Chow Tai Fook Jewellery : THE UNAUDITED KEY OPERATIONAL DATA FOR THE THREE MONTHS ENDED 31 MARCH 2021

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CHOW TAI FOOK JEWELLERY GROUP LIMITED

周 大 福 珠 寶 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

Stock Code: 1929

THE UNAUDITED KEY OPERATIONAL DATA

FOR THE THREE MONTHS ENDED 31 MARCH 2021

Chow Tai Fook Jewellery Group Limited (the "Company"), together with its subsidiaries (the "Group"), hereby announce certain unaudited key operational data of the Group for the three months ended 31 March 2021 (the "Fourth Quarter", or the "Quarter"). The unaudited key operational data in this announcement should be read in conjunction with the Company's FY2020/21 interim report.

KEY OPERATIONAL DATA

For the three months ended 31 March 2021

(% change compared to the same period last year)

	Group
Retail Sales Value(1) ("RSV") growth	+152.6%
		Hong Kong,
	Mainland	Macau and
	China	other markets
RSV growth	+173.7%	+46.6%
Contribution to Group RSV	90.3%	9.7%
	Mainland	Hong Kong
	China	and Macau
Same Store Sales(2) ("SSS") growth	+141.2%	+31.2%
SSS volume growth	+86.7%	+27.4%
SSSG by product(3)
- Gem-set / Platinum / K-gold jewellery	+79.6%	+62.8%
- Gold jewellery and products	+159.8%	+7.0%

1. "Retail Sales Value" measures the sales at the ending price (VAT inclusive, if any), in respective functional currencies, of products sold to customers in the POS network and other channels.
2. "Same Store Sales" for the Fourth Quarter is the RSV from the self-operated POS of CHOW TAI FOOK JEWELLERY existing as at 31 March 2021 and which have been opened prior to 1 April 2019. RSV from franchised POS and other channels are not included.
3. Starting from FY2021, we re-classify our products into three categories namely gem-set / platinum / k-gold jewellery, gold jewellery and products, and watches, which the Company believes is appropriate in reflecting its performance.

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Same Store Sales Growth

141.2%

31.2%

10.5%			11.0%	12.2%
-6.8%	2.3%
	-11.2%

-10.9%

-49.5%

-42.3%	-35.0%

-65.0%

1Q 2Q 3Q 4Q

		-31.0%
	-52.5%		Mainland China
-75.5%
		Hong Kong and Macau
1Q	2Q	3Q	4Q

FY2020

FY2021

• With an exceptionally low base of comparison resulted from the COVID-19 pandemic, RSV and SSS in both markets increased sharply year-on-year in the Quarter. Performance in Mainland China was particularly strong with a SSSG of 141.2% during the Quarter, supported by the improved consumer sentiment and softened gold price. Challenging macros, pandemic development and closure of major border crossings continued weighing on the retail demand in Hong Kong and Macau during the Quarter, yet SSS recorded a growth in Hong Kong and Macau at 17.9% and 96.5%, respectively.
• In Mainland China, SSS of gem-set / platinum / k-gold jewellery category was up by 79.6%, while its RSV increased 97.0% during the Quarter, thanks to a healthy contribution from new openings. SSS of gem-set / platinum / k-gold jewellery category in Hong Kong and Macau sustained an improvement from last quarter and recorded a growth of 62.8% during the Quarter. Same store Average Selling Price ("ASP") trend was favourable in both markets during the Quarter. In Mainland China, same store ASP of gem-set jewellery was HK$7,900 (4QFY2020: HK$6,700) while that of Hong Kong and Macau jumped to HK$16,500 (4QFY2020: HK$12,100) driven by some big ticket transactions.
• Gold jewellery and products category includes those selling by weight and at fixed price. In Mainland China, retail demand in gold jewellery and products was resilient especially during the Chinese New Year period, driving SSS of the product category to a growth of 159.8% during the Quarter. Its ASP increased to HK$5,300 (4QFY2020: HK$4,100). In Hong Kong and Macau, ASP declined to HK$4,900 (4QFY2020: HK$5,900) as sales contribution of fixed price gold products reached 20.0% (4QFY2020: 9.9%) in the category during the Quarter. The average international gold price in the Quarter was 13.3% higher when compared to the same period last year.

