CHOW TAI FOOK (01929) announced its unaudited key operating data for the three months ended September 30, 2025 (Q2), revealing a year-on-year retail value growth of 4.1%. The mainland China retail value increased by 3%, while the retail value in Hong Kong, Macau, and other markets surged by 11.4%. During this period, same-store sales rebounded significantly across mainland China as well as Hong Kong and Macau, benefiting from strong growth in priced products and an improving trend in gold products. In mainland China, same-store sales at direct stores transformed into a positive growth of 7.6%, while franchise stores experienced an increase of 8.6%. Excluding the watch business, same-store sales at direct stores grew by 9.9%. In Hong Kong and Macau, same-store sales climbed by 6.2% year-on-year, with Hong Kong up by 3.2% and Macau up by 17.3%. The category of gold jewelry and products, which includes gold sold by weight and at fixed prices, maintained a strong average selling price during the quarter. The average selling price in mainland China rose to HKD 7,900 (Q2 FY2025: HKD 6,400), while in Hong Kong and Macau it increased to HKD 11,700 (Q2 FY2025: HKD 9,400). The group's signature products continue to show robust sales momentum, driving same-store sales of jewelry, platinum, and gold jewelry in the two major markets during the quarter. The average selling price of jewelry in mainland China rose to HKD 11,000 (Q2 FY2025: HKD 9,200), while in Hong Kong and Macau, the average selling price stood at HKD 15,000 (Q2 FY2025: HKD 15,300).