上市“魔咒”中的周六福：四千门店仅91家自营，加盟“镀金”

Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. is attempting to enter the capital market through a listing on the Hong Kong Stock Exchange after unsuccessful attempts to list in A-shares. The company has shown significant revenue growth but faces concerns regarding its franchise model and declining profit margins [2][16]. Group 1: Company Performance - Zhou Liufu's revenue increased from 3.102 billion RMB in 2022 to 5.718 billion RMB in 2024, with net profits rising from approximately 575 million RMB to 706 million RMB during the same period [2][14]. - The company operates a franchise model, with over 97% of its 4,129 stores being franchise outlets as of 2024. This model has contributed significantly to its revenue, with franchise sales accounting for over half of total income [10][14]. - The gross profit margin has declined from 38.7% in 2022 to 25.9% in 2024, primarily due to a higher proportion of revenue coming from product sales rather than service fees, which have a higher margin [15][16]. Group 2: Business Model and Market Position - Zhou Liufu ranks sixth in total merchandise transaction volume and tenth in revenue among all gold jewelry companies in China, with market shares of 6.2% and 1%, respectively [3][6]. - The company plans to use funds raised from the IPO to expand its sales network, enhance brand recognition, and improve product supply and design capabilities [3][16]. - Online sales have become a significant revenue source, increasing from 34.6% of total revenue in 2022 to 40% in 2024 [15]. Group 3: Challenges and Future Outlook - The franchise model, while beneficial for rapid expansion, poses risks related to franchisee management and operational quality, as evidenced by numerous consumer complaints [17]. - Zhou Liufu's previous attempts to list on A-shares faced scrutiny over its franchise model and sales performance, leading to a withdrawal of its application in 2023 [16]. - The competitive landscape in the Hong Kong market includes established players like Chow Tai Fook and Chow Sang Sang, which may pose challenges for Zhou Liufu post-listing [19].