周大生：金价高企致业绩承压 期待多品牌矩阵协同发力

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant drop in Q1 2025, attributed to high gold prices impacting consumer demand, although online sales showed growth [1][2][3] Financial Performance - In 2024, the company achieved revenue of 13.891 billion yuan, down 14.73%, and a net profit of 1.010 billion yuan, down 23.25% [1] - Q4 2024 revenue was 3.083 billion yuan, down 18.79%, with a net profit of 155 million yuan, down 29.69% [1] - Q1 2025 revenue was 2.673 billion yuan, down 47.28%, with a net profit of 252 million yuan, down 26.12% [1] Product Revenue Breakdown - Revenue from gold jewelry was 11.439 billion yuan, accounting for 82.35%, down 16.62% [2] - Revenue from embedded jewelry was 758 million yuan, accounting for 5.46%, down 17.36% [2] - Other jewelry revenue increased to 601 million yuan, accounting for 4.33%, up 66.70% [2] - Brand usage fee revenue was 706 million yuan, accounting for 5.08%, down 18.13% [2] - Other business revenue was 387 million yuan, accounting for 2.78%, down 10.05% [2] Sales Model Analysis - Self-operated (offline) revenue was 1.744 billion yuan, accounting for 12.55%, up 7.80%, with an average of 343 stores [2] - E-commerce (online) revenue was 2.795 billion yuan, accounting for 20.12%, up 11.42% [2] - Franchise revenue was 9.187 billion yuan, accounting for 66.13%, down 23.26%, with an average of 4,798 stores [3] Market Outlook - The company is expected to strengthen its main brand while building a diverse sub-brand matrix to capture market share [3] - Revenue projections for 2025-2027 are 15.106 billion yuan, 16.698 billion yuan, and 18.421 billion yuan, with net profits of 1.108 billion yuan, 1.237 billion yuan, and 1.377 billion yuan respectively [3]