周大生（002867）：单二季度归母净利润增长31%，“悦己”趋势带动饰品增长

Investment Rating - The investment rating for the company is "Outperform the Market" [6][17][20] Core Views - The company experienced a significant decline in revenue due to high gold prices and cautious terminal demand, with a 43.29% year-on-year decrease in revenue for the first half of 2025, amounting to 4.597 billion yuan. However, the net profit attributable to the parent company showed resilience, with a slight decrease of 1.27% year-on-year to 594 million yuan [2][8] - The second quarter saw a notable improvement in net profit, which increased by 31.32% year-on-year to 342 million yuan, benefiting from improved gross margins and optimized advertising and marketing expenses [2][4][8] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, totaling 271 million yuan, which represents 46% of the net profit for the period [2][8] Revenue and Profit Performance - For the first half of 2025, the company reported a revenue of 4.597 billion yuan, down 43.29% year-on-year, while the net profit was 594 million yuan, down 1.27% year-on-year [2][8] - In the second quarter, revenue decreased by 38.47% to 1.924 billion yuan, but net profit increased by 31.32% to 342 million yuan, indicating a significant improvement compared to the first quarter [2][4][8] Business Segments - Revenue from self-operated offline stores was 890 million yuan, down 7.56% year-on-year, while e-commerce revenue was 1.168 billion yuan, down 1.94% year-on-year. Franchise business revenue fell sharply by 59.12% to 2.425 billion yuan due to reduced replenishment frequency by franchise clients in a high gold price environment [3][11] - By product type, revenue from plain gold products dropped by 50.94% to 3.415 billion yuan, while embedded products decreased by 23.08% to 286 million yuan. In contrast, fashion silver jewelry grew by 11.11% to 320 million yuan, benefiting from the "self-indulgence" and "light jewelry" consumption trends [3][11] Financial Metrics - The company's gross margin increased by 11.96 percentage points to 30.34%, driven by product structure optimization and pricing benefits from rising gold prices [4][13] - Total sales expenses decreased by 6.19% year-on-year to 496 million yuan, with a sales expense ratio of 10.8% [4][13] - The company reported a net operating cash flow of 403 million yuan, down 68.83% year-on-year [4][15] Future Outlook - The company is expected to benefit from the release of pent-up demand as gold prices stabilize and from innovative high-quality product offerings, leading to a gradual recovery in revenue [4][17] - Profitability is anticipated to improve with an increased proportion of high-margin jewelry products and continued optimization of advertising and marketing expenses [4][17]