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August 2026 2026 Interim Results Investors Presentation CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司 (Incorporated in Bermuda with limited liability) Stock code: 116
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2026 1H Highlights * From continuing operations Turnover* HK$12,878 million ▲ 17% Profit attributable to owners of the Company* HK$2,193 million ▲ 141% Retail segment results* HK$1,828 million ▲ 31% Earnings per share HK320.5cents ▲ 139% Dividend per share HK28cents ▲ 33% Gross profit margin* 33.2% (2025 1H: 33.5%) ▼ 0.3% 2
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Retail Drives Segment Growth; Bullion Loan Fair Value Lifts Profit 2025 1H 2026 1H YoY Change Segment results* 1,389 1,827 ▲438 - Retail - Other businesses 1,397 (8) 1,828 (1) ▲431 ▲7 Dividend income 17 22 ▲5 Net unrealised FV gain/ (loss) on - Bullion loans (198) 1,108 ▲1,306 - Others (2) 5 ▲7 Finance income/ (costs), net (49) (51) ▼2 Foreign exchange differences, net 38 50 ▲12 Profit before tax* 1,195 2,961 ▲1,766 * From continuing operations (HK$M) 3
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I. Review of Operations
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Operations Review 5 • Broader reach, stronger new-generational appeal • Lifestyle-led & daily-wear focused • Premium collection and experience for jewellery connoisseurs Brand Positioning & Product Mix • Disciplined self-owned network optimisation • Quality growth over scale; retail experience upgrade • Stronger omni-channel integration Retail Network and Channel Execution • AI-enabled tools supporting efficiency, cost control, risk management • Sustainability embedded in sourcing & operations Digital Enablement & Sustainability
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Strategic Market Focus – The New Generation 6 Charme Pet and Sports capsules launched, riding two defining consumer trends — pet companionship and active living.
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Strategic Market Focus – The New Generation 7 “Sanrio” and “Harry Potter” provide the regional scale, while trending China IPs are added to drive local interest and traction on e-commerce platforms.
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Strategic Market Focus – The New Generation In collaboration with emerging upcycling studios, we introduced "The Perpetual Blossoms" at ComplexCon Hong Kong, presenting the signature “Charme” lifestyle to a global, subculture-oriented young audience. 8
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Strategic Market Focus – The Taste-makers 9 We continue to scale the reach and market impact of our signature “YUYU” line, which is defined by a distinctive artistic vision that blends Eastern symbols of blessing with Western classical aesthetics, supported by a 360 marketing campaign rolled out across the region.
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Strategic Market Focus – The Taste-makers “Noir” — a standout in our signature gold collection — features a distinctive black electroplated finish, crafted to the finest detail with unique style. 10
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Strategic Market Focus – The Taste-makers 11 Two new line-ups share a single theme: bamboo, a Chinese emblem of resilience and blessing, in a modern, refined design language — “Weave” in gem-set K gold, “Cultural Blessing” in pure gold with jadeite and diamond. Launched through intimate salon events and thematic F&B partnerships with hotel groups.
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Strategic Market Focus – The Taste-makers “EMPHASIS” extends its distribution through Chow Sang Sang's top-tier mall network with a clearly differentiated gem-set portfolio, while maintaining its own boutique presence in leading Tier 1 city malls. “EMPHASIS” is now a key contributor to Chow Sang Sang's gem-set business. 12
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Strategic Market Focus – The Taste-makers Two brands strengthen our reach among taste-makers: “MARCO BICEGO” - boutiques on the international brand floor of premier malls attract new audiences and supports cross-selling into Chow Sang Sang's mainstream business; “Kashikey” - distinctive diamonds in naturally occurring colours. 13
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Strategic Market Focus – The Taste-makers 14 Bridging bridal and elevated dailywear for taste-makers — going beyond the solitaire to expand both reach and wearing occasions.
