Company Overview - Zhou Liu Fu Jewellery Co., Ltd. was established on April 28, 2004, with Li Weipeng as the legal representative [2] - The company operates in the metal products industry, focusing on the design, wholesale, retail, and import-export of precious metal jewelry, embedded jewelry, and gemstone jewelry [2] Recent Developments - Recently, Zhou Liu Fu Jewellery Co., Ltd. underwent a business change, increasing its registered capital from approximately 380 million RMB to about 440 million RMB, representing a growth of approximately 16% [1] - There have also been changes in some of the company's senior management [1]

Core Viewpoint - Zhou Liu Fu Jewellery Co., Ltd. has recently increased its registered capital from approximately 380 million RMB to about 440 million RMB, marking a growth of around 16% [1] Company Information - Zhou Liu Fu Jewellery Co., Ltd. was established in April 2004 and is legally represented by Li Weipeng. The company's business scope includes the design, wholesale, retail, and import-export of precious metal jewelry, embedded jewelry, and gemstone jewelry [1][3] - The company is jointly held by Shenzhen Ruoshui United Investment Co., Ltd., Shenzhen Shangshan United Investment Co., Ltd., and Shenzhen Qiankun United Investment Co., Ltd. [1][2] Shareholder Structure - Major shareholders include: - Shenzhen Ruoshui United Investment Co., Ltd. with a holding of 37.07% and a subscribed capital of approximately 133.46 million RMB - Shenzhen Shangshan United Investment Co., Ltd. with a holding of 27.80% and a subscribed capital of about 100.10 million RMB - Shenzhen Qiankun United Investment Co., Ltd. also with a holding of 27.80% and a subscribed capital of around 100.10 million RMB [2] Recent Changes - The company has undergone changes in its senior management, with new appointments including Li Weipeng as Vice Chairman and other board members [1][2] - The registered capital change was officially recorded on September 2, 2025, reflecting the company's growth and potential for future expansion [2]

天眼查工商信息显示，9月2日，周六福珠宝股份有限公司发生工商变更，注册资本由约3.8亿人民币增 至约4.4亿人民币，增幅约16%，同时部分高管发生变更。 周六福珠宝股份有限公司成立于2004年4月，法定代表人为李伟蓬，经营范围包括贵金属首饰、镶嵌首 饰、珠宝玉石首饰设计、批发、零售、进出口等。股东信息显示，该公司由深圳若水联合投资有限公 司、深圳上善联合投资有限公司、深圳乾坤联合投资有限公司等共同持股。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders in Q2 2025 increased by 31.3% year-on-year, indicating a significant recovery in profitability [1] - The company has a strong focus on brand rejuvenation and product innovation, leveraging a multi-brand strategy to enhance market penetration [1] - The company reported a dividend payout ratio of 46% for H1 2025, with a total dividend of 9 CNY per 10 shares for the year [1] Financial Performance Summary - For H1 2025, the company achieved total revenue of 46 billion CNY, a year-on-year decrease of 43.9%, while the net profit attributable to shareholders was 5.9 billion CNY, down 1.3% year-on-year [1] - In Q2 2025, the company recorded revenue of 19.2 billion CNY, a decline of 38.5% year-on-year, but net profit attributable to shareholders was 3.4 billion CNY, reflecting a 31.3% increase year-on-year [1] - The gross profit margin for H1 2025 was 30.3%, up 12.0 percentage points year-on-year, driven by rising gold prices and improved product mix [1] Product and Market Strategy - The company has optimized its store structure, with a total of 4,718 brand terminals as of H1 2025, including 407 self-operated and 4,311 franchise stores [1] - The brand matrix strategy includes collaborations with national-level artisans and the introduction of products for various consumer scenarios, enhancing brand penetration [1] - The company aims to expand its consumer base through IP collaborations and product series targeting wedding and daily wear segments [1] Earnings Forecast and Valuation - The company forecasts net profits attributable to shareholders of 11.1 billion CNY, 12.2 billion CNY, and 13.1 billion CNY for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 10.1%, 9.3%, and 7.6% [1] - The latest closing price corresponds to a P/E ratio of 13, 12, and 11 times for the years 2025 to 2027 [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance in 2024 was impacted by fluctuations in gold prices, with a revenue of 13.89 billion yuan, a year-on-year decrease of 14.73%, and a net profit of 1.01 billion yuan, down 23.25% [1] - The company plans to maintain a high dividend payout ratio in 2024, with a total cash dividend of 1.03 billion yuan, resulting in a dividend rate of 102.09% [2] - The decline in revenue is primarily attributed to the franchise business and gold products, with a net reduction of 98 stores in 2024 [3] Financial Performance Summary - In 2024, the company achieved revenues of 138.91 billion yuan, with a net profit of 10.10 