周大福：2024年報.pdf

1、企業簡介CORPORATE PROFILEChow Tai Fook Jewellery Group Limited(the“Group”;SEHK stock code:1929)was listed on the Main Board of The Stock Exchange of Hong Kong in December 2011.The Group celebrates its 95th anniversary this year and forges ahead into a new chapter of success,guided by a vision:“To be the

2、 leading global jewellery brand that is a trusted lifetime partner for every generation”.Founded in 1929,the Groups iconic brand“CHOW TAI FOOK”has become an emblem of tradition,celebrated for its bold designs and an unwavering attention to detail.Building upon a rich heritage and a foundation of tru

3、st,the Group is not only widely recognised for honouring traditions but also for fostering deep,meaningful connections with a diverse customer base through its products.The Groups long-standing commitment to innovation and craftsmanship has been integral to its success over time and has become synon

4、ymous with excellence,value and authenticity.As a leading Chinese jeweller,the Group believes in blending contemporary cutting-edge designs with traditional techniques to create jewellery that can be passed down from generation to generation.Every collection is thoughtfully conceived and crafted to

5、reflect the stories of our customers,celebrating the special moments in their lives.Committed to growing alongside our customers,the Group embraces a spirit that aspires to inspire and captivate generations to come,weaving the story of CHOW TAI FOOK into the fabric of their lives.Offering a wide var

6、iety of products,services and channels,the Groups brand portfolio comprises the CHOW TAI FOOK flagship brand with curated retail experiences,and other individual brands including HEARTS ON FIRE,ENZO,SOINLOVE and MONOLOGUE.The Group is committed to delivering sustainable long-term value creation for

7、its stakeholders by enhancing the quality of earnings and driving higher value growth.With an extensive retail network of nearly 8,000 stores across China as well as multiple locations globally,and a growing e-commerce business,the Group is implementing targeted online-to-offline(“O2O”)strategies to

8、 strengthen its competitiveness in todays omni-channel retail environment.周大福珠寶集團有限公司（集團；香港聯交所股份代號：1929）於 2011 年 12 月在香港聯合交易所主板上市。集團今年踏入 95 周年誌慶，在引領珠寶行業，相伴世代人生的願景推動下，昂首邁向新里程。集團標誌性品牌 周大福 創立於1929年，透過別出心裁的設計和對細節的堅持，讓傳統成為經典。周大福珠寶集團承載著深厚的歷史底蘊及堅實的品牌信賴基礎，一直視弘揚傳統文化為己任，並透過匠心打造的精緻產品，與廣泛的顧客建立深厚的情感聯繫，成就廣獲認同。集團對

9、創新與工藝的恒久堅持是其取得成功的要素。時至今日，集團已成為了品質、價值和顧客滿意度的代名詞。周大福珠寶集團作為行業領先的中國珠寶商，確信透過現代創新設計揉合傳統工藝，能創造出代代相傳的珠寶首飾。我們每個產品系列都經過巧妙構思、匠心製作，旨在述說不同顧客的故事，慶祝他們生命中每個特別時刻。我們將陪伴每一代的顧客一同成長，在他們追尋幸福的道路上提供激勵和啟發，把周大福的品牌故事和產品編織到顧客的生活脈絡當中。集團擁有廣泛的產品、服務及銷售渠道，品牌組合包括旗艦品牌 周大福 及精心策劃的零售體驗，以及 HEARTS ON FIRE、ENZO、SOINLOVE 與 MONOLOGUE 等其他個性品牌

10、。集團致力通過提高盈利質量和推動更高價值的增長，為不同持份者創造可持續的長期價值。集團擁有龐大的零售網絡，包括遍布中國和全球多個地區的近 8,000 家門店，以及日益增長的電子商務業務。此外，集團亦正實施具針對性的線上線下策略，以加強在當前全渠道零售環境中的競爭力。目錄CONTENTSProfile of Directors and Senior Management董事及高級管理人員簡介Risk Management Report風險管理報告Corporate Governance Report企業管治報告Directors Report董事會報告Financial Statements財務

11、報表Financial Summary財務概要A Snapshot of Chow Tai Fook Jewellery Group周大福珠寶集團簡況Financial and Operational Highlights財務及營運摘要Annual Results at a Glance年度業績概覽Major Awards and Recognitions主要獎項及嘉許GOVERNANCE管治FINANCIALS財務OVERVIEW概覽Independent Auditors Report獨立核數師報告Information for Investors投資者資訊Glossary詞彙ADDITI

12、ONAL INFORMATION附加資料CHAIRMANS STATEMENT主席報告書STRATEGIC REPORT策略報告MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析Performance Review表現回顧Other Financial Review其他財務回顧2713891606120168814526826927112291761Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司2Overview概覽周大福珠寶集團簡況A SNAPSHOT OFCHOW TAI FOOK JEWELLERY GR

13、OUPWe value feedback from our stakeholders as it is important for us to ensure continuous improvement of our reporting quality.We invite you to share your views by email to .我們珍視持份者的意見，以確保報告質量得以持續改善?，F誠邀 閣下把您對本報告的寶貴建議電郵至 。Chow Tai FookJewellery Group Website周大福珠寶集團網站Chow Tai Fook Jewellery Brand Webs

14、ite周大福珠寶品牌網站Corporate Presentation企業簡報Our Sustainability Reports可持續發展報告Corporate Video企業短片Our Brands我們的品牌Annual Report 20242024年報3Annual Results at a Glance年度業績概覽年度業績概覽ANNUAL RESULTS AT A GLANCEKEY HIGHLIGHTS Despitemacrochallengeswhichimpactedallbusinesses,ChowTaiFookJewelleryGroupachievedrecordhig

15、hrevenueandcoreoperating profit in FY2024.The Groups revenue increased 14.8%to HK$108,713 million during the financial year,or by 18.5%on a constant exchange rate basis.Core operating profit increased 28.9%to HK$12,163 million HongKong,Macauandothermarketsexperiencedexcellentbusinessmomentum,withits

16、revenueclimbed45.6%year-on-year,which is attributed to the continued recovery in inbound tourism Weachievedencouragingprofitabilityenhancement,coreoperatingprofitmarginimprovedby120basispointsto11.2%duringthisfinancial year Ourbrandtransformationisontracktoelevatebranddesirability,customerexperience

17、andfuelsustainablegrowth,withtheunveiling of our new consumer-facing logos,brand website and the signature CTF Rouge Collection Aswecelebrateour95th anniversary,we are embarking on a transformative journey with our vision“To be the leading global jewellery brand that is a trusted lifetime partner fo

18、r every generation”,with a steadfast commitment to driving higher value growth主要重點 儘管宏觀挑戰對各行各業造成影響，但周大福珠寶集團於2024財政年度的營業額及主要經營溢利均創新高。該財政年度內，本集團的營業額增加 14.8%至 108,713 百萬港元，若按相同匯率計算，則增加 18.5%。主要經營溢利增長 28.9%至 12,163 百萬港元 香港、澳門和其他市場的業務表現理想，受惠於入境旅遊持續復甦，營業額按年上升 45.6%我們的盈利水平於本財政年度穩步提升，主要經營溢利率上升了 120 個點子至 11.

19、2%我們的品牌轉型進度良好，在提升品牌吸引力、顧客體驗和推動可持續增長等方向均取得進展，例如推出面向消費者的新標誌、品牌網站和標誌性的周大福傳福系列 我們慶祝品牌成立 95 周年之際，本著引領珠寶行業，相伴世代人生的願景開展轉型之旅，以推動更高價值增長Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司4Overview概覽20212022202020235,6878,63010,0029,439202412,163KEY FINANCIAL DATA主要財務數據202120222020202356,75170,16498,93894,6842024

20、108,71320212022202020230.290.600.670.5420240.65Revenue*營業額*Earnings per share*每股盈利*HK$million百萬港元HK$港元108,7130.65YoY change同比變化+20.7%Core operating profit 1*主要經營溢利 1*HK$million百萬港元12,163YoY change同比變化+28.9%YoY change同比變化+14.8%*For the year ended 31 March 2024*截至2024年3月31日止年度As at 31 March 2024於2024年

21、3月31日84.6%Full year dividend payout ratio 全年派息率Net gearing ratio 淨資本負債比率 27.6%2023202478.2%Dividend per share for the year 2每股全年股息 20.55HK$港元Net assets per share 每股資產淨額 2.72024HK$港元3.32023HK$港元202080%100%90%70%60%50%40%202420232021202282.7%74.5%66.4%92.9%84.6%1.Core operating profit,a non-IFRS measu

22、re,being the aggregate of gross profit and other income,less selling and distribution costs,general and administrative expenses and unrealised loss(gain)on gold loans,which the Company believes is useful in gaining a more complete understanding of its operational performance and the underlying trend

23、 of its businesses2.Included the proposed final dividend of HK$0.30 per share are subject to the approval of shareholders at the forthcoming annual general meetingNote:Special dividend excluded 附註不包括特別股息1.主要經營溢利（並非按國際財務報告準則計算），指毛利及其他收益的合計，減銷售及分銷成本、一般及行政開支以及黃金借貸的未變現虧損（收益），本公司相信此等數據有助更透徹了解其經營表現及業務的實際趨

24、勢2.包括建議每股末期股息 0.30 港元，須待股東在本公司應屆股東週年大會上批準Annual Report 20242024年報5Annual Results at a Glance年度業績概覽3.不包括周大福鐘錶零售點CHOW TAI FOOK JEWELLERY RETAIL NETWORK AND PERFORMANCE 周大福珠寶零售網絡及表現Mainland China 中國內地Hong Kong&Macau of China 中國香港及中國澳門Other markets 其他市場7,403+143+1.8%87+2+42.4%58+8SSSG同店銷售增長Net movement淨

25、變動POS 3零售點 3Number of employees by reportable segment按可呈報分部劃分的員工數目Members repeat purchase as a%of respective RSV會員再消費佔相關零售值之百分比CHOW TAI FOOK EMPLOYEES 周大福員工Total number of employees員工總數28,200+CHOW TAI FOOK MEMBERSHIP PROGRAMME 周大福會員計劃Total number of members會員總數6,005,000Mainland China中國內地35.8%Hong Ko

26、ng&Macau of China 中國香港及中國澳門37.3%3.CTF WATCH POS excludedHong Kong&Macau of China and other markets中國香港、中國澳門及其他市場17.0%Mainland China中國內地83.0%As at 31 March 2024於2024年3月31日Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司6Overview概覽財務及營運摘要FINANCIAL ANDOPERATIONAL HIGHLIGHTSFor the year ended 31 March截至

27、 3 月 31 日止年度2020HK$million百萬港元2021HK$million百萬港元2022HK$million百萬港元2023HK$million百萬港元2024HK$million百萬港元 Revenue營業額56,75170,16498,938 94,684108,713Gross profit毛利16,09620,07522,340 21,17222,285Core operating profit 1主要經營溢利15,6878,63010,0029,43912,163Profit for the year年度溢利 2,9836,1766,880 5,4906,607Pro

28、fit attributable to shareholders of the Company本公司股東應佔溢利 2,9016,0266,712 5,3846,499Earnings per share(HK$)每股盈利（港元）0.290.600.670.540.65Dividend per share(HK$)每股股息（港元）Full year dividend(HK$)全年股息（港元）0.240.400.500.500.55 Special dividend(HK$)特別股息（港元）0.72 Gross profit margin毛利率28.4%28.6%22.6%22.4%20.5%Ad

29、justed gross profit margin 2經調整後的毛利率229.6%28.2%23.4%23.7%22.8%Core operating profit margin 1主要經營溢利率110.0%12.3%10.1%10.0%11.2%Net profit margin淨溢利率5.3%8.8%7.0%5.8%6.1%Full year dividend payout ratio 3全年派息率382.7%66.4%74.5%92.9%84.6%1.Core operating profit and the corresponding margin,a non-IFRS measur

30、e,being the aggregate of adjusted gross profit and other income,less selling and distribution costs and general and administrative expenses,which the Company believes is useful in gaining a more complete understanding of its operational performance and the underlying trend of its businesses2.Adjuste

31、d gross profit margin,a non-IFRS measure,eliminates the effect of unrealised loss(gain)on gold loans,which the Company believes is useful in gaining a more complete understanding of its operational performance and the underlying trend of its businesses3.Special dividend excludedAs at 31 March於 3 月 3

32、1 日2020HK$million百萬港元2021HK$million百萬港元2022HK$million百萬港元2023HK$million百萬港元2024HK$million百萬港元 Non-current assets非流動資產10,0389,0659,612 10,0749,637Current assets流動資產55,20555,24378,126 77,26779,182Current liabilities流動負債35,62729,14249,62951,02257,520Net current assets流動資產淨額19,57926,10128,49626,24521,66

33、2Non-current liabilities非流動負債2,6263,5983,5532,9594,553Net assets資產淨額26,99131,56834,555 33,36026,746Total assets資產總額65,24364,30887,737 87,34188,819 Inventories存貨42,53843,01157,254 59,29064,647Bank deposits and cash equivalents 4銀行存款及現金等價物47,2196,03214,942 11,7347,695Bank borrowings銀行貸款11,4316,4189,06

34、5 5,8554,136Gold loans黃金借貸11,2805,72515,721 15,08624,488Net debt 5債項淨額515,4926,1119,844 9,20720,928Net assets per share(HK$)每股資產淨額（港元）2.73.23.53.32.7Net gearing ratio 6淨資本負債比率657.4%19.4%28.5%27.6%78.2%Inventory turnover period(day)7存貨周轉期（天數）7381312272294274Return on equity 8股本回報率811.1%19.6%19.9%16.5

35、%24.7%4.Bank balances and cash and short-term bank deposits included5.Aggregate of bank borrowings and gold loans,net of bank deposits and cash equivalents6.Aggregate of bank borrowings and gold loans,net of bank deposits and cash equivalents,divided by total equity7.Being inventory balances,excludi

36、ng packaging materials,at the end of the reporting period divided by cost of goods sold for the year,multiplied by 365 or 3668.Being profit for the year divided by total equity at the end of the year1.主要經營溢利及相應溢利率（非按國際財務報告準則計算），指經調整後的毛利及其他收益的合計，減銷售及分銷成本以及一般及行政開支，本公司相信此等數據有助更透徹了解其經營表現及業務的實際趨勢2.經調整後的毛

37、利率（非按國際財務報告準則計算），扣除了黃金借貸的未變現虧損（收益）的影響，本公司相信此數據有助更透徹了解其經營表現及業務的實際趨勢3.不包括特別股息4.包括銀行結餘及現金及短期銀行存款5.銀行貸款及黃金借貸之總額(扣除銀行存款及現金等價物)6.銀行貸款及黃金借貸之總額(扣除銀行存款及現金等價物)除以權益總額7.即報告期末存貨結餘(不包括包裝物料)除以年內銷售成本，再乘以 365 或 3668.年內溢利除以年末權益總額Annual Report 20242024年報7Financial and Operational Highlights財務及營運摘要For the year ended 31

38、 March截至 3 月 31 日止年度2020HK$million百萬港元2021HK$million百萬港元2022HK$million百萬港元2023HK$million百萬港元2024HK$million百萬港元 Operating cash flows before movements in working capital營運資金變動前之經營 現金流量9,91211,57211,98411,61915,491Net cash from operating activities經營活動所得現金淨額8,36410,47613,93810,06613,836Net cash used in

39、 investing activities投資活動所用現金淨額(1,025)(693)(1,458)(1,782)(717)Net cash used in financing activities融資活動所用現金淨額(7,653)(11,188)(3,793)(10,705)(16,830)Net increase(decrease)in cash and cash equivalents現金及現金等價物 增加（減少）淨額(314)(1,404)8,688(2,421)(3,711)Capital expenditure資本開支(973)(839)(1,531)(1,982)(963)Pro

40、 forma free cash flows 9備考自由現金流95,2086,64610,9016,17411,064 9.Net cash from(used in)operating activities less leases paid,purchase of jewellery collectibles,capital expenditure and net movements for gold loansFor the year ended 31 March截至 3 月 31 日止年度20202021202220232024 Mainland China中國內地 SSSG 同店銷售增

41、長(15.1)%31.9%11.1%(13.1)%1.8%SSS volume growth 同店銷量增長(24.0)%8.2%7.6%(18.1)%(4.8)%Hong Kong&Macau of China中國香港及中國澳門 SSSG 同店銷售增長(38.7)%(41.3)%24.7%18.3%42.4%SSS volume growth 同店銷量增長(43.5)%(42.9)%51.0%(12.1)%32.0%Retail sales volume(unit)銷量（件數）Mainland China 中國內地 12,699,00015,893,00022,118,00021,988,00

42、023,774,000 Hong Kong&Macau of China and other markets 中國香港、中國澳門及 其他市場2,392,0001,189,0001,674,0001,494,0002,108,000 As at 31 March於 3 月 31 日20202021202220232024 POS distribution 10零售點分佈10Mainland China中國內地3,829 114,597 115,934 117,510 117,640Hong Kong,China中國香港8782766668Macau,China中國澳門1818192020Taiw

43、an,China中國臺灣1818202020Cambodia柬埔寨11111Canada加拿大12Japan 日本31122Korea韓國97777Malaysia馬來西亞44567Philippines菲律賓11122Singapore新加坡44567Thailand泰國11123United States美國21111Vietnam越南11122 Total總計3,9784,7366,0727,6467,782 10.SIS and CIS excluded11.Restated to reflect the split and combination of HU exclusive zo

