Core Viewpoint - Zhou Dasheng (06168) is restructuring its channel's balance sheet and value logic through the launch of the new sub-brand "CHAOJIN潮金" and the "Co-Creation Partner Program," which upgrades the traditional light-asset franchise model to a "joint venture partnership" model [1] Model Innovation: From "Loose Franchise" to "Community of Destiny" - The core breakthrough of the joint venture partnership is the reconstruction of the relationship between headquarters and channels through capital connection, ensuring long-term value co-creation and risk-sharing [4] - The joint venture entities will adopt modern corporate governance, allowing Zhou Dasheng to implement its management systems and digital tools while maintaining flexibility for franchisees [4] Strategic Intent: Building Solid Barriers in Four Dimensions - The joint venture partnership creates a channel moat through four dimensions: full-channel integration, selective deep binding, consolidated growth through consolidation, and governance and operational optimization [5] - The model enhances customer acquisition efficiency by integrating online and offline channels, leveraging the main brand's online traffic to drive traffic to joint venture stores [5][6] - The 51% control structure ensures that joint venture entities are fully consolidated, allowing for a significant increase in reported revenue and clearer growth narratives for capital markets [6] - The joint venture entities will balance standardization and flexibility, creating a multi-layered revenue-sharing mechanism [6] Industry Implications: Leading a New Paradigm in Jewelry Channels - The joint venture partnership not only represents an innovation at the corporate level but also serves as a forward-looking model for the evolution of the jewelry industry's channels [7] - This model addresses the urgent need for structural change in the industry, unifying controllability and expansiveness while activating the responsiveness of the channel network [7] - The mechanism supports Zhou Dasheng's globalization strategy, facilitating the opening of 200 overseas stores within three years [7] Future Outlook: From Channel Innovation to Ecosystem Building - The strategic value of the joint venture partnership extends beyond channel optimization, marking Zhou Dasheng's transition to an ecosystem builder driven by brand and capital [9] - As the joint venture network expands, it is expected to form a symbiotic business ecosystem centered on brand value and digital platforms [9] - The partnership will redefine the relationship between brand and channel, achieving a dynamic balance of standardization and flexibility [9][10] Summary - Zhou Dasheng's joint venture partnership initiative transcends mere model innovation, becoming a key pivot for strategic elevation and value reconstruction, with implications for revenue consolidation, operational efficiency, and a dual-track path for domestic quality enhancement and overseas expansion [10]
联营合伙制打破增长天花板，周六福（06168）渠道创新开启价值重估