（文/朱道义 编辑/张广凯） 对上市充满执着的金店品牌周六福，终于在这条道路上取得了实质性进展。 来源：周六福官方微博 6月3日，来自广东深圳的周六福珠宝股份有限公司（以下简称"周六福"）通过港交所聆讯，并披露了更新后的招股说明书。中金公司和中信建投国际担任联 席保荐人。 资料显示，作为中国知名珠宝品牌之一的周六福，由李伟柱和李伟蓬兄弟于2004年创立，主要从事珠宝首饰的研发设计、生产加工、连锁销售和品牌运营。 公司以"周六福"品牌为核心，提供包括黄金、铂金、钻石、玉石等在内的各类珠宝产品。 值得注意的是，这已是周六福近6年来第五次冲击IPO。 2019年，其首次冲击A股，但因所聘保荐机构广发证券、会计师事务所正中珠江卷入"康美案"，两家机构均被证监会立案调查，周六福的IPO随之中止。 2020年9月，周六福第二次冲击A股，并换保荐机构为民生证券，会计师事务所则仍为正中珠江，再度向深交所递交上市申请材料。但随后，发审委会议对 周六福的加盟模式收入占比过大、商标的取得及使用情况、应收账款及存货余额较大且增长较快等问题发起问询，最终因经营存疑未能通过审核。 2022年7月，周六福第三次递表，当年全面注册制落地后， ...

Company Overview - Zhou Li Fu Holdings Limited, established in 2004, is a well-known gold and jewelry retail enterprise in China, focusing on the research, design, brand operation, and retail channel management of jewelry products such as gold, platinum, K-gold, diamonds, and colored gems [1] - As of 2024, Zhou Li Fu ranks fifth among Chinese jewelry brands by the number of stores and sixth in total merchandise transaction volume, with a market share of 6.2% [1] Financial Performance - In 2022, the company reported revenue of 31.02 billion RMB, with a gross margin of 38.7% and a net profit of 5.75 billion RMB, resulting in a net profit margin of 18.5% [2] - Revenue surged to 51.50 billion RMB in 2023, but the gross margin dropped to 26.2%, with net profit increasing to 6.60 billion RMB and a net profit margin of 12.8% [2] - For 2024, revenue is projected at 57.18 billion RMB, with a further decline in gross margin to 25.9% and net profit of 7.06 billion RMB, leading to a net profit margin of 12.4% [2] Revenue Trends - In 2023, the company's operating revenue grew significantly by 66.0%, but the growth rate is expected to slow to 11.0% in 2024, indicating a weakening growth momentum [3] - High gold prices have suppressed consumer purchasing desire, resulting in a 24.69% year-on-year decline in gold jewelry consumption [3] - The proportion of franchise income decreased from 55.4% to 50.5% [3] Gross Margin Analysis - The overall gross margin decreased by 12.8% during the reporting period, primarily due to a significant drop in 2023 [4] - The increase in gold sales proportion (84.35% of revenue in 2024) has led to higher procurement costs due to rising gold prices (approximately 30% increase from 2023 to 2024), compressing gross margin [4] - The gross margin for gold products is low (around 6% in 2024), contributing to the overall decline in gross margin [4] Net Profit Insights - Net profit has consistently increased from 2022 to 2024, but the growth rate has slowed, with net profit margin decreasing from 18.5% to 12.4% [6] - The rise in low-margin gold products and online business has diluted the gross margin structure [6] - Fixed costs, particularly management expenses, have increased, with a 10% rise in 2024 to 276 million RMB, driven by digitalization and online business expansion [6] Balance Sheet Overview - As of 2024, net assets increased by 13.6% to 3.098 billion RMB, with a current ratio of 2.57, indicating a low-leverage advantage for the company [7] - Zhou Li Fu operates over 4,100 stores nationwide, with over 96% being franchise stores, allowing for rapid expansion through a light-asset model [7] Competitive Positioning - The company is recognized as one of the leading brands in wedding jewelry in China, benefiting from positive word-of-mouth in lower-tier cities [8] - Zhou Li Fu has established an efficient supply chain management system, with self-built platforms accounting for approximately 76.9% of sales in 2024 [8] Investment Risks - The company heavily relies on gold products, which constituted 84.35% of revenue in 2024, limiting profitability flexibility due to high standardization and intense competition [9] - Fluctuations in raw material prices, particularly gold, pose significant risks, with a 30% increase in international gold prices from 2023 to 2024 impacting costs [9] - The franchise model presents management challenges and operational uncertainties, with a net reduction of 254 stores in 2024 [9] - The brand's appeal is primarily focused on the wedding and mass gold consumption market, lacking penetration in the high-end market [9] - The competitive landscape is intense, with Zhou Li Fu holding only a 1.2% market share in 2022, significantly lower than competitors like Chow Tai Fook at 8% [10]