44、nesNote:The percentages calculated are subject to minor rounding differences9.經營活動所得（所用）現金淨額減已付租賃、購買珠寶珍藏、資本開支及黃金借貸淨變動10.不包括店中店及店內專櫃11.數據經重列以反映分拆及合併傳承系列專區附註：百分比計算結果或略有進位差異Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司8Overview概覽主要獎項及嘉許MAJOR AWARDS AND RECOGNITIONS BestIRbyChairman/CEOKentWong BestI

45、RbyCFOHamiltonCheng BestIRODanitaOn BestAnnualReport最佳投資者關係（主席/行政總裁）黃紹基最佳投資者關係（財務總監）鄭炳熙最佳投資者關係專員 安殷霖最佳年報HKIRA 9th Investor Relations Awards第九屆香港投資者關係大獎 TopESGPerformanceAwardsESG企業典範大獎Master-Insight ESG Awards 2023灼見名家 ESG大獎 2023GOVERNANCE管治 All-StarStatusRestofAsia MostHonoredCompanyCombined1st pla

46、ce BestCEOCombinedKentWong1st place BestCFOCombinedHamiltonCheng1st place BestIRProfessionalCombinedDanitaOn1st place BestIRProgramCombined1st place BestESGCombined1st place BestBoardofDirectorsCombined1st place BestIRTeamCombined2nd place全明星地位 亞洲其他地區最受尊崇企業 綜合 第一名最佳行政總裁 綜合 黃紹基 第一名最佳首席財務總監 綜合 鄭炳熙 第一名

47、最佳投資者關係專員 綜合 安殷霖 第一名最佳投資者關係方案 綜合 第一名最佳環境、社會及管治 綜合 第一名最佳公司董事會 綜合 第一名 最佳投資者關係團隊 綜合 第二名InstitutionalInvestors2023All-AsiaExecutiveTeamRankingsAsia(ex-MainlandChina)Consumer/Discretionary機構投資者 2023年度亞洲區最佳管理團隊排行榜亞洲其他地區（除中國大陸）非必需消費品類別 AsiasBestCEOKentWong AsiasBestCFOHamiltonCheng BestInvestorRelationsPro

48、fessionalDanitaOn BestInvestorRelationsCompany BestCorporateCommunications亞洲最佳行政總裁 黃紹基亞洲最佳財務總監 鄭炳熙最佳投資者關係專員 安殷霖最佳投資者關係企業 最佳企業傳訊13th Asian Excellence Award 2023第十三屆亞洲卓越大獎 2023Annual Report 20242024年報9Major Awards and Recognitions主要獎項及嘉許S&P Global Sustainability Yearbook(China)2023標普全球 可持續發展年鑑（中國版）202

49、3“Extraordinary40”AwardsKentWong非凡40大獎 黃紹基Jewellery World AwardsJWA 大獎 BronzeAward(OverallPresentation:AnnualReport)BronzeAward(OverallPresentation:SustainabilityReport)銅獎（綜合演示：年報）銅獎（綜合演示：可持續發展報告）The International Annual Report Design Awards 20232023國際年報設計大獎 GoldAward金獎LACP 2022 Vision Awards Sustai

50、nability Report CompetitionLACP 2022視覺獎可持續發展報告大賽 GoldAward金獎LACP 2022 Vision Awards Annual Report CompetitionLACP 2022視覺獎年報大賽GOVERNANCE管治 JunziCorporationAward君子企業獎The 12th Junzi Corporation Award第十二屆君子企業獎 CorporateGovernanceAwardHangSengIndexCategory企業管治獎 恒指成份股組別HKICPA Best Corporate Governance and

51、 ESG Awards 2023香港會計師公會最佳企業管治及 ESG大獎 2023IFAPC Outstanding Listed Companies Award 2023香港股票分析師協會上市公司年度大獎 2023 CitationforDesign BestEnvironmental,SocialandGovernanceReportingAward(Retail)優秀設計獎最佳環境、社會及管治資料報告獎(零售)2023 HKMA Best Annual Reports Awards香港管理專業協會 2023年最佳年報比賽 Blue-chip(HonorAward)藍籌(榮耀大獎)HKEJ

52、 Listed Company Awards of Excellence 2023信報財經新聞上市公司卓越大獎 2023Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司10Overview概覽CORPORATE SOCIAL RESPONSIBILITY社會企業責任 RecognisedProjects(ProjectName:NeutralizationofusedAcid and Alkaline to reduce the disposal)獲認可項目(項目名稱：酸堿中和項目)UNSDG Achievement Awards Hong Ko

53、ng 2023聯合國可持續發展目標香港成就獎 2023 ConsumerCaring10+YearsAward貼心企業十年+賞Consumer Caring Scheme 20232023年貼心企業嘉許計劃 MostTrustworthyBrandPremiumJewellery高級珠寶類 最值得信賴品牌2023 Top Influential Brands Awards2023年最具影響力品牌CORPORATE AND BRANDING企業及品牌 JewelleryRetaileroftheYearChina年度珠寶零售商（中國）Retail Asia Awards 20232023亞洲零售

54、大獎 ForbesChinaGuochaoInnovationBrand2023福布斯中國國潮創新品牌 2023Forbes China Guochao Innovation Selection福布斯中國國潮創新評選 Top10O2ORetailBrands十大 O2O零售品牌2023 HKRMA Top 10 O2O Retail Brands Award2023香港零售管理協會十大 O2O零售品牌大獎 ChinaNewBusinessBestBrandLeaderAward2023 2023中國商業新勢力最佳品牌領袖大獎China New Business Leaders Summit A

55、ward 20232023中國商業新勢力領袖峰會獎 BrandofTheYearJewelleryRetailerHongKong年度香港珠寶零售商品牌2023-2024 World Branding Awards2023-2024世界品牌大獎Annual Report 20242024年報11Major Awards and Recognitions主要獎項及嘉許“HighJewelryRetailers”category高級珠寶零售商類別TheStraitsTimesSingaporesBestCustomerService2023/24海峽時報 新加坡最佳客戶服務獎 2023/24 Se

56、rviceRetaileroftheYearChainStores(GoldAward)最佳優質服務零售商 連鎖店(金獎)2023 HKRMA Quality Service Retailers of the Year2023香港零售管理協會最佳優質服務零售商大獎Singapore Retailers Association Excellent Service Award 2023新加坡零售商協會卓越服務獎 2023SERVICE服務 MyFavoriteOutstandingServiceRetailBrand(Top10bypublic voting)BestTrainingAwardBr

57、onzeAward IndividualAwardWinnerSupervisoryLevel(Watch&Jewellery Category)Gold Award IndividualAwardWinnerJuniorFrontlineLevel(Watch&Jewellery Category)Gold Award&Outstanding我最喜愛十大傑出服務零售品牌最佳培訓獎 銅獎鐘錶及珠寶店組別 主管個人獎 金奬鐘錶及珠寶店組別 基層個人獎 金奬、優越表現獎2023 HKRMA Service Talent Award2023香港零售管理協會傑出服務奬Visit our Group w

58、ebsite for more awards and recognitions瀏覽集團網站了解更多獎項及嘉許周大福珠寶在慶祝95年卓越成就之際，矢志延續輝煌傳奇，放眼未來，本著引領珠寶行業，相伴世代人生的願景，為集團的品牌故事譜出新篇章?！癆s Chow Tai Fook Jewellery celebrates 95 years of excellence,we honour our legacy while looking steadfastly towards the future.We are in the process of writing an exciting new chap

59、ter in our brands story,guided by our vision:To be the leading global jewellery brand that is a trusted lifetime partner for every generation.”主席報告書CHAIRMANS STATEMENTDr.Cheng Kar-Shun,Henry 鄭家純博士Chairman 主席Annual Report 20242024年報13Chairmans Statement主席報告書DEAR SHAREHOLDERS,FY2024 marks a year of re

60、cord high revenue and core operating profit(“COP”)as we celebrate the momentous milestone of our 95th anniversary.In light of these achievements,I wish to express my gratitude to all stakeholders who have made this possible through their unwavering support and trust.Chow Tai Fook Jewellery has uniqu

61、ely shone as a globally recognised icon of Chinese artistry and culture,committed to quality,craftsmanship and customer satisfaction.To enhance our long-term competitiveness and drive higher value growth,we continue to diligently execute on our five strategic priorities:brand transformation,product

62、optimisation,accelerated digitalisation,operational efficiency and talent cultivation.DELIVERING SUSTAINABLE VALUEDuring FY2024,the Group successfully grew its revenue by 14.8%to HK$108,713 million.Thanks to our disciplined approach in cost management,COP increased by 28.9%to HK$12,163 million,which

63、 operating margin improved to 11.2%.This exceptional performance led to record-high levels for both revenue and COP.Profit attributable to shareholders grew by 20.7%to HK$6,499 million.Earnings per share was HK$0.65.The Board has proposed a final dividend of HK$0.30 per share,bringing the dividend p

64、er share for the year to HK$0.55.The full year payout ratio in FY2024 was approximately 84.6%.As we make steady progress towards higher value growth,we expect sustained momentum through the medium term driven by our ongoing brand transformation journey.REMAINING AGILE IN THE FACE OF CHANGEDespite th

65、e macro challenges facing the global economy,the Group achieved excellent results,a testament to our ability to enhance earnings quality and deliver sustained value creation for all stakeholders.We remain vigilant in our approach,monitoring and responding promptly to evolving consumer behaviours to

66、capture new growth opportunities.各位股東：2024 財政年度既是集團踏入 95 周年的重要里程，亦是營業額及主要經營溢利雙雙創新高的一年。為此，本人謹向所有持份者致以衷心感謝。集團能屢創佳績，全賴各位對周大福珠寶堅定不移的支持及信任。周大福珠寶作為弘揚中國藝術和文化的全球知名珠寶商，時刻展現對品質、工藝及顧客滿意度的堅持。我們為提升長期競爭力及推動更高價值增長，持續專注地落實五大策略方針，包括品牌轉型、優化產品、加速數字化轉型、提升營運效率及強化人才培育。創造可持續價值2024 財 政 年 度，本 集 團 的 營 業 額 增 加 14.8%至 108,713百

67、萬港元。由於嚴謹管理成本，我們的主要經營溢利增長 28.9%至 12,163 百萬港元，主要營業溢利率達 11.2%，營 業 額 及 主 要 經 營 溢 利 均 創 新 高。股 東 應 佔 溢 利 增 加20.7%至 6,499 百 萬 港 元，每 股 盈 利 為 0.65 港 元。董 事會 建 議 派 發 末 期 股 息 每 股 0.30 港 元，全 年 股 息 每 股 共0.55 港元。2024 財政年度全年派息率約為 84.6%。在穩步邁向更高價值增長的同時，我們預料通過持續推進品牌轉型，中期的增長勢頭將可延續。靈活應對多變的環境儘管全球經濟受宏觀挑戰影響，但集團仍能取得佳績，足證我們提

68、升盈利質量及為持份者持續創造價值的能力。我們會一直保持靈活變通，時刻留意及回應消費行為的演變，及時捕捉增長機遇。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司14Chairmans Statement主席報告書中國內地（內地）方面，中央政府在 2024 年政府工作報告 中，把國內生產總值的增長目標定為約5%。另外，中央亦推出優先發展新質生產力，以及促進內地消費等利好政策，因此我們對內地珠寶市場的中長期前景充滿信心。此外，在國潮趨勢下，中國年輕消費者購買珠寶產品的熱情日益高漲，加上黃金具有保值性質，我們預計內地的珠寶需求將保持韌性。中國香港及中國

69、澳門方面，我們觀察到店舖人流有所上升，但消費氣氛仍然謹慎。我們會繼續透過落實五大策略方針，提升全渠道觸點的顧客體驗，以滿足本地消費者群和旅遊零售市場不斷變化的消費喜好。其他市場方面，我們預料東南亞國家的中產崛起及其潛在經濟增長，會為我們帶來機遇。我們將在旅遊復甦和對珠寶需求持續向好的地區策略性地拓展零售網絡。品牌轉型之旅我們的歷史承載著顧客重要的故事和人生時刻，而我們的珠寶作品則代代相傳，正如我們對品質和誠信的堅持，以及不斷滿足顧客喜好和需求的決心，令品牌的傳奇得以延續。與此同時，我們致力於保育及傳揚中國珠寶工藝，一直從豐富的中華歷史精髓汲取靈感，把獨樹一幟的設計美學融入產品當中，以滿足下一代

70、顧客不斷變化的品味。我們無論在思維和實踐上均要與時並進，方能保持行業之領導地位。在演變的過程中，首要任務便是要確立一個清晰的方向，引領大家齊心邁向共同目標。為此，我們重塑了品牌的核心價值，並透過各內部宣傳渠道進行有效溝通，務求孕育令員工團結一致的企業文化，使大家向一致的方向共同努力。In Mainland China(the“Mainland”),the 2024 Government Work Report of the Central Government set a GDP growth target of around 5%.Anchored by supportive policy

71、that prioritises new productive forces”and promotes domestic consumption,we remain confident in the Mainland jewellery market over the mid-to long-term.Furthermore,due to the growing enthusiasm among young Chinese consumers for purchasing jewellery products as part of the Guochao wave(national trend

72、),along with the value preservation nature of gold,we expect that jewellery demand in the Mainland will remain resilient.While in Hong Kong and Macau of China,we noticed that the surge in visitors boosted our store traffic,but spending remained prudent.Aligned with our five strategic priorities,we a

73、re working to enhance the customer experience across omni-channel touchpoints to cater the evolving consumption preferences of both the local consumer base and travel retail market.In other markets,we expect opportunities from the rising middle class and projected economic growth in Southeast Asian

74、countries.We look forward to expand our retail network strategically in the region driven by the recovery in tourism and sustained local demand for jewellery.OUR BRAND TRANSFORMATION JOURNEYOur history traces important stories and life moments of our customers,while our jewellery pieces transcend ge

75、nerations of families,as do our commitments to extend a legacy with quality and integrity,as well as to relentlessly focus on consumer preferences and needs.We commit to preserving and honouring Chinese jewellery craftsmanship,drawing reference to Chinas rich history in our pieces,while differentiat

76、ing our design aesthetic and refining our products to meet the evolving tastes of the next generation of our customers.It is imperative that we stay relevant and modern in our thinking and practices to continue our leadership position in the industry.As part of this evolution,we have made it a prior

77、ity to provide a crystal-clear direction that aligns everyone towards a common goal.Through core values revitalisation and effective communication via various internal channels,we cultivate a corporate culture that unite our people and empower them to work together towards shared success.Annual Repo

78、rt 20242024年報15Chairmans Statement主席報告書藉文化保育賦能下一代周大福珠寶致力支持珠寶業界的可持續發展。我們視保育及傳承中國藝術及文化為己任，藉此幫助珠寶行業吸引及培育年輕人才。我們通過在中國順德設立的孵化基地，以及為內地和香港學生提供多項獎學金和實習計劃，積極傳授寶貴的知識和技術，為青年人提供珠寶業界的職業發展機會。本人謹向各位股東及投資者、顧客、業務夥伴，以及全體員工、管理團隊和董事會成員再次致以謝意，感謝各位大力支持周大福珠寶的發展。在邁向 2029 年百年慶典的五年轉型之旅中，我們已經有了一個非常好的開始。今後我們將繼續堅定不移地為持份者締造長期、可持

79、續的增長。主席鄭家純博士中國香港，2024 年 6 月 13 日EMPOWERING THE NEXT GENERATION THROUGH CULTURAL PRESERVATIONAt Chow Tai Fook Jewellery,we are committed to supporting the sustainable development of the jewellery industry.Preserving and passing on Chinese artistry and culture are among the key initiatives that we hav

80、e been pursuing to attract and develop the next generation of talent for the jewellery industry.Through our dedicated Incubation Hub in Shunde,China,as well as comprehensive scholarships and internship programme for students in the Mainland and Hong Kong,we will actively impart valuable knowledge an

81、d know-how,and create significant opportunities to foster youth career development in the jewellery industry.Thank you once again to everyone who has supported the development of Chow Tai Fook Jewellery:to our shareholders and investors,customers,business partners,all our staff,management teams,as w

82、ell as my fellow Board members.We have had a tremendous start to our five-year transformation journey towards centennial celebrations in 2029,and we will remain steadfast in driving long-term,sustainable growth for our stakeholders.Dr.Cheng Kar-Shun,HenryChairmanHong Kong,China,13 June 2024策略報告STRAT

83、EGIC REPORTAnnual Report 20242024年報17Overview of Corporate Strategy企業策略概要企業策略概要OVERVIEW OF CORPORATE STRATEGYDespite ongoing macro-economic and geopolitical uncertainties,we delivered record high revenue and core operating profit in FY2024.This builds on our strong track record of creating value sus

84、tainably for shareholders over the last 95 years and a testament to our positioning as an industry leader.We adapted promptly to the fast-evolving market conditions and complexities whilst focused on capitalising on market opportunities as they emerge.We shall continue to pave the way for innovation

