证 券 研 究 报 告 周大生（002867）2025 年三季报点评 推荐（维持） Q3 利润+13.6%，产品创新和渠道结构优化 事项： ❖ 公司发布 2025 年三季报：2025 年前三季度公司实现收入 67.7 亿元，同比- 37.4%；归母净利润 8.8 亿元，同比+3.1%；扣非归母利润 8.5 亿元，同比+1.9%。 单 2025Q3 实现收入 21.8 亿元，同比-16.7%；归母净利润 2.9 亿元，同比+13.6%； 扣非归母利润 2.7 亿元，同比+7.7%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,891 | 9,648 | 10,979 | 12,212 | | 同比增速(%) | -14.7% | -30.5% | 13.8% | 11.2% | | 归母净利润(百万) | 1,010 | 1,093 | 1,222 | 1,349 | | 同比增速(%) | -23.2% | 8.2% ...

Core Viewpoint - Minsheng Securities report indicates that Zhou Dashing's net profit attributable to shareholders for H1 2025 is 594 million yuan, a year-on-year decrease of 1.27%, while Q2 2025 shows a net profit of 342 million yuan, an increase of 31.32% [1] Financial Performance - The company distributed a cash dividend of 2.50 yuan per 10 shares (including tax), totaling 271 million yuan, which accounts for 45.70% of the net profit attributable to shareholders for the first half of the year [1] - The performance of self-operated and e-commerce segments exceeded the overall results, with silver jewelry accessories showing significant growth [1] Strategic Initiatives - To address the impact of gold price fluctuations, the company is fully implementing its brand matrix strategy, positioning itself as a "leader in national treasure cultural collection gold products" [1] - The company is deepening its collaboration with national treasure IP through exclusive craftsmanship (such as cloud brocade weaving) to create high-end gold product barriers [1] Market Position - The company is recognized as a leading player in the domestic gold and jewelry industry and maintains a "recommended" rating [1]

民生证券研报指出，周大生25H1归母净利润5.94亿元，同比-1.27%；25Q2归母净利润3.42亿元，同比 +31.32%。公司每10股派发现金红利2.50元（含税），合计派发现金股利2.71亿元，占上半年归母净利 润的45.70%。自营、电商表现优于整体，银饰辅品增长成亮点。为应对金价波动冲击，公司品牌矩阵 战略全面发力，以"国宝文化典藏金品引领者"定位深化与国家宝藏IP的合作，通过独家工艺（如云锦织 金）打造高端黄金产品壁垒。公司是国内黄金珠宝龙头企业，维持"推荐"评级。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][11]. Core Views - The company reported a significant increase in profit margins despite a decline in revenue, showcasing resilience in its business model [3][4]. - The brand strategy and product optimization are effectively mitigating risks associated with fluctuations in gold prices, enhancing the company's competitive edge [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 45.97 billion yuan, a year-on-year decrease of 43.92%. The net profit attributable to shareholders was 5.94 billion yuan, down 1.27% year-on-year [1]. - The second quarter of 2025 saw revenue of 19.24 billion yuan, a decline of 38.47% year-on-year, but net profit increased by 31.32% to 3.42 billion yuan [1][2]. - The gross profit margin improved by 11.96 percentage points to 30.34% in H1 2025, driven by product mix optimization and pricing benefits from rising gold prices [3]. Business Segments - The franchise business generated 24.25 billion yuan in revenue, down 59.12% year-on-year, reflecting reduced replenishment frequency by franchisees due to high gold prices [2]. - The self-operated offline business reported revenue of 8.9 billion yuan, a decrease of 7.56%, while the e-commerce segment achieved 11.68 billion yuan, down 1.94% [2]. - Notably, the fashion silver jewelry and other auxiliary products saw a revenue increase of 11.11% to 3.2 billion yuan, highlighting a structural growth opportunity [2]. Profitability and Forecast - The company forecasts net profits of 11.6 billion yuan, 13.4 billion yuan, and 15.4 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.7%, 15.8%, and 15.0% [4][5]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 13X for 2025, 11X for 2026, and 10X for 2027, indicating attractive valuation levels [4][5].