公司發佈FY24年報
FY24全年營收1087億港幣，同增15%，剔除匯率因素後同增19%；歸母淨利65億港幣，同增21%。
FY24 revenue up 15% and net profit up 21%; mainland gold product sales up 23%
Key financial metrics:
Chow Tai Fook (CTF) released results for FY24 (fiscal year ended March 2024) last week with revenue at HKD108.7bn, up 15% or up 19% excluding FX; while net profit came to HKD6.5bn, up 21%.
分地區看，
FY24內地營收897億港幣，同增9.9%（佔總83%），港澳及其他營收190億港幣，同增46%（佔總17%）；分產品看，FY24黃金類營收同增22.5%（佔總82%）；鑲嵌類營收同減13.3%（佔總13.4%）。
Markets:
•China mainland generated revenue of HKD89.7bn, up 9.9% (accounting for 83% of total revenue)
•Hong Kong, Macau and foreign markets generated revenue of HKD19bn, up 46% (17% of total revenue).
Product categories:
•Gold jewelry and products (thereafter: “Gold jewelry”) revenue increased 22.5% yoy (accounting for 82% of total revenue)
•Inlaid, platinum and K-gold jewelry (thereafter: “Inlaid jewelry”) revenue fell 13.3% yoy (13.4% of the total).
分渠道看（內地）
，FY24批發營收同增15.1%（佔總47%）；零售同增3.6%（佔總35.5%），其中電商量價齊升，銷售值同增18.8%，均價2080港幣，同增210港幣，對總零售銷售值貢獻4.8%，對總零售銷售量貢獻11.6%。
Channel breakdown (mainland market):
•Wholesale revenue increased 15.1% yoy (accounting for 47% of total revenue)
•Retail revenue increased 3.6% yoy (35.5% of the total): the ecommerce division drove both volume and price increases, with sales value up 18.8% and ASP up by HKD210 to HKD2,080, contributing 4.8% of retail sales value and 11.6% of retail sales volume.
毛利率及費用率：
FY24全年毛利率22.8%，同減0.9pct，其中零售業務中各產品的毛利率優化帶來1.4pct增長，但產品組合變動導致1.5pct下降；OPM11.2%，同增1.2pct，其中內地同增0.9pct，港澳及其他同增3.7pct；SG&A比率12.2%，同減2.3pct，成本管理取得成效，運營效率提升。
Profitability perspectives:
•Gross margin narrowed 0.9ppt to 22.8% (the 1.5ppt margin dip on product mix changes negated the 1.4ppt widening from margin optimization efforts in various retail products).
•Operating margin expanded 1.2ppt to 11.2%; with mainland up 0.9ppt and non-mainland up 3.7ppt.
•SG&A ratio reduced 2.3ppt to 12.2% on better cost management and operational efficiency.
零售點：
截至240331，中國內地有7403個（同增143個）零售點，其中加盟店5678個，同增122個，加盟店零售值同增23.4%（佔總70%）；直營店1725個，同增21個，直營店零售值同增5.8%（佔總30%）。
Retail outlets (mainland):
CTF currently has 7,403 retail outlets in mainland of China as of end-March 2024, 143 more than in the previous fiscal year. They comprise:
•5,678 franchised stores (122 more yoy): retail sales value increased 23.4% in FY24 (accounting for 70% of the total).
•1,725 directly-operated stores (21 more yoy): retail sales value increased 5.8% in FY24 (30% of the total).
同店銷售：
中國內地直營同店銷售同增1.8%，同店銷售量同減4.8%；中國內地加盟店同店銷售同增7.4%，同店銷售量同減4.2%。分產品看，黃金類同店銷售同增6.4%，同店銷量同減0.6%，均價5600港幣；鑲嵌類同店銷售同減14.4%，同店銷量同減20.5%，均價8100港幣；
Same-store sales (mainland):
•Direct sales: SSS value at directly-operated mainland stores increased 1.8%, while SSS volume reduced 4.8%.
•Franchises: SSS value at franchised stores in mainland of China rose 7.4%, while SSS volume fell 4.2%.
•Product categories:
-Gold jewelry: SSS value increased 6.4% yoy and SSS volume fell 0.6%; with ASP at HKD5,600.
-Inlaid jewelry: SSS value fell 14.4% and SSS volume fell 20.5%, while ASP came in at HKD8,100.
港澳及其他同店
銷售同增42.4%，同店銷量同增32%，分產品黃金類同店銷售同增67.7%，同店銷量同增43%，均價8100港幣；鑲嵌類同店銷售同減4.8%，同店銷量同減4.4%，均價16700港幣。
Same-store sales (non-mainland):
•SSS value increased 42.4% and SSS volume increased 32%.
•Product categories:
-Gold jewelry: SSS value rose 67.7% and SSS volume increased 43%, with ASP at HKD8,100.
-Inlaid jewelry: SSS value fell 4.8% and SSS volume fell 4.4%, with ASP at HKD16,700.
2024年4-5月零售值同減20%，其中內地零售值同減19%（佔總88%），港澳及其他零售值同減29%（佔總12%）；
April to May 2024 update: total RSV down 20% yoy; mainland SSS down 28% yoy
Retail sales value
fell 20% yoy during the first 2 months of the current fiscal year in April and May, as revealed by CTF’s business update. A breakdown shows:
•Mainland: retail sales value fell 19% yoy (accounting for 88% of the total).
•Non-mainland: retail sales value fell 29% yoy (accounting for 12% of the total).
同店方面：
內地同店銷售同減28%，同店銷量同減40%，港澳同店銷售同減32%，同店銷量同減37%。分產品來看，港澳黃金類同店銷售同減35%，鑲嵌類同店銷量同減31%。
Same-store sales:
•Mainland: SSS value fell 28% yoy and SSS volume fell 40% yoy.
•HK and Macau: SSS value fell 32% yoy and SSS volume fell 37% yoy. A breakdown of product categories shows:
-Gold jewelry: SSS value fell 35% yoy.
-Inlaid jewelry: SSS value fell 31% yoy.