85、 and leadership in the market.By upholding the highest standards of Chinese jewellery craftsmanship and fostering deeper relationships with the next generation of customers,we are fully committed to driving higher value growth.PROGRESS ON KEY STRATEGIC PRIORITIES TheGrouphasbeendiligentlyexecutingth

86、efivestrategicpriorities across brand transformation,product optimisation,accelerated digitalisation,operational efficiency and talent cultivation,to strengthen its long-term competitiveness.Withafocusonenhancingearningsqualitywithimprovedreturnsonequityandcapital,theGroupalsocontinuestoadoptdiscipl

87、ined cost management to deliver sustained value creation for all stakeholders.Brand transformation progressing as we celebrated our 95th anniversary ChowTaiFookJewellerys95th anniversary is a momentous milestone where we leverage our brand legacy to embark on a transformation journey.Through the imp

88、lementation of the five strategic priorities,we aim to elevate our brand image and strive to enhance the customer experience.This empowers us to resonate with consumers in a stronger way.WerefreshedourbrandimagethisAprilbyunveilingnewconsumer-facinglogosthatreflectsthebrandsrichlegacyinamodern and d

89、ynamic fashion.儘管 2024 財政年度的宏觀經濟和地緣政治充滿不確定性，但我們的營業額及主要經營溢利均創新高。我們能獲此佳績，一方面建基於過去 95 年為股東持續創造價值的輝煌成績，另一方面證明了我們的行業領導地位。我們一直迅速應對瞬息萬變的市況和複雜環境，專注於把握新的市場機遇，並將繼續為創新和引領市場作好準備。我們藉著秉持中國珠寶工藝的最高標準，以及與下一代顧客建立更深厚的關係，全力推動更高價值增長。主要策略方針的進展集團致力落實五大策略方針：品牌轉型、優化產品、加速數字化轉型、提升營運效率及強化人才培育，以提升長期競爭力。集團專注於提高盈利質量、股本及資本回報，亦將繼續採

90、取嚴謹的成本管理，為所有持份者持續創造價值。慶祝成立 95 周年之際，品牌轉型取得進展周大福珠寶成立 95 周年是一個重要的里程碑，以世代相傳的品牌傳統為基礎，開展轉型之旅。通過落實五大策略方針，我們旨在提升品牌形象，並致力於改善顧客體驗，從而與消費者產生更大共鳴。今年 4 月，我們推出面向消費者的全新品牌標誌，以時尚、充滿活力的設計呈現出品牌的深厚底蘊。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司18Strategic Report策略報告 Tocelebrateour95th anniversary,we unveiled the CTF

91、 Rouge Collection in April,which is inspired by the passionate hues of red and the auspicious symbol of good fortune“?！?The Collection is a clear embodiment of Chinese culture,our innovation and craftsmanship and with timeless designs featuring natural diamonds,pearl,enamel and gold.A 360-degree glo

92、bal marketing campaign,involving omni-channel tactics,was activated to promote the signature CTF Rouge Collection and it received very positive market response.WehaveappointedMr.NicholasLieouasCreativeDirector,HighJewellery,to drive brand elevation and design new product collections,including the CT

93、F Rouge Collection.In his role,he leads the creation of modernised high jewellery,catering to the desires of Chow Tai Fook Jewellerys exclusive clientele.His appointment exemplifies our focus on bringing the highest calibre creative and business talent into the Group to help differentiate our brand

94、and product offerings that translate into long-term competitiveness and resilience in revenue.Refreshing omni-channels to elevate customer experience NewgroupandbrandwebsiteswerelaunchedinApriltocreateanenhanced customer experience.The new brand websites improved features and streamlined design ensu

95、re a seamless shopping experience,reflecting the Groups dedication to customer satisfaction.Also,theapplicationofArtificialIntelligence(“AI”)allowsustodeliver personalised content and product recommendations to CTF Club app users and visitors of our brand website,enhancing their overall retail exper

96、ience and online engagement.Wearelaunchingtwostoreswithnewimage.ThestoreinCentral,Hong Kong with a refreshed image,will launch in the third quarter of 2024;and the new 5-storey store in Shanghai,the Groups first flagship store in Mainland China,is expected to be revealed in 2025.Over the next five y

97、ears,all stores will undergo a strategic refurbishment,culminating in the celebration of our 100th anniversary in 2029.為慶祝成立 95 周年，我們於 4 月推出了周大福傳福系列。傳福系列靈感源自熱情的紅色色調和福字的吉祥象徵，充分揉合了中華文化、創意和精湛工藝，並用上天然美鑽、珍珠、鎏彩及黃金等材質，呈現歷久彌新的設計。我們在全渠道開展360度全球營銷活動，推廣標誌性的周大福傳福系列，獲市場熱烈迴響。我們委任劉孝鵬(Nicholas Lieou)先生為高級珠寶創意總監，負責提

98、升品牌形象和設計全新產品系列，包括 周 大 福 傳 福 系 列。他 負 責 引 領 現 代 高 級 珠 寶 的 創作，以滿足周大福珠寶尊貴顧客的需求。他的委任體現了集團致力吸納最優秀的創意及商業人才，助我們藉著品牌和產品差異化維持長遠的競爭力，以及營業額的韌性。重塑全渠道觸點，提升顧客體驗全新的集團和品牌網站已於 4 月推出，為顧客帶來更佳的體驗。全新的品牌網站憑藉更完善的功能和精簡的設計，為顧客帶來無縫購物體驗，充分體現集團對顧客滿意度的重視。此外，我們借助人工智能向周大福會員應用程序的用戶和品牌網站的訪客提供個性化的內容和產品推薦，從而提升整體零售體驗和加強線上互動。我們的兩間全新形象門店

99、將於稍後揭幕。其中位於香港中環的新形象門店將於 2024 年第三季度開幕；而設於上海的新店則是集團在中國內地的第一家旗艦店，樓 高 五 層，預 計 於 2025 年 開 幕。為 迎 接 2029 年 的100 周年慶典，我們將於未來五年策略性翻新旗下所有門店。Annual Report 20242024年報19Overview of Corporate Strategy企業策略概要Leveraging digital capabilities to make timely business decision and enhance operational efficiency InFY2024

100、,weexpandedtheuseofAIinouroperationsandbolstered our data management capabilities by constructing a comprehensive data lake that seamlessly integrates diverse data sources.By building this centralised data repository,we are empowered to derive deeper insights in less time and make data-driven decisi

101、ons across key areas,including product planning,supply chain,and customer journey optimisation.For instance,during FY2024,we conducted a trial run that incorporated predictive analytics for more accurate product demand forecasting.This allows us to optimise our production,automate replenishment base

102、d on daily sales data.By doing so,we aim to deliver the right products to the right place at the right time.Talent cultivation and corporate culture Aspartofourbrandtransformation,werevitalisedourcorevaluesrecently,recognising their pivotal role in shaping our organisational culture and driving our

103、success.These values were co-created through a series of collaborative workshops involving staff members at different levels,fostering a more cohesive and purpose-driven corporate culture.The workshops provided a platform for active participation and collaboration,ensuring that the values truly refl

104、ect the beliefs and aspirations of our workforce.Ourfivecorevaluesworkcollaboratively,actwithintegrity,be open-minded,take ownership,and be passionate serve as the foundation for executing our five strategic priorities and achieving our business goals.Through ongoing communication,reinforcement,and

105、the embodiment of these values in our daily work,we are building a stronger,more resilient organisation that is poised for long-term success.Disciplined and prudent capital management Wecontinuetoprioritisestrongcashflowgenerationtoensureample liquidity.Inventory turnover improved,led by the strong

106、demand for gold jewellery and seasonal festive campaigns.In line with managements expectations,we achieved our target of improving inventory turnover days from 294 in FY2023 to 274 in FY2024.Weintendtoadoptacalibratedapproachtoensurethecapitalexpenditure and selling,general and administrative ratio

107、remain in line with our annual historical average for financial prudence as we sustain our growth trajectory.憑藉數字化能力作出及時的業務決策和提升運營效率2024 財政年度，我們在營運上加強應用人工智能，並通過無縫整合不同數據來源，構建全面的數據湖，以提升數據管理能力。此中央數據庫讓我們以更少時間獲得更深入的見解，助我們在產品規劃、供應鏈及顧客體驗優化等關鍵領域作出數據主導的決策。例如在2024 財政年度，我們試行利用預測分析技術，更準確地預測產品需求，繼而優化生產及根據每日銷售情況自

108、動補貨。這樣我們便能在合適的時間把合適的產品送往合適的地方。人才培育與企業文化我們深明品牌核心價值對塑造企業文化和驅動成功發揮著關鍵作用，所以作為品牌轉型的一部分，我們最近重塑了核心價值。這些價值是透過邀請不同職級的員工參與一系列工作坊共同創造的，從而孕育更具凝聚力及以目標為導向的企業文化。這些工作坊為員工偍供一個積極參與和合作的平臺，確保品牌的核心價值能真正反映他們的信念和追求。我們的五個核心價值包括 協作共贏、堅守誠信、靈活開放、勇於擔當和充滿熱情 這是我們執行五大策略方針和實現業務目標的基礎。我們透過持續溝通和鞏固這些價值，並將其融入日常工作當中，從而構建出更強大、更具韌性的組織，為取得

109、長期成功作好準備。嚴謹和審慎的資本管理我們繼續將產生強勁現金流量置於首位，以確保流動資金充足。受惠於黃金首飾的強勁需求和季節性節日營銷推廣活動，存貨周轉有所改善。我們實現了改善存貨周轉天數的目標，將其從 2023 財政年度的 294 天縮短至 2024 財政年度的 274 天，符合管理層預期。我們在維持增長趨勢的同時，會透過仔細考量的方式審慎理財，確保資本開支，以及銷售、一般及行政開支比率與過往的年度平均水平相若。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司20Strategic Report策略報告121&2CTF Rouge Collec

110、tion周大福傳福系列3&4New logos of our flagship brand CHOW TAI FOOK JEWELLERY旗艦品牌周大福珠寶的全新品牌標誌34Annual Report 20242024年報21Overview of Corporate Strategy企業策略概要5&6“Beyond Time”natural diamond exhibition at the 100-year old Somekh Building in Shanghai於具有百年歷史的 上海沙美大樓舉行的 超越時光 周大福天然 鑽石展7、8&9“Dragon of Fortune”Coll

111、ection 金龍獻瑞生肖系列65798Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司22Strategic Report策略報告業務回顧BUSINESS REVIEWMAINLAND CHINAMarket review AccordingtotheNationalBureauofStatisticsofChina,thetotalretail sales of consumer goods increased by 7.2%year-on-year in 2023.Notably,the retail sales of gold,silve

112、r and jewellery also increased 13.3%,indicating the continued positive momentum of the countrys steady economic recovery.This growth trajectory was reinforced in the first 3 months of 2024,with sustained growth recorded in both retail sales figures.Despitethechallengingmacroenvironment,jewellerycons

113、umptionin Mainland China remained resilient,fuelled by festive demand and consumers enhanced appreciation of Chinese aesthetics and craftmanship in gold jewellery.Business highlightsStrong sales performance supported by festive period and continuous product optimisation Despitethedynamicmarketcondit

114、ions,wecontinuedtowitnessresilient jewellery consumption during festive and holiday periods throughout FY2024.Strength in gold products continued given its nature of value preservation and defensiveness amidst the uncertain macro environment and its increasing popularity among youngsters.Our signatu

115、re gold jewellery HU Collection,which blends traditional craftsmanship with modern designs,continued to receive positive response from consumers and its RSV experienced a year-on-year growth of approximately 20%in FY2024.RidingontheheightenedappreciationofChineseaestheticsandcraftsmanship in gold je

116、wellery,we have been shifting focus from weight-based pricing to fixed-price gold jewellery.These selective products embody exquisite craftsmanship and differentiated value from our weight-based pricing gold jewellery offerings.Since the progressive roll-out in November 2023,the sales contribution o

117、f higher margin fixed-price gold products has been steadily rising.This reflects consumers positive reception and a validation of our strategy.中國內地市場回顧據中國國家統計局的數據顯示，2023 年的社會消費品零售總額比去年同期增長 7.2%。另外，黃金、銀和珠寶的零售額也增長了 13.3%，顯示國家經濟持續穩步復甦。此增長勢頭於 2024 年首三個月進一步增強，而上述兩項零售銷售數據均錄得持續增長。儘管宏觀環境充滿挑戰，但受惠於節日需求以及消費者對中

118、國黃金首飾美學和工藝的欣賞水平提高，內地的珠寶消費依然展示韌性。業務亮點節日和持續改良產品帶來強勁的銷售表現面對多變的市況，2024 財政年度的珠寶消費仍然於節慶及假日期間展示韌性。鑒於黃金產品的保值性質及防禦性，加上越來越受年青人歡迎，即使在宏觀環境不確定的情況下，黃金產品的需求仍然強勁。我們的標誌性黃金首飾傳承系列融合傳統工藝與現代設計，繼續深獲消費者青睞，其零售值在 2024 財政年度按年上升約 20%。隨著消費者對中國黃金首飾美學及工藝的審美水平提升，我們把更多專注力從按重量計價轉向定價黃金產品。這些精選產品體現精湛工藝，並能提供按重量計價產品不可比擬的差異化價值。自 2023 年 1

119、1 月逐步推行以來，毛利率更高的定價黃金產品在銷售方面的貢獻穩步上升，反映了消費者反應正面，也驗證了我們的策略成功。Annual Report 20242024年報23Business Review業務回顧為把握農曆新年期間的消費商機，我們舉行了年度促銷活動，亦成功推出生肖主題產品。全新設計的龍主題黃金首飾和擺件，例如傳承龍和金龍獻瑞生肖系列均符合節日需求，深受市場歡迎。由於龍在中國文化中寓意吉祥，因此帶動生肖主題黃金產品的銷售。同時，我們推出了 超越時光 天然鑽石展覽，以提高消費者對天然鑽石的認識和渴求及對珠寶鑲嵌首飾的吸引力。繼去年 9 月首次在香港成功舉辦後，我們分別於 2023 年 1

120、2 月和 2024 年 3 月把 超越時光 展覽移師北京和上海舉行。該展覽透過絢麗的多媒體互動投影，營造出獨一無二的體驗，讓大家沉浸在天然鑽石的魅力之中。雖 然 珠 寶 鑲 嵌 首 飾 的 消 費 受 外 部 宏 觀 環 境 挑 戰 所 影響，但我們注意到，各珠寶鑲嵌系列的銷售趨勢保持穩定。2024 財政年度，人生四美系列及周大福鈴蘭系 列 均 錄 得 穩 健 的 銷 售 表 現，超 出 管 理 層 預 期。HEARTS ON FIRE 的 VELA 系列及新推出的 BARRE 系列也錄得強勁銷售。這些令人鼓舞的成績證明優質珠寶持續受到消費者青睞，增強了我們對鑽石珠寶長期前景的信心。Ouran

121、nualsalecampaignalongsidethesuccessfullaunchofChinese zodiac themed products captured consumption momentum for the Lunar New Year celebration.Brand new designs of dragon-themed gold jewelleries and ornaments,such as the Dragon of HU Collection and“Dragon of Fortune”Collection catered to festive dema

122、nd and were well-received by the market.With the auspicious meaning of Loong(Chinese translation of dragon)in Chinese culture,these zodiac-themed gold products were selling well.Meanwhile,welaunchedthe“BeyondTime”naturaldiamondexhibition to raise consumer awareness of natural diamonds,enhancing the

123、desirability of gem-set jewellery.We brought“Beyond Time”to Beijing in December 2023 and Shanghai in March 2024,following its successful debut in Hong Kong last September.Through captivating multimedia interactive projections,the exhibition offered a unique opportunity for the public to immerse them

124、selves in the allure of natural diamonds.Whilewerecognisethatgem-setjewelleryconsumptionwasinfluenced under the challenging external macro environment,we have observed a stabilising sales trend across various gem-set collections.With healthy sales,the performance of both the Wonderful Life Collectio

125、n and Chow Tai Fook Dancing Lily Collection,exceeded managements expectations in FY2024.The VELA Collection and the newly launched BARRE Collection of HEARTS ON FIRE also registered strong sales.These encouraging developments are testament that quality jewellery continues to be favoured by consumers

126、,underpinning our confidence on the long-term prospects of diamond jewellery.Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司24Strategic Report策略報告為擴大盈利質量，致力提升資本效益及生產力我們的資本管理策略跟整體零售點管理策略一樣，均旨在提升資本效益。目前，我們致力透過提升店舖生產 力 和 盈 利 能 力，優 化 門 店 組 合 的 整 體 財 務 健 康 狀況。我們亦會繼續有策略地選擇性開或關店，務求優化現有的零售網絡，藉此提升營運效益和盈利能力。

127、於 2024 年 3 月 31 日，中國內地共有 7,403 個周大福珠寶零售點。內地的所有店舖當中，有超過一半是過去二至四年開設的，我們觀察到較低線城市的新增店舖效益穩步提升。我們預料隨著這些店舖日趨成熟，中期內將有助於擴大營業額增長、提升營運效益，增強我們的盈利能力。我們將繼續為優質的加盟商提供支援。例如，集團會自上而下地為加盟店提供數據洞察和指導，以推動業務績效。此外，我們還將加強加盟商管理，並採取必要的整改措施，以強化我們的定價策略，維護我們的品牌。電商業務穩步增長我們透過加強線上顧客互動的措施，推動內地電子商務業務的零售值錄得 18.8%的強勁增長。平均售價上升逾 10%至 2,08

