证券研究报告 | 2025年08月28日 周大生（002867.SZ） 优于大市 单二季度归母净利润增长 31%， "悦己"趋势带动饰品增长 收入承压，利润表现相对稳定。公司 2025 上半年实现营收 45.97 亿元，同 比-43.29%，归母净利润 5.94 亿元，同比-1.27%。单二季度看，收入同比 -38.47%至 19.24 亿元，归母净利润同比+31.32%至 3.42 亿元，较一季度显 著改善，受益毛利率增加及广告营销相关费用优化。整体上，公司收入在金 价高企、终端需求观望承压而影响加盟商拿货，以及净关店下出现下滑，但 利润受益产品结构优化、金价利好毛利及营销费用优化下表现相对稳定。 此外，公司拟每 10 股派发现金股 2.5 元（含税），合计派发现金股利 2.71 亿元， 占当期归母净利润的 46%。 饰品类目需求增长，电商业务整体经营保持平稳。分业务模式看，自营线下 实现收入 8.9 亿元，同比-7.56%；电商 11.68 亿元，同比-1.94%。加盟业务 实现收入 24.25 亿元，同比-59.12%，受制于加盟客户在高金价环境下普遍 降低补货频次影响。分产品类型看，素金产品受金价上涨 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the fashion jewelry industry, specifically focusing on the performance of a jewelry brand in July 2025, highlighting significant sales growth and trends in customer behavior related to gold products. Core Insights and Arguments - **Sales Growth**: Overall sales in July 2025 increased by 59% year-on-year, with weight-based gold sales growing by 68% and fixed-price gold sales increasing by 64%. In contrast, embedded and plain gold products saw declines of 24% and 23% respectively [1][3][4]. - **Same-Store Sales**: The improvement in same-store sales is attributed to customers adapting to high gold prices and an increase in the old-for-new exchange ratio from over 30% last year to over 40% this year. This exchange program has boosted front-end revenue, although it has a limited impact on brand owners [1][5][6]. - **Customer Behavior**: Customers opting for the old-for-new exchange are primarily purchasing weight-based gold, indicating a trend where higher purchasing power customers prefer larger items [1][9]. - **Market Outlook**: The company maintains a cautiously optimistic outlook for August 2025, with expectations for improved performance in the East China region ahead of the Qixi Festival [1][11]. Additional Important Content - **Store Expansion**: As of the end of July 2025, the company opened 38 new stores, with plans to accelerate store openings in the second half of the year. The annual sales target has been adjusted to a 25% increase compared to 2024, with a 10%-20% increase in the second half [4][15][17]. - **Promotional Strategies**: For the Qixi Festival, the company plans to promote cultural products from the Palace Museum and collaborate with various IPs, while also considering adjusting discount strategies to remain competitive [1][13][14]. - **Old-for-New Policy Impact**: While the old-for-new policy reduces gross margins for franchisees, it does not necessarily decrease their net profits due to reduced VAT burdens from purchasing new goods with recovered old gold [6][7]. - **Sales Targets for Qixi Festival**: The company aims to sell between 6,000 to 8,000 pieces of targeted products at a unit price of 2,400 yuan during the Qixi Festival [19]. - **Autumn Order Meeting**: The company is optimistic about the upcoming autumn order meeting, targeting 2.8 billion yuan in order revenue, with upgraded operational methods to enhance order completion rates [21][22]. This summary encapsulates the key points discussed in the conference call, providing insights into the company's performance, market strategies, and future outlook within the fashion jewelry industry.