and Product Trends

Chinese Mainland: SSS for self-operated stores soared 19.6%, outpacing the broader jewellery market. Franchised store SSS also grew 15.7%. However, SSS volume slipped by 5.2%, indicating growth was led by higher ASP rather than transaction volume.
Hong Kong & Macao: SSS leapt 41.7%, driven by a 9.4% increase in SSS volume. Macao led with a 64.6% SSS gain, while Hong Kong posted a 35.0% increase, reflecting strong consumer sentiment and tourism recovery.
Product Breakdown: Weight-based gold jewellery was the primary growth engine, with SSS up 38.0% in the Mainland and 63.7% in Hong Kong & Macao. Fixed-price jewellery showed resilience in Hong Kong & Macao (+13.1% SSS), but dipped slightly in the Mainland (-1.0% SSS).

Average Selling Price (ASP) Strength

Mainland: ASP for weight-based gold jewellery rose to HK\$10,600 (from HK\$8,400). Fixed-price gold jewellery ASP climbed to HK\$9,100 (from HK\$6,500). Gem-set jewellery ASP also improved to HK\$8,700 (from HK\$8,400).
Hong Kong & Macao: Weight-based gold jewellery ASP increased to HK\$17,100 (from HK\$15,600). Fixed-price gold jewellery ASP jumped to HK\$8,700 (from HK\$5,100). Gem-set jewellery ASP reached HK\$16,600 (from HK\$16,200).

Brand Transformation and New Collections

DAWN Collection: Launched in April, the DAWN Collection generated RSV exceeding HK\$870 million in its first quarter, signaling successful brand repositioning and strong consumer response.
High Jewellery Segment: The introduction of the Chinese Couture High Jewellery collection in June received excellent sales and positive media engagement, further enhancing the Group’s luxury positioning.
Luxury-format Stores: Four new luxury-format stores opened in top-tier Mainland malls, raising the total to 12. International expansion continued with a new store in Vancouver, Canada.

Product Mix & E-commerce

Weight-based gold jewellery’s share of Mainland RSV grew to 67.2% (from 61.5%), while fixed-price jewellery fell to 29.0% (from 34.0%). In Hong Kong & Macao, weight-based gold jewellery now accounts for 70.1% of RSV (from 64.4%).
Mainland e-commerce RSV rose 28.9% YoY, contributing 8.9% of RSV and 19.4% of volume, boosted by targeted marketing and a successful 618 shopping festival.
Franchised stores in Mainland accounted for 63.5% of RSV (down from 69.1%), reflecting ongoing network optimization.

Store Network Optimization

Total CHOW TAI FOOK JEWELLERY POS reduced to 5,205 as of June 30, 2026, after a net closure of 258 stores in Mainland China (14 openings, 272 closures).
In Hong Kong & Macao, one new POS opened. Other international markets saw a net increase of two POS.
The Group remains focused on shifting away from lower-performing locations to high-productivity, prime sites to drive quality growth.

Shareholder-Important & Potentially Price Sensitive Information

Significant SSS and RSV growth, especially in Hong Kong & Macao, demonstrates a strong recovery in consumer demand, which may positively impact future earnings and share price.
Strategic closure of underperforming stores and expansion into luxury and international markets signals management’s focus on high-margin growth and improved profitability.
Successful launch of new collections and high jewellery segment may enhance brand value and attract premium customers, supporting higher ASPs and margins.
Continued e-commerce momentum provides a new channel for growth and mitigates physical retail risks.

Cautionary Note

The operational data discussed above is unaudited and based on internal management accounts for the three months ended 30 June 2026. Investors are advised to exercise caution and not solely rely on this update for investment decisions.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. All financial figures are unaudited and subject to future revisions.

