周大生（002867）：营收降幅持续收窄，电商渠道快速增长

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - Revenue decline is narrowing, and profits continue to grow, with a gross margin increase attributed to product and channel optimization [5] - The "National Treasure" series has been fully upgraded, with lightweight products showing strong performance, effectively countering demand weakness in traditional gold categories [6] - The e-commerce channel is rapidly developing, with a significant increase in revenue share, while the franchise channel faces challenges due to high gold prices [7] - Earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 1.04, 1.16, and 1.31 yuan respectively, with the current stock price reflecting a price-to-earnings (PE) ratio of 13, 12, and 11 times [8][9] Financial Performance Summary - For the first three quarters of 2025, total revenue was 6.772 billion yuan, a 37% year-on-year decrease, while net profit attributable to shareholders was 882 million yuan, a 3% increase [4] - In Q3 2025, total revenue was 2.175 billion yuan, down 17% year-on-year, but net profit increased by 14% to 288 million yuan [4] - The company's gross margin for Q3 2025 was 28.46%, up 1 percentage point year-on-year, with a net profit margin increase of 4 percentage points to 13.21% [5]