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].

Core Viewpoint - Zhou Liufu Jewelry has updated its prospectus for its sixth attempt to list on the Hong Kong Stock Exchange, revealing a decline in its market position and profitability metrics, alongside a strategic shift towards online sales and international expansion [1][8]. Group 1: Company Overview - Zhou Liufu Jewelry, founded in 2014 and headquartered in Shenzhen, Guangdong, specializes in the sale of gold jewelry, diamond-set jewelry, and other products [3]. - As of December 31, 2024, the company operates a total of 4,129 stores, with 4,125 located in China and four overseas franchise stores [1]. Group 2: Financial Performance - The company's gross profit margins have been declining from 38.7% in 2022 to 25.9% in 2024 [1]. - Revenue from franchise fees has been the largest contributor to income, accounting for 52.9% in 2022, 55.4% in 2023, and 50.5% in 2024 [5]. - Gross profit from franchise service fees was approximately 747.6 million yuan in 2022, 760.5 million yuan in 2023, and projected to be 801.4 million yuan in 2024, with a gross margin close to 100% [5]. Group 3: Business Model and Risks - Zhou Liufu has shifted to a model of outsourcing production and has implemented a franchise system that poses risks related to franchisee management and compliance [7]. - The company has faced regulatory scrutiny regarding its supplier authorization model during previous IPO attempts [8]. - Legal challenges have been significant, with 643 civil cases reported from 2009 to 2025, including trademark infringement cases [7]. Group 4: Market Position and Strategy - Zhou Liufu's online sales revenue has seen a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue in 2024, ranking first among national jewelry companies in China [8]. - The company has opened two franchise stores in Thailand, one in Laos, and one in Cambodia, with plans for further expansion in Southeast Asia [12]. Group 5: Market Challenges - Rising gold prices pose a significant risk, affecting consumer sentiment and leading some retailers to shift focus towards platinum products [11]. - The company has experienced a decline in same-store sales, with a 21.2% drop projected for 2024, following a 38.9% increase in 2023 [9].

