Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company reported a 17% decline in revenue for Q3 2025, while net profit attributable to shareholders increased by 14%, aligning with expectations. The revenue for Q3 was 2.18 billion yuan, with a gross margin improvement of 1 percentage point to 28.5% [1] - For the first three quarters of 2025, the overall revenue decreased by 37.3% to 6.77 billion yuan, but the gross margin increased by 9.2 percentage points to 29.7% [1] - The franchise business continues to close inefficient stores, with a 56% decline in revenue for the first three quarters of 2025, totaling 3.345 billion yuan [1] - The self-operated offline business showed resilience, with a 1% decline in revenue to 1.342 billion yuan for the first three quarters, but a 21% increase in gross profit to 471 million yuan [2] - E-commerce revenue grew significantly, with a 19.458% increase in the first three quarters, although gross profit decreased by 6% [3] - The company aims to optimize store and product structures, expecting a 6% growth in net profit attributable to shareholders in 2025 [4] Summary by Sections Revenue and Profitability - Q3 2025 revenue decreased by 16.7% to 2.18 billion yuan, while net profit increased by 13.6% to 290 million yuan, resulting in a net profit margin of 13.2% [1] - For the first three quarters, revenue fell by 37.3% to 6.77 billion yuan, with net profit increasing by 3.1% to 880 million yuan [1] Franchise Business - Franchise revenue for the first three quarters dropped by 56% to 3.345 billion yuan, with a gross profit decline of 22% [1] - The company closed 380 inefficient franchise stores, ending Q3 2025 with 4,275 franchise stores [1] Self-operated Business - Self-operated offline revenue decreased by 1% to 1.342 billion yuan, but gross profit rose by 21% to 471 million yuan [2] - The number of self-operated stores increased by 47 in the first three quarters, totaling 400 stores by the end of Q3 2025 [2] E-commerce - E-commerce revenue increased by 19.458% in the first three quarters, with a significant 68% growth in Q3 alone, reaching 780 million yuan [3] - The gross profit for e-commerce decreased by 19% in Q3 [3] Future Outlook - The company anticipates a 6% growth in net profit attributable to shareholders in 2025, focusing on optimizing store and product structures [4]

Core Insights - The company reported a total revenue of 6.772 billion yuan for Q3 2025, a decrease of 4.037 billion yuan compared to the same period last year, representing a year-on-year decline of 37.35% [1] - The net profit attributable to shareholders was 882 million yuan, with net cash inflow from operating activities at 580 million yuan, down 735 million yuan from the same period last year, marking a 55.86% year-on-year decline [1] Financial Metrics - The latest debt-to-asset ratio stands at 23.65%, an increase of 3.08 percentage points from the previous quarter [3] - The gross profit margin is reported at 29.74%, a decrease of 0.60 percentage points from the previous quarter [4] - The return on equity (ROE) is at 14.08% [4] - The diluted earnings per share (EPS) is 0.81 yuan [4] - The total asset turnover ratio is 0.85 times, down 0.48 times year-on-year, reflecting a 36.36% decline [4] - The inventory turnover ratio is 1.08 times, a decrease of 1.10 times compared to the same period last year, indicating a 50.50% year-on-year decline [4] Shareholder Structure - The number of shareholders is 30,700, with the top ten shareholders holding a total of 767 million shares, accounting for 70.71% of the total share capital [4] - The largest shareholder is Shenzhen Zhou's Investment Co., Ltd., holding 56.1% of shares [4]