128、0 港元。期內，電子商務業務為內地貢獻逾 10%的銷量，而零售值則按年穩定增長約 20%。我們的內容營銷策略以數據為基石。我們借助第三方電商及社交平臺（如天貓、京東、抖音和小紅書），取得顧客消費行為的寶貴洞察。這讓我們能夠就產品組合和直播營銷規劃作出明智決策，從而提高我們的品牌知名度及觸達更多目標顧客。Maximising capital efficiency and productivity for quality earnings growth Ourcapitalmanagementstrategytomaximisecapitalefficiencyisaligned with ove

129、rall POS management strategy.Our current priorities are to maximise overall financial health of our POS portfolio with a focus on store productivity and profitability.We continuously optimise existing retail network strategically through a combination of selective store openings and closures to enha

130、nce operational efficiency and profitability.Asof31March2024,therewereatotalof7,403CHOWTAIFOOKJEWELLERY POS in Mainland China.Over 50%of our total stores in the Mainland were opened in the last two to four years and we have observed a healthy ramp-up across new stores in lower tier cities.We continu

131、e to expect a gradual maturity of these stores to generate an uplift to topline growth and operating leverage,boosting our profitability in medium term.Weshallcontinuetosupportqualityfranchisees.Forinstance,while top-down the Group will empower franchised stores with data insights and guidance to dr

132、ive business performance.Further,we will strengthen our franchisee management and take necessary rectifying actions to enforce our pricing strategy and protect our brand.Steady growth of e-commerce business Withourinitiativestoenhancedigitalcustomerengagement,retailsales value of our Mainland e-comm

133、erce business grew robustly at 18.8%.Its Average Selling Price(ASP)increased by over 10%to HK$2,080.E-commercecontributedtomorethan10%intermsofvolumeinthe Mainland,with a steady year-on-year growth of around 20%in terms of RSV during the period.Ourcontentmarketingstrategyreliesondataasitscornerstone

134、.While we harness various third-party e-commerce and social platforms,like Tmall,JD.com,Douyin,and Xiaohongshu,we gain valuable insights into customer behaviour.This empowers us to make well-informed decisions regarding product selection and live broadcast planning,thus maximising our visibility and

135、 outreach to our targeted audiences.Annual Report 20242024年報25Business Review業務回顧中國香港及澳門市場概覽 根據政府統計數據，2023 年香港及澳門的零售業總銷貨價值分別同比增長 16.2%及 49.5%。儘 管 本 地 居 民 北 上 的 現 象 對 珠 寶 消 費 的 影 響 相 對 溫和，但香港及澳門市場或會繼續受到消費模式演變以及入境旅客和本地居民消費減少所影響。鑒於香港及澳門存在價格優勢，而黃金首飾在中國文化 中 有 著 重 要 地 位，所 以 珠 寶 首 飾 的 需 求 穩 固。此外，政府推出振興旅遊業的

136、措施，個人遊計劃拓展至額外八個內地城市，加上租賃仍處於較可控的水平，令我們對 2025 財政年度香港及澳門分部的盈利能力持謹慎樂觀態度。業務摘要於香港及澳門，內地旅客入境旅遊及農歷新年假期帶動了持續的增長勢頭。年內，香港及澳門門店的每日平均客流量同比升幅顯著，主要受內地旅客到訪所驅動。2024 財政年度，本集團在香港及澳門的零售值增長36.7%。2024 財 政 年 度，我 們 在 香 港 及 澳 門 淨 開 設 2 個 零 售點。截 至 2024 年 3 月 31 日，我 們 於 香 港 及 澳 門 共 有87 個零售點，足以支持我們推動高價值增長。我們將繼續密切分析店舖表現、租賃條款等數據

137、，並重新評估市場上有利於開店的新機遇。更重要的是，我們將通過產品組合的創新及顧客服務來維持競爭力。HONG KONG&MACAU OF CHINAMarket review Accordingtogovernmentstatistics,thetotalretailsalesinHongKong and Macau,experienced a growth of 16.2%and 49.5%year-on-year in 2023 respectively.Whilethephenomenonoflocalpopulationheadingnorthforconsumption has had

138、 relatively moderate impact on jewellery consumption,the Hong Kong and Macau markets may continue to be influenced by evolving consumption patterns and lower spending by both inbound visitors and local residents.GivenHongKongandMacauspricingadvantageandtherolethatgold jewellery plays in Chinese cult

139、ure,there is a solid demand for jewellery.Also,the governments measures to drive tourism,the expansion of the individual visit scheme to eight more Mainland cities,and a relatively manageable rental levels,further contribute to our cautiously optimistic outlook on the profitability of the Hong Kong

140、and Macau segment in FY2025.Business highlights InHongKongandMacau,thesustainedgrowthtrendwassupported by the inbound travel of Mainland tourists,coupled with the Lunar New Year holiday.The average daily customer traffic at our stores in Hong Kong and Macau experienced a substantial year-on-year inc

141、rease during the year,largely driven by the arrival of Mainland tourists.TheGroupregisteredRSVgrowthof36.7%inHongKongandMacau during FY2024.Weopenedanetof2POSinHongKongandMacauinFY2024.As of 31 March 2024,we maintained a total of 87 POS in Hong Kong and Macau,which will position us favourably to dri

142、ve higher value growth.We shall continue to closely analyse data on store performance,leasing terms and reassess market opportunities for potential new additions.More importantly,we shall stay competitive by innovating our product offerings and customer service.Chow Tai Fook Jewellery Group Limited周

143、大福珠寶集團有限公司26Strategic Report策略報告其他市場市場回顧強 勁 的 內 需 和 中 產 階 級 崛 起 繼 續 支 持 東 南 亞 經 濟 復甦，而內地遊客的重臨進一步推動了該地區零售業的復甦。世界銀行在其半年度經濟展望中表示，2024 年亞太發展中國家的國內生產總值預計將增長 4.6%。據?？诤ｊP統計，2023 年海南離島免稅區免稅銷售額增長顯著，購物人數同比增長 59.9%，總銷售額同比增長 25.4%。2024 年年初推出的簡化購買手續及發放免稅消費券等措施有望幫助海南免稅消費復甦。業務重點受惠於旅遊和本地需求殷切，其他市場的零售值增長錄得 118.9%的強勁增長

144、，尤其是新加坡、馬來西亞、加拿大和中國海南免稅店。我們海南免稅店銷售表現強勁，當地政府的消費券計劃和節日需求均是推動消費的原因之一。展望未來，我們將繼續策略性擴大在熱門旅遊目的地和有大量華人聚居地區（如東盟國家）的零售網絡。我們亦將探索與我們業務模式相契合的地區，並根據當地的差異和市場情況作出相應調整。這將確保我們尋求擴展海外增長的同時，把我們的投資回報最大化。OTHER MARKETSMarket review Robustdomesticdemandandtheriseofmiddleclasscontinuedtosupport economic recovery across Sout

145、heast Asia,while the resurgence of tourist arrivals from the Mainland further bolstered the regions retail recovery.The World Bank said in its semi-annual economic outlook that the GDP growth forecast for developing Asia-Pacific countries is 4.6%in 2024.Duty-freesalesofHainansoffshoreduty-freezonesa

146、wremarkablegrowth in 2023,with a 59.9%increase in the number of shoppers and a 25.4%increase in total sales compared to the previous year,according to statistics from Haikou Customs.Measures such as simplifying purchase procedures and issuing duty-free consumption coupons were launched at the beginn

147、ing of 2024 and are expected to help enhancing the recovery of duty-free consumption in Hainan.Business highlights TheincreaseintourismandstronglocaldemandresultedinrobustRSV growth of 118.9%in other markets,especially for Singapore,Malaysia,Canada and duty-free shops in Hainan,China.OurHainanoffsho

148、reduty-freeshopsrecordedrobustsales,prompted in part by consumers spending fuelled by the local governments consumer voucher programme and festive demand.Lookingahead,wewillcontinuetostrategicallyexpandourretailnetwork in popular tourist destinations and areas with a significant number of Chinese re

149、sidents,such as ASEAN countries.Wewouldalsolooktoexploreareasthathadworkedwellwithourbusiness model and adapt accordingly based on local nuances and understanding of domestic markets.This ensures that we are maximising our investment dollar and returns as we set sights on pursuing overseas growth go

150、ing forward.Annual Report 20242024年報27Business Outlook業務展望In light of the dynamic and uncertain market conditions,we stay cautiously optimistic for FY2025.Nonetheless,we are encouraged by the steady ramp up and maturity of performing franchised POS,together with the positive momentum and new perspec

151、tive brought by our brand transformation,which will continue to support our sales and core operating profit.We shall continue to enhance store productivity and maintain our disciplined cost management to ensure margin resilience in reaching a higher value growth.Meanwhile,we shall also stay vigilant

152、 in calibrating our financial and operational resources effectively,a strategy that has been successful in navigating through the challenging operating landscape.Notwithstanding the near-term uncertainties,we stay confident in the mid-to long-term growth prospects of the Mainland jewellery market an

153、d economy with supportive government policies prioritising economic stabilisation and reviving domestic consumption.As we embark on our mid-term transformation journey towards the 100th anniversary,the Groups commitment remains unwavering in uplifting brand desirability and broadening business horiz

154、ons,while staying focused in executing the five strategic priorities to strengthen long-term competitiveness and industry leadership,supporting us to deliver sustainable growth to our stakeholders.業務展望BUSINESS OUTLOOK市場情況多變且充滿不確定性，但我們對 2025 財政年度的業務前景保持審慎樂觀。儘管如此，我們對加盟零售點的店舖效益穩步提升及業務表現漸趨成熟感到鼓舞。這將與品牌轉型

155、帶來的正面作用及新視野相輔相承，繼續為我們的銷售及主要經營溢利帶來支持。我們將繼續提升店舖生產力，維持嚴謹的成本管理，確保毛利率保持韌性，以追求更高價值增長。同時，我們亦會時刻保持警覺，並有效調整財務和運營資源，此舉措正是我們在充滿挑戰的經營環境中取得成功之道。儘管面對短期不明朗因素，在政府以穩經濟、促消費為先的利好政策下，我們對內地珠寶市場和經濟的中長期增長前景仍然充滿信心。隨著我們開展中期的轉型之旅，邁向百周年慶誌，集團將繼續堅定不移地提升品牌吸引力，擴闊業務視野，同時專注於執行五大策略方針，以加強長期競爭力和行業領導地位，支持我們為持份者創造可持續增長。管理層討論與分析MANAGEMEN

156、T DISCUSSION AND ANALYSISAnnual Report 20242024年報29Performance Review表現回顧表現回顧PERFORMANCE REVIEWOVERVIEWDespite FY2024 being a year of macro-economic and geopolitical uncertainties,the Group achieved record high revenue and core operating profit,thanks to our diligent execution of the five strategic

157、priorities and resilient demand for gold jewellery and products.With a focus on product optimisation,we introduced signature and differentiated gold jewellery and products that successfully captured the strong gold jewellery demand trend especially during festive periods.Further,our focus on store p

158、roductivity and customer experience enhancement supported progressive ramp up of the stores opened over the past two to four years.These initiatives drove our growth outperformance relative to the total retail sales of gold,silver and jewellery,as reported by the National Bureau of Statistics of Chi

159、na.In Hong Kong,Macau and other markets,the recovery of inbound tourism continued to support our business.Hence,the Groups revenue grew by 14.8%and reached HK$108,713 million in FY2024.The Groups adjusted gross profit margin moderated by 90 basis points to 22.8%in the financial year,due to changes i

160、n product and wholesale mix.The impact was partially mitigated by our optimised pricing strategy and the benefits from strength in gold price.In our push for higher value growth,we are continuously innovating and exploring new ways to enhance our margin.Since November 2023,we have seen good traction

161、 in our push from weight based pricing to higher margin fixed price gold jewellery.These selective products embody exquisite craftsmanship and differentiated features.We are encouraged to witness a sequential increase of the sales contribution from the fixed price gold products in 2HFY2024.While we

162、recognise that the consumption of gem-set jewellery was influenced by the challenging external macro-economic environment in recent years,we have also observed that quality jewellery continues to be favoured by customers which underpins our long-term prospects of diamond jewellery.Building on our bo

163、ttom-up approach,our focus on disciplined cost management has supported a 28.9%growth in our core operating profit to HK12,163 million.While core operating profit margin improved by 120 basis points to 11.2%in the financial year.This validates our clear focus and progressive towards higher value gro

164、wth.Profit attributable to shareholders increased 20.7%in FY2024,as the increase of core operating profit was partly offset by the unrealised loss on gold loans arising from gold price volatility in 2HFY2024.概覽儘管 2024 財政年度的宏觀經濟及地緣政治充滿不確定性，但由於我們致力落實五大策略方針，加上黃金首飾及產品需求強韌，推動本集團的營業額及主要經營溢利創新高。在產品優化方面，我們推

165、出標誌性及差異化的黃金首飾及產品，成功捕捉黃金首飾的強勁需求趨勢，尤其是在節日期間。同時，我們聚焦於提升門店的生產力及顧客體驗，也推動了過去二至四年新開門店的店舖效益穩步提升。這些舉措讓我們的增長優於中國國家統計局報告的黃金、銀和珠寶零售總額的表現。在香港、澳門和其他市場，入境旅遊復甦繼續為我們的業務帶來支持。因此，2024 財 政 年 度 本 集 團 的 營 業 額 增 長 14.8%，達108,713 百萬港元。由於產品及批發組合改變，本財政年度集團經調整後的毛利率下降 90 個點子至 22.8%。但我們的優化定價策略及金價上漲帶來的有利因素緩和了部分影響。為邁向更高價值增長，我們會持續創

166、新及探索提升毛利率的措施。我們自 2023 年 11 月起逐步並選擇性地將黃金首飾的定價方式由按重量計價改為固定價格。該等產品因體現精湛的工藝及差異化的特徵而比計價產品的毛利率更高。我們很高興看到定價黃金產品的銷售貢獻在 2024 財政年度下半年較上半年有所增加。雖然我們意識到近年珠寶鑲嵌首飾的消費受到外部宏觀經濟環境挑戰所影響，但優質珠寶持續受到消費者青睞，增強了我們對鑽石首飾長期前景的信心。我們採取由下而上的方法，嚴謹管理成本，支持主要經營溢利實現 28.9%的增長，達到 12,163 百萬港元。本財政年度的主要經營溢利率上升 120 個點子至 11.2%。這印證了我們非常專注於逐步邁向更

167、高價值增長。2024 財政年度，股東應佔溢利增長 20.7%，由於 2024 財政年度下半年金價波動導致黃金借貸的未變現虧損抵銷了部分主要經營溢利的增長。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司30Management Discussion and Analysis管理層討論與分析RevenueRevenue by reportable segment*按可呈報分部劃分的營業額*HK$million百萬港元82.5%17.5%+9.9%+14.8%+45.6%20222021202020232024YoYchange同比變化Mainlan

168、d China中國內地Hong Kong&Macau of China and other markets 中國香港、中國澳門及其他市場108,71387.9%12.1%86.2%13.8%94,68498,93870,16471.8%28.2%85.1%14.9%56,751020,000120,000100,00080,00040,00060,000 Revenue(HK$million)營業額（百萬港元）1HFY20232HFY20231HFY20242HFY20241HFYYoY change財政年度上半年同比變化2HFYYoY change財政年度下半年同比變化 Mainland C

169、hina中國內地40,92740,69640,68049,018-0.6%+20.4%Hong Kong&Macau of China and other markets中國香港、中國澳門及 其他市場5,6087,4538,84610,169+57.7%+36.4%Overall整體46,53548,14949,52659,187+6.4%+22.9%TheGroupsrevenueincreased14.8%toHK$108,713millioninFY2024.On a constant exchange rate basis,the growth amounted to 18.5%.Re

170、venueintheMainlandgrew9.9%duringthefinancialyear,supported by strong festive demand and progressive ramp up of the stores opened over the past two to four years.On a constant exchange rate basis,the underlying growth would be 14.1%in FY2024.ShareofourMainlandbusinesstotheGroupsrevenueamounted to 82.

