➢ 事件：周大生发布 2025 年半年度报告。25H1 公司实现营收 45.97 亿元， 同比-43.92%；归母净利润 5.94 亿元，同比-1.27%；扣非归母净利润 5.81 亿 元，同比-0.66%。25Q2 公司实现营收 19.24 亿元，同比-38.47%；归母净利润 3.42 亿元，同比+31.32%；扣非归母净利润 3.39 亿元，同比+36.13%。此外， 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%。 周大生（002867.SZ）2025 年半年报点评 利润高增，持续关注后续发展 2025 年 09 月 02 日 ➢ 自营、电商表现优于整体，银饰辅品增长成亮点。分业务模式来看：25H1， 1）加盟业务营收 24.25 亿元，同比-59.12%，占总营收 52.76%，系加盟客户在 高金价环境下普遍降低补货频次导致，反映渠道信心仍待恢复。2）自营线下业 务营收 8.9 亿元，同比-7.56%，占总营收 19.37%。3）电商业务营收 11.68 亿 元，同比-1.94%，占总营收 25.41%。分产品类别来看：1） ...

Core Viewpoint - The international gold price remains high, significantly impacting Zhou Dasheng's performance, with a notable decline in revenue and store count [1][2][7]. Financial Performance - Zhou Dasheng reported a revenue of 4.597 billion yuan for the first half of 2025, a year-on-year decrease of 43.92% [2][5]. - The net profit for the same period was 594 million yuan, reflecting a slight decline of 1.27% year-on-year [2][8]. - The overall gross profit margin improved to 30.34%, an increase of 11.96 percentage points compared to the previous year, partially offsetting the revenue decline [1][6]. Sales Breakdown - The revenue from franchise operations was 2.425 billion yuan, down 59.12% year-on-year, with gold product sales dropping 65.16% [2][4]. - Self-operated offline business revenue was 890 million yuan, a decrease of 7.56% year-on-year, while e-commerce revenue was 1.168 billion yuan, down 1.94% [3][4]. - The sales of embedded products in self-operated channels increased by 46.71%, while gold product sales decreased by 11.39% [3][4]. Store Count and Strategy - As of mid-2025, the total number of Zhou Dasheng stores was 4,718, a net decrease of 512 stores from the previous year [1][7]. - The company closed 494 stores in the first half of 2025, impacting revenue by approximately 288 million yuan, which accounted for 6.27% of total revenue [7]. - Zhou Dasheng plans to continue monitoring gold price trends and consumer sentiment to adjust product offerings and marketing strategies accordingly [7]. Dividend Policy - Despite the decline in net profit, Zhou Dasheng proposed a mid-term dividend of 2.71 billion yuan, distributing 2.5 yuan per 10 shares (including tax) [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [6]. Core Views - Despite a decline in revenue, the company's profitability remains resilient, with a net profit of 5.94 billion yuan in the first half of 2025, only a slight decrease of 1.27% year-on-year [1]. - The gross margin has reached a record high of 30.34% in the first half of 2025, benefiting from product structure optimization and pricing advantages due to rising gold prices [1]. - The company is undergoing a significant transformation in its product offerings, with a notable shift towards trendy silver jewelry and other auxiliary products, which have seen revenue growth [2]. Financial Summary - The company reported a total revenue of 45.97 billion yuan in the first half of 2025, a year-on-year decrease of 43.92% [1]. - The net cash flow from operating activities was 4.03 billion yuan, down 68.83% year-on-year, primarily due to reduced sales collections [1]. - The company expects revenues of 103 billion yuan, 112 billion yuan, and 120 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 12.5 billion yuan, 13.9 billion yuan, and 15.6 billion yuan [4]. Product and Channel Performance - Revenue from gold products decreased by 50.94% to 34.15 billion yuan, while revenue from trendy silver jewelry increased by 11.11% to 3.2 billion yuan, reflecting changing consumer preferences [2]. - The company is actively adjusting its store structure, with a total of 4,718 stores, including 4,311 franchise stores, which saw a net closure of 344 stores [3]. - E-commerce revenue was 11.68 billion yuan, showing a slight decline of 1.9%, but the online subsidiary reported a net profit increase of 24.61% [3].