Core Viewpoint - The company is facing significant challenges due to rising gold prices and a weak retail environment, leading to a notable decline in revenue, but it is focusing on quality development and product innovation to adapt to market changes [5][8]. Financial Performance - For the first nine months of 2025, the company achieved a total revenue of 6.772 billion yuan, a year-on-year decrease of 37.35%. In Q3, revenue was 2.175 billion yuan, with a reduced decline of 16.71% compared to the previous year [5]. - Revenue by product category showed that the embedded products generated 555.6 million yuan (down 4.89%), while the gold products generated 4.942 billion yuan (down 44.44%). Brand usage fees increased by 3.03% to 569 million yuan [5]. - The company reported a gross profit of 2.014 billion yuan, a decrease of 9.46% year-on-year, but the overall gross margin improved to 29.74%, up 9.16 percentage points from the previous year [7][8]. Business Channels - Revenue from self-operated offline business was 1.342 billion yuan, down 0.86%, while e-commerce revenue increased by 17.68% to 1.945 billion yuan. Franchise business revenue fell by 56.34% to 3.345 billion yuan [6]. - The company is enhancing its self-operated and e-commerce channels, focusing on lightweight and high-cost performance products, which have shown better sales performance compared to traditional gold products [6]. Store Operations - As of September 30, 2025, the company had 4,675 stores, a net decrease of 560 stores year-on-year, with a reduction of 380 franchise stores and an increase of 47 self-operated stores [10][11]. Strategic Initiatives - The company is implementing a multi-brand strategy to strengthen market share and is focusing on product development and optimization to meet changing consumer preferences [5]. - The board approved a guarantee of up to 1.1 billion yuan for a financing arrangement to support a key supplier, aiming to enhance supply chain stability and product delivery efficiency [21][27].

Core Viewpoint - The company reported a significant decline in revenue for the first three quarters of 2025, while net profit showed a modest increase compared to the previous year [1] Financial Performance - The company achieved an operating income of 6.772 billion yuan, representing a year-on-year decrease of 37.35% [1] - The net profit attributable to shareholders of the listed company was 882 million yuan, reflecting a year-on-year increase of 3.13% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 853 million yuan, which is a year-on-year increase of 1.85% [1]

Core Viewpoint - Zhou Dasheng (002867) announced that the company and its subsidiaries do not have any other guarantee matters, and there are no overdue guarantees, litigation-related guarantees, or losses due to being judged against in guarantees [1] Summary by Categories - **Company Guarantees** - The company confirmed the absence of other guarantee matters [1] - There are no overdue guarantees reported [1] - **Legal Matters** - The company stated that it is not involved in any litigation related to guarantees [1] - There are no instances of being judged against in guarantees that would result in financial losses [1]

Core Insights - In 2025, despite international gold prices reaching new highs, the domestic jewelry leader Zhou Dasheng (002867) faces a significant revenue decline [1] - The company's revenue for the first three quarters of 2025 was 6.772 billion yuan, a decrease of 37.35% compared to the same period last year [2] - The decline in revenue is primarily attributed to a substantial contraction in the franchise business, which saw a 56.34% drop in income [2] Revenue Performance - For the first nine months of 2025, Zhou Dasheng's revenue was 6.772 billion yuan, down from 10.809 billion yuan in the previous year [2] - Franchise business revenue accounted for 3.345 billion yuan, representing 49.39% of total revenue, down from 70.87% year-on-year [2] - Self-operated offline business revenue was 1.342 billion yuan, a slight decrease of 0.86%, while e-commerce revenue grew by 17.68% to 1.945 billion yuan [2] Profitability Analysis - Despite a 37.35% drop in revenue, the net profit attributable to shareholders was 882 million yuan, a 3.13% increase year-on-year [3] - The increase in net profit was supported by improved gross margins and cost control measures [3] - The overall gross margin rose to 29.74%, an increase of 9.16 percentage points compared to the previous year [3] Asset and Channel Adjustments - As of September 30, 2025, total assets reached 8.192 billion yuan, a 4.54% increase from the beginning of the year [4] - The total number of stores decreased by 560 year-on-year, with franchise stores down by 380, while self-operated stores increased by 47 [4] - The company is focusing on optimizing its channel strategy by eliminating inefficient stores and strengthening its self-operated system [4] Investor Perspective - Zhou Dasheng has demonstrated operational resilience by stabilizing net profit through product structure adjustments and channel optimization amid industry pressures [5] - However, the significant revenue decline and shrinking cash flow raise concerns about the sustainability of its growth model [5] - Investors should monitor cash collection, inventory turnover, and the recovery of the franchise system in 2026 [5]