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15 We hosted themed VIP jewellery salons for high-net-worth clients, drawing guests from our regional watch clientele into our fine jewellery offering. Strategic Market Focus - Jewellery Connoisseurs
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16 Across our top-tier stores, themed salon events spanned the full category range — from Chinese gold craft to international gem-set — with mall partnerships extending reach beyond our own VIP base. Strategic Market Focus - Jewellery Connoisseurs
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17 Safeguarding cultural arts is fundamental to our mission, and the performing arts have long inspired our craft. We translate that patronage into lasting loyalty among connoisseurs through relationship-led servicing and curated cultural events. Strategic Market Focus - Jewellery Connoisseurs
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18 Strategic Network Focus – Self-owned Retail Model The Group refined its retail network through disciplined openings and closures, focusing on store productivity, location quality and brand experience. In Chinese Mainland, it prioritised premium and high- traffic locations, mainly in key tier 1 and tier 2 cities.
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19 Strategic Network Focus – Retail Experience Upgrade Yaohan, ZhenJiang (Expansion) iAPM, Shanghai (Relocation) We prioritise image uplift and expansion at premises with promising footfall and growth potential. LIVAT Centre, Wuxi (Image Uplift)IFS, ChangSha (Image Uplift) MIXC, Hangzhou (Image Uplift) Uniwalk, Shenzhen (Image Uplift)
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Strategic Network Focus – Retail Experience Upgrade We remain focused on elevating our brand image and strengthening our brand narrative through retail experience. A series of flagship stores will be launched throughout 2026 across the region. 20
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Strategic Network Focus – Omni-channel Operation Model With around 19,000 hours of live streaming, we have transformed this channel into a seamless bridge between online and offline retail. Working alongside e-commerce platforms and mall partners, we create win-win large-scale initiatives that enhance brand visibility and commercial outcomes. 21
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II. Financial Highlights
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Overall Retail Segment Retail Revenue Increase 18%; ASP uplift for Key Categories 23 Revenue & GP Margin ASP Chinese Mainland Category 1H 2025 1H 2026 RMB Online Physical store Online Physical store Calculated-price 4,100 9,500 6,000 13,600 Fixed-price (Gem) 4,500 8,400 6,700 13,600 Fixed-price (Non- Gem) 1,500 2,000 2,200 2,700 Hong Kong and Macau Category 1H 2025 1H 2026 HK$ Physical store Physical store Calculated-price 15,400 22,000 Fixed-price (Gem) 9,300 12,600 Fixed-price (Non- Gem) 1,800 2,100 7,395 7,249 7,867 3,498 3,304 4,572 28.9% 156 2024 1H 34.3% 210 2025 1H 33.5% 274 2026 1H 11,049 10,763 12,713 +18% Chinese Mainland HK & Macau Taiwan GP Margin (HK$M) * Inventory impairment impact excluded
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SSSG Uplift Across All Key Markets Demand Spanned Both Calculated-price and Fixed-price Products, Reflecting Customer Preference and a Balanced Offering 24 Chinese Mainland Hong Kong & Macau By products 1H 2025 2H 2025 1H 2026 1H 2025 2H 2025 1H 2026 Calculated-price jewellery & products -15% +30% +34% -13% +27% +55% Fixed-price jewellery & products +15% +13% -20% +17% +17% +7% Watches -1% -6% +9% -12% +2% +14% Overall -5% +19% +11% -7% +22% +38% By key markets -11% -13% 1Q25 +6% +1% 2Q25 +15% +16% 3Q25 +24% +27% 4Q25 +7% +46% 1Q26 +17% +30% 2Q26 Chinese Mainland Hong Kong & Macau
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Average Quarterly SSS Higher Sales Productivity per Store Across Key Markets (HK$M) 25 Chinese Mainland^ 5.2 5.5 3.7 4.3 1Q 2025* 1Q 2026 2Q 2025* 2Q 2026 +6% +16% Average Quarterly SSS Hong Kong & Macau 23.9 34.8 21.4 27.8 1Q 2025* 1Q 2026 2Q 2025* 2Q 2026 +46% +30% Average Quarterly SSS * 1H 2025 data on 1H 2026 same store basis (HK$M) ^ VAT included
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55%35% 10% 65% 25% 10% Chinese Mainland Retail Segment Chinese Mainland Revenue Growth Underpinned by Broad-Based Customer Demand 26 Revenue & GP Margin Sales Mix Sales Mix in Calculated-price Jewellery and Products 2025 1H 2026 1H Gold/ platinum jewellery and products 94% 91% Gold ingots 6% 9% 1H25 1H26 Calculated-price jewellery and products Fixed-price jewellery and products Watches Sales Mix in Fixed-price Jewellery and Products 2025 1H 2026 1H Gem-set 36% 43% Non gem-set 64% 57% 7,395 7,249 7,867 29.7% 2024 1H 34.9% 2025 1H 39.0% 2026 1H +9% Revenue GP Margin (HK$M) * Inventory impairment impact excluded
