加盟业务收入“腰斩”，一年关掉560家店，知名金店突然卖不动了？

Core Viewpoint - The financial report of Zhou Dasheng for the first three quarters of 2025 shows a significant decline in revenue, while net profit has increased, indicating challenges in the business model, particularly in the franchise segment [2][4]. Financial Performance - For the first three quarters of 2025, Zhou Dasheng reported revenue of 6.77 billion yuan, a year-on-year decrease of 37.3% [2][3]. - The net profit attributable to shareholders was 882 million yuan, reflecting a year-on-year increase of 3.1% [2][3]. - In Q3 2025, revenue was 2.18 billion yuan, down 16.7% year-on-year, while net profit was 288 million yuan, up 13.6% [2][3]. Business Segment Analysis - The franchise business has been the primary contributor to store closures, with a revenue decline of 56.34% year-on-year in the first three quarters [4]. - Self-operated offline sales increased by 19.82%, while e-commerce sales grew by 28.72% year-on-year, indicating a shift towards online sales [6][8]. - The franchise segment's revenue was 334 million yuan, down 56.34% compared to the previous year [6][8]. Strategic Initiatives - Zhou Dasheng has partnered with a leading MCN agency to invest 50 million yuan in a joint venture focusing on live e-commerce and overseas market exploration [10]. - The company is actively pursuing digital marketing and product differentiation strategies to mitigate external challenges and enhance operational resilience [12]. Legal Matters - Zhou Dasheng recently concluded a two-year contract dispute, resulting in a compensation of 2.78 million yuan, which is only 1.3% of the original claim [13]. - The company has adequately provisioned for the compensation amount, indicating no significant impact on current or future profits [13]. Market Performance - As of November 3, 2025, Zhou Dasheng's stock price was 13.25 yuan per share, with a market capitalization of approximately 14.38 billion yuan, reflecting a year-to-date decline of nearly 6.95% [15].