周大福珠寶集團2027財年第一季度營運重點：增長強勁品牌轉型成果顯著

投資者需知的重點

集團零售值（RSV）按年升15.1%：內地（+10.7%）及港澳（+44.8%）均錄得強勁增長。
同店銷售（SSS）增長：內地自營店SSS升19.6%，加盟店升15.7%。港澳SSS升41.7%，其中香港升35.0%，澳門升64.6%。
計重黃金首飾表現突出：計重黃金首飾同店銷售內地升38.0%，港澳升63.7%。定價首飾內地微跌(-1.0%)，港澳升13.1%。
平均售價（ASP）持續提升：所有分類ASP均顯著上升，尤以黃金首飾為主。
品牌轉型及新品發佈：「DAWN曦光」系列首季RSV超過8.7億港元，高於管理層預期。高級珠寶板塊新品反響熱烈。
網點優化：內地持續關閉表現欠佳門店，首季淨關閉258間，並在核心地段開設高端新店及拓展加拿大等國際市場。
電商持續增長：內地電商RSV按年升28.9%，佔RSV 8.9%，佔銷售量19.4%。
計重黃金首飾佔比提升：內地及港澳計重黃金首飾佔總RSV比重進一步擴大。

營運表現詳情

集團財務及市場分佈

周大福本季度業績強勁，集團RSV按年升15.1%。內地佔集團RSV 83.6%，港澳及其他市場佔16.4%。

同店銷售及產品趨勢

內地：自營店SSS升19.6%，領先行業，加盟店升15.7%。但同店銷售量跌5.2%，反映增長以ASP拉動為主。
港澳：SSS升41.7%，同店銷售量升9.4%。澳門大幅升64.6%，香港升35.0%，消費氣氛及旅遊復甦帶動。
產品分類：計重黃金首飾為增長引擎，內地升38.0%，港澳升63.7%。定價首飾港澳升13.1%，內地微跌1.0%。

平均售價（ASP）強勁

內地：計重黃金首飾ASP升至\$10,600（去年同期\$8,400）；定價黃金首飾ASP升至\$9,100（\$6,500）；鑲嵌首飾ASP升至\$8,700（\$8,400）。
港澳：計重黃金首飾ASP升至\$17,100（\$15,600）；定價黃金首飾ASP升至\$8,700（\$5,100）；鑲嵌首飾ASP升至\$16,600（\$16,200）。

品牌轉型及新品

DAWN曦光系列：4月推出，首季RSV超過8.7億港元，市場反應理想。
高級珠寶：6月發佈「中國高訂」系列，取得佳績，客戶及社交媒體反應熱烈，鞏固集團高端形象。
高端門店：內地新增4間，總數達12間；加拿大溫哥華開設新店，持續國際拓展。

產品結構及電商

內地計重黃金首飾佔RSV升至67.2%（去年同期61.5%）；定價首飾降至29.0%（34.0%）。港澳計重黃金首飾佔比升至70.1%（64.4%）。
內地電商RSV升28.9%，佔RSV 8.9%，佔量19.4%，618購物節表現突出。
內地加盟店佔RSV降至63.5%（69.1%），反映網點優化。

門店網絡優化

周大福珠寶門店總數減至5,205間（截至2026年6月30日），內地期內淨關閉258間（新開14間，關閉272間）。
港澳新開1間，其他市場新增2間。
持續聚焦高效益、優質地段，推動高質增長。

對股東重要及潛在敏感信息

港澳及內地SSS顯著增長，顯示消費需求強勁，或利好未來盈利及股價。
優化門店結構，聚焦高端及國際拓展，有望提升利潤率。
新品推出及高級珠寶業務推動品牌升級，有助吸納高端客群，提升ASP。
電商增長為新動力，分散實體門店風險。

風險提示

以上營運數據為截至2026年6月30日止三個月內部管理賬目初步數字，未經審核。投資者請審慎參考，勿單憑本資料作投資決定。

免責聲明：本報導僅作資訊用途，並不構成任何投資建議或買賣證券的推薦。所有財務數據為初步及未經審核，或會於日後修訂。