加盟业务收入“腰斩”，一年关掉560家店，知名金店突然卖不动了？

Core Viewpoint - The financial report of Zhou Dasheng for the first three quarters of 2025 shows a significant decline in revenue, while net profit has increased, indicating a challenging market environment and operational adjustments [2][4]. Financial Performance - For the first three quarters of 2025, Zhou Dasheng reported revenue of 6.77 billion yuan, a year-on-year decrease of 37.3%, while net profit attributable to shareholders was 882 million yuan, an increase of 3.1% [2][3]. - In Q3 2025, the company’s revenue was 2.18 billion yuan, down 16.7% year-on-year, but net profit rose by 13.6% to 288 million yuan [2][3]. Store Operations - As of September 30, 2025, Zhou Dasheng had 4,675 stores, a net decrease of 560 stores compared to the previous year, with a significant reduction in franchise stores [4]. - The franchise business has seen a staggering revenue decline of 56.34% year-on-year, indicating that franchise stores are the primary contributors to the store closures [4]. Business Model Analysis - Revenue from self-operated stores increased by 19.82% to 134.19 million yuan, while e-commerce revenue grew by 28.72% to 194.48 million yuan, reflecting a positive trend in online sales [6][7]. - Conversely, franchise revenue dropped by 49.39% to 334.48 million yuan, highlighting the struggles faced in the franchise segment [6][7]. Strategic Initiatives - Zhou Dasheng has partnered with a leading MCN agency to invest 50 million yuan in establishing a joint venture focused on live e-commerce and overseas market exploration [7]. - The company is actively pursuing digital marketing, product differentiation, and empowering franchise channels to mitigate external challenges and enhance operational resilience [10]. Legal Matters - Zhou Dasheng recently concluded a long-standing contract dispute, resulting in a compensation of 2.78 million yuan, which is significantly lower than the original claim of 211 million yuan [10][14]. - The company has adequately provisioned for this amount, indicating that the legal outcome will not impact current or future profits [14]. Market Context - As of November 3, 2025, Zhou Dasheng's stock price was 13.25 yuan per share, reflecting a year-to-date decline of approximately 6.95%, despite a nearly 50% increase in gold prices this year [14]. - In comparison, other industry players like Lao Feng Xiang and China Gold have also experienced stock price declines, while competitors such as Chow Sang Sang and Chow Tai Fook have seen significant gains [14].