Financial Highlights

(27 November 2025) ── The board of directors (the “Board”) of Luk Fook Holdings (International) Limited (the “Company”) (Stock Code: 0590) is pleased to announce the interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended 30 September 2025 (the “Period”).The Group’s total revenue increased by 25.6% to HK$6,843,384,000 (2024: HK$5,448,634,000) during the Period under review. Benefitted from the rise in gold prices and the increased sales mix of fixed price jewellery products with higher gross profit margin, the Group’s overall gross profit margin rose by 2.0 p.p. to a record high of 34.7% (2024: 32.7%). As a result, the Group’s gross profit increased by 33.2% to HK$2,373,233,000 (2024: HK$1,781,653,000). The favourable operating leverage effect lifted the operating profit margin by 1.6 p.p. to 11.4%, thereby boosting the operating profit by 45.4% to HK$779,648,000 (2024: HK$536,301,000). Furthermore, profit for the Period increased by 44.1% to HK$601,190,000 (2024: HK$417,246,000). The net profit margin increased by 1.1 p.p. to 8.8% (2024: 7.7%). Moreover, the profit attributable to equity holders of the Group increased by 42.5% to HK$619,186,000 (2024: HK$434,469,000). Accordingly, basic earnings per share increased by 41.9% to HK$1.05 (2024: HK$0.74).

The Board declared an interim dividend of HK$0.55 per ordinary share (2024: HK$0.55 per ordinary share) for the Period under review, a dividend payout ratio of 52%.

Mr. Wong Wai Sheung, Chairman and Chief Executive Officer of the Group said, “Despite sustained geopolitical tensions and trade uncertainties clouding the macroeconomic outlook and driving gold prices continued to move upward, the Group’s performance across all regions remained outstanding. Underpinned by effective product differentiation and sales strategies, sales of fixed price jewellery products surged by 68%.”

During the Period under review, retailing business was the main source of revenue of the Group. The Group’s retailing revenue increased by 12.8% to HK$5,255,286,000 (2024: HK$4,660,250,000), accounting for 76.8% (2024: 85.5%) of the Group’s total revenue. Its segment profit increased by 24.6% to HK$477,071,000 (2024: HK$382,803,000), accounting for 55.4% (2024: 69.2%) of the total and its segment profit margin was 9.1% (2024: 8.2%). Driven by the Group’s ongoing efforts to broaden product categories under wholesaling business, coupled with successful product differentiation strategy, the new products achieved incredible sales performance. Therefore, the Group’s wholesaling revenue significantly rose by 190.6% to HK$1,117,398,000 (2024: HK$384,576,000), accounting for 16.3% (2024: 7.1%) of the Group’s total revenue. Its segment profit turned around from a loss to a profit of HK$107,938,000 (2024 loss: HK$68,552,000), accounting for 12.5% (2024: -12.4%) of the total, and its segment profit margin was 9.7% (2024: -17.8%). As the segment profit of wholesaling business included profits from inter-segment sales to self-operated shops, if including inter-segment sales in the denominator, its segment profit margin would be 4.4% (2024: -5.7%). During the Period under review, the licensing income increased by 16.6% to HK$470,700,000 (2024: HK$403,808,000) due to the improved sales in Mainland, accounting for 6.9% (2024: 7.4%) of the Group’s total revenue. Its segment profit margin was 58.6% (2024: 59.2%), while its segment profit increased by 15.5% to HK$275,941,000 (2024: HK$239,002,000), accounting for 32.1% (2024: 43.2%) of the total.

During the Period under review, the average international gold price in USD per ounce increased by nearly 91% year-on-year, leading to a decline in gold sales by weight. As a result, the sales of gold and platinum products increased by 11.0% only to HK$4,096,254,000 (2024: HK$3,688,804,000), accounting for 64.3% (2024: 73.1%) of the overall sales amount (revenue of the Group minus licensing income). Its gross margin increased by 2.8 p.p. to 30.3% (2024: 27.5%) because of the rise in gold prices. Gross profit from gold and platinum products therefore increased by 22.3% to HK$1,240,181,000 (2024: HK$1,013,756,000), accounting for 59.7% (2024: 66.7%) of the overall gross profit (consolidated gross profit of the Group minus gross profit of licensing income). On the other hand, the sales of fixed price jewellery products increased by 67.9% to HK$2,276,429,000 (2024: HK$1,356,021,000), accounting for 35.7% (2024: 26.9%) of the overall sales amount (revenue of the Group minus licensing income). Nevertheless, due to a significant increase in the mix of wholesaling revenue from fixed price jewellery products, which has lower gross margin than retailing, gross margin for fixed price jewellery products therefore decreased by 0.5 p.p. to 36.8% (2024: 37.3%). Its gross profit, however, increased by 65.6% to HK$837,697,000 (2024: HK$505,957,000), accounting for 40.3% (2024: 33.3%) of the overall gross profit (consolidated gross profit of the Group minus gross profit of licensing income).

During the Period under review, the overall SSS of the Group was +7.7% (2024: -34.3%). SSS for gold and platinum products was +2.7% (2024: -35.6%) and +22.2% (2024: -30.3%) for fixed price jewellery products.

During the Period under review, the Group operated a total of 2 brands and 4 sub-brands/ product lines under the multi-brand strategy. There was a net decrease of 174 shops globally, including a net decrease of 173 “Lukfook” shops and 1 “3DG Jewellery” shop. As at 30 September 2025, the Group had a global network of 3,113 shops (2024: 3,408 shops), including 2,632 “Lukfook” shops (2024: 2,931 shops), with business spanning across Hong Kong, Macao, Mainland, the United States, Canada, Australia, Malaysia, Cambodia, the Philippines, Laos, Thailand and Vietnam; In addition, the Group had 238 “3DG Jewellery” shops (2024: 225 shops) in Hong Kong and Mainland; 40 “Lukfook Joaillerie” shops (2024: 35 shops) in Macao, Mainland, Malaysia and the United States, and operated 22 “Goldstyle” shops (2024: 35 shops), 163 “Heirloom Fortune” shops (2024: 165 shops) in Mainland, and 17 “Love LUKFOOK JEWELLERY” shops and 1 shop (2024: 0 shop) in Mainland and Thailand respectively.

Mr. Wong Wai Sheung, Chairman and Chief Executive Officer of the Group concluded, “Gold prices hit new highs again starting in September. Although sales were impacted during the first week of September, they began to gradually recover from the second week onward, indicating that consumers have gradually adapted to higher gold prices. From 1 October to 21 November 2025, the Group continued to record satisfactory sales growth across all markets. SSS in both the Hong Kong, Macao and overseas market and the Mainland market recorded double digit growth. The Mainland market exhibited significant improvement compared to the second quarter of the current financial year, while performance in the Hong Kong, Macao and overseas market remained broadly in line with that of the second quarter. The Group has set up its new three-year corporate strategy starting from FY2025/26 with Overseas Market Expansion, Market-oriented Products and Operational Efficiency Enhancement as its three main focuses so as to foster its future business growth.”

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[1] Same Store Sales (“SSS”) represented a comparison of sales of the same self-operated shop having full day operations in the comparable periods and such data did not include sales of licensed shops and Mainland’s e-commerce business

[2] Hong Kong, China: Hereafter refers to as “Hong Kong”

[3] Macao, China: Hereafter refers to as “Macao”

[4] Chinese Mainland: Hereafter refers to as “Mainland”