证券代码：002867 证券简称：周大生 公告编号：2025-050 周大生珠宝股份有限公司 对外担保公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 截至本公告披露日，本次担保事项有关协议尚未签署，公司、意尚珠宝与浙 商银行将以公司董事会决议为依据共同协商确定。 二、被担保人基本情况 1、公司名称：深圳市意尚珠宝首饰有限公司； 2、成立日期：2016 年 6 月 23 日； 3、注册地点：深圳市龙岗区横岗街道六约南社区开明路 10 号 A5 栋 102； 4、法定代表人：苏龙武； 5、注册资本：1000 万元； 为提升周大生珠宝股份有限公司（以下简称"公司"或"周大生"）总部配 货展厅的供货效率，提高公司品牌自主研发黄金产品的集中配货能力，公司与上 游优秀供应商深圳市意尚珠宝首饰有限公司（以下简称"意尚珠宝"）签署了《配 货展厅专区合作协议》，在总部配货展厅设立指定供应商配货专区，并授权意尚 珠宝为该专区指定供应商，在公司授权范围内向加盟商客户开展业务。为确保下 游加盟商的配货需求及时满足，指定供应商配货专区需遵循最低库存满足合理周 转 ...

证券代码：002867 证券简称：周大生 公告编号：2025-048 周大生珠宝股份有限公司 第五届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会第九次会议通 知于 2025 年 10 月 24 日以通讯及电子邮件等形式送达全体董事，会议于 2025 年 10 月 27 日以通讯方式召开。本次会议应出席董事 11 人，实际出席董事 11 人。本次会议由董事长周宗文先生主持。本次会议的召集、召开和表决程序均符 合《公司法》、《公司章程》及《董事会议事规则》的有关规定。 二、董事会会议审议情况 《对外担保公告》（公告编号：2025-050）同日刊登在《中国证券报》、《证 券时报》、《上海证券报》、《证券日报》及巨潮资讯网（http://www.cninfo.com.cn）。 三、备查文件 1.第五届董事会第九次会议签字文件。 1、审议通过《关于 2025 年第三季度报告的议案》 表决结果：同意 11 票；反对 0 票；弃权 0 票。 公司《2025 年第三季度 ...

Core Insights - The company reported a third-quarter revenue of 2.175 billion, a year-on-year decrease of 16.71% [1] - The net profit for the third quarter was 288 million, showing a year-on-year increase of 13.57% [1] - For the first three quarters, the total revenue was 6.772 billion, reflecting a year-on-year decline of 37.35% [1] - The net profit for the first three quarters reached 882 million, with a year-on-year growth of 3.13% [1] Revenue Analysis - Third-quarter revenue decreased to 2.175 billion, down 16.71% compared to the same period last year [1] - Year-to-date revenue for the first three quarters was 6.772 billion, down 37.35% year-on-year [1] Profitability Metrics - The net profit for the third quarter was 288 million, which is an increase of 13.57% year-on-year [1] - The net profit for the first three quarters was 882 million, reflecting a growth of 3.13% compared to the previous year [1]