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Analysis by Market

Mainland China

% of respective RSV by product

76.5%

64.5%	66.5%	69.7%		68.7%
60.2%		59.7%	59.4%

30.5%	33.5%			33.5%	31.9%
	28.3%
	25.7%
			24.3%

18.6%

5.0%	6.3%	5.2%	4.6%	6.8%	8.7%	7.0%	4.9%

1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
		FY2020				FY2021

Gem‐set / Platinum / K-gold jewellery Gold jewellery and products Watches

• E-commerceand O2O related RSV(4) in Mainland China delivered a 266.8% year-on-year growth, thanks to our efforts in O2O retailing, while volume also increased by 105.0%. Its contribution to Mainland China's RSV was 7.8% in the Quarter, of which 4.4% was contributed by O2O related platforms.

Hong Kong, Macau and other markets

% of respective RSV by product

	69.5%	70.7%
65.9%	66.8%
	64.4%
		59.8%	61.5%
			57.5%

27.0%				30.6%	31.3%	28.0%	27.3%
23.4%		24.5%
	22.9%
7.1%	7.2%		8.7%	9.6%	11.2%	7.6%	11.3%
6.5%

1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
		FY2020				FY2021

Gem‐set / Platinum / K-gold jewellery Gold jewellery and products Watches

Note: The percentages calculated are subject to minor rounding differences

1. E-commerceand O2O related RSV includes RSV contributed from e-commerce, O2O distribution (i.e. routing online orders to POS for delivery service), CloudSales 365 and Cloud Kiosk.

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Hong Kong and Macau

% of RSV settled by China UnionPay, Alipay, WeChat Pay or RMB

43.6%
34.8%	33.9%
	30.2%
		24.0%
		19.0%
	9.9%	13.6%

1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q
		FY2020				FY2021

• The percentage of RSV settled by China UnionPay, Alipay, WeChat Pay or RMB to the total RSV of Hong Kong and Macau market sequentially improved to 24.0% from last three quarters.

POS Network

• The Group added a net of 150 POS in Mainland China during the Quarter, including 129 net POS openings of CHOW TAI FOOK JEWELLERY (12 net closings of self-operated store and 141 net openings of franchised store), 2 CTF WATCH POS, 7 SOINLOVE POS, 7 MONOLOGUE POS, and 5 ENZO POS.
• In Hong Kong, Macau and other markets, the Group closed 1 HEARTS ON FIRE POS in Taiwan during the Quarter.
• As at 31 March 2021, the Group had 4,591 POS in total.

CAUTION STATEMENT

The Board wishes to remind investors that the above operational update is based on the Company's internal records and management accounts for the three months ended 31 March 2021 which have not been reviewed or audited by auditors of the Company.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

Chow Tai Fook Jewellery Group Limited

Dr. Cheng Kar-Shun, Henry

Chairman

Hong Kong, 12 April 2021

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As at the date of this announcement, the executive directors are Dr. Cheng Kar-Shun, Henry, Mr. Wong Siu-Kee, Kent, Mr. Chan Sai-Cheong, Dr. Cheng Chi-Kong, Adrian, Mr. Cheng Chi-Heng, Conroy, Ms. Cheng Chi-Man, Sonia, Mr. Cheng Ping-Hei, Hamilton, Mr. Suen Chi-Keung, Peter, Mr. Liu Chun-Wai, Bobby and Mr. Cheng Kam-Biu, Wilson; and the independent non-executive directors are Dr. Fung Kwok-King, Victor, Dr. Or Ching-Fai, Raymond, Mr. Kwong Che-Keung, Gordon, Mr. Cheng Ming-Fun, Paul, Mr. Lam Kin-Fung, Jeffrey, Mr. Chia Pun-Kok, Herbert and Ms. Cheng Ka-Lai, Lily.

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