I guess The One-Armed Swordsman (1967) must have done pretty well, because just two years later it got a sequel. One thing I've noticed about Shaw Brothers movies is that sequels are shockingly rare. The genre/action movies made in Japan in the 1960s and 1970s often got tons of sequels greenlit straight away (the Stray Cat Rock series had all five movies released in a window of less than 18 months, from memory), but Shaw Brothers in the Hong Kong scene seemed to have a different practice. They produced movies with similar premises often featuring a rotating cast of actors, but direct sequels themselves weren't too commonplace (maybe that's a natural consequence of having like half the movies end with the main character dying in an epic blaze of glory).
So as for this sequel to The One-Armed Swordsman? It's just okay. It benefits from being able to hit the ground running, but none of the beats it ends up hitting are all that amazing. It's just a serviceable martial arts movie, and in typical (and unfortunate) sequel fashion, it more or less does what the first movie does, but just in ways that are slightly less exciting. It's consistent in that regard... just consistently less exciting and entertaining, and I say that as someone who liked but didn't love the first movie.
But then again, an average Shaw Brothers martial arts movie is still better than an average anything else movie, because their standard of quality was generally so high throughout the late 1960s and into the 1980s. That makes Return of the One-Armed Swordsman a worthwhile watch for martial arts movie fanatics, but I don't think I'd recommend it to more casual action movie fans, in all honesty.