billion yuan, and a gross profit margin of 20.8% [1][6] - For Q1 2025, the company reported revenues of 2.67 billion yuan, a decrease of 47.28%, with a net profit of 0.25 billion yuan, down 26.12% [1][3] - The company expects revenues of 142 billion yuan in 2025, with a projected net profit of 1.12 billion yuan, reflecting a year-on-year growth of 11% [4][6] Product and Channel Performance - Revenue from self-operated stores increased by 7.8%, while franchise revenue decreased by 23.3% in 2024 [3] - The revenue breakdown for 2024 shows that gold jewelry sales decreased by 17%, while other jewelry categories saw mixed results [3] - The company had a total of 5,008 stores at the end of 2024, with a net closure of 98 stores during the year [3] Future Projections - The company forecasts revenue growth of 3% in 2025, with net profit expected to rise by 11% [4] - The projected P/E ratios for 2025, 2026, and 2027 are 13, 11, and 9 times, respectively [4]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant drop in Q1 2025, attributed to high gold prices impacting consumer demand, although online sales showed growth [1][2][3] Financial Performance - In 2024, the company achieved revenue of 13.891 billion yuan, down 14.73%, and a net profit of 1.010 billion yuan, down 23.25% [1] - Q4 2024 revenue was 3.083 billion yuan, down 18.79%, with a net profit of 155 million yuan, down 29.69% [1] - Q1 2025 revenue was 2.673 billion yuan, down 47.28%, with a net profit of 252 million yuan, down 26.12% [1] Product Revenue Breakdown - Revenue from gold jewelry was 11.439 billion yuan, accounting for 82.35%, down 16.62% [2] - Revenue from embedded jewelry was 758 million yuan, accounting for 5.46%, down 17.36% [2] - Other jewelry revenue increased to 601 million yuan, accounting for 4.33%, up 66.70% [2] - Brand usage fee revenue was 706 million yuan, accounting for 5.08%, down 18.13% [2] - Other business revenue was 387 million yuan, accounting for 2.78%, down 10.05% [2] Sales Model Analysis - Self-operated (offline) revenue was 1.744 billion yuan, accounting for 12.55%, up 7.80%, with an average of 343 stores [2] - E-commerce (online) revenue was 2.795 billion yuan, accounting for 20.12%, up 11.42% [2] - Franchise revenue was 9.187 billion yuan, accounting for 66.13%, down 23.26%, with an average of 4,798 stores [3] Market Outlook - The company is expected to strengthen its main brand while building a diverse sub-brand matrix to capture market share [3] - Revenue projections for 2025-2027 are 15.106 billion yuan, 16.698 billion yuan, and 18.421 billion yuan, with net profits of 1.108 billion yuan, 1.237 billion yuan, and 1.377 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][13] Core Views - The company's operating performance is under pressure due to rising gold prices, with a significant decline in revenue and net profit for 2024 and Q1 2025. Revenue for 2024 was 13.89 billion yuan, down 14.7% year-on-year, and net profit was 1.01 billion yuan, down 23.2% year-on-year. For Q1 2025, revenue was 2.67 billion yuan, down 47.3%, and net profit was 252 million yuan, down 26.1% [4][5] - The company is expected to see a recovery in profitability from 2025 to 2027, with projected net profits of 1.15 billion yuan, 1.36 billion yuan, and 1.59 billion yuan respectively. The current stock price corresponds to a PE ratio of 12.4, 10.5, and 9.0 for 2025-2027 [4][5] - The company is focusing on optimizing its brand matrix and channel structure to enhance growth potential, despite current challenges [4][6] Financial Summary - In 2024, the company achieved a revenue of 138.91 billion yuan, with a year-on-year decline of 14.7%. The net profit attributable to the parent company was 10.10 billion yuan, down 23.2% [4][7] - For Q1 2025, the company reported a revenue of 26.73 billion yuan, a decrease of 47.3%, and a net profit of 2.52 billion yuan, down 26.1% [4][5] - The company’s gross margin for Q1 2025 was 26.2%, an increase of 10.6 percentage points, attributed to a decrease in the proportion of low-margin gold products [5][6] Channel and Brand Strategy - The company plans to optimize its channel structure and brand matrix in 2025, with a focus on enhancing its direct sales channels, which have shown resilience. In 2024, the company opened 663 new stores, ending the year with a total of 5008 stores [6][7] - The brand strategy includes the rebranding of multiple brands and strengthening partnerships, such as "Zhou Dasheng X National Treasure" and "Zhou Dasheng Classic" [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance is under pressure due to rising gold prices, with revenue for 2024 expected to be 13.89 billion yuan, a year-on-year decrease of 14.7%, and a net profit of 1.01 billion yuan, down 23.2% [4] - For Q1 2025, the company