研报掘金丨民生证券：维持周大生“推荐”评级，品牌矩阵战略全面发力

Core Viewpoint - Minsheng Securities report indicates that Zhou Dashing's net profit attributable to shareholders for H1 2025 is 594 million yuan, a year-on-year decrease of 1.27%, while Q2 2025 shows a net profit of 342 million yuan, an increase of 31.32% [1] Financial Performance - The company distributed a cash dividend of 2.50 yuan per 10 shares (including tax), totaling 271 million yuan, which accounts for 45.70% of the net profit attributable to shareholders for the first half of the year [1] - The performance of self-operated and e-commerce segments exceeded the overall results, with silver jewelry accessories showing significant growth [1] Strategic Initiatives - To address the impact of gold price fluctuations, the company is fully implementing its brand matrix strategy, positioning itself as a "leader in national treasure cultural collection gold products" [1] - The company is deepening its collaboration with national treasure IP through exclusive craftsmanship (such as cloud brocade weaving) to create high-end gold product barriers [1] Market Position - The company is recognized as a leading player in the domestic gold and jewelry industry and maintains a "recommended" rating [1]