Core Viewpoint - The recent surge in gold prices has prompted companies like Zhou Dazheng to explore new strategies, including forming joint ventures to adapt to changing market dynamics and consumer behavior [1][5]. Group 1: Gold Price Trends - As of September 6, 2025, spot gold prices surpassed $3,600 per ounce, reaching a record high of $3,657.59 per ounce by September 9 [1]. - The price of spot gold has increased by $976 this year, representing a 37% rise [3]. Group 2: Company Performance - Zhou Dazheng reported a 43.93% decline in total revenue for the first half of 2025, amounting to 4.597 billion yuan, while net profit remained relatively stable at 594 million yuan, a slight decrease of 1.11% [2]. - The company's inventory balance as of June 30, 2025, was approximately 455.85 million yuan, a 6.75% increase from the beginning of the year, indicating a significant portion of current assets tied up in inventory [3]. Group 3: Market Challenges - The gold jewelry market is facing significant challenges, with major brands like Lao Fengxiang and China Gold experiencing revenue declines of 20.50% and 39.71% respectively in 2024 [4]. - Zhou Dazheng's strategy to establish a joint venture is seen as a response to increasing sales pressure and a shift towards online sales channels, reflecting broader industry trends [5][6]. Group 4: Consumer Behavior - The proportion of consumers under 35 in the gold and silver jewelry market has increased from 38% in 2020 to 55% in 2025, indicating a shift in consumer demographics towards younger generations [6]. - Many gold brands are pivoting to online sales to capture this demographic, with Zhou Dazheng being one of the first to partner with an MCN for deeper online engagement [6].

Group 1 - The core viewpoint of the articles highlights the significant increase in gold prices, with spot gold surpassing $3600 per ounce and reaching a record high of $3657.59 per ounce on September 9, 2023, reflecting a 37% increase year-to-date [2][4] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption in the first half of 2025, indicating a challenging market environment for gold brands [3] - Zhou Dasheng's financial report for the first half of 2025 shows a 43.93% decline in total revenue to 4.597 billion yuan, while net profit remained relatively stable at 594 million yuan, primarily due to cost control [4] Group 2 - Zhou Dasheng plans to establish a joint venture with Wuyou Media Group and others to enhance online sales through live streaming, although experts warn this may not fundamentally resolve the company's declining sales [3][6] - The jewelry industry is experiencing a downturn, with major brands like Lao Fengxiang and China Gold reporting significant revenue declines, leading to a wave of store closures and a shift towards online sales [5][6] - The joint venture's registered capital is 50 million yuan, with Zhou Dasheng contributing 22.5 million yuan, indicating a strategic pivot towards online channels in response to changing consumer behavior [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][8][17]. Core Views - The company reported a significant profit increase in Q2 2025, benefiting from rising gold prices and optimized product structure, with a net profit of 3.4 billion yuan, a year-on-year increase of 31.3% [1][4]. - The mid-term dividend proposal includes a cash dividend of 0.25 yuan per share, with a payout ratio of approximately 45% [1]. - The company has shown strong operational resilience and potential for brand matrix development, leading to an adjustment in profit forecasts for 2025-2027 [4]. Financial Performance - In H1 2025, the company achieved revenue of 4.6 billion yuan, a year-on-year decline of 43.9%, while the net profit was 590 million yuan, down 1.3% [1]. - For Q2 2025, revenue was 1.92 billion yuan, a year-on-year decline of 38.5%, but net profit increased by 31.3% [1]. - The gross margin improved to 30.3% in H1 2025, up 12.0 percentage points year-on-year, and the net margin reached 12.9%, an increase of 5.6 percentage points [3]. Business Segmentation - In H1 2025, revenue from various product categories showed significant variation: gold products declined by 50.9%, while embedded jewelry saw a smaller decline of 23.1% [2]. - Revenue from franchise and brand usage fees increased by 4.4%, while management service revenue decreased by 18.3% [2]. - The company operated 4,718 stores at the end of H1 2025, with a net decrease of 113 stores in Q2 2025 [2]. Profitability Metrics - The company’s net profit forecast for 2025 is adjusted to 1.12 billion yuan, with projected PE ratios of 14, 12, and 11 for 2025, 2026, and 2027 respectively [4][6]. - The report highlights a strong improvement in profitability metrics, with a net profit margin of 17.7% in Q2 2025, up 9.4 percentage points year-on-year [3].