171、5%for the financial year.InHongKong,Macauandothermarkets,revenueclimbed45.6%during the financial year,thanks to the continued recovery in inbound tourism.營業額 2024 財 政 年 度，本 集 團 的 營 業 額 增 加 14.8%至108,713 百 萬 港 元。按 相 同 匯 率 計 算，增 長 達 到18.5%。本財政年度，在強勁的節日需求及過去二至四年新開門店店舖效益穩步提升的支持下，內地的營業額增長9.9%。按相同匯率計算，202

172、4 財政年度的相關增長為14.1%。本 財 政 年 度，內 地 業 務 佔 本 集 團 營 業 額 的82.5%。在香港、澳門及其他市場，受惠於入境旅遊的持續復甦，本財政年度的營業額增長 45.6%。*For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報31Performance Review表現回顧HK$million百萬港元0+22.5%-13.3%+15.0%+0.5%20222021202020232024YoYchange同比變化20,000120,000100,00080,00040,00060,000

173、Revenue by product(excluding jewellery trading and service income from franchisees)*按產品劃分的營業額(不包括珠寶貿易及來自加盟商的服務收入)*Gold jewellery and products 黃金首飾及產品Watches鐘錶Gem-set,Platinum and K-gold jewellery 珠寶鑲嵌、鉑金及K金首飾 82.0%13.4%4.6%107,75773.7%20.4%6.0%76.9%17.8%5.3%93,72997,79927.4%66.5%6.1%24.1%68.2%7.7%56

174、,25069,289%of Revenue營業額佔比1HFY20232HFY20231HFY20242HFY2024 Gem-set,Platinum and K-gold jewellery珠寶鑲嵌、鉑金及 K金首飾19.1%16.6%14.7%12.4%Gold jewellery and products黃金首飾及產品75.6%78.2%80.1%83.5%Watches鐘錶5.4%5.2%5.2%4.1%Strengthingoldjewelleryandproductscontinuedinthefinancialyear,given its perceived nature of

175、value preservation and defensiveness and its increasing popularity among young consumers.Revenue of gold jewellery and products increased 22.5%inFY2024.ItscontributiontotheGroupsrevenueexpanded510 basis points to 82.0%during the financial year.Toeffectivelycapturethisrobustgolddemandtrend,weunveiled

176、new products of our signature HU Collection,including the launch of jewellery inspired by the Tang Dynasty and dragon,a Chinese zodiac with auspicious meaning in Chinese culture.Revenueofgem-set,platinumandk-goldjewellerydeclined13.3%during the financial year given that demand was more sensitive to

177、the challenging macro-economic environment.However,we have observed that quality jewellery continued to be favoured by customers.With healthy sales,both the Wonderful Life Collection and Chow Tai Fook Dancing Lily Collection exceeded managementsexpectationinFY2024,underpinningourconfidenceon the lon

178、g-term prospects of diamond jewellery.鑒於黃金首飾及產品具保值及防守性的特質，以及越來越受年輕消費者歡迎，此產品類別在本財政年度繼續保持強勁勢頭。2024 財政年度，黃金首飾及產品的營業額增長 22.5%。本財政年度，黃金首飾及產品對本集團營業額的貢獻擴大 510 個點子至 82.0%。為有效把握強勁的黃金需求趨勢，我們為標誌性的傳承系列推出了新產品，包括以唐代及龍（在中國文化中寓意吉祥的生肖）為設計靈感的珠寶。由於珠寶鑲嵌、鉑金及 K 金首飾的需求相對受宏觀經濟 環 境 的 挑 戰 影 響，其 營 業 額 於 本 財 政 年 度 下 降13.3%。但我們

179、觀察到優質的珠寶持續受顧客青睞。2024 財政年度，人生四美系列及周大福鈴蘭系列均錄得穩健的銷售表現，超出管理層預期，增強了我們對鑽石珠寶長期前景的信心。*For the year ended 31 March*截至 3 月 31 日止年度Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司32Management Discussion and Analysis管理層討論與分析SSSGHong Kong&Macau of China 中國香港及中國澳門Mainland China(Franchised)中國內地（加盟）Mainland China(S

180、elf-operated)中國內地（直營）1Q2QFY20233Q4Q1Q2QFY20243Q4QSSSG by major market按主要市場劃分的同店銷售增長9.3%8.5%-12.5%-11.4%-2.7%32.4%22.7%-19.3%3.4%-5.6%-7.2%-33.1%64.2%55.7%66.6%8.3%4.5%-6.4%-18.1%8.5%10.6%-32.5%-7.8%96.5%FY2023FY2024SSSGSSS volume growthSSSGSSS volume growth同店銷售增長同店銷量增長同店銷售增長同店銷量增長 Mainland China(Sel

181、f-operated)中國內地（直營）-13.1%-18.1%+1.8%-4.8%Mainland China(Franchised)中國內地（加盟）-11.2%-13.8%+7.4%-4.2%Hong Kong&Macau of China中國香港及中國澳門+18.3%-12.1%+42.4%+32.0%SSSintheMainlandwasup1.8%inFY2024.Separately,salesoffranchised POS calculated on same store basis grew 7.4%during the financial year,thanks to the

182、 steady ramp up of younger stores.InHongKongandMacau,thesustainedrecoveryofinboundtourism continued to support our business recovery.SSS registered a growth of 42.4%in FY2024.SSSinHongKonggrew40.0%duringthefinancialyearwhilethatin Macau surged 50.9%.同店銷售增長 內地的同店銷售於 2024 財政年度上升 1.8%。另外，受惠於年輕門店的店舖效益穩健

183、提升，按同店計算，加盟零售點在本財政年度的銷售上升 7.4%。於香港及澳門，入境旅遊的持續改善為我們的業務復甦帶來支持，同店銷售於 2024 財政年度增長 42.4%。香港的同店銷售在本財政年度增長 40.0%，而澳門的同店銷售則飆升 50.9%。Annual Report 20242024年報33Performance Review表現回顧ProfitabilityGroup*集團*202220232024Core operating profit margin 2主要經營溢利率 2Selling and distribution costs and general and administ

184、rative expenses(”SG&A”)as a%to revenue 銷售及分銷成本以及一般及行政開支（銷售及行政開支）所佔營業額百分比Adjusted gross profit margin 1 經調整後的毛利率 123.4%14.1%10.1%23.7%14.5%10.0%22.8%12.2%11.2%Core operating profit 2 by reportable segment*按可呈報分部劃分的主要經營溢利 2*HK$million百萬港元0+19.6%+153.7%202220232024YoYchange同比變化Mainland China中國內地Hong Ko

185、ng&Macau of China and other markets 中國香港、中國澳門及其他市場2,0004,0006,0008,00010,00014,00012,0009,5844188,78765210,5091,6541.Adjusted gross profit and the corresponding margin,a non-IFRS measure,eliminates the effect of unrealised loss(gain)on gold loans,which the Company believes is useful in gaining a mor

186、e complete understanding of its operational performance and the underlying trend of its businesses2.Core operating profit and the corresponding margin,a non-IFRS measure,being the aggregate of adjusted gross profit and other income,less SG&A,which the Company believes is useful in gaining a more com

187、plete understanding of its operational performance and the underlying trend of its businesses1.經調整後的毛利及相應毛利率（非按國際財務報告準則計算），扣除了黃金借貸的未變現虧損（收益）的影響，本公司相信此等數據有助更透徹了解其經營表現及業務的實際趨勢2.主要經營溢利及相應溢利率（非按國際財務報告準則計算），指經調整後的毛利及其他收益的合計、減銷售及行政開支，本公司相信此等數據有助更透徹了解其經營表現及業務的實際趨勢盈利能力*For the year ended 31 March*截至 3 月 31

188、日止年度Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司34Management Discussion and Analysis管理層討論與分析 (HK$million)（百萬港元）1HFY20232HFY20231HFY20242HFY20241HFYYoY change財政年度上半年同比變化2HFYYoY change財政年度下半年同比變化 Revenue營業額46,53548,14949,52659,187+6.4%+22.9%Adjusted gross profit經調整後的毛利10,43611,96511,78612,988+12.9

189、%+8.5%Adjusted gross profit margin 經調整後的毛利率22.4%24.9%23.8%21.9%+1.4%pts個百分點-3.0%pts個百分點Other income其他收入353381353337+0.1%-11.6%SG&A銷售及行政開支(6,440)(7,256)(6,150)(7,151)-4.5%-1.5%SG&A as a%to revenue 銷售及行政開支所佔 營業額百分比13.8%15.1%12.4%12.1%-1.4%pts個百分點-3.0%pts個百分點Core operating profit主要經營溢利4,3495,0905,9896,

190、174+37.7%+21.3%Core operating profit margin 主要經營溢利率9.3%10.6%12.1%10.4%+2.8%pts個百分點-0.2%pts個百分點 Betweenthetwosegments,theMainlandcontinuedtobeourmain profit contributor,accounting for over 85%of the Groups core operating profit in FY2024.TheGroupscoreoperatingprofitgrewstronglyby28.9%year-on-year to

191、HK$12,163 million,while its margin expanded to 11.2%in FY2024.Profitattributabletoshareholdersincreasedby20.7%inFY2024,as the increase in core operating profit was partly offset by the unrealised loss on gold loans arising from gold price volatility in 2HFY2024.兩個分部中，內地繼續成為主要溢利來源，於 2024 財政年度佔本集團主要經營

192、溢利超過 85%。2024 財政年度，本集團的主要經營溢利按年強勁增長28.9%至 12,163 百萬港元，而溢利率則上升至 11.2%。2024財政年度，股東應佔溢利上升20.7%，由於2024財政年度下半年金價波動導致黃金借貸的未變現虧損抵銷了部分主要經營溢利的增長。Annual Report 20242024年報35Performance Review表現回顧Adjusted gross profit margin Weuseadjustedgrossprofitmargin,anon-IFRSmeasure,foranalysis.It represents gross profit

193、margin generated from the business after eliminating the effect of unrealised loss(gain)on gold loans.We believe that this measure better reflects the operational performance of the Group and is useful for the understanding of the underlying trend of its businesses.Unrealised loss(gain)For the year

194、ended 31 March截至 3 月 31 日止年度202220232024 Gross profit margin毛利率22.6%22.4%20.5%Unrealised loss on gold loans黃金借貸未變現虧損0.8%1.3%2.3%Adjusted gross profit margin經調整後的毛利率23.4%23.7%22.8%Weusegoldloans(shortpositioningold)foreconomichedgepurpose to mitigate the financial impact of the gold price fluctuation

195、s in our gold inventories(long position).In the near-term and taking a snapshot view of specific financial reporting period,we will incur recognition due to timing differences.In the longer term,we expect the long and short positions in gold to offset,through the sale of gold inventories over time.T

196、he unsettled gold loan contracts are revalued at market price at the end of the financial reporting period,while the gold inventories are not as it is measured at weighted average cost,lower of its historical cost and net realisable value.Asat31March2024,anunrealisedlossofHK$2,489millionarosefrom su

197、ch timing difference.經調整後的毛利率 我們以經調整後的毛利率（非按國際財務報告準則計算）作分析，相當於由業務所得的毛利率扣除黃金借貸的未變現虧損（收益）的影響，我們相信此數據更能反映集團的經營表現及有助了解業務的實際趨勢。未變現虧損（收益）我們利用黃金借貸（黃金淡倉）為經濟避險目的，以減輕黃金存貨（黃金好倉）價格波動的財務影響。短期而言，從特定財務報告期的持倉狀況看，兩者會出現確認時間上的差異。從長期來看，我們預期黃金好淡倉的影響會在出售黃金存貨時互相抵銷。於財務報告期末，未償還的黃金借貸合約會就市場價格進行重估，而以加權平均成本（其歷史成本與可變現淨值兩者中之較低者）計

198、量的黃金存貨並不會進行重估。於 2024 年 3 月 31 日，因相關的時間差產生的未變現虧損為 2,489 百萬港元。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司36Management Discussion and Analysis管理層討論與分析Movements in adjusted gross profit margin*經調整後的毛利率變動*20232024Changes in Mainland China,Hong Kong&Macau of China andother markets mix 中國內地、中國香港、中國澳門及

199、其他巿場組合變動Impact from wholesale business 批發業務的影響Changes in product mix 產品組合變動Impact from jewellerytrading 珠寶貿易的影響Changes in gross profit margin by product in retail business零售業務按產品劃分的毛利率變動22.0%21.0%20.0%23.0%24.0%23.7%0.4%1.4%0.2%0.2%1.5%25.0%22.8%Atgrouplevel,adjustedgrossprofitmargindecreasedby90bas

200、ispoints to 22.8%during FY2024,mainly attributable to the impact from a higher sales contribution from our gold jewellery and products and wholesale business.This offset the benefit from retail like-for-like margin improvement resulted from gold price increase and our optimised pricing strategy.於集團層

201、面，2024 財政年度經調整後的毛利率下降90 個點子至 22.8%，主要由於黃金首飾及產品以及批發業務的銷售佔比上升。這抵銷了因為金價上升及我們優化定價策略帶動零售產品毛利率上升的有利影響。*For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報37Performance Review表現回顧London gold price倫敦金價US$per ounce美元每盎司London gold price 倫敦金價Average of T-180 days 1T-180天平均值 11,1001,3001,5001,70

202、01,9002,3002,1001.4.20221.4.202331.3.20241.Average of T-180 refers to the average gold price of previous 180 days on rolling basis,being a proxy of the average price of our hedged inventories.Average of T-180 days was used for FY2024 and FY2023London gold price倫敦金價FY2024Closing price YoY change收市價同比

203、變化Average price YoY change平均價同比變化+11.9%+10.2%1.T-180 天平均值指過往連續 180 天的黃金均價，用作代表我們已對沖黃金存貨的平均價格。2024 財政年度及 2023 財政年度均使用 T-180 天平均值Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司38Management Discussion and Analysis管理層討論與分析SG&ASG&A by reportable segment*按可呈報分部劃分的銷售及行政開支*HK$million百萬港元0-5.8%-2.9%+8.1%202

204、220232024YoYchange同比變化Mainland China中國內地Hong Kong&Macau of China and other markets 中國香港、中國澳門及其他市場13,69613,96419.9%80.1%21.1%78.9%2,0004,0006,0008,00010,00012,00014,00013,30023.4%76.6%SG&A to revenue ratio*銷售及行政開支佔營業額比率*HK$million百萬港元013,96413,696202220232024YoYchange同比變化Advertising and promotion exp

205、enses 廣告及宣傳開支Packaging materials 包裝物料Other SG&A 1 其他銷售及行政開支 1Depreciation and amortisation(Property,plant and equipment)折舊及攤銷（物業、廠房及設備）Staf costs and related expenses 員工成本及相關開支Concessionaire fees 專櫃分成Rental expenses 租金開支Depreciation and amortisation(Right-of-use assets,“ROUA”)折舊及攤銷（使用權資產）As a%of rev

206、enue所佔營業額百分比5.4%2.4%0.8%1.1%1.3%2.0%1.3%5.6%2.0%0.9%1.3%1.3%2.2%1.1%2,0004,0006,0008,00010,00016,00014,00012,000+6.7%-44.2%-2.9%+2.0%+7.7%-17.0%-2.1%0.0%14.1%14.5%13,3004.9%1.7%0.7%1.2%1.2%1.9%0.6%12.2%1.Other SG&A mainly represented bank charges incurred for sales transactions settlement,royalty fe

207、es for the sales of licensed products,certificate expenses and utilities銷售及行政開支1.其他銷售及行政開支主要包括銷售交易結算產生的銀行手續費、銷售授權產品的專利費用、證書費及水電費*For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報39Performance Review表現回顧 Executingagainstourdisciplinedcostmanagementstrategy,theGroup closely managed SG

208、&A expenses during the financial year,as a result SG&A expenses decreased by 2.9%to HK$13,300 million.SG&Aratioimprovedsignificantlyby230basispointsto12.2%.Fixed in nature expenses contributed approximately 50%to SG&A expenses in FY2024(FY2023:approximately 50%).AnalysesofthemajorSG&Acomponents,incl

209、udingstaffcostsandrelated expenses,concessionaire fees and lease-related expenses are provided on p.44-45 and p.56-57 of this report.本財政年度，集團落實嚴謹的成本控制措施，密切控制銷售及行政開支，銷售及行政開支因此減少 2.9%至13,300 百萬港元。銷售及行政開支比率顯著下跌 230 個點子至 12.2%。2024 財政年度，固定性質開支佔銷售及行政開支約50%（2023 財政年度：約 50%）。有關銷售及行政開支主要組成項目（包括員工成本及相關開支、專櫃分

210、成及租賃相關開支）的分析載於本報告第 44 至 45 頁及 56 至 57 頁。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司40Management Discussion and Analysis管理層討論與分析中國內地營業額 於中國內地，我們的零售營業額指來自直營零售點、電子商務及其他直接渠道的銷售額，而批發營業額則主要指向加盟商銷售貨品及向加盟商提供服務的收入。2024 財政年度，內地的營業額上升 9.9%至 89,698 百萬港元。按相同匯率計算，本財政年度的營業額上升14.1%。受店舖效益穩步提升及過去 12 個月新開門店所支持，批發

211、營業額於本財政年度上升 15.1%或按相同匯率計算的 19.6%。於 2024 年 3 月 31 日，我們設有 5,679 個周大福珠寶加盟零售點。於大部分周大福珠寶加盟零售點，我們在零售消費者完成銷售交易前保留存貨擁有權，待交易完成後，則會確認批發營業額。此類加盟零售點的營業額佔內地批發營業額約 63%。MAINLAND CHINARevenueRevenue by operation model*按營運模式劃分的營業額*HK$million百萬港元+3.6%+9.9%+15.1%2020202220212023YoYchange同比變化Retail零售Wholesale 批發20,0001

212、00,00080,00040,00060,00040,76365.7%34.3%86,93250.4%49.6%81,62345.6%54.4%59,69859.8%40.2%0202489,69843.0%57.0%InMainlandChina,ourretailrevenuerepresentssalesfromself-operated POS,e-commerce and other direct channels,while wholesale revenue mainly represents sales to franchisees and provision of servi

213、ces to franchisees.RevenueintheMainlandwasupby9.9%toHK$89,698millioninFY2024.On a constant exchange rate basis,revenue growth reached 14.1%during the financial year.Wholesalerevenueclimbed15.1%or19.6%onaconstantexchangerate basis during the financial year,supported by the progressive ramp up of our

