每经编辑｜许绍航 在金价不断上涨的背景下，10月28日，周大生公布了2025年三季报。 财报显示，2025前三季度，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82亿元，同比上升3.1%。 作为对比，老凤祥前三季度营收为480.01亿元，同比下滑8.71%；中国黄金营收为457.64亿元，同比下滑1.74%，周大生营收降幅显著高于同行。 此外，第三季度，周大生营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6%。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 2,175,292,094.32 | -16. 71% | 6.772.001.305.51 | -37.35% | | 归属于上市公司股东 | 287,726,544.56 | 13. 57% | 881, 541, 201. 03 | 3.13% | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经 ...

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the resumption of the "Ruyi Gold Accumulation" business application, which had been suspended due to macroeconomic policy impacts [2][4]. Group 1: Business Resumption and Policy Impact - ICBC will resume accepting applications for the "Ruyi Gold Accumulation" business starting November 3, 2023, after a temporary suspension due to risk management requirements [2][4]. - China Construction Bank (CCB) also announced the suspension of its "Easy Gold" business, affecting real-time purchases and physical gold exchanges, while existing plans remain unaffected [5]. - The Ministry of Finance and the State Taxation Administration released new tax policies regarding gold, effective from November 1, 2025, which will impact the taxation of gold transactions [6]. Group 2: Price Adjustments and Market Reactions - Chow Tai Fook Jewelry announced price adjustments for certain gold products starting November 3, 2023, due to increased costs from the new tax policies [8]. - On November 3, 2023, A-share gold jewelry concept stocks experienced declines, with notable drops including Chao Hong Ji at a 10% limit down and others like Pengxin Resources and Lao Feng Xiang falling over 3% [8][9]. - In the Hong Kong stock market, gold jewelry stocks also saw significant declines, with Chow Tai Fook dropping 8.67% and Lao Pu Gold down 7.16% [10]. Group 3: Tax Policy Implications - The new tax regulations are expected to have three main impacts: increased costs for non-investment gold jewelry companies due to reduced input tax deductions, advantages for investment gold sales, and potential price increases for consumers purchasing gold jewelry [10].

除了周大生之外，头部品牌普遍选择"关低效店、开高效店"的策略，以提升单店盈利能力和整体网络质 量。2025年第三季度，另一黄金珠宝品牌周大福净关闭296家门店，六福集团则减少了49家。（智通财 经，泽塔） 10月28日，周大生公布2025年三季报，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82 亿元，同比上升3.1%；扣非归母净利润为8.53亿元，同比上升1.9%；经营现金流净额为5.8亿元，同比 下降55.9%；EPS(全面摊薄)为0.8121元。 【#周大生一年关了560家店#】#部分金店大幅关店怎么回事#？尽管#金价#一路攀升，但黄金珠宝企业 的盈利却反向下行，多家头部品牌已开始缩减门店规模。周大生最新财报显示，截至2025年9月30日， 公司终端门店数量为4675家，较上年同期净减少560家，其中加盟门店减少380家，成为关店主力。仅在 2025年第三季度，周大生就净关闭43家门店，加盟门店占比超过八成。 其中第三季度，公司营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6%； 扣非归母净利润为2.72亿元，同比上升7.7%；EPS为0.265 ...

Group 1: Gold Tax Policy and Market Impact - The new gold tax policy announced by the Ministry of Finance and the State Taxation Administration has led to adjustments in gold pricing, with China Merchants Bank including tax in the price of physical gold bars [1] - The announcement of the tax policy has negatively impacted retail gold stocks, with companies like Luk Fook Holdings experiencing a drop of nearly 9% in stock price [4] - The policy aims to enhance the distinction between gold as a commodity and its financial attributes, indicating a supportive stance towards the gold industry compared to international markets [4] Group 2: Aluminum and Glass Market Trends - Aluminum prices have surged, reaching their highest closing price since May 2022, with a monthly increase of over 7% in October [1] - The domestic photovoltaic glass market is facing an increase in production capacity, with new furnaces being activated, leading to a slight increase in supply despite some production constraints [2] Group 3: Company Developments and IPOs - Shukong Technology, a unicorn in AI medical imaging, is preparing for an IPO, with a valuation reaching 9.4 billion yuan after its last funding round [2] - Juhua Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange, with details still under discussion [6] - Several companies, including Keren Co. and Pingzhi Information, have signed significant procurement contracts, indicating active business operations in their respective sectors [10][11] Group 4: Retail and Store Closures - Zhou Dashing has reported a net closure of 560 stores over the past year, primarily in franchise locations, despite rising gold prices [5]

