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Interim Results Presentation CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周 生 生PPT集 TITLE團 國 HERE際 有 限 公 司 Stock code: 116 Date Here 2019 Interim Results Presentation August 2019 1 Disclaimer and Forward Looking Statements • This document carries the information and the opinion is not for the purpose of comprehensive research, financial services or legal opinion. Chow Sang Sang Holdings International Ltd. does not guarantee its accuracy and integrity. This document contains the information only to provide reference. They can not become or deemed to be sold or bought or subscribe for securities or other part for the invitation. • This document contains information, opinion that only reflect Chow Sang Sang Holdings International Ltd.’s opinion on the date of the presentation. Chow Sang Sang Holdings International Ltd. can change anything on this document without notices. Chow Sang Sang Holdings International Ltd. is not liable for any losses incurred from the usage of information or opinions obtained from this document. • This document contains confidential information to be used solely for the purpose of personal reference. In addition, this document may not be transmitted or transferred to any other person or in any way be incorporated into other files or data. • This document and the related discussion may include forward-looking statements with risk and uncertain factors. Forward looking wording such as believe, expect, planning, forecast, target, possible, hope, will, may, etc., will be used in this document. The reader of this document should not excessively rely on such forward-looking statements to form their opinions. These forward-looking statements are based on our own company and other sources that we believe are reliable. 2 Presentation Outline I. Business Overview II. Financial Highlights III Strategy Outline IV. Q&A Session V. Appendix 3 PPT TITLE HERE Business Overview Date Here 4 Company Structure Physical metals trading Precious Metals service Wholesale Commission based Services Generated 8% of total revenue for 2019 1H Jewellery Retail Chow Sang Sang Group 6 HK offices and Internet Securities platform Brokerage Commission based Main business segment No proprietary trading 621 self-operated stores in Greater China and Internet Generated 0.1% of total platform revenue for 2019 1H Operates under “Chow Investment Properties Sang Sang“, “EMPHASIS”, Other Shares of HKEx “MINTYGREEN” & “點睛品” Investments Generated 0.1% of total Generated 92% of total revenue for 2019 1H revenue for 2019 1H 5 PPT TITLE HERE Business Overview: JewelleryDate Here Segment 6 Product mix: Jewellery Gold based Items Gem-set Items Licensed Products International Brands (Rolex, Tudor) 7 Distribution Network Chow Sang Sang directly runs and controls all of its retail stores with no franchise operations Beijing Surrounding Complementing the extensive retail network, the Provinces eshop.chowsangsang.com working with key retail portals (88) in Mainland China, offer online shopping service Heilongjiang Northern (76) Inner Mongolia Jilin Xinjiang Beijing Liaoning Western Tianjin (96) Shanghai Flagship Store Gansu Hebei Ningxia Shanxi Qinghai Shandong Eastern Shaanxi Jiangsu Henan (97) Anhui Tibet Hubei Shanghai Chongqing Chongqing Flagship Store Sichuan Zhejiang Hunan Jiangxi Guizhou Fujian Kunming Flagship Store Guangdong Taiwan Yunnan Guangxi Hong Kong Flagship Stores Hong Kong Macau Mainland HK / Macau Taiwan (2) China – Hainan Chow Sang Sang 496 45 Covered cities MINTYGREEN 23 – – (1) EMPHASIS 2 2 – (1) Excluding Hong Kong and Macau Southern (2) Reached 548 as of Aug 28, 2019 (177) 點睛品 – 5 24 Rolex/Tudor 13 11 – Total: 534 63 24 as at Jun 30, 2019 8 Focus on Growth in Mainland China Increasing No. of Stores in Mainland China (No. of Stores) 600 500 400 300 506 534 New New 200 New 422 374 shops shops shops +63 +105 +37 100 0 2016 2017 2018 2019 1H Same-store Sales Growth – -4% +5% +3% +1% Mainland China Same-store Sales -25% -2% +18% +2% Growth – HK/Macau 9 PPT TITLE HERE Financial Highlights Date Here 10 Operating Performance … Turnover Gross Profit (HK$ mm) (HK$ mm) 12,000 3,000 30.0% 27.0% 24.4% 24.7% 10,000 2,500 25.0% 8,000 2,000 20.0% 6,000 1,500 15.0% 2,574 9,558 9,540 2,360 4,000 8,012 1,000 1,958 10.0% 2,000 500 5.0% 0 0 0.0% 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H Gross Margin 11 Operating Performance (Cont’d) … Operating Profit Profit attributable to equity holders (HK$ mm) (HK$ mm) 1,200 10.0% 1,200 8.0% 8.8% 9.0% 8.3% 7.0% 1,000 1,000 6.3% 6.4% 8.0% 6.0% 6.9% 7.0% 800 800 4.9% 5.0% 6.0% 600 5.0% 600 4.0% 4.0% 3.0% 400 797 838 400 3.0% 606 615 2.0% 550 2.0% 200 200 392 1.0% 1.0% 0 0.0% 0 0.0% 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H Operating Margin Net Profit Margin 12 …Driven by Retail Segment… Revenue Breakdown Results Breakdown 0.4% 0.2% 0.1% 0.7% 0.2% 0.4% 100% 0.2% 0.2% 0.1% 100% 3.1% 2.6% 7.8% 3.2% 0.4% 