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63% 25% 12% 71% 20% 9% Hong Kong and Macau Retail Segment Revenue Growth Across Both Calculated-Price and Fixed-Price, Led by Buoyant Calculated-Price Demand 27 Revenue & GP Margin Sales Mix 1H25 1H26 Calculated-price jewellery and products Fixed-price jewellery and products Watches Sales Mix in Calculated-price Jewellery and Products 2025 1H 2026 1H Gold/ platinum jewellery and products 64% 53% Gold bars and ingots 36% 47% Sales Mix in Fixed-price Jewellery and Products 2025 1H 2026 1H Gem-set 64% 61% Non gem-set 36% 39% 3,498 3,304 4,572 26.7% 2024 1H 32.7% 2025 1H 23.1% 2026 1H +38% Revenue GP Margin (HK$M) * Inventory impairment impact excluded
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Omni-Channel Strategy Underpinning Online Contribution Across Markets Omni-Channel Sales Represented 27% of Chinese Mainland Revenue; with Strong Growth Across Other Markets 28 Chinese Mainland Hong Kong, Macau, Taiwan and Others (HK$M) e-shop chowsangsang.com Tmall JD VIP Douyin Amazon US Lazada The Future Rocks other e-commerce platforms (HK$M) 1,485 1,909 1,787 28.0% 20.0% 2024 1H 33.0% 26.0% 2025 1H 27.0% 23.0% 2026 1H -6% Online sales Online Sales % Omni-channel sales % 156 201 287 5.0% 4.0% 2024 1H 7.0% 6.0% 2025 1H 6.0% 6.0% 2026 1H +43% Online sales Online Sales % Omni-channel sales %
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Retail Segment Performance Segment Results Margin Reflected Volatile Gold Price Movements, with Margin Impact Varying by Market (HK$M) 29 For six months ended 30 June 314 491 384 429 869 1,361 762 1,397 1,828 26.7% 9.0% 2024 32.7% 14.9% 2025 23.1% 8.4% 2026 29.7% 5.8% 2024 34.9% 12.0% 2025 39.0% 17.3% 2026 28.9% 6.9% 2024 34.4% 13.0% 2025 33.5% 14.4% 2026 Segment Results Segment Results margin GP Margin Hong Kong & Macau Chinese Mainland Total * Inventory impairment impact excluded
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Disciplined Inventory Management and Continued Investment in Store Networks Store Upgrades Progressing across All Markets (HK$M) (HK$M) 30 Inventory Balances and Turnover Days Capital Expenditure 12,785 17,504 18,511 302 365 379 31 Dec 2024 31 Dec 2025 30 Jun 2026 +6% Inventory balance Inventory turnover days 79 37 53 21 12 2024 1H 8 2025 1H 2026 1H 100 45 65 +43% New openings and refitting of stores Other purposes
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1H 2026 Capital Management Financial Position Strengthened ____________________________________ Cash and cash equivalents HK$1,593 million (YE2025: HK$978 million) ____________________________________ ____________________________________ Total borrowings HK$6,334 million (YE2025: HK$7,411 million) ____________________________________ Equity attributable to owners of the Company HK$16,278 million (YE2025: HK$14,464 million) ____________________________________ Long term listed investments (HKEX shares) HK$1,208 million (YE2025: HK$1,356 million) ____________________________________ Banking facilities utilisation 39.5% ▼ 15.7% vs YE2025 ____________________________________ Net gearing ratio # 29.1% (YE2025: 44.5%) ____________________________________ # Total of interest-bearing bank borrowings and bullion loan, net of cash and cash equivalents, divided by equity attributable to owners of the Company 31
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III. Market Outlook
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33 Market Outlook Positive Sales Trend Continued into Third Quarter • Positive sales trend continued into Q3 • Chinese Mainland recorded modest growth • Hong Kong and Macau continued to deliver strong performance • Targeted marketing initiatives • Omni-channel promotions • Customer engagement Group-wide Strategic Initiatives • Store network upgrades across Chinese Mainland, Hong Kong, Macau and Taiwan • Further advancement of premiumisation strategy • Enhance one-stop customer experience through broader product offerings and service capabilities Sustaining Sales Momentum Sales Performance
