Chow Sang Sang announces its full-year results for 2025

Annual profit rose to a record high, with revenue increasing by 6% to HKD 22,446 million

[March 26, 2026, Hong Kong] Chow Sang Sang Group International Limited ("the Company", and its subsidiaries, collectively referred to as "the Group") is pleased to announce the consolidated results for the year ended December 31, 2025 ("the Year").

The Group’s consolidated revenue from continuing operations in 2025 increased by 6% year-on-year to HKD 22,446 million. This growth was mainly driven by improved sales performance in key markets such as mainland China and Hong Kong in the second half of 2025. The gross profit margin of the Group's continuing operations increased by 4.3 percentage points year-on-year to 32.6%, reflecting the impact of rising gold prices and an increased contribution from priced gold jewelry.

Overall, the profit attributable to the owners of the Company from continuing operations for this year increased by 115% year-on-year, reaching a record high of HKD 1,659 million.

The Board has announced a second interim dividend for this year (replacing the final dividend) of 79.0 Hong Kong cents per ordinary share, together with the first interim dividend of 21.0 Hong Kong cents per ordinary share that has been distributed by the Company, making the total dividend for the year 100.0 Hong Kong cents per ordinary share.

Jewelry and Watch Retail

The overall performance of the Jewelry and Watch Retail segment recorded a 141% year-on-year increase, with all major regional markets showing growth compared to 2024.

Same-store sales growth

In the second half of 2025, same-store sales growth in mainland China, Hong Kong, and Macau all showed improvements. In mainland China, same-store sales growth benefited from strong sales of priced jewelry, better performance of valued products, and robust results from stores located in core areas; while in Hong Kong and Macau, demand for various gold products remained strong.

For the entire year of 2025, same-store sales growth in mainland China, Hong Kong, and Macao increased by 6% and 7%, respectively.

Brand positioning and product mix

Throughout the year, the Group continued to optimize its strategic brand positioning and product mix in response to changing consumer preferences and market conditions. Demand in the high-end market remained strong and resilient, with the Group further expanding its presence in these markets through clearer brand messaging, improved store displays, and an ongoing emphasis on design, craftsmanship, and product differentiation.

At the same time, the Group further optimized its product mix to cater to the needs of different customer segments across various markets. The Group launched lifestyle-oriented, IP-inspired product lines targeting the new generation of consumers while enhancing the positioning and presentation of high-end products to attract design-conscious and brand-status-seeking tastemakers.

In the high-end market, we further solidified our customer base of jewelry connoisseurs through experience-driven, exclusive, and loyalty-focused products and services. As part of this ongoing optimization, the contribution from priced products increased as our range of gold products embedded with diamonds and gemstones continued to expand.

Chow Sang Sang Omnichannel Retail

The Group continued its omnichannel strategy, encompassing online sales, the Star Guide service, and other remote sales arrangements completed outside the physical store environment or via remote inventory.

Omnichannel sales accounted for 23% of the Group's total retail sales (2024: 23%). Online sales in mainland China represented approximately 24% of total sales in mainland China (2024: 22%). Online sales in Hong Kong, Taiwan, and other overseas markets maintained steady growth throughout 2025, increasing by 30% year-on-year.

Store Network

As of December 31, 2025, the Group had a total of 840 stores. During the year, in mainland China, the Group opened 31 stores in key strategic locations, primarily in second-tier or higher cities, and closed 146 stores that did not align with the Group’s strategic direction. In Hong Kong, one additional Chow Sang Sang store was opened on Canton Road in Tsim Sha Tsui. In Taiwan, four new stores were opened.

Outlook

January 1, 2026 to March 15, 2026 Same-store sales growth

Mainland China +4%

Hong Kong and Macau +42%

During the first quarter ended March 15, 2026, the Group recorded a 42% increase in same-store sales growth in Hong Kong, reflecting strong performance across stores located both in tourist areas and community malls. In contrast, same-store sales growth in mainland China rose by 4%, indicating that the operating environment remains more challenging. Low mall traffic, coupled with high gold prices exceeding the affordability of many consumers, led to a decline in sales volume, particularly within the mass-market segment. Consumer confidence remains cautious, with spending staying selective. Stores located in high-end shopping malls continued to outperform others and achieved robust sales growth.

The Group will continue to strictly adhere to its retail network strategy, focusing on the premium market, opening stores in strategic locations, and enhancing store productivity and overall network quality through network optimization. Meanwhile, the Group will also explore opportunities in experiential stores and community-based store models to better engage customers and capture local market demand.

Note: For more details, please refer to the earnings announcement published on March 26, 2026. Unless otherwise defined, the terms used in this press release shall have the same meanings as defined in that earnings announcement.

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