Financial Performance - The company's revenue for Q3 2025 was CNY 2,175,292,094.32, a decrease of 16.71% year-on-year, while the total revenue for the first nine months was CNY 6,772,001,305.51, down 37.35% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was CNY 287,726,544.56, an increase of 13.57% year-on-year, and for the first nine months, it was CNY 881,541,201.03, up 3.13% year-on-year[5]. - Total operating profit for the reporting period was CNY 1.082 billion, a decrease of 1.87% year-on-year, while net profit attributable to shareholders increased by 3.13% to CNY 0.882 billion[14]. - Revenue for the first nine months of 2025 was CNY 6.772 billion, a decrease of 37.35% compared to CNY 10.809 billion in the same period last year, primarily due to weak consumer demand[19]. - Total operating revenue for the current period is ¥6,772,001,305.51, a decrease of 37.3% compared to ¥10,808,649,102.64 in the previous period[30]. - Net profit for the current period is ¥879,994,204.29, an increase of 3.3% from ¥852,968,691.99 in the previous period[31]. - Earnings per share for the current period is ¥0.81, compared to ¥0.79 in the previous period[31]. Profitability and Margins - The gross profit margin improved to 29.74%, an increase of 9.16 percentage points year-on-year, benefiting from product structure optimization and pricing advantages due to rising gold prices[12]. - The company's gross profit margin improved significantly during the reporting period, reflecting successful structural adjustments and effective expense management[14]. Revenue Streams - E-commerce revenue grew by 17.68% year-on-year to CNY 19.45 billion, while franchise business revenue decreased by 56.34% to CNY 33.45 billion[10]. - The sales revenue from inlaid products was CNY 5.56 billion, a decrease of 4.89% year-on-year, while the revenue from pure gold products was CNY 49.42 billion, down 44.44%[9]. - The company reported a significant decline in revenue from self-operated offline business, which was CNY 13.42 billion, down 0.86% year-on-year[10]. Cost Management - The total expenses for the reporting period amounted to CNY 0.834 billion, a decrease of 10.74% year-on-year, indicating effective cost control measures[14]. - Total operating costs for the current period are ¥5,678,753,674.21, down 41.1% from ¥9,624,430,387.75 in the previous period[30]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,191,644,949.60, an increase of 4.54% compared to the end of the previous year[5]. - Total liabilities rose to ¥1,937,481,193.44, up 30.4% from ¥1,484,638,421.89 in the previous period[29]. - The total equity attributable to shareholders of the parent company decreased to ¥6,260,591,341.91 from ¥6,355,976,644.58, a decline of 1.5%[29]. Cash Flow - The net cash flow from operating activities decreased by 55.86% to CNY 580.45 million, attributed to a decline in operating income[20]. - Operating cash flow for the current period is ¥580,450,183.37, a decrease of 55.8% compared to ¥1,314,997,122.68 in the previous period[32]. - Total cash inflow from operating activities is ¥6,220,703,959.69, down 44.4% from ¥11,193,977,241.55 year-on-year[32]. - Cash outflow from operating activities is ¥5,640,253,776.32, a reduction of 42.5% compared to ¥9,878,980,118.87 in the previous period[32]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,653[23]. - The largest shareholder, Shenzhen Zhou's Investment Co., Ltd., holds 56.11% of shares, totaling 609,018,750 shares[23]. - The top ten shareholders hold a combined 82.54% of the shares, indicating a concentrated ownership structure[24]. Future Plans and Strategies - The company plans to continue focusing on multi-brand strategies and product innovation to adapt to market changes and enhance market share[8]. - The company plans to continue its strategy of "steady growth, improving gross profit, and controlling risks" into the fourth quarter of 2025[14]. - The company emphasized the development of lightweight, personalized, and high-cost performance products, which helped mitigate the demand weakness in traditional gold categories[8]. Other Financial Metrics - The weighted average return on equity was 4.50% for Q3 2025, a slight increase of 0.48 percentage points year-on-year[5]. - Research and development expenses for the current period are ¥8,258,258.84, slightly down from ¥8,909,429.39 in the previous period[30]. - The company reported an investment income of ¥49,145,330.72, compared to a loss of ¥79,784,224.24 in the previous period[30]. - The deferred income tax assets increased to ¥155,486,127.38 from ¥136,400,637.54, indicating a growth of 14.3%[28]. Store Operations - As of September 30, 2025, the total number of stores was 4,675, a net decrease of 560 stores compared to the same period last year, with franchise stores decreasing by 380 and self-operated stores increasing by 47[15]. Accounting and Auditing - The company has not audited its third-quarter financial report[34]. - The company plans to implement new accounting standards starting from 2025[34].