CHOW SANG SANG (00116) has disclosed its annual results for the period ending December 31, 2025. The group reported a revenue of HK$22.446 billion, marking a 6% increase compared to the previous year. Profit attributable to the company's owners surged by 113.2% to HK$1.717 billion. Earnings per share stood at HK$2.557. The board has proposed a second interim dividend of HK$0.79 per share.
The growth in revenue was primarily driven by a recovery in sales performance during the second half of 2025 in key markets, including Mainland China and Hong Kong. The gross profit margin for the group's continuing operations rose by 4.3 percentage points to 32.6%. This improvement was attributed to two main factors. Firstly, rising gold prices enabled the sale of inventory acquired at lower costs to generate higher profits. Secondly, the group successfully promoted higher-margin fixed-price gold jewelry, which accounted for approximately 26% and 14% of total sales in Mainland China and Hong Kong & Macau, respectively.
Revenue increased across all major regional markets within the jewelry and watch retail segment, with overall performance growing by 141% compared to 2024. Same-store sales growth also showed an upward trend in 2025, increasing by 6% overall compared to the previous year. This growth was supported by strong performance in both priced and fixed-price jewelry categories during the second half of 2025.
Within the priced product category, rising gold prices contributed to an increase in average selling prices. The group's signature collections, "Wenhua Zhufu" (Cultural Blessings) and "Yong" (Eternal), remained highly popular among customers. Fixed-price gem-set jewelry continued to show growth, with strong demand for items from the "YUYU" and "Wenhua Zhufu" collections. Additionally, everyday wear series such as "EMPHASIS" and "MARCO BICEGO" continued to contribute to sales, while the diamond collection "Infini Love Diamond" also achieved year-on-year growth.
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