214、stores and the store opening over the past 12 months.Asat31March2024,wehad5,679franchisedCHOWTAIFOOKJEWELLERY POS.For the majority of these POS,we retain inventory ownership until sales transactions are completed with the retail customers,upon which wholesale revenue is recognised.These franchised P

215、OS contributed approximately 63%of the wholesale revenue in the Mainland.*For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報41Performance Review表現回顧同店銷售增長1.同店平均售價以 2024 財政年度的同店作基準 於中國內地，由於我們持續優化定價策略及推出差異化產品，各產品類別於 2024 財政年度的平均售價保持韌性。本財政年度，黃金首飾及產品的同店銷售增長相對強勁，錄得 6.4%增長。黃金首飾及產品的平均售價穩定提升

216、至約 5,600 港元（2023 財政年度：5,200 港元）。此外，珠寶鑲嵌首飾的平均售價上升至約 8,100 港元（2023 財政年度：7,600 港元）。SSSGSSSG of major products主要產品同店銷售增長Gold jewellery and products 黃金首飾及產品Gem-set,Platinum and K-gold jewellery 珠寶鑲嵌、鉑金及K金首飾 9.9%-4.1%-17.0%-17.2%-9.6%32.5%-1.9%-27.7%3.4%-19.5%1Q2QFY20233Q4Q1Q2QFY20243Q4Q9.4%-35.8%-31.8%-1

217、0.5%-2.0%-19.3%Same Store ASP 同店平均售價Gem-set jewellery 珠寶鑲嵌首飾Gold jewellery and products 黃金首飾及產品FY2024(FY20231:HK$7,600)(FY20231:HK$5,200)HK$8,100 HK$5,600 FY2024SSSGSSS volumegrowth同店銷售增長同店銷量增長 Gem-set,Platinum and K-gold jewellery珠寶鑲嵌、鉑金及K金首飾-14.4%-20.5%Gold jewellery and products黃金首飾及產品+6.4%-0.6%W

218、atches鐘錶+2.8%-2.8%Overall整體+1.8%-4.8%1.Same Store ASP on FY2024 Same Store basis InMainlandChina,ASPacrossproductcategorieswasresilientinFY2024,thanks to our continued efforts in pricing strategy optimisation and differentiated product offerings.SSSGofgoldjewelleryandproductswasrelativelystrongat6.4

219、%during the financial year.ASP of gold jewellery and products increased steadily to about HK$5,600(FY2023:HK$5,200).Moreover,ASPofgem-setjewelleryincreasedtoapproximatelyHK$8,100(FY2023:HK$7,600).Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司42Management Discussion and Analysis管理層討論與分析盈利能力Profitab

220、ilityMainland China*中國內地*202220232024Core operating profit margin 主要經營溢利率SG&A as a%to revenue 銷售及行政開支所佔營業額百分比Adjusted gross profit margin 經調整後的毛利率23.1%12.9%11.0%23.3%13.2%10.8%22.5%11.4%11.7%(HK$million)（百萬港元）1HFY20232HFY20231HFY20242HFY20241HFYYoY change財政年度上半年同比變化2HFYYoY change財政年度下半年同比變化 Revenue營

221、業額40,92740,69640,68049,018-0.6%+20.4%Adjusted gross profit經調整後的毛利9,0709,9709,61510,523+6.0%+5.5%Adjusted gross profit margin 經調整後的毛利率22.2%24.5%23.6%21.5%+1.4%pts個百分點-3.0%pts個百分點Other income其他收入256303282272+9.9%-10.1%SG&A銷售及行政開支(5,111)(5,701)(4,695)(5,487)-8.1%-3.8%SG&A as a%to revenue 銷售及行政開支所佔 營業額百

222、分比12.5%14.0%11.5%11.2%-1.0%pts個百分點-2.8%pts個百分點 Core operating profit主要經營溢利4,2154,5725,2015,308+23.4%+16.1%Core operating profit margin 主要經營溢利率10.3%11.2%12.8%10.8%+2.5%pts個百分點-0.4%pts個百分點 *For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報43Performance Review表現回顧 經調整後的毛利率於 2024 財政年度下降

223、 80 個點子，主要受批發業務以及黃金首飾及產品的銷售貢獻上升所影響。這抵銷了零售產品毛利率的升幅。批發業務的毛利率較零售業務低。2024 財政年度，批發組合增加導致經調整後的毛利率下降 70 個點子。由於黃金首飾的需求強韌，黃金首飾及產品的營業額組合亦飆升至 82.5%（2023 財政年度：77.8%），導致經調整後的毛利率下降 120 個點子。另一方面，金價飆升以及我們的優化定價策略使經調整後的毛利率上升110 個點子。截至 2024 年 3 月 31 日止期間，銷售及行政開支比率為11.4%。2024 財政年度，固定性質開支佔銷售及行政開支約 50%（2023 財政年度：約 45%）。主

224、 要 經 營 溢 利 率 於 2024 財 政 年 度 上 升 90 個 點 子 至11.7%。Adjustedgrossprofitmargindecreasedby80basispointsinFY2024,mainly due to the impact from a higher sales contribution from wholesale business and gold jewellery and products.This offset the improvement in the retail like-for-like product margin.Thewholes

225、alebusinesshasarelativelylowergrossprofitmarginthan the retail business.An increase of wholesale mix in FY2024 led to a drop of 70 basis points in adjusted gross profit margin.Revenue mix of gold jewellery and products also surged to 82.5%(FY2023:77.8%)due to strong demand for gold jewellery,which r

226、esulted in a decline of 120 basis points in adjusted gross profit margin.On the other hand,the surge of gold prices and our pricing strategy optimisation improved the adjusted gross profit margin by 110 basis points.SG&Aratiowas11.4%fortheperiodended31March2024.Fixedin nature expenses contributed ar

227、ound 50%to SG&A expenses in FY2024(FY2023:approximately 45%).Coreoperatingprofitmarginwasupby90basispointsto11.7%in FY2024.Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司44Management Discussion and Analysis管理層討論與分析銷售及行政開支1.不包括生產部門的員工2.其他員工相關開支主要包括員工膳食津貼、醫療費和教育經費等 2024財政年度，員工成本及相關開支輕微下降0.3%。固定組成項目按年

228、上升 3.8%，主要由於年度薪酬增長。浮動組成項目下跌 3.9%，主要由於後勤員工薪酬調整。SG&ASG&A to revenue ratio*銷售及行政開支佔營業額比率*HK$million百萬港元0202220232024YoYchange同比變化Advertising and promotion expenses 廣告及宣傳開支Packaging materials 包裝物料Other SG&A 其他銷售及行政開支Depreciation and amortisation(Property,plant and equipment)折舊及攤銷（物業、廠房及設備）Staf costs and

229、 related expenses 員工成本及相關開支Concessionaire fees 專櫃分成Rental expenses 租金開支Depreciation and amortisation(Right-of-use assets,“ROUA”)折舊及攤銷（使用權資產）As a%of respective revenue 所佔相關營業額百分比2,0004,0006,0008,00010,00012,000+10.2%-47.2%-5.8%-0.3%+2.1%-27.4%-2.7%0.0%11,19010,8124.7%2.7%0.7%1.0%0.7%1.6%1.4%4.8%2.3%0

230、.7%1.2%0.9%2.0%1.3%12.9%13.2%10,1824.4%2.1%0.7%1.2%0.6%1.7%0.6%11.4%Staf costs and related expenses*員工成本及相關開支*HK$million百萬港元01,5003,0004,5001,0002,5004,0005001,0003,5004.7%4.8%-3.9%-0.3%+3.8%-26.5%20222023YoYchange同比變化Variable staf costs 浮動員工成本Fixed staf costs 固定員工成本Other staf related expenses 2 其他員

231、工相關開支 2As a%of respective revenue所佔相關營業額百分比38.5%57.6%4.0%44.0%52.7%3.3%3,9384,113Average numberof employees 1 平均員工數目 1YoY change 同比變化FY202420,110-1.1%4.4%202437.1%60.0%2.9%3,9241.Employees in production function excluded2.Other staff related expenses mainly included staff messing,medical care,educat

232、ional expenses,etc.Staffcostsandrelatedexpenseswereslightlydown0.3%inFY2024.Fixedcomponentincreased3.8%year-on-year,mainlyduetotheannual salary increment.Variable component decreased 3.9%,mainly due to revision of staff remuneration of back office.*For the year ended 31 March*截至 3 月 31 日止年度Annual Re

233、port 20242024年報45Performance Review表現回顧Concessionaire fees and lease-related expenses 1*專櫃分成及租賃相關開支 1*HK$million百萬港元1,5003,0001,0002,5005001,0000.0%+0.5%+1.9%20222023YoYchange同比變化Concessionaire fees 專櫃分成Lease-related expenses 1 租賃相關開支 1Lease-related expenses as a%of respective revenue租賃相關開支所佔相關營業額百分

234、比Concessionaire fees as a%of respective revenue專櫃分成所佔相關營業額百分比2,5063,0033,50021.2%78.8%25.2%74.8%04.0%4.4%7.9%7.9%20242,51825.6%74.4%4.1%7.7%Concessionairefeesratiodeclinedto7.7%asaresultofashiftofsales mix towards gold jewellery and products that are generally subject to lower rates compared with ot

235、her product types.Lease-relatedexpensesratiodownslightlyby30basispointsduring the financial year.1.Under IFRS 16-leases,depreciation and amortisation(ROUA)and finance costs on leases replace the majority of rental expenses and therefore we combined these elements for the analysis of lease-related ex

236、penses 由於銷售組合轉向分成比率較低的黃金首飾及產品，專櫃分成比率下降至 7.7%。本財政年度內，租賃相關開支比率輕微下跌30個點子。1.根據國際財務報告準則第 16 號-租賃、折舊及攤銷（使用權資產）及租賃融資成本取代大部分租金開支，我們就此將相關項目合併，以進行租賃相關開支之分析*For the year ended 31 March*截至 3 月 31 日止年度Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司46Management Discussion and Analysis管理層討論與分析零售點網絡 1.不包括店中店及店內專櫃2

237、.不包括周大福鐘錶零售點3.數據經重列以反映分拆及合併傳承系列專區零售值分析POS networkPOS movement by store brand 1 Mainland China 按店舖品牌劃分的零售點變動1 中國內地 During FY202431.3.202231.3.20232024財政年度31.3.2024TotalTotalAdditionReductionNetTotalAs at於總計總計增加減少淨增減總計 CHOW TAI FOOK JEWELLERY 2周大福珠寶25,629 37,260 3565(422)1437,403CTF WATCH周大福鐘錶13612914

238、(22)(8)121HEARTS ON FIREHEARTS ON FIRE11(1)(1)ENZOENZO54302(9)(7)23SOINLOVESOINLOVE3921(6)(6)15MONOLOGUEMONOLOGUE686010(5)565 1.SIS and CIS excluded2.CTF WATCH POS excluded3.Restated to reflect the split and combination of HU exclusive zonesRSV analysisRSV by product 按產品劃分的零售值14.7%18.3%77.6%4.1%81.6

239、%3.7%FY2023FY2024RSV YoY change零售值同比變化 Gem-set,Platinum and K-gold jewellery 珠寶鑲嵌、鉑金及 K 金首飾-5.9%Gold jewellery and products 黃金首飾及產品+23.3%Watches 鐘錶+6.3%Overall 整體+17.3%RSV of gem-set,platinum and K-gold jewellery 珠寶鑲嵌、鉑金及 K 金首飾的零售值%of RSV零售值佔比FY2023FY2024 Diamond jewellery鑽石首飾60.5%57.7%Other gem-set

240、 jewellery其他珠寶鑲嵌首飾20.8%24.3%Platinum and K-gold jewellery鉑金及 K 金首飾18.7%18.0%Annual Report 20242024年報47Performance Review表現回顧 1.包括周大福鐘錶、HEARTS ON FIRE、ENZO、SOINLOVE 及 MONOLOGUE2.主要平臺包括周大福網絡旗艦店、天貓、京東、抖音及唯品會 珠寶消費仍然以實體店渠道為主，於 2024 財政年度，佔內地零售值約 95%。同時，電商渠道助我們完善及進一步提升顧客和全渠道購物體驗。受惠於我們加強線上顧客互動，以及針對線上顧客作出靈活產

241、品規劃的措施，內地電子商務的零售值於本財政年度內錄得約 20%的穩定增長。電子商務對內地銷量佔比為逾 10%。本財政年度內，電子商務平均售價提升至約 2,080 港元（2023 財政年度：1,870 港元）。RSV of gold jewellery and products 黃金首飾及產品的零售值%of RSV零售值佔比FY2023FY2024 Weight-based gold products計價黃金產品85.0%84.6%Fixed price gold products定價黃金產品7.0%7.1%Bullion金粒/金條8.0%8.3%RSV by channel 按銷售渠道劃分的零

242、售值91.0%90.8%4.5%4.7%4.8%4.3%FY2023FY2024RSV YoY change零售值同比變化 CHOW TAI FOOK JEWELLERY 周大福珠寶+17.4%Other store brands 1其他店舖品牌1+11.7%E-commerce 2 電子商務2+18.8%Overall 整體+17.3%1.CTF WATCH,HEARTS ON FIRE,ENZO,SOINLOVE and MONOLOGUE included2.Major platforms included Chow Tai Fook eShop,Tmall,JD.com,Douyin

243、and Vipshop Brick-and-mortarstoresremainedthedominantchannelforjewellery consumption,accounting for approximately 95%of our RSV in the Mainland during FY2024.Meanwhilethee-commercechannelenablesustocomplementand further enhance the customer journey and omni-channel shopping experience.Given our init

244、iatives to enhance digital customer engagement and stay agile in our product planning when targeting online consumers,RSV of our Mainland e-commerce business grew steadily at around 20%during the financial year.Share of our e-commerce business,in terms of retail sales volume,amounted to more than 10

245、%.ASP increased to approximately HK$2,080 during the financial year(FY2023:HK$1,870).Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司48Management Discussion and Analysis管理層討論與分析周大福珠寶零售點佔中國內地零售值超過 90%，以下將集中該業務作分析：周大福珠寶零售點1.為更合適地反映中國內地城市的經濟發展和戰略意義，我們採用 第一財經 發佈的城市等級排名。新一線城市於我們的分析中被分類為二線城市。請參閱 2023 年 5

246、月 30 日公佈的排名The following analyses focus on CHOW TAI FOOK JEWELLERY POS which contributed over 90%of the RSV in Mainland China:CHOW TAI FOOK JEWELLERY POSRSV and POS by tier of cities 1 按城市級別劃分的零售值及零售點115.5%12.2%42.3%46.9%21.9%23.7%19.5%18.2%FY2024%of POS零售點佔比%of RSV零售值佔比RSV YoY change零售值同比變化Net POS

247、movement零售點淨變動 Tier I cities 一線城市+17.7%+14Tier II cities 二線城市+18.1%+98Tier III cities 三線城市+15.5%+17Tier IV cities and others 四線城市及其他+17.7%+141.As an initiative to better reflect the economic development and strategic significance of cities in Mainland China,we adopt the city-tier ranking published b

248、y Yicai Global.New first-tier cities were grouped under Tier II cities in our analysis.Please refer to the ranking released on 30 May 2023RSV and POS by operating model 按營運模式劃分的零售值及零售點30.4%23.3%76.7%69.6%FY2024%of POS零售點佔比%of RSV零售值佔比RSV YoY change零售值同比變化Net POS movement零售點淨變動 Self-operated 直營+5.8%+

249、21Franchised 加盟+23.4%+122RSV and POS by store format 按店舖類型劃分的零售值及零售點47.7%42.9%30.5%26.7%31.5%20.8%FY2024%of POS零售點佔比%of RSV零售值佔比RSV YoY change零售值同比變化Net POS movement零售點淨變動 Shopping mall 購物中心+21.0%+167Department store 百貨公司+10.3%+6Others 其他+21.1%-30Annual Report 20242024年報49Performance Review表現回顧 在零售點

250、管理策略上，我們致力透過提升店舖生產力和盈利能力，優化門店組合的整體財務健康狀況。我們亦會繼續有策略地選擇性開或關店，務求優化現有的零售網絡，藉此提升營運效益和盈利能力。2024 財政年度，我們在內地淨開設143個周大福珠寶零售點。我們於 2024 財政年度在不同層級城市實現廣泛的零售值增長。高線城市的增長與低線城市的增長相近。按營運模式劃分，2024 財政年度大部分淨開店為加盟店，新開店主要位於購物中心。截至 2024 年 3 月 31 日，加盟零售點佔我們內地店舖數量約 77%。2024 財政年度，受惠於店鋪效益穩定提升及 新 增 店 舖，內 地 加 盟 零 售 點 的 零 售 值 同 比

251、 上 升23.4%。由於超過 50%內地的門店是近二至四年開設的，我們預期隨著該等店舖漸趨成熟，於未來數年將有助於提升門店的零售值和盈利能力。ThecurrentprioritiesofourPOSmanagementstrategyaretomaximise overall financial health of our POS portfolio with a focus on store productivity and profitability.We continuously optimise existing retail network strategically through

