加盟模式收入下滑，营收占比被线上渠道超越 曾被视作周六福增长引擎的加盟模式，正在经历结构性调整的阵痛。财报显示，2025年上半年，周六福 净关闭门店272家，截至6月30日，门店总量为3857家。其中加盟店数量为3760家，较上年同期净减少 278家。随着加盟门店数量收缩，来自该渠道的服务费收入同比下跌11%至3.81亿元。对此周六福解释 称，集团持续对线下门店进行结构性调整，优化门店布局，对销售网点实施优胜劣汰，部分加盟商主动 选择关闭门店。 加盟模式收入的全线下滑更值得关注。由于金价快速上涨短期内抑制了线下消费者购买热情，加盟商采 购观望情绪浓厚，上半年该渠道实现收入12.29亿元，同比下滑17%，占总营收比重为39%，较去年同期 的49%显著下滑，并被线上渠道反超。 事实上，长期以来加盟模式都是周六福的主要收入来源。2022年至2024年间，加盟模式收入占比均超过 50%，但服务费占比则从25.7%逐步下滑至14.8%。 与加盟模式下滑形成鲜明对比的是线上渠道的高速成长。2025年上半年，周六福线上销售收入同比增长 34%至16.32亿元，在总营收中占比达到52%，成为公司最大的收入来源。该部分销售主要 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the **Chinese economy**, **gold and jewelry industry**, **new consumption sectors**, **traditional consumption sectors**, **technology sector**, and **pharmaceutical industry**. Core Insights and Arguments 1. **Economic Environment**: The U.S. tariff policy remains unresolved, leading to increased pressure on Chinese exports and weakened production, investment, and consumption willingness among enterprises. Employment data shows negative growth, further impacting liquidity [1][2][4]. 2. **Industrial Profit Decline**: Domestic industrial profits are at their lowest since 2020, with PMI data hitting new lows, indicating persistent deflationary pressures. Actual financing costs for enterprises have risen, leading to decreased production willingness [1][4]. 3. **Investment Strategy**: A defensive investment strategy is recommended, focusing on trading U.S. recession through gold and gold stocks for certain returns, and increasing positions in growth dividends and innovative pharmaceuticals as domestic fiscal policies strengthen [1][5]. 4. **New Consumption Opportunities**: New consumption sectors such as the silver economy, tourism, pet economy, smart home, animation, and personal care are gaining traction, supported by fiscal stimulus and less correlation with economic cycles [1][6]. 5. **Traditional Consumption Stability**: Traditional sectors like education, dairy, maternal and infant consumption, hospitality, tourism, and medical beauty show stable cash flows and increasing ROE, with dividends expected to rise [1][8]. 6. **Technology Sector Focus**: Key areas in the technology sector include optical chips, smart speakers, new display materials, AI wearable devices, autonomous driving technology, GPUs, and radar. Companies with rising volume and price, along with high valuation tolerance, are of particular interest [3][9]. 7. **Gold and Jewelry Market Outlook**: The gold and jewelry industry is expected to perform well in 2025, with high gold prices increasing consumer acceptance. Companies like Chao Hong Ji are expanding overseas and innovating product lines to enhance consumer demand [15][16]. 8. **Pharmaceutical Sector Insights**: Innovative pharmaceutical companies are highlighted as key investment targets, with a focus on large pharmaceutical firms that are currently undervalued. Companies like Huadong Medicine and Sanofi are noted for their strong growth potential [12][14]. 9. **Gold Supply and Demand Dynamics**: The gold supply is expected to decline in 2025 due to reduced copper-associated gold mining, while demand remains strong, particularly from gold ETFs and central bank purchases [20]. 10. **Small Metals Market Performance**: The small metals market, especially rare earths and antimony, is performing well due to improved pricing and inventory replenishment driven by export controls [21]. Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The uncertainty surrounding trade negotiations is significantly impacting market sentiment and fundamentals, particularly as U.S.-China relations remain tense [2]. 2. **Long-term Growth Potential**: Despite short-term volatility, companies with solid fundamentals, such as those in the insurance and banking sectors, are expected to show strong long-term growth potential [27][28]. 3. **Investment Timing**: Investors are advised to consider buying during short-term adjustments in new consumption sectors to capture long-term value [7][11]. This summary encapsulates the critical insights and recommendations from the conference call records, providing a comprehensive overview of the current market landscape and investment opportunities across various sectors.