Emperor W&J Announces 2025 Interim Results, Revenues from Hong Kong and Mainland China Increase by 9% Respectively

- Total revenue increased by 8% to HK$2,800 million, among which the revenue from Hong Kong increased by 9% to HK$1,600 million while the revenue from Mainland China increased by 9% to HK$700 million – both markets recorded growths
- Revenue from the jewellery segment increased markedly by 13% to HK$1,100 million, among which gold products accounted for over 75% of the revenue from the jewellery segment
- Gross profit rose by 8% to HK$800 million; gross profit margin remained resilient at 30.1%
- Adjusted EBITD1 increased to HK$300 million and net profit rose by 5% to HK$200 million
- As at 30 June 2025, bank balances and cash on hand amounted to over HK$1,500 million (31 December 2024: HK$950 million), without any bank borrowings and was in a net cash position, hence its net gearing ratio was zero, indicating a very healthy financial position
- Successfully partnered with Mr. Chan Sai Cheong, strives to expand the jewellery business in Mainland China under “Emperor Jewellery”, and has already drawn up a preliminary roadmap for store expansions, with an initial target of 600 stores in Mainland China in the next five years; enables the jewellery business to become its future growth driver under the solid foundation of its watch business
- Opened a Patek Philippe flagship store at a prime location in Central, Hong Kong, strengthening its market position

HONG KONG, Aug 20, 2025 - (ACN Newswire) - Emperor Watch & Jewellery Limited (“Group” or “Emperor W&J”) (Stock code: 887), a leading retailer of European-made watches and jewellery products, announced its interim results for the six months ended 30 June 2025 (“Period”).

In spite of market uncertainties and challenging business environment, the Group’s total revenue grew by 7.6% to HK$2,794 million (2024: HK$2,597 million) during the Period. Revenue from Hong Kong increased by 8.8% to HK$1,594 million (2024: HK$1,465 million), accounting for 57.1% (2024: 56.4%) of the total revenue, and the revenue from Mainland China increased by 8.7% to HK$723 million (2024: HK$665 million), accounting for 25.9% (2024: 25.6%) of the total revenue. In terms of revenue by product segment, the revenue from the watch segment increased by 4.2% to HK$1,700 million (2024: HK$1,632 million), accounting for 60.8% (2024: 62.8%) of the total revenue, and the revenue from the jewellery segment increased markedly by 13.4% to HK$1,094 million (2024: HK$965 million), accounting for 39.2% (2024: 37.2%) of the total revenue, among which gold products accounted for 75.2% (2024: 77.0%) of the revenue from the jewellery segment.

The Group’s gross profit increased by 7.7% to HK$840 million (2024: HK$780 million) with gross profit margin remained resilient at 30.1% (2024: 30.0%). The Group’s net profit increased by 4.9% to HK$194 million (2024: HK$185 million) during the Period. Basic earnings per share was HK2.73 cents (2024: HK2.72 cents). The Board declares an interim dividend of HK0.55 cent (2024: HK0.65 cent) per share.

As at 30 June 2025, bank balances and cash on hand of the Group amounted to HK$1,508 million (31 December 2024: HK$950 million), without any bank borrowings (31 December 2024: zero) and was in a net cash position, hence its net gearing ratio was zero (31 December 2024: zero), indicating a healthy financial position.

During the Period, the Group successfully partnered with Mr. Chan Sai Cheong (“Mr. Chan”), an influential and highly respected jewellery industry veteran with over 40 years of experience, regarding strategic development of the Group’s jewellery business in Mainland China. The Group has drawn up a preliminary roadmap for store expansions in Mainland China, with an initial target of 600 stores in the next five years, opening in phases. During the first phase, the focus will be on opening stores targeting mid-to-high-end market segments in established first-tier and new first-tier cities; this will be followed by an emphasis on stores in second-tier cities, targeting mid-market segment.

As at 30 June 2025, the Group had a total of 73 stores in Hong Kong, Macau, Mainland China, Singapore and Malaysia. During the Period, the Group opened two new jewellery stores, in Hong Kong and Macau. Additionally, a Patek Philippe flagship store and a Tudor watch boutique were opened in Hong Kong and Chongqing in Mainland China, respectively. Subsequent to the Period, the Group opened a jewellery store in Hangzhou, Mainland China.

Ms. Cindy Yeung, Chairperson of Emperor W&J, said, “With the ongoing pick-up in foot traffic after the resumption of the multiple-entry Individual Visit Scheme for Shenzhen permanent residents, and the tourism blueprint launched by the Hong Kong government, the Group is confident that the overall retail market will further regain its growth momentum. The Patek Philippe flagship store that was recently opened by the Group in Hong Kong will further enhance the Group’s competitive edge in the luxury watch retail market and strengthens its market leading position.”

Ms. Yeung concluded, “The Group expects that gold jewellery, as an alternative form of investment, will continue being well received by Chinese consumers, given the volatile property and stock markets. The Group considers the establishment of the strategic partnership with Mr. Chan is a valuable opportunity for expanding its jewellery business in Mainland China. We will effectively expand its retail network footprint with diversified market segmentation strategies, thereby capturing a substantial share of the enormous opportunities in the Mainland China market.”

Financial Highlights

[1] Adjusted EBITD represents earnings before interest, tax and depreciation charge on the self-owned flagship store, which reflects the Group’s core operating performance

About Emperor Watch & Jewellery Limited

With long establishment history of over 80 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and jewellery products under its own brand, “Emperor Jewellery”. Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, Mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with “Best IR Company” (Small Cap), “Best IR Team” (Small Cap) and “Best Investor Presentation Material” (Small cap) in HKIRA Investor Relations Awards 2025 by the Hong Kong Investor Relations Association. For more information, please visit its website: www.EmperorWatchJewellery.com.

Investor/Media Enquiries

Anna Luk
Group Investor Relations Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com

Janice Au
Group Investor Relations Manager
Tel: +852 2835 6799
Email: janiceau@emperorgroup.com