reported revenue of 2.67 billion yuan, a significant decline of 47.3%, and a net profit of 252 million yuan, down 26.1% [4] - The company is expected to reshape its multi-brand positioning, which is anticipated to drive future growth momentum, with a reasonable current valuation [4] Financial Summary - The total market capitalization of the company is 142.80 billion yuan, with a circulating market capitalization of 141.97 billion yuan [1] - The company's total revenue for 2023 was 16.29 billion yuan, with a year-on-year growth of 46.5% [7] - The projected revenue for 2025 is 15.30 billion yuan, reflecting a year-on-year increase of 10.1% [7] - The projected net profit for 2025 is 1.15 billion yuan, with a year-on-year growth of 14.0% [7] - The company's EPS for 2025 is expected to be 1.05 yuan, with a P/E ratio of 12.4 times [4][7] Channel and Brand Strategy - The company plans to optimize its channel structure and brand matrix in 2025, with a focus on enhancing its direct sales channels [6] - In 2024, the company opened 663 new offline stores, bringing the total to 5,008, although the franchise channel faced challenges [6] - The company is actively working on its multi-brand positioning, including collaborations with "National Treasure" and strengthening its brand matrix [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company's performance is under pressure due to high gold prices, leading to a decline in consumer demand for gold jewelry. However, the company is focusing on brand upgrades and enhancing its product matrix [7]. - The company reported a total revenue of 138.91 billion yuan in 2024, a year-on-year decrease of 14.73%, with a net profit of 10.10 billion yuan, down 23.25% year-on-year [7]. - In Q1 2025, the company achieved revenue of 26.73 billion yuan, a significant decline of 47.28% year-on-year, primarily due to rising gold prices affecting consumer purchasing behavior [7]. - The company is expanding its self-operated stores and enhancing its brand presence through differentiated store formats, including collaborations with CCTV and new product lines [7]. Financial Summary - The company’s projected total revenue for 2025 is 15.47 billion yuan, with an expected net profit of 1.11 billion yuan, reflecting a growth rate of 10.4% compared to 2024 [6][9]. - The gross profit margin is expected to be 19.0% in 2025, down from 20.8% in 2024, indicating a shift in product mix and pricing pressures [6][9]. - The company plans to distribute cash dividends of 6.5 yuan per 10 shares for the 2024 fiscal year, totaling approximately 7.06 billion yuan [7].

Investment Rating - The investment rating for the company is "Maintain Buy" [6] Core Views - The company is facing performance pressure in 2024 and Q1 2025, with a revenue decline of 14.7% to 138.9 billion yuan and a net profit decrease of 23.2% to 10.1 billion yuan in 2024. The gross margin improved by 2.7 percentage points to 20.8% [1] - In Q1 2025, the company experienced a significant revenue drop of 47.3% to 26.7 billion yuan, although the gross margin increased by 10.6 percentage points to 26.2% due to rising gold prices and product/channel optimization [2] - The company is focusing on optimizing its product and channel structure to enhance performance in 2025, with expected revenue growth of 3% to 143.04 billion yuan and net profit growth of 3.3% to 10.43 billion yuan [11] Summary by Sections Revenue and Profitability - In 2024, the company's revenue decreased by 14.7% to 138.9 billion yuan, with a net profit decline of 23.2% to 10.1 billion yuan. The dividend payout was 0.95 yuan per share, resulting in a dividend yield of 7.32% [1] - For Q1 2025, revenue fell by 47.3% to 26.7 billion yuan, with a net profit decrease of 26.1% to 2.5 billion yuan [2] Channel Performance - **Self-operated Offline**: Revenue grew by 7.8% to 17.44 billion yuan in 2024, with 353 self-operated stores, but Q1 2025 revenue declined by 16.29% to 5.27 billion yuan [3] - **Self-operated Online**: Revenue increased by 11.42% to 27.95 billion yuan in 2024, but saw a decline of 6.71% to 5.3 billion yuan in Q1 2025 [4] - **Franchise Business**: Revenue dropped by 23.26% to 91.87 billion yuan in 2024, with a further decline of 58.63% to 15.84 billion yuan in Q1 2025 [5] Product Performance - Revenue from gold jewelry and embedded jewelry decreased by 16.62% and 17.36% respectively in 2024, while gross margins were affected by rising gold prices [10] - The company plans to launch new products in 2025 to stimulate demand, focusing on both gold and non-gold categories [10] Financial Projections - The company expects a revenue increase of 3% to 143.04 billion yuan and a net profit increase of 3.3% to 10.43 billion yuan in 2025, with a projected P/E ratio of 14 times [11][12]