Company Profile

Chow Tai Seng Jewellery Co., Ltd.

002867 · Shenzhen
Industry
黄金珠宝零售
Exchange
Shenzhen
Current Price
¥12.93
Aug 11, 2026 close
Fair Buy
≤ ¥7.8
Margin-of-safety entry
Baillie Growth Score
36/100
Weak
Intrinsic Value · Three-Tier Range Current price ¥12.93 · Within the fair intrinsic-value range

Composite valuation range · conservative ¥7–¥7.8 / fair ¥11–¥14.5 / optimistic ¥18.5–¥20. At ¥12.93, Within the fair intrinsic-value range.

About the company

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Background

History

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Industry position

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Research on this stock
36/100 Hold Chow Tai Seng: FY2025 Revenue Fell 36.54% While Profit Rose 9.22%, But at CNY 12.93 the Shares Sit 33-49% Above the CNY 8.7-9.7 Conservative Value Chow Tai Seng is a franchise-led Chinese jewellery brand that monetises gold sales, brand-usage fees, self-operated retail and e-commerce across 4,193 terminal stores, of which 3,803 are franchised. FY2025 revenue fell 36.54% to CNY 8.815bn while attributable profit rose 9.22% to CNY 1.103bn, because the collapse of low-margin franchise gold wholesale left a richer mix of brand-usage fees of CNY 788m, direct retail and e-commerce, lifting gross margin to 31.35% and to 39.43% in Q1 2026. Rating Hold: the royalty-like fee stream and a 7.0% indicated yield are real, but five-year operating cash flow of only 64% of net income and CNY 5.364bn of inventory leave CNY 12.93 sitting 33-49% above the CNY 8.7-9.7 conservative value, with no margin of safety. Chow Tai Seng Jewellery Co., Ltd.002867 · Shenzhen黄金珠宝零售Aug 11, 2026