周六福终过港交所聆讯，但已错过巅峰增长期

Core Viewpoint - Zhou Liufu Jewelry has updated its prospectus for its sixth attempt to list on the Hong Kong Stock Exchange, revealing a decline in its market position and profitability metrics, alongside a strategic shift towards online sales and international expansion [1][8]. Group 1: Company Overview - Zhou Liufu Jewelry, founded in 2014 and headquartered in Shenzhen, Guangdong, specializes in the sale of gold jewelry, diamond-set jewelry, and other products [3]. - As of December 31, 2024, the company operates a total of 4,129 stores, with 4,125 located in China and four overseas franchise stores [1]. Group 2: Financial Performance - The company's gross profit margins have been declining from 38.7% in 2022 to 25.9% in 2024 [1]. - Revenue from franchise fees has been the largest contributor to income, accounting for 52.9% in 2022, 55.4% in 2023, and 50.5% in 2024 [5]. - Gross profit from franchise service fees was approximately 747.6 million yuan in 2022, 760.5 million yuan in 2023, and projected to be 801.4 million yuan in 2024, with a gross margin close to 100% [5]. Group 3: Business Model and Risks - Zhou Liufu has shifted to a model of outsourcing production and has implemented a franchise system that poses risks related to franchisee management and compliance [7]. - The company has faced regulatory scrutiny regarding its supplier authorization model during previous IPO attempts [8]. - Legal challenges have been significant, with 643 civil cases reported from 2009 to 2025, including trademark infringement cases [7]. Group 4: Market Position and Strategy - Zhou Liufu's online sales revenue has seen a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue in 2024, ranking first among national jewelry companies in China [8]. - The company has opened two franchise stores in Thailand, one in Laos, and one in Cambodia, with plans for further expansion in Southeast Asia [12]. Group 5: Market Challenges - Rising gold prices pose a significant risk, affecting consumer sentiment and leading some retailers to shift focus towards platinum products [11]. - The company has experienced a decline in same-store sales, with a 21.2% drop projected for 2024, following a 38.9% increase in 2023 [9].