Amid sustained capital inflows into the gold market and international gold prices surpassing $4,145 per ounce, the 2025 "Double 11" shopping festival has injected fresh momentum into the gold and jewelry sector. ZHOU LIU FU (06168) delivered a stellar e-commerce performance, highlighting the industry's dual appeal in both capital and consumer markets.
According to the company's internal calculations, ZHOU LIU FU's e-commerce subsidiary reported total sales of RMB 287 million (excluding VIP.com and JD.com self-operated channels), marking a 35.28% year-on-year increase (excluding gold bars). The gross margin stood at 22.05%, up nearly 10 percentage points from the previous year. Additionally, the e-commerce business recorded a 32% revenue growth and a 71% net profit increase from January to October 2025, with a net profit margin exceeding 8%.
Strong sales were evident across platforms. On Tmall, ZHOU LIU FU's 5D hard gold pendant for women topped the brand's gold sales chart, while lightweight products like gold peach blossom bracelets and solid gold beads also ranked among the bestsellers. VIP.com data showed a 68% year-on-year surge in ZHOU LIU FU's gold category sales within the first hour of Double 11.
The robust performance reflects ZHOU LIU FU's successful strategic pivot—transforming gold from a traditional investment into a fashion accessory, catering to Gen Z's "self-rewarding consumption" trend. During Double 11, post-95 shoppers accounted for a growing share of online flagship store traffic, and co-branded collections with cultural institutions like Xi'an Museum and the Summer Palace repeatedly sold out.
Huaxin Securities noted that ZHOU LIU FU's IP collaborations effectively target young consumers, with over 60% of online-exclusive products driving sustained high growth. The sales surge also resonated in the capital market: from October 20 (pre-sales launch) to November 11 (Double 11 finale), ZHOU LIU FU's stock price climbed from HKD 41.88 to HKD 52.55, rallying over 25%—outperforming the Hang Seng Index and consumer ETFs.
With global gold demand rising and China's youth-driven consumption boom, ZHOU LIU FU continues to unlock growth potential through deep e-commerce engagement and product innovation.