周大生：公司2025年第三季度报告中详细披露了主要财务指标发生变动的情况及原因

Core Insights - The company disclosed that its financial indicators showed significant changes in the Q3 2025 report, particularly noting a larger decrease in operating costs compared to operating income, attributed to changes in revenue structure [2] - The increase in brand usage fees is primarily due to a higher proportion of sales through designated supplier models in the franchise business [2] Financial Performance - Operating costs decreased at a greater rate than operating income, indicating a shift in revenue structure towards higher-margin sales models [2] - The growth in brand usage fees year-on-year is linked to the increased share of sales through specified suppliers in the franchise operations [2]