Group 1 - The stock price of Zhou Dasheng has increased by 2.1% to 14.57 CNY per share, with a total market capitalization of 15.815 billion CNY and a trading volume of 385 million CNY, reflecting a turnover rate of 2.44% [1] - Zhou Dasheng's stock has risen for four consecutive days, with a cumulative increase of 5.73% during this period [1] - The company's main business includes the design, promotion, and chain operation of "Zhou Dasheng" brand jewelry, with revenue composition: 74.30% from gold jewelry, 8.27% from brand usage fees, 6.97% from other jewelry, 6.23% from inlaid jewelry, and smaller contributions from other services [1] Group 2 - The fund "Jia Shi New Consumption Stock A" holds 9.1801 million shares of Zhou Dasheng, representing 0.85% of the circulating shares, with a floating profit of approximately 2.754 million CNY today and 7.2523 million CNY during the four-day increase [2][3] - The fund has a total scale of 1.937 billion CNY and has experienced a loss of 1.47% this year, ranking 4199 out of 4222 in its category, while achieving a 15.88% return over the past year, ranking 3682 out of 3798 [2] - The fund manager, Tan Li, has been in position for 8 years and 154 days, with the best fund return of 149.17% and the worst return of -7.76% during her tenure [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [2][13]. Core Views - The company's net profit attributable to shareholders increased by 31% year-on-year in Q2 2025, despite a decline in revenue due to high gold prices affecting terminal sales [1][2]. - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 271 million yuan, which represents 45.7% of the net profit for the first half of 2025 [1]. - The company's self-operated business revenue increased, while franchise business faced pressure, with franchise revenue down 59.12% year-on-year in H1 2025 [2]. - The gross profit margin improved significantly, rising by 11.96 percentage points year-on-year to 30.34% in H1 2025, driven by higher margins on gold jewelry products and pricing benefits from rising gold prices [2]. - The company is initiating a national treasure store cultivation plan, which is expected to enhance profitability through product and channel optimization in the future [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 4.597 billion yuan, a year-on-year decrease of 43.92%, with a net profit of 594 million yuan, down 1.27% year-on-year [1]. - The revenue for Q1 and Q2 2025 showed significant declines of -47.28% and -38.47% year-on-year, respectively, while Q2 net profit saw a recovery with a growth of 31.32% [1]. Business Segments - As of June 2025, the company had 4,718 brand terminal stores, a net decrease of 290 stores since the beginning of the year, with franchise stores decreasing by 344 and self-operated stores increasing by 54 [2]. - Online business revenue for H1 2025 was 1.168 billion yuan, a slight decrease of 1.94% year-on-year, but the revenue share increased to 25.41% [2]. Profitability Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.00, 1.14, and 1.27 yuan per share, respectively, with corresponding price-to-earnings (PE) ratios of 14, 12, and 11 times based on the closing price on September 8, 2025 [2][3].

Group 1 - The company held its fifth board meeting on September 6, 2025, with all 11 directors present, and the meeting complied with relevant regulations [2][3] - The board approved a proposal to jointly invest in a new joint venture with related parties, with a registered capital of RMB 50 million, where the company will contribute RMB 22.5 million, accounting for 45% [2][12] - The proposal was reviewed and approved by the independent directors and does not require shareholder approval [3][15] Group 2 - The supervisory board also convened on September 6, 2025, with all three supervisors present, and the meeting adhered to legal and regulatory requirements [8] - The supervisory board agreed that the joint investment aligns with the company's strategic positioning and will positively impact long-term development [8][15] - The joint investment proposal was similarly approved by the supervisory board and does not require shareholder approval [9][15] Group 3 - The joint venture will be named Sanya Zhou Dashing Wuyou Co-Creation Cultural Technology Co., Ltd., with a registered capital of RMB 50 million, and the company will hold 45% of the shares [19][12] - The joint venture aims to leverage online and offline integration and cross-border e-commerce opportunities, particularly in light of favorable policies in Hainan [32][34] - The collaboration will focus on building a new retail model for the jewelry industry, utilizing live streaming and short video marketing strategies [33][34] Group 4 - The investment is expected to enhance the company's core competitiveness and create a new business model in the jewelry sector [32][35] - The joint venture will operate independently, with its own governance structure, and will not harm the interests of the company or its shareholders [30][35] - The company will monitor the progress of the joint venture closely to ensure effective management and operational efficiency [35]