252、 a combination of selective store openings and closures to enhance operational efficiency and profitability.In FY2024,we opened a net of 143 CHOW TAI FOOK JEWELLERY POS in the Mainland.Weregisteredabroad-basedRSVgrowthacrossdifferenttiersofcities in FY2024.Growth in the higher tier cities was simila

253、r to that of the lower tier cities.Byoperatingmodel,thenetopeningsinFY2024wereprimarilyinfranchised format and the new openings were mainly located in shopping malls.Asat31March2024,franchisedPOScomprisedapproximately77%of our store count in the Mainland.RSV of franchised POS in the Mainland rose by

254、 23.4%year-on-year in FY2024,driven by the steady and progressive store ramp up and new store additions.As over 50%of our total stores in the Mainland were opened in the last two to four years,we expect the gradual maturity of these stores will boost our RSV and store profitability in the coming yea

255、rs.Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司50Management Discussion and Analysis管理層討論與分析Ratio of RSV per store to RSV per Same Store by store age按店齡劃分的每店零售值與同店店均零售值之比例64.9%76.0%94.2%115.8%137.3%Less than 2 years 1少於2年 124 years2至4年46 years4至6年68 years6至8年8 years or more8年或以上 POS opening date

256、開店日期4/20223/20244/20203/20224/20183/20204/20163/20183/2016or before3/2016或以前Total 總計 POS 零售點2,2872,1651,1324081,4117,403%of POS 零售點佔比30.9%29.2%15.3%5.5%19.1%100.0%1.For POS of age less than 1 year,RSV is adjusted on an annualised basis1.店齡不足 1 年的零售點之零售值按年化基準調整 Theprogressiverampupofouryoungstoresint

257、heMainlandinFY2024 strengthened the resilience and stability of our store network.The average RSV for stores aged less than two years was approximately 65%of overall Mainland RSV per Same Store,marking the highest level in recent years.2024 財政年度，我們在內地較年輕的店舖呈現穩健增長，加強了我們門店網絡的韌性和穩定性。店齡不足兩 年 的 店 舖 平 均 零

258、 售 值 約 佔 內 地 整 體 同 店 零 售 值 的65%，是近年來的最高水平。Annual Report 20242024年報51Performance Review表現回顧Average quarterly sales 1平均季度銷售額 1HK$million百萬港元1Q2Q3Q4QFY2023 average quarterly SSS 2023財政年度平均季度同店銷售FY2024 average quarterly SSS2024財政年度平均季度同店銷售FY2024 quarterly SSS contribution to annual SSS2024財政年度季度同店銷售額對年度

259、同店銷售額的貢獻FY2023 quarterly SSS contribution to annual SSS2023財政年度季度同店銷售額對年度同店銷售額的貢獻3.23.54.43.92.83.65.05.221.6%20.8%24.0%28.6%22.1%18.0%32.6%32.3%1.Self-operated and franchised POS included for same store calculation;FY2023 data on FY2024 same store basis FY2024wasayearofnormalisationafterthepandemic

260、,with2HFY2024 contributing approximately 55%of annual SSS,reflecting normal seasonality under the normal course of business.Thefourthquarterofourfinancialyear,ourpeakseasonasdriven by festive occasions such as Lunar New Year and Valentines Day,usually accounts for the highest quarterly SSS contribut

261、ion in the year.1.同店計算包括直營及加盟零售點；2023 財政年度數據以 2024 財政年度同店基準計算 2024 財政年度是疫情後正?；囊荒?。2024 財政年度下半年的年度同店銷售額貢獻約 55%，跟業務常態下的季節性水平相似。我們財政年度的第四季度適逢農曆新年及情人節等節慶日子，故屬我們的傳統旺季，季度同店銷售貢獻通常為全年最高。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司52Management Discussion and Analysis管理層討論與分析HONG KONG&MACAU OF CHINA AND O

262、THER MARKETSRevenueRevenue by operation model*按營運模式劃分的營業額*HK$million百萬港元+40.4%+45.6%+85.6%2022202120202023YoYchange同比變化Retail零售Wholesale 批發05,00010,00015,00020,000202493.0%7.0%87.2%12.8%15,98810,46612,00684.2%15.8%13,06188.5%11.5%19,01585.4%14.6%InHongKong,Macauandothermarkets,ourretailrevenuerepres

263、ents sales from self-operated POS,e-commerce and other direct channels,while wholesale revenue represents sales to franchisees,sales to retailers and sales from jewellery trading.Retailrevenuesurgedencouraginglyby40.4%inFY2024,supported by the progressive return of Mainland tourists.Wholesale revenu

264、e increased strongly by 85.6%,thanks to the rebound of our duty-free business in Hainan Province.中國香港、中國澳門及其他市場營業額 我們於香港、澳門及其他市場的零售營業額指直營零售點、電子商務及其他直接渠道的銷售額，而批發營業額則指向加盟商及零售商銷售貨品及來自珠寶貿易的銷售額。2024 財政年度，內地旅客逐步重臨，帶動零售營業額飆升 40.4%。由於海南省的免稅店業務反彈，批發營業額大幅上升 85.6%。*For the year ended 31 March*截至 3 月 31 日止年度Ann

265、ual Report 20242024年報53Performance Review表現回顧SSSGSSSG of major products主要產品同店銷售增長Gold jewellery and products 黃金首飾及產品Gem-set,Platinum and K-gold jewellery 珠寶鑲嵌、鉑金及K金首飾 1Q2QFY20233Q4Q1Q2QFY20243Q4QSame store ASP 同店平均售價Gem-set jewellery 珠寶鑲嵌首飾Gold jewellery and products 黃金首飾及產品FY2024(FY2023 1:HK$16,500

266、)(FY2023 1:HK$6,900)HK$16,700 HK$8,100101.1%16.9%1.0%-18.4%-4.3%89.0%4.3%104.3%16.6%-27.2%5.6%10.5%-2.9%-11.4%116.5%99.2%FY2024SSSGSSS volumegrowth同店銷售增長同店銷量增長 Gem-set,Platinum and K-gold jewellery珠寶鑲嵌、鉑金及K金首飾-4.8%-4.4%Gold jewellery and products黃金首飾及產品+67.7%+43.0%Watches鐘錶+3.9%+1.3%Overall整體+42.4%+

267、32.0%1.Same Store ASP on FY2024 Same Store basis同店銷售增長1.同店平均售價以 2024 財政年度的同店作基準Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司54Management Discussion and Analysis管理層討論與分析 InHongKongandMacau,SSSclimbed42.4%inFY2024,drivenbya significant volume increase and steady ASP growth.SSSofgoldjewelleryandprod

268、uctssurged67.7%inthefinancialyear,outperforming other product categories.Its ASP reached HK$8,100,up by 17.3%comparing to the previous financial year,backed by a higher contribution of HU Collection and gold price surge.SSSofgem-set,platinumandk-goldjewellerydeclined4.8%inFY2024.Yet,ASP of gem-set j

269、ewellery was stable at HK$16,700 during the financial year,demonstrating resilience.ProfitabilityHong Kong&Macau of China and other markets*中國香港、中國澳門及其他市場*202220232024Core operating profit margin 主要經營溢利率SG&A as a%to revenue 銷售及行政開支所佔營業額百分比Adjusted gross profit margin 經調整後的毛利率25.7%23.1%3.5%25.7%22.1%

270、5.0%24.4%16.4%8.7%(HK$million)（百萬港元）1HFY20232HFY20231HFY20242HFY20241HFYYoY change財政年度上半年同比變化2HFYYoY change財政年度下半年同比變化 Revenue營業額5,6087,4538,84610,169+57.7%+36.4%Adjusted gross profit經調整後的毛利1,3671,9952,1712,466+58.9%+23.6%Adjusted gross profit margin 經調整後的毛利率24.4%26.8%24.5%24.2%+0.1%pts個百分點-2.6%pts個

271、百分點 Other income其他收入96787164-25.9%-17.2%SG&A銷售及行政開支(1,329)(1,555)(1,454)(1,664)+9.5%+7.0%SG&A as a%to revenue 銷售及行政開支 所佔營業額百分比23.7%20.9%16.4%16.4%-7.3%pts個百分點-4.5%pts個百分點 Core operating profit主要經營溢利134518788866+487.1%+67.2%Core operating profit margin 主要經營溢利率2.4%6.9%8.9%8.5%+6.5%pts個百分點+1.6%pts個百分點

272、於香港及澳門，由於銷量大幅增長及平均售價穩步提升，同店銷售於 2024 財政年度提升 42.4%。本 財 政 年 度，黃 金 首 飾 及 產 品 的 同 店 銷 售 飆 升67.7%，表現優於其他產品類別。由於傳承系列的貢獻 上 升 及 金 價 飆 升，黃 金 首 飾 及 產 品 的 平 均 售 價 達8,100 港元，較上一個財政年度提升 17.3%。珠寶鑲嵌、鉑金及 K 金首飾於 2024 財政年度的同店銷售下降 4.8%。然而，珠寶鑲嵌首飾的平均售價於本財政年度穩定在 16,700 港元，展現出韌性。盈利能力*For the year ended 31 March*截至 3 月 31 日

273、止年度Annual Report 20242024年報55Performance Review表現回顧 InFY2024,adjustedgrossprofitmargindecreasedby130basispoints to 24.4%,mainly due to the impact from a higher sales contribution from gold jewellery and products which offset the improved like-for-like margin.SG&Aratiodecreasedby570basispointsto16.4%

274、duetofavourable operating leveraging.Fixednatureexpensescontributedapproximately65%toSG&Aexpenses in FY2024(FY2023:approximately 65%).Coreoperatingprofitescalatedby153.7%andreachedHK$1,654million in FY2024.Its corresponding margin was up 370 basis points to 8.7%,as a result of an improved SG&A ratio

275、.2024 財政年度，經調整後的毛利率下降 130 個點子至24.4%，主要由於黃金首飾及產品的銷售貢獻增加抵銷了產品毛利率上升的影響。受惠於營運效益，銷售及行政開支比率下降 570 個點子至 16.4%。2024 財政年度，固定性質開支佔銷售及行政開支約65%（2023 財政年度：約 65%）。2024 財 政 年 度，主 要 經 營 溢 利 大 幅 上 升 153.7%至1,654 百萬港元。受惠於銷售及行政開支比率的改善，其相應溢利率上升 370 個點子至 8.7%。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司56Management

276、Discussion and Analysis管理層討論與分析銷售及行政開支中國香港及中國澳門1.不包括生產部門的員工2.其他員工相關開支主要包括員工膳食津貼、醫療費和教育經費等SG&ASG&A to revenue ratio*銷售及行政開支佔營業額比率*HK$million百萬港元01,0002,0003,00023.1%22.1%2,7752,8849.9%0.1%1.2%1.7%5.2%4.4%0.5%10.2%0.1%1.1%1.5%4.6%4.0%0.4%+8.7%+8.1%-10.8%+10.1%+8.9%+13.4%+37.6%-0.5%202220232024YoYchang

277、e同比變化Advertising and promotion expenses 廣告及宣傳開支Packaging materials 包裝物料Other SG&A 其他銷售及行政開支Depreciation and amortisation(Property,plant and equipment)折舊及攤銷（物業、廠房及設備）Staf costs and related expenses 員工成本及相關開支Concessionaire fees 專櫃分成Rental expenses 租金開支Depreciation and amortisation(Right-of-use assets,

278、“ROUA”)折舊及攤銷（使用權資產）As a%of respective revenue所佔相關營業額百分比16.4%3,1187.6%0.1%1.0%0.9%3.6%2.8%0.3%Hong Kong and Macau of ChinaStaf costs and related expenses*員工成本及相關開支*HK$million百萬港元05001,00010.9%11.2%+12.3%+9.4%+8.7%+2.0%202220232024YoYchange同比變化Variable staf costs 浮動員工成本Fixed staf costs 固定員工成本Other sta

279、f related expenses 2 其他員工相關開支 2As a%of respective revenue所佔相關營業額百分比Average numberof employees 1 平均員工數目 1YoY change 同比變化FY20242,560-2.3%38.3%54.7%7.1%35.2%56.9%7.8%1,0501,1908.7%36.2%56.5%7.3%1,3021,5001.Employees in production function excluded2.Other staff related expenses mainly included staff mes

280、sing,medical care,educational expenses,etc.*For the year ended 31 March*截至 3 月 31 日止年度Annual Report 20242024年報57Performance Review表現回顧 Staffcostsandrelatedexpenseswereupby9.4%inFY2024.Yet,the staff costs and related expenses ratio dropped by 250 basis points to 8.7%,attributable to a faster growth i

281、n respective revenue.Fixedstaffcostsincreased8.7%year-on-year,mainlyduetorevisions of the staff remuneration packages to attract and retain talents.The variable staff costs rose by 12.3%as retail revenue increased.Lease-related expenses 1*租賃相關開支 1*HK$million百萬港元05005.8%5.1%+15.3%2022202320244.1%37.2

282、%58.8%4.0%662YoYchange同比變化Rental expenses 租金開支Depreciation and amortisation(ROUA)折舊及攤銷（使用權資產）Finance costs on leases 租賃融資成本As a%of respective revenue所佔相關營業額百分比1,00032.6%64.8%2.6%30.1%67.4%2.6%5745971.Under IFRS 16-leases,depreciation and amortisation(ROUA)and finance costs on leases replace the majo

283、rity of rental expenses and therefore we combined these three elements for the analysis of lease-related expenses TheaverageincrementonleaserenewalduringFY2024relativeto the last leases was approximately 18%.This led to a 15.3%increase in lease-related expenses during the year.The lease-related expe

284、nses ratio reduced by 100 basis points to 4.1%during the year.2024 財政年度，員工成本及相關開支上升 9.4%。然而，由於相關營業額增速更快，員工成本及相關開支比例下降 250 個點子至 8.7%。固定員工成本同比增加 8.7%，主要是由於修訂了員工薪酬待遇，以吸引及挽留人才。浮動員工成本因零售營業額增加而上升 12.3%。*For the year ended 31 March*截至 3 月 31 日止年度1.根據國際財務報告準則第 16 號-租賃，折舊及攤銷（使用權資產）及租賃融資成本取代大部分租金開支，我們就此將三個項目合

285、併，以進行租賃相關開支之分析 2024 財 政 年 度，續 租 租 金 較 上 一 租 約 平 均 上 升 約18%，這導致年內租賃相關開支增加 15.3%。年內，租賃相關開支比率下降 100 個點子至 4.1%。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司58Management Discussion and Analysis管理層討論與分析零售點網絡1.不包括店中店及店內專櫃零售值分析中國香港、中國澳門及其他市場POS networkPOS movement by store brand 1 Hong Kong&Macau of Chin

286、a and other markets 按店舖品牌劃分的零售點變動1 中國香港、中國澳門及其他市場 During FY202431.3.202231.3.20232024財政年度31.3.2024TotalTotalAdditionReductionNetTotalAs at於總計總計增加減少淨增減總計 CHOW TAI FOOK JEWELLERY周大福珠寶13313513(3)10145 Hong Kong,China 中國香港74663(1)268 Macau,China 中國澳門18192(2)19 Other markets 其他市場41508858HEARTS ON FIREHEA

287、RTS ON FIRE101010 1.SIS and CIS excludedRSV analysisHong Kong&Macau of China and other marketsRSV by product 按產品劃分的零售值15.9%24.0%67.8%8.2%78.9%5.2%FY2023FY2024RSV YoY change零售值同比變化 Gem-set,Platinum and K-gold jewellery珠寶鑲嵌、鉑金及 K金首飾-3.7%Gold jewellery and products黃金首飾及產品+69.4%Watches鐘錶-7.0%Overall整體+4

288、5.6%RSV of gem-set,platinum and K-gold jewellery 珠寶鑲嵌、鉑金及 K 金首飾的零售值%of RSV零售值佔比FY2023FY2024 Diamond jewellery鑽石首飾71.0%64.4%Other gem-set jewellery其他珠寶鑲嵌首飾15.5%20.2%Platinum and K-gold jewellery鉑金及 K 金首飾13.5%15.4%Annual Report 20242024年報59Performance Review表現回顧RSV of gold jewellery and products 黃金首飾及

289、產品的零售值%of RSV零售值佔比FY2023FY2024 Weight-based gold products計價黃金產品78.6%84.7%Fixed price gold products定價黃金產品11.1%9.7%Bullion金粒/金條10.3%5.6%RSV and POS by geography 按地區劃分的零售值及零售點63.0%43.9%12.3%43.8%20.7%16.3%FY2024%of POS零售點佔比%of RSV零售值佔比RSV YoY change零售值同比變化Net POS movement零售點淨變動 Hong Kong,China 中國香港+32.

