Chow Tai Fook reported its first-quarter results ending June 30, posting a 18.6% YoY decline in mainland China and a 28.8% decline in Hong Kong, Macau, and other markets. During this period, same-store sales in mainland China fell by 26.4%, and same-store sales in Hong Kong and Macau dropped by 30.8%, primarily due to the macroeconomic environment and rising gold prices. By channel, the group’s franchise store retail sales decreased by 16.3%, with franchise retail points contributing 71.4% to mainland China retail sales, and e-commerce contributing 5.8%. During this period, Chow Tai Fook closed a net total of 91 retail points in mainland China.