大公司： 周大生一年关店560家 尽管金价一路攀升，但黄金珠宝企业的盈利却反向下行，多家头部品牌已开始缩减门店规模。周大生最 新财报显示，截至2025年9月30日，公司终端门店数量为4675家，较上年同期净减少560家，其中加盟门 店减少380家，成为关店主力。仅在2025年第三季度，周大生就净关闭43家门店，加盟门店占比超过八 成。 消息称三星暂停DDR5合约价报价，SK海力士、美光跟进 据报道，供应链称，三星电子已率先暂停10月DDR5 DRAM合约报价，引发SK海力士和美光等其他存 储原厂跟进，将导致供应链"断粮"，恢复报价时间预计或将延后至11月中旬。虽然存储四季度合约价上 涨已成为市场共识，但此前预期是10月底前就可以敲定四季度合约价。但三星迟迟不愿提供合约报价， 直接告诉下游客户"无货可卖"，导致短短一周内，DDR5现货价格飙升25%。 宁德时代旗下公司在云南红河成立新能源科技公司 36氪获悉，爱企查App显示，近日，时代骐骥新能源科技（红河）有限公司成立，法定代表人为王梦 怀，注册资本500万元人民币，经营范围包括新兴能源技术研发、新能源汽车换电设施销售、在线能源 计量技术研发等。股东信息显示， ...

证券研究报告·公司点评报告·饰品 周大生（002867） [Table_Tag] [Table_Summary] 投资要点 2025 年 11 月 03 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 2025 年三季报点评：改善态势延续，期待 Q4 业绩继续修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,290 | 13,891 | 15,225 | 16,739 | 18,379 | | 同比（%） | 46.52 | (14.73) | 9.60 | 9.95 | 9.79 | | 归母净利润（百万元） | 1,316 | 1,010 | 1,112 | 1,216 | 1,308 | | 同比（%） | 20.67 | (23.25) | 10.07 | ...

Market Overview - The jewelry sector experienced a decline of 2.38% on November 3, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - ST XinHua Jin (600735) saw a significant increase of 5.05%, closing at 7.69 with a trading volume of 77,300 shares and a turnover of 59.41 million yuan [1] - Chao Hong Ji (002345) experienced the largest decline of 9.90%, closing at 12.20 with a trading volume of 393,900 shares and a turnover of 483 million yuan [2] - Other notable declines included Zhou Da Sheng (002867) down 4.26% and Lao Feng Xiang (600612) down 3.36% [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 219 million yuan from main funds, while retail investors contributed a net inflow of 155 million yuan [2] - The main funds showed a mixed response across different stocks, with Zhou Da Sheng receiving a net inflow of 10.57 million yuan, while ST XinHua Jin had a net inflow of 4.38 million yuan [3] Summary of Stock Flows - Zhou Da Sheng (002867) had a main fund net inflow of 10.57 million yuan, but a retail net outflow of 21.45 million yuan [3] - ST XinHua Jin (600735) had a main fund net inflow of 4.38 million yuan, while retail investors showed a net outflow [3] - The overall trend indicates a cautious sentiment among main funds, contrasting with retail investor activity [3]

尽管金价一路攀升，但黄金珠宝企业的盈利却反向下行，多家头部品牌已开始缩减门店规模。 周大生（002867.SZ）最新财报显示，截至2025年9月30日， 公司终端门店数量为4675家，较上年同期净减少560家， 其中加盟门店减 少380家，成为关店主力。仅在2025年第三季度，周大生就净关闭43家门店，加盟门店占比超过八成。 10月28日，周大生公布2025年三季报，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82亿元，同比上升3.1%；扣非归母 净利润为8.53亿元，同比上升1.9%；经营现金流净额为5.8亿元，同比下降55.9%；EPS(全面摊薄)为0.8121元。 除了周大生之外，头部品牌普遍选择"关低效店、开高效店"的策略，以提升单店盈利能力和整体网络质量。2025年第三季度，另一黄金珠 宝品牌周大福净关闭296家门店，六福集团则减少了49家。 （本文来源：界面新闻 江怡曼 ） 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 其中第三季度，公司营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6 ...

Core Insights - The domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Summary - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY [1][2] - Yayi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY, and Yayi Gold Store also at 1256 CNY [2] - Other notable mentions include Zhou Da Sheng and Liu Fu Jewelry, both priced at 1198 CNY per gram, with no change [2] - Cai Bai Jewelry ranks lower with a price of 1238 CNY per gram, reflecting a significant increase of 70 CNY [2]

证 券 研 究 报 告 周大生（002867）2025 年三季报点评 推荐（维持） Q3 利润+13.6%，产品创新和渠道结构优化 事项： ❖ 公司发布 2025 年三季报：2025 年前三季度公司实现收入 67.7 亿元，同比- 37.4%；归母净利润 8.8 亿元，同比+3.1%；扣非归母利润 8.5 亿元，同比+1.9%。 单 2025Q3 实现收入 21.8 亿元，同比-16.7%；归母净利润 2.9 亿元，同比+13.6%； 扣非归母利润 2.7 亿元，同比+7.7%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,891 | 9,648 | 10,979 | 12,212 | | 同比增速(%) | -14.7% | -30.5% | 13.8% | 11.2% | | 归母净利润(百万) | 1,010 | 1,093 | 1,222 | 1,349 | | 同比增速(%) | -23.2% | 8.2% ...