290、0%+2Macau,China 中國澳門+53.2%Other markets 其他市場+118.9%+8 RSVinHongKong,MacauandothermarketssurgedrobustlyinFY2024,thanks to the recovery of inbound tourism.Inthefinancialyear,RSVgrowthinHongKongandMacauwere32.0%and 53.2%respectively.The average daily customer traffic at our stores in Hong Kong and Maca

291、u experienced a substantial increase year-on-year,especially during the National Day and Lunar New Year holidays.RSVofothermarketsjumped118.9%inthefinancialyear,drivenbynew store additions,buoyant demand at our duty-free shops in Hainan and the recovery in key Southeast Asian markets.InHongKongandMa

292、cau,wenetopened2POSinthefinancialyear.In other markets,we opened 8 stores,including 4 duty-free shops in the Mainland,1 POS in Canada and 3 POS in key Southeast Asian markets to capitalise the emerging opportunities from retail demand in these markets.2024 財政年度，香港、澳門及其他市場的零售值飆升，受惠於入境旅遊復甦。本財政年度，香港及澳門

293、的零售值增長分別為 32.0%及 53.2%。香港及澳門門店的每日平均客流量同比升幅顯著，尤其是於國慶及農曆新年期間。本財政年度，其他市場的零售值飆升 118.9%，此乃由新增店舖、海南免稅店的殷切需求以及東南亞主要市場的復甦所帶動。在香港及澳門，我們於財政年度內淨開設2個零售點。其他市場方面，我們開設了 8 間門店，包括 4 家位於內地的免稅店、位於加拿大的 1 個零售點以及主要東南亞市場的 3 個零售點，務求把握該等市場零售需求所帶來的新機遇。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司60Management Discussion an

294、d Analysis管理層討論與分析中國香港及中國澳門1.同店計算包括直營及加盟零售點；2023 財政年度數據以 2024 財政年度同店基準計算 我們財政年度的第三季度適逢聖誕節，屬業內傳統旺季，其對我們香港及澳門市場的季度同店銷售貢獻通常為全年最高。然而，2024 財政年度和 2023 財政年度的銷售情況偏離 了 我 們 正 常 業 務 的 季 節 性 水 平。按 同 店 銷 售 額 計算，2024 財政年度下半年的年度同店銷售額貢獻為約52%，略低於正常的季節性水平。與此同時，2023 財政年度第四季度在疫情相關措施解除後，內地旅客和被壓抑的婚嫁首飾需求導致 2023 財政年度下半年的貢獻

295、較高。Hong Kong and Macau of ChinaAverage quarterly sales 1平均季度銷售額 1HK$million百萬港元1Q2Q3Q4QFY2023 average quarterly SSS 2023財政年度平均季度同店銷售FY2024 average quarterly SSS2024財政年度平均季度同店銷售FY2024 quarterly SSS contribution to annual SSS2024財政年度季度同店銷售額對年度同店銷售額的貢獻FY2023 quarterly SSS contribution to annual SSS2023

296、財政年度季度同店銷售額對年度同店銷售額的貢獻22.6%18.8%25.2%23.9%27.0%23.6%25.1%33.7%25.432.342.347.250.531.945.647.01.Self-operated and franchised POS included for same store calculation;FY2023 data on FY2024 same store basis Thethirdquarterofourfinancialyear,beingthepeakseasonforthe industry as driven by Christmas,typic

297、ally accounts for the highest quarterly SSS contribution in the year for the Hong Kong and Macau market.Nevertheless,seasonalityinFY2024andFY2023deviatedfromthe normal course of business.In SSS terms,2HFY2024 contributed approximately 52%to annual SSS,which is slightly below typical seasonality leve

298、ls.Meanwhile,the higher contribution by 2HFY2023 was driven by the inbound visits from Mainland travellers and pent-up bridal demand,following the lift of pandemic related measures in the fourth quarter of FY2023.Annual Report 20242024年報61Other Financial Review其他財務回顧其他財務回顧OTHER FINANCIAL REVIEWOther

299、 income,other gains and losses and other expenses 202220232024HK$millionHK$millionHK$millionYoY changeFor the year ended 31 March截至 3 月 31 日止年度百萬港元百萬港元百萬港元同比變化 Other income其他收入793733690-6.0%Other gains and losses其他收益及虧損171(318)(330)+4.0%Other expenses其他開支(95)(88)(74)-15.1%Other income mainly arose f

300、rom the government grants received in Mainland China and Hong Kong,commission income,other income received from franchisees and other interest income.Other gains and losses mainly represented a net foreign exchange loss of HK$289 million(FY2023:HK$328 million)due to the depreciation of RMB.Other exp

301、enses mainly represented donations of HK$34 million(FY2023:HK$48 million)and the amortisation of other intangible assets of HK$40 million(FY2023:HK$40 million).其他收入、其他收益及虧損以及其他開支 其他收入主要指於中國內地及香港獲得的政府補貼、回扣收入、來自加盟商的其他收入及其他利息收入。其他收益及虧損主要指因人民幣貶值而產生的匯兌淨虧損 289 百萬港元（2023 財政年度：328 百萬港元）。其他開支主要為捐款 34 百萬港元（20

302、23 財政年度：48百萬港元）及其他無形資產攤銷 40 百萬港元（2023 財政年度：40 百萬港元）。Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司62Management Discussion and Analysis管理層討論與分析利息收入、融資成本及稅項 2024 財政年度，主要由於相對較低的平均銀行存款結餘，故銀行利息收入減少 19.6%。2024 財政年度，黃金借貸融資成本增加 41.8%，乃由於年內未償還平均黃金借貸（按重量計算）在相對較高水平。Interest income,finance costs and taxation

303、202220232024HK$millionHK$millionHK$millionYoY changeFor the year ended 31 March截至 3 月 31 日止年度百萬港元百萬港元百萬港元同比變化 Interest income from banks銀行利息收入70228183-19.6%Finance costs on bank borrowings銀行貸款融資成本(68)(294)(297)+0.8%Finance costs on gold loans黃金借貸融資成本(234)(252)(357)+41.8%Finance costs on lease liabil

304、ities租賃負債融資成本(36)(39)(51)+28.8%Taxation稅項(2,103)(1,957)(2,121)+8.4%Interest income from banks decreased by 19.6%,mainly due to a relatively lower average bank deposit balance during FY2024.Finance costs on gold loans increased by 41.8%in FY2024,resulting from a relatively higher average gold loan(by

305、 weight)outstanding during the year.Annual Report 20242024年報63Other Financial Review其他財務回顧股本回報率 我們使用股本回報率計量自每股股東權益獲取溢利的效率。淨溢利率上升至 6.1%。股本回報率上升 820 個點子至24.7%，而權益倍數則上升。Return on equity We use return on equity(“ROE”)to measure the efficiency of generating profits from each unit of shareholder equity.Ne

306、t profit margin increased to 6.1%.ROE was up by 820 basis points to 24.7%while the equity multiplier increased.ROE股本回報率Net profit 淨溢利Total equity 權益總額+8.2%pts 個百分點(FY2023:16.5%)24.7%Net profit 淨溢利Revenue 營業額Revenue 營業額Total assets 總資產Total assets 總資產Total equity 權益總額6.1%Net profit margin 淨溢利率(FY2023

307、:5.8%)1.2 times 倍3.3 times 倍Assets turnover 資產周轉(FY2023:1.1 times 倍)Equity multiplier 權益倍數(FY2023:2.6 times 倍)Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司64Management Discussion and Analysis管理層討論與分析存貨結餘及周轉期Inventory balances and turnover periodInventory balances by product 1*按產品劃分的存貨結餘 1*HK$mill

308、ion百萬港元0202220232024YoYchange同比變化70,00060,00010,00040,00050,00020,00030,000+9.2%59,17257,07364,59353.7%2.8%43.5%52.2%2.9%44.9%44.6%2.6%52.7%-9.2%+3.1%+32.3%Gold jewellery and products黃金首飾及產品Watches 鐘錶Gem-set,Platinum and K-gold jewellery珠寶鑲嵌、鉑金及K金首飾1.Packaging materials excluded1.不包括包裝物料Inventory tu

309、rnover period by category 2*按類別劃分的存貨周轉期 2*Day天數0YoYchange同比變化Finished goods製成品Raw materials 原材料35030025020015010050-20 days天-9 days天-11 days天2022202320242722942135921262221732742.Being inventory balances,excluding packaging materials,at the end of the reporting period divided by cost of goods sold f

310、or the year,multiplied by 365 or 3662.即報告期末存貨結餘（不包括包裝物料）除以年內銷售成本，再乘以365或366 Inventory balances,excluding packaging materials,increased by 9.2%and reached HK$64,593 million as at 31 March 2024.Inventory turnover period reduced by 20 days when compared to that of FY2023.As at 31 March 2024,approximate

311、ly HK$16,535 million or 25.6%of our total inventory balances were held by franchised POS(31 March 2023:approximately HK$15,570 million or 26.3%were held by franchised POS).If the inventory balances held by franchisees were excluded,inventory turnover period in FY2024 would have reduced to 204 days(F

312、Y2023:216 days).於 2024 年 3 月 31 日，存貨結餘（不包括包裝物料）上升 9.2%至 64,593 百萬港元。存貨周轉期較 2023 財政年度減少 20 天。於 2024 年 3 月 31 日，加盟零售點持有我們總存貨結餘約 16,535 百萬港元或 25.6%（2023 年 3 月 31 日：加盟零售點持有約 15,570 百萬港元或 26.3%）。撇除加盟商持有的存貨結餘，2024 財政年度的存貨周轉期會下跌至 204 天（2023 財政年度：216 天）。*For the year ended 31 March*截至 3 月 31 日止年度Annual Repo

313、rt 20242024年報65Other Financial Review其他財務回顧Capital structure As at於31.3.2023HK$million百萬港元%tototal equity佔權益總額百分比31.3.2024HK$million百萬港元%tototal equity佔權益總額百分比Increase(decrease)增加（減少）HK$million百萬港元Denominatedcurrency 1計值貨幣1Interest ratestructure 1利率架構1 Non-current assets非流動資產10,07430.2%9,63736.0%(43

314、7)N/A不適用 N/A不適用Inventories存貨59,290177.7%64,647241.7%5,357 N/A不適用 N/A不適用Bank deposits and cash equivalents 2銀行存款及現金 等價物211,73435.2%7,69528.8%(4,039)MainlyHKD,RMBand USD主要為港元、人民幣及美元Mainlyvariableinterestrate主要為浮動利率Total borrowings 3總貸款320,94162.8%28,624107.1%7,683 Bank borrowings 銀行貸款5,85517.6%4,13615

315、.5%(1,719)HKD and RMB港元及人民幣Fixed andvariableinterestrate固定及浮動利率 Gold loans 黃金借貸15,08645.2%24,48891.6%9,402RMB andUSD人民幣及美元Fixedinterestrate固定利率Net debt 4債項淨額49,20727.6%20,92878.2%11,721 N/A不適用 N/A不適用Working capital 5營運資金526,24578.7%21,66281.0%(4,583)N/A不適用 N/A不適用Total equity權益總額33,360100.0%26,746100

316、.0%(6,614)N/A不適用 N/A不適用 1.Information about denominated currency and interest rate structure related to the condition as at 31 March 20242.Bank balances and cash and short-term bank deposits included3.As at 31 March 2024,bank borrowings amounted to HK$794 million and all the gold loans would be matu

317、red within 12 months while bank borrowings amounted to HK$3,342 million would be matured in more than 1 year but not exceeding 2 years4.Aggregate of bank borrowings,gold loans,net of bank deposits and cash equivalents5.Being net current assets資本架構1.有關計值貨幣及利率結構的資料為 2024 年 3 月 31 日的情況2.包括銀行結餘及現金及短期銀行存

318、款3.於 2024 年 3 月 31 日，794 百萬港元的銀行貸款及所有黃金借貸將於 12 個月內到期，而3,342 百萬港元的銀行貸款將於超過 1 年但不多於 2 年內到期4.銀行貸款、黃金借貸之總額（扣除銀行存款及現金等價物）5.流動資產淨額Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司66Management Discussion and Analysis管理層討論與分析 我們主要透過來自經營現金流量、銀行貸款及黃金借貸的資本來源應付營運資金及其他流動資金需求。黃金借貸亦用作經濟避險目的以減輕本集團黃金存貨價格波動的財務影響。本集團日常

319、業務所需資金主要來自經營現金流量，亦會主要以短期借貸滿足旺季時的存貨資金需求、未來擴展計劃所需營運資金及預計之外的需求。本集團於償還貸款方面並無任何困難。本集團之收入及開支主要以港元及人民幣計值，而資產及負債則主要以港元、人民幣及美元計值。由於我們中國內地日常業務營運的收支大多以人民幣結算，對我們的業務並無構成重大的貨幣風險，因而未有針對人民幣波動動用任何對沖工具。我們的庫務政策旨在保持較高的流動資金，以應付營運現金流量的需求；同時謹守審慎的財務政策，避免涉及高槓桿或投機性衍生產品。We principally meet our working capital and other liquid

320、ity requirements through a combination of capital contributions,including cash flows from operations,bank borrowings and gold loans.Gold loans are also used for economic hedge purpose to mitigate the financial impact of the price fluctuations in the Groups gold inventories.The Groups daily operation

321、 was mainly financed by operating cash flows,and mainly relied on short-term borrowings to satisfy inventory financing needs during peak seasons,working capital for future expansion plans and unexpected needs.The Group has not experienced any difficulties in repaying its borrowings.The Groups income

322、 and expenditure were mostly denominated in HKD and RMB,while its assets and liabilities were mostly denominated in HKD,RMB and USD.No hedging instrument is deployed against RMB fluctuation as most of the daily receipts and payments for our Mainland China operations are both made in RMB,which do not

323、 pose a substantive currency exposure to our business.It is our treasury policy to maintain high liquidity in response to the requirement of operating cash flows;and to maintain financial prudence by not engaging in highly leveraged or speculative derivative products.Annual Report 20242024年報67Other

324、Financial Review其他財務回顧Effect of RMB fluctuation As part of our business operation is in Mainland China,the fluctuation in RMB would have some impact on our performance.Transactions entered by the Hong Kong entities but denominated in RMB,including the inter-group transactions with the Mainland China

325、 subsidiaries,are converted into HKD,the functional currency of the Group,initially using the spot rate at the date of transaction and the unsettled transactions are retranslated at closing exchange rate at the balance sheet date.Such translation differences between the spot rate and closing exchang

326、e rate are recognised in profit or loss,negatively affecting our profit for the year when RMB depreciated.Exchange difference also arises when i)incomes and expenses of the Mainland China segment are translated into HKD,the presentation currency of the Group,at the average exchange rate,while the co

327、rresponding assets and liabilities are translated at closing exchange rate and ii)the change in closing exchange rates at the current financial year of the net assets of the Mainland China segment from the closing rates at the previous financial year.Such differences are recognised in the translatio

328、n reserve in equity.The table below illustrates the fluctuation of RMB and the impact on our financial performance:人民幣波動的影響 由於我們有部分業務在中國內地經營，人民幣的波動對我們的表現構成若干影響。香港公司以人民幣計值的交易（包括與中國內地附屬公司進行的集團間交易）會按交易當天的現貨匯率兌換為港元，即本集團的功能貨幣，而未結算的交易則會以收市匯率於結算日重新換算?，F貨匯率與收市匯率的換算差異於損益賬中確認，而人民幣貶值會對我們的年內溢利構成負面影響。此外，匯兌差異源於 i）

329、中國內地分部的收支按平均匯率換算為港元，即本集團呈列貨幣，而相應的資產及負債按收市匯率換算；及 ii）中國內地分部的資產淨值於本財政年度的收市匯率較上個財政年度的收市匯率有所變動。有關差異於權益中的換算儲備內確認入賬。下表分別列示人民幣波動以及其對我們財務表現的影響：RMB to HKD人民幣兌港元FY2024Closing exchange rate YoY change收市匯率同比變化Average exchange rate YoY change平均匯率同比變化-3.4%-3.7%20232024As reportedConstantexchangerate basisAs report

330、edConstantexchangerate basisFor the year ended 31 March截至 3 月 31 日止年度所呈報按相同匯率計算所呈報按相同匯率計算 Revenue YoY change營業額同比變化-4.3%+0.5%+14.8%+18.5%Core operating profit YoY change主要經營溢利同比變化-5.6%-0.5%+28.9%+33.1%Changes in inventory balances存貨結餘變化+3.6%+8.7%+9.0%+11.4%Changes in bank deposits and cash equivalen

331、ts銀行存款及現金等價物變化-21.5%-15.6%-34.4%-31.9%Chow Tai Fook Jewellery Group Limited周大福珠寶集團有限公司68Management Discussion and Analysis管理層討論與分析現金流量及其他Cash flows and others 202220232024HK$millionHK$millionHK$millionFor the year ended 31 March截至 3 月 31 日止年度百萬港元百萬港元百萬港元 Operating cash flows before movements in work

332、ing capital營運資金變動前之經營現金流量11,98411,61915,491Leases paid 1已付租賃1(1,017)(953)(893)Net cash used in inventories 2存貨所用現金淨額2(4,163)(6,304)(829)Net cash from(used in)other operating activities其他經營活動所得（所用）現金淨額5,6283,794(1,742)Capital expenditure資本開支(1,531)(1,982)(963)Pro forma free cash flows備考自由現金流量10,9016,

333、17411,064Net change in bank borrowings銀行貸款淨變動2,641(3,216)(1,749)Dividends paid已付股息(4,689)(5,079)(12,538)Other movements其他變動57(1,126)(777)Net increase(decrease)in cash and cash equivalents現金及現金等價物增加（減少）淨額8,910(3,247)(4,000)Major cash flows items for FY20242024財政年度主要現金流量項目Leases paid 1 已付租賃 1Net cash used in inventories 2存貨所用現金淨額 2Net cash used in otheroperating activities其他經營活動所用現金淨額Capital expendi