周大生一年关闭560家店

Core Viewpoint - Despite rising gold prices, the profitability of gold jewelry companies is declining, leading several major brands to reduce their store counts [2][3]. Company Summary - Zhou Dasheng's latest financial report indicates a net decrease of 560 stores, with 380 of those being franchise stores, as of September 30, 2025 [2]. - For Q3 2025, Zhou Dasheng reported revenue of 6.77 billion yuan, a year-on-year decrease of 37.3%, while net profit attributable to shareholders was 882 million yuan, an increase of 3.1% [2]. - The company's operating cash flow decreased by 55.9% to 580 million yuan, and total assets grew by 4.5% to 8.192 billion yuan [2]. Industry Summary - The sustained high international gold prices have negatively impacted retail consumption of jewelry, leading to low inventory replenishment willingness among franchisees [3]. - Major brands are adopting a strategy of closing inefficient stores while opening more efficient ones to enhance profitability [3]. - Zhou Dasheng's self-operated offline business generated 1.342 billion yuan in revenue, while e-commerce revenue reached 1.945 billion yuan, indicating growth potential in online channels [3].