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The information, statements and opinions contained in this Presentation and any subsequent discussion do not constitute an offer to sell or solicitation of any offer to subscribe for or purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments. Potential investors and shareholders of the Company are reminded that information contained in this Presentation and any subsequent discussion comprises extracts of operational data and financial information of the Group for the relevant reporting period. The information included in this Presentation and any subsequent discussion, which does not purport to be comprehensive nor render any form of financial or other advice, has been provided by the Group for general information purposes only and certain information has not been independently verified. No representations or warranties, expressed or implied, are made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, statements or opinions presented or contained in this Presentation and any subsequent discussion or any data which such information generates. The performance data and the results of operations of the Group contained in this Presentation and any subsequent discussion are historical in nature, and past performance is no guarantee of the future results of the Group. Any forward-looking statements and opinions contained in this Presentation and subsequent discussion are based on current plans, beliefs, expectations, estimates and projections at the date the statements and opinions are made, and therefore involve risks and uncertainties. There can be no assurance that any of the matters set out in such forward-looking statements are attainable, will actually occur or will be realised or are complete or accurate. Actual results may differ materially from those stated, implied and/or reflected in such forward-looking statements and opinions. The Group, the Directors, officers, employees and agents of the Group assume (a) no obligation to correct, update or supplement the forward-looking statements or opinions contained in this Presentation and any subsequent discussion; and (b) no liability in the event that any of the forward-looking statements or opinions does not materialise or turn out to be incorrect. Potential investors and shareholders should exercise caution when dealing in the securities of the Company. 34 Disclaimer
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IV. Q&A
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V. Appendix
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37 Chow Sang Sang Holdings International Limited Retail of Jewellery and Watches Wholesale of Precious Metals Trading of Laboratory-grown Diamond and Gemstones Business Segments
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38 Our mainline store brand whose stores carrying all our lines of merchandise Our mainline store brand name in Macau and Taiwan Devoted to offer customers a personalised and ceremonial shopping experience with our signature collections of engagement rings, wedding bands, bridal accessories and daily wear gem-set jewellery Retail Store Brand Category
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39 An affordable daily wear brand in Chinese Mainland that caters to the younger customer set An Italian jewellery house famous for its artisanal craftsmanship and contemporary design concepts Aims to define the new daily wear jewellery. Fusing fine materials and intricate craftmanship with avant-garde design, our fine jewellery collections embody the spirit of multifaceted beauty Retail Store Brand Category
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40 Store Network As at 31 Dec 2025 Opening Closure Net Change As at 30 Jun 2026 678 16 (60) (44) 634 41 - (5) (5) 36 8 1 (2) (1) 7 727 17 (67) (50) 677 51 - - - 51 3 - - - 3 Macau 7 - - - 7 61 - - - 61 32 1 - 1 33 5 - - - 5 37 1 - 1 38 825 18 (67) (49) 776 15 2 - 2 17 840 20 (67) (47) 793 Total stores for retail of watches Total Stores Taiwan Subtotal: Total stores for retail of jewellery Hong Kong Subtotal: Stores Network by Products Chinese Mainland Subtotal:
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Retail Gross Profit Margin 41 * Inventory impairment impact excluded 27.2% (▲1.7%) 25.5% FY 2023 29.2% (▲2.9%) 26.3% FY 2024 34.3% (▲7.4%) 26.9% FY 2025 33.5% (▲6.7%) 26.8% 2026 1H Influence of gold price volatility GP GP exclude Gold price volatility