12.0% 9.1% 1.2% 1.2% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 92.0% 94.9% 95.5% 96.6% 87.4% 90.5% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H Retail Wholesale Broking Other Retail Wholesale Broking Other 13 …Retail Performance… Retail – Revenue Retail – Operating Results (HK$ mm) (HK$ mm) 10,000 1,000 10.0% 8.5% 8.7% 9.0% 8,000 800 8.0% 7.1% 7.0% 6,000 600 6.0% 5.0% 8,646 8,773 400 4.0% 4,000 761 7,005 733 3.0% 500 2,000 200 2.0% 1.0% 0 0 0.0% 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H Margin 14 … Steady Demand in Mainland China 2017 2018 2019 1H Others Others Others 0.7% HK/Macau 0.7% HK/Macau 0.7% HK/Macau 24.7% 25.0% 22.4% Mainland Mainland Mainland China China China HK/Macau HK/Macau HK/Macau 55.3% 54.4% 58.8% (PRC (PRC (PRC Customers) Customers) Customers) 18.1% 19.3% 19.9% Sales Attributable 75% -1% 74% +3% 77% to PRC Customers(1) (1) Mainland China sales + HK/Macau sales by PRC customers 15 Consolidated Sales Mix – (Retail) 2018 1H 2019 1H Watches Watches 5% 7% Non gold Non gold jewellery Gold jewellery 32% 63% 28% Gold 65% Gross margin: Gold* : 16%-23% Non gold jewellery: 38%-42% Watches: 22%-34% * Include gold price movement 16 Consolidated Gross Profit Contribution – (Retail) 2018 1H 2019 1H Taiwan Taiwan 1% 1% Hong Hong Kong/ Kong/ Mainland Macau Mainland Macau China 38% China 37% 61% 62% 17 Change of Average Selling Price Hong Kong/Macau - Gold Hong Kong/Macau - Jewellery (HK$) (HK$) 6,000 20,000 5,000 4,700 4,300 15,000 4,000 12,000 11,900 11,500 10,000 2,000 5,000 0 0 2017 2018 2019 1H 2017 2018 2019 1H Mainland China - Gold Mainland China - Jewellery (RMB) (RMB) 5,000 12,000 9,600 4,000 8,500 9,000 7,700 3,000 2,500 2,400 2,500 6,000 2,000 1,350 1,340 1,350 2,700 2,500 2,500 1,000 3,000 0 0 2017 2018 2019 1H 2017 2018 2019 1H e-shop Exclude e-shop e-shop Exclude e-shop 18 Working Capital Trends Average Inventory Turnover Days Average Receivables Turnover Days (No. of Days) (No. of Days) 250 20 17 205 203 16 16 200 185 15 150 10 100 5 50 0 0 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H Average Payables Turnover Days Cash Conversion Cycle (No. of Days) (No. of Days) 10 250 214 216 197 8 7 200 6 150 4 4 4 100 2 50 0 0 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 1H 19 Financial Highlights (HK$ million) For the 6 months ended % change 2017 2018 2019 19 vs 18 Turnover 8,012 9,558 9,540 -0.2% Jewellery Retail 7,005 8,646 8,773 +1.5% Other businesses 1,007 912 767 -15.9% Gross profit 1,958 2,360 2,574 +9.1% Operating profit 550 797 838 +5.1% EBITDA 640 929 952 +2.5% Profit attributable to equity holders 392 606 615 +1.5% Basic EPS (HK cents) 57.9 89.4 90.8 +1.6% Dividend per share (HK cents) 9.0 15.0 14.0 -6.7% Capital expenditure 72 133 145 +9.0% 20 Other Financial Information (HK$ million) As at Dec-31 Jun-30 2017 2018 2019 Cash and cash equivalents 1,200 1,303 1,147 Long term listed investments1 854 807 982 Gearing2 20.5% 18.6% 20.7% Unused banking facilities 4,128 4,080 4,084 1 Long term listed investments represents HKEX shares which valued at quoted market prices 2 Total borrowings to total equity holders’ equity. Total borrowings includes interest-bearing bank borrowings, bullion loans and interest-bearing bank borrowings arising from securities and futures broking. 21 PPT TITLE HERE Strategy Outline Date Here 22 Expansion with Distinctiveness in Mainland China Around 60 new stores in Mainland China in 2019 Expansion Philosophy Self-Run Store Model Target entry-mid end consumers Enable consistent and superior service quality Leverage on high-end shopping malls and with seamless delivery department stores’ own positioning to Brand development and fine-tuning are more enhance image important than growth in the number of Expand coverage and reach via e-shops and stores multi-brands Refresh store image to meet consumer preferences 23 Product Mix and Branding Jewellery Focus and Product Differentiation Clear presence and visibility of international brands and signature collections Develop house brands - focus on quality and sophistication appropriate to different customer segments Selected cooperations with IP owners Marketing Initiatives Continue existing programs with focus: Expand e-shop, synergizing with physical stores Capitalize on CRM database Reinforce Wedding; expand on Daily wear Revamp VM at stores 24 PPT TITLE HERE Q&A Session Date Here 25 PPT TITLE HERE Appendix Date Here 26 Company History 1930-1970 1970-1980 1980-1990 1990-2000 2000-2019 1934 1973 1998 2005 2009 2011 2014 2019 Chow Sang First Re-entered Became Opened Opened Opened Stable Sang company in the sightholder the first the first the first expansion Goldsmith the industry Mainland of Diamond Flagship Flagship Flagship in Mainland established listed on China Trading Store in Store in Store in China; in Hong Kong market Company Beijing Taiwan Shanghai healthy Guangdong Stock growth in e- Exchange business No.
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