金价高涨抑制消费 前三季度周大生营收下降超三成

Core Insights - In 2025, despite international gold prices reaching new highs, the domestic jewelry leader Zhou Dasheng (002867) faces a significant revenue decline [1] - The company's revenue for the first three quarters of 2025 was 6.772 billion yuan, a decrease of 37.35% compared to the same period last year [2] - The decline in revenue is primarily attributed to a substantial contraction in the franchise business, which saw a 56.34% drop in income [2] Revenue Performance - For the first nine months of 2025, Zhou Dasheng's revenue was 6.772 billion yuan, down from 10.809 billion yuan in the previous year [2] - Franchise business revenue accounted for 3.345 billion yuan, representing 49.39% of total revenue, down from 70.87% year-on-year [2] - Self-operated offline business revenue was 1.342 billion yuan, a slight decrease of 0.86%, while e-commerce revenue grew by 17.68% to 1.945 billion yuan [2] Profitability Analysis - Despite a 37.35% drop in revenue, the net profit attributable to shareholders was 882 million yuan, a 3.13% increase year-on-year [3] - The increase in net profit was supported by improved gross margins and cost control measures [3] - The overall gross margin rose to 29.74%, an increase of 9.16 percentage points compared to the previous year [3] Asset and Channel Adjustments - As of September 30, 2025, total assets reached 8.192 billion yuan, a 4.54% increase from the beginning of the year [4] - The total number of stores decreased by 560 year-on-year, with franchise stores down by 380, while self-operated stores increased by 47 [4] - The company is focusing on optimizing its channel strategy by eliminating inefficient stores and strengthening its self-operated system [4] Investor Perspective - Zhou Dasheng has demonstrated operational resilience by stabilizing net profit through product structure adjustments and channel optimization amid industry pressures [5] - However, the significant revenue decline and shrinking cash flow raise concerns about the sustainability of its growth model [5] - Investors should monitor cash collection, inventory turnover, and the recovery of the franchise system in 2026 [5]