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Sustainability Framework Moving towards Carbon Neutrality Partnering for a Green Future • ↓ 42% Scope 1+2 emissions by 2030 • ↓ 25% Scope 3 emissions by 2030 • Carbon Neutral by 100th anniversary • Inspire sustainable behaviours through eco- themed retail • Drive environmental leadership via innovation and partnerships People Oriented • Zero serious injuries • Employee trainings Sustaining Tradition • Artisan training & traditions • Cultural inspirations in products and store designs Supporting Charities • Education & youth empowerment • Local arts sponsorships Uncompromising Quality and Pursuit of Excellence • Customer satisfaction • Cyber resilience & anti- corruption • Supplier Code of Conduct alignment & risk-based audits Exquisite Craftsmanship and Innovating the Future • Elevate retail with AI personalization and quality • Scale AI to optimize operational efficiency 42
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Energy Management Staff EngagementCircular Economy Training and Education Preserving Heritage Service Excellence AI Adoption in Value Chain Supporting Art and Culture Exquisite Quality & Craftmanship Sustainability Achievements 43
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44 4.08 4.60 3.91 4.94 4.64 5.32 5.85 5.18 5.23 4.44 4.88 5.49 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00HKD bn Source: HK Census & Statistics The value of retail sales of jewellery, watches and clocks, and valuable gifts in 1H FY2026 was HKD31.07 billion, an increase of 25.08% compared with HKD24.84 billion in 1H FY2025, according to HK Census and Statistics Department. ^ Provisional figure * In order to eliminate the impact of the different date of the “Chinese New Year” (CNY) each year, and enhance the comparability of data, in accordance with the national statistical system, the data in January and February 2026 were investigated and released together. Here the data is evenly divided as RMB41.85 billion. Source: National Bureau of Statistics of People’s Republic of China Retail sales for jewellery products in Mainland China were RMB192.9 billion in 1H FY2026, a decrease of 0.98%, compared with RMB194.8 billion in 1H FY2025, according to the data from National Bureau of Statistics of People’s Republic of China. 22.10 30.60 29.30 36.70 29.20 32.80 41.85 41.85 35.60 22.80 26.70 26.40 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025 Jan 2026* Feb 2026* Mar 2026 Apr 2026 May 2026 Jun 2026 RMB bn Value of retail sales of 2H FY2025-1H FY2026 Hong Kong Jewellery, Watches and Clocks, and Valuable Gifts 2H FY2025-1H FY2026 Chinese Mainland Gold, Silver and Jewellery Sales Industry Analysis – Chinese Mainland and Hong Kong
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45 The China luxury market size reached USD 330.6 billion in 2025. Looking forward, IMARC Group expects the market to reach USD 489.0 billion by 2034, exhibiting a growth rate of 4.31% during 2026-2034. According to the survey results of Deloitte, despite the slowdown in domestic growth witnessed in the past couple of years, China maintains a pivotal role in the global luxury market and luxury executives still expect it to be the main driver of luxury consumption in 2026 globally. Chinese influence stems not only from its current sales volume but from its anticipated structural role as the major future growth engine and the increasing sophistication of its consumers. Industry Analysis – Chinese Mainland Luxury Market Overview Source : • IMARC Group: China Luxury Market Report by Category (Travel and Hotel, Cars, Personal Luxury Goods, Food and Drinks, and Others), Gender (Male, Female), Distribution Channel (Mono-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2026-2034 https://www.imarcgroup.com/china-luxury-market • Deloitte: Global Powers of Luxury 2026 https://www.deloitte.com/global/en/industries/consumer/perspectives/global-powers-of-luxury.html
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46 average selling price PRC excluding, for the purpose of this presentation (unless otherwise indicated), Hong Kong, Macau and Taiwan Chow Sang Sang Holdings International Limited the director(s) of the Company the full year, twelve months ended 31 December the Company and its subsidiaries Hong Kong Exchanges and Clearing Limited the Hong Kong Special Administrative Region of the PRC the Macao Special Administrative Region of the PRC the People’s Republic of China same store sales growth The Stock Exchange of Hong Kong Limited the Taiwan Region of the PRC Finance year end the first half of a year, six months ended 30 June the second half of a year, six months ended 31 December percent ASP Chinese Mainland Company Director(s) FY Group HKEX Hong Kong Macau PRC SSSG Stock Exchange Taiwan YE 1H 2H % In this presentation, unless the context otherwise requires, the following terms shall have the following meanings: Definitions
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Thank You 47