周大生一年关店560家，金价上涨难阻盈利下行

Core Viewpoint - Despite rising gold prices, the profitability of gold jewelry companies is declining, leading to significant store closures among major brands, including Zhou Dasheng [1][2] Group 1: Zhou Dasheng's Performance - Zhou Dasheng closed 560 stores in the past year, with a total of 4,675 stores remaining as of September 30, 2025, marking a net decrease of 560 stores year-on-year [1] - The company reported a revenue of 6.77 billion yuan for the third quarter of 2025, a year-on-year decline of 37.3% [1] - The net profit attributable to shareholders was 882 million yuan, showing a year-on-year increase of 3.1% [1] - The operating cash flow net amount was 580 million yuan, down 55.9% year-on-year [1] - As of the end of the third quarter, total assets were 8.192 billion yuan, up 4.5% from the end of the previous year [1] Group 2: Industry Trends - Major brands in the gold jewelry sector are adopting a strategy of closing low-efficiency stores while opening high-efficiency ones to enhance single-store profitability and overall network quality [2] - In the third quarter of 2025, another leading brand, Chow Tai Fook, closed 296 stores, while Luk Fook reduced its number of stores by 49 [2]