据称，本次共同投资设立合资公司符合周大生发展战略和长远利益。该事项不会对周大生财务及经营状 况产生重大不利影响，不存在损害公司及全体股东利益的情形。根据《投资合作协议》中合资公司治理 结构的安排，标的公司将纳入公司合并范围。 （文章来源：证券时报） 证券时报记者赵黎昀 上述合资方之一的周飞鸣系公司实际控制人周宗文与周华珍之子，同时担任公司副董事长及副总经理， 根据《深圳证券交易所股票上市规则》的相关规定，周飞鸣为公司关联方，本次共同投资事项构成关联 交易。截至公告披露日，上述合资方尚未签署《投资合作协议》。 周大生表示，近年来黄金珠宝消费市场呈现"线上化、场景化、国际化"发展趋势，短视频和直播带货成 为行业品牌突围的核心渠道。海南离岛免税政策持续放宽的契机，催生"保税+零售"新业态；跨境电商 在RCEP框架下快速发展，中国黄金珠宝品牌的出海需求显著增长。 基于"流量+供应链"、"内容+产品"的互补逻辑，以海南为战略支点，公司及周飞鸣拟共同与无忧传媒集 团、海南金生无忧投资设立合资公司，合作聚焦多个业务板块，包括构建以周大生品牌矩阵为主的店播 矩阵和内容矩阵，进一步扩大珠宝品牌店播的规模化效应；围绕各自的重要I ...

其中上市公司出资2250万元，占注册资本的45%；无忧传媒集团出资1500万元，占注册资本的30%；海 南金生无忧出资950万元，占注册资本的19%；周飞鸣出资300万元，占注册资本的6%。 此前，周大生于8月20日与无忧传媒集团全资子公司杭州无忧传媒有限公司签署《战略合作框架协 议》，约定以成立合资公司的方式，聚焦《框架协议》约定的七大合作板块，打造黄金珠宝"线上+线 下"融合的新商业模式与新消费场景。 上述合资方之一的周飞鸣系公司实际控制人周宗文与周华珍之子，同时担任公司副董事长及副总经理， 根据《深圳证券交易所股票上市规则》的相关规定，周飞鸣为公司关联方，本次共同投资事项构成关联 交易。截至公告披露日，上述合资方尚未签署《投资合作协议》。 9月8日晚间，周大生（002867）公告，拟与无忧传媒集团有限公司(下称"无忧传媒集团")、海南金生无 忧文化产业投资中心(有限合伙)(下称"海南金生无忧")、公司副董事长及副总经理周飞鸣共同投资设立 合资公司，注册资本为5000万元。 周大生表示，近年来黄金珠宝消费市场呈现"线上化、场景化、国际化"发展趋势，短视频和直播带货成 为行业品牌突围的核心渠道。海南离岛免税 ...

（文章来源：证券日报） 证券日报网讯 9月8日晚间，周大生发布公告称，公司第五届监事会第八次会议审议通过了《关于与关 联方共同投资设立合资公司暨关联交易的议案》。 ...

Core Viewpoint - Zhou Dasheng announced the approval of a proposal to jointly invest with related parties to establish a joint venture company, indicating strategic collaboration and potential growth opportunities for the company [2] Group 1 - The fifth meeting of the fifth board of directors was held, where the proposal was reviewed and approved [2] - The establishment of the joint venture involves related party transactions, which may impact the company's financial structure and operational strategy [2]