当你走进国内1368家海底捞门店时，有13/1368的几率进入的是加盟店，但你可能毫无感知。 在2024年3月正式宣布开放加盟后，海底捞收到了两万余份加盟申请。但海底捞保持了克制：在一年多 的时间里，最终只"开设"了13家加盟店。（虎嗅注：13家加盟店之中，有10家由老店转化而来） 与极度克制伴生的是神秘。除海底捞内部少数高管，外界乃至海底捞内部绝大部分管理层均不清楚在海 底捞遍及全国的1368家门店中究竟哪13家是加盟门店。 海底捞对加盟商身份的保密近乎"军事级"。 即便坐在周兆呈对面"逼问"，他仍不肯透露任何加盟商的具体信息。包括他们是谁、分布在哪些城市、 具体有着怎样"雄厚"的背景。但从他的概述中，可以总结出加盟商的四大特点：钱多、资源多、高度认 同海底捞文化、甘当'甩手掌柜"。 据加盟事业部相关负责人透露，这些坐拥千万资产的"神秘"加盟商们大致可以分为四类： 第一类是职业加盟商，他们此前或多或少加盟过连锁酒店、正餐、珠宝、茶饮等品牌，经验丰富且专业 度足够；第二类是所谓的甲方或自持物业者，在整个加盟体系中占比最高，同时他们手握的城市黄金地 段及点位也最为海底捞看重。 这正是海底捞运转一年的加盟策略的关 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company is undergoing brand upgrades focusing on global expansion, while new business models are still to be validated [2] - The company experienced a revenue decline in 2024, with total revenue of 4.921 billion yuan, down 4.7% year-on-year, and a net loss of 917 million yuan, a significant shift from profit to loss [10] - The company is actively restructuring its store operations and exploring new store formats, including promoting a franchise model and expanding into international markets [10] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 is projected at -0.15, -0.12, and 0.00 yuan respectively, with a downward adjustment in revenue and gross margin due to weak downstream demand [4] - The target price for the company is set at 1.33 HKD, based on a discounted cash flow (DCF) valuation method [4] - The company’s revenue is expected to recover gradually, with projected revenues of 5.067 billion yuan in 2025, 5.333 billion yuan in 2026, and 5.838 billion yuan in 2027, reflecting growth rates of 3.0%, 5.3%, and 9.5% respectively [6][10] Key Financial Information - In 2024, the company reported a gross margin of 63.2%, down 3.9 percentage points year-on-year, and a net margin of -18.8% [6][10] - The number of direct stores decreased by 121 to 1,453, while franchise stores increased by 264 to 345, indicating a shift towards a franchise model [10] - The company’s total assets are projected to be 6.201 billion yuan in 2025, with total liabilities of 2.568 billion yuan [13]

在经历2020年大量开店、2021年批量关店、2024年探索新 店型的"红石榴计划"之后，海底捞直营门店数量在过去一年仍 是负增长。在扩张效率和品牌调性之间，加盟模式正在考验海 底捞的管理平衡术。 作者：郑淯心 美编：肖利亚 导读 壹 || 海底捞要求加盟商具备1000万元以上的资金实力。"但如果只有1000万元，基本没机 会。"首轮遭遇淘汰的一位申请者说。 贰 || 对潜在加盟商来说，他们更关心的一个问题是：成为海底捞加盟商的收益究竟如何？ 叁 || 疫情后数据显示，海底捞三线及以下城市营收持续增长且占比不断提升。尽管数量不 高，加盟仍被视为海底捞破局的关键解法。 手握千万元资金，也未必能成为海底捞的加盟商。 海底捞对加盟商的要求是：钱多，有资源，高度认可海底捞的文化，且不参与门店管理。 自2024年3月开放加盟渠道以来，海底捞的加盟事业部称，在过去一年收到超2万份加盟申请，但 加盟事业部人力有限，加之海底捞实行三轮筛选机制，截至2024年底，海底捞仅新开出3家加盟 店，另有10家加盟店由直营店转换而来。 5月27日，海底捞董事局副主席周兆呈飞到广州，面试当地一位潜在加盟商。周兆呈是海底捞加盟 业务的负责人 ...

Core Insights - The company is cautiously expanding its franchise model, having received over 20,000 applications since opening franchise opportunities in March 2024, but only three new franchise stores have been opened by the end of 2024 [2][20] - The franchise model is seen as a key solution for the company to penetrate lower-tier cities, where 70% of the franchise applications come from [23][31] - The company emphasizes a strong management control system for franchisees to maintain service quality consistent with its direct-operated stores [11][19] Group 1 - The company requires franchisees to have over 10 million yuan in capital, but having only this amount may not guarantee approval [9][20] - Franchisees must first "purchase" an existing store, which includes all previous operational costs, to ensure they understand the business model and market dynamics [4][5][7] - The franchise model is designed to leverage local franchisees' resources and connections to enhance store performance and customer acquisition [7][25] Group 2 - The company has implemented a strong management system where franchisees do not have direct control over store operations, ensuring consistency in service and product standards [11][12][19] - Franchisees can suggest locations for new stores, but the final decision remains with the company [13][14] - The company does not guarantee profits or fixed returns for franchisees, but it does provide operational support in case of difficulties [15][19] Group 3 - The company has faced challenges in expanding its franchise model, with a significant contrast between its slow growth and the rapid expansion of competitors [21][22] - The company’s cautious approach stems from past experiences of aggressive expansion leading to significant losses, prompting a more measured strategy [20][22] - The company is exploring new brands and concepts to diversify its offerings and find new growth avenues, with a focus on lower-tier cities [22][23]

Core Insights - Eight Horses Tea has submitted a listing application to the Hong Kong Stock Exchange, drawing significant attention to the Chinese tea industry and highlighting its unique franchise model as a key focus in the prospectus [1] Group 1: Franchise Model and Market Position - The franchise model implemented by Eight Horses Tea since 2007 has become a crucial pillar of its sales network, addressing the long-standing issues of low concentration and fragmentation in the Chinese tea market [3] - As of now, Eight Horses Tea operates over 3,500 offline stores across all provinces in mainland China, enhancing its bargaining power and operational efficiency through centralized procurement and logistics [3] - The company has been recognized as the "No. 1 in National Sales of High-end Chinese Tea" by Sullivan for 2024, reflecting its growing market share [3] Group 2: Support for Franchisees - Eight Horses Tea maintains a high-end brand positioning and implements a comprehensive support strategy for franchisees, including rigorous selection processes and extensive training programs [4] - The company has established 11 training bases in eight cities, focusing on various key areas such as consumer insights, product knowledge, and sales techniques to enhance franchisee capabilities [4] - In supply chain management, Eight Horses Tea collaborates with quality tea farmers and has modernized production facilities to ensure product quality and efficient logistics [4] Group 3: Performance Metrics - The prospectus indicates a stable and strong franchisee network, with the number of franchisees achieving average annual sales exceeding 2 million increasing from 80 in 2022 to 87 in 2023 [5] - As of September 30, 2024, 54.4% of franchisees have been in partnership with Eight Horses Tea for over three years, significantly above the industry average [5] - The average number of stores opened by each franchisee has reached 2.6, with some franchisees operating over 100 stores, showcasing the attractiveness of the franchise model [5] Group 4: Future Prospects - If Eight Horses Tea successfully lists on the capital market, it will leverage enhanced funding and resources to further upgrade its franchise model and elevate its brand, potentially driving more opportunities for the Chinese tea industry [7]

自2007年推行加盟战略，八马茶业以"直营 + 加盟"双轮驱动，构建起行业领先的渠道矩阵。截至目前， 线下门店达3501家，覆盖全国省份。招股书显示，单店终端平均年销售额超200万的加盟商数量不断增 加，675家加盟商与八马茶业合作超三年。从选址到营销的"一站式服务"，以及标准化产品供应与数字 化管理系统，降低了运营门槛，提升了运营效率，成为加盟商长期信赖的关键。 直营转加盟，创新人才与渠道协同 八马茶业推行直营门店转加盟制度，鼓励优秀直营店员工转型为加盟商。这一战略不仅盘活了内部人才 资源，加速优质门店全国复制，还提升了品牌扩张效率与加盟体系稳定性。转型门店在服务标准化与盈 利能力上显著提升，为行业探索出人才与渠道协同发展的新路径。 近日，八马茶业股份有限公司正式向香港联合交易所递交上市申请，联席保荐人为华泰国际、农银国 际、天风国际。此次冲刺港股，八马茶业凭借其独特的加盟模式、庞大的线下门店网络以及数字化供应 链体系，引发了资本市场的高度关注。 严选精培加盟商，全周期赋能 八马茶业对加盟商的扶持贯穿加盟前、加盟中及加盟后的全周期。在加盟前，以严格的资质审核与理念 匹配为核心，通过多维度筛选，确保加盟商实力 ...