ZHOU LIU FU (06168) announced its annual results for the period ending December 31, 2025. The company recorded revenue of 5.834 billion yuan, representing a 2% year-on-year increase. Profit attributable to owners of the parent company was 770 million yuan, up 9.1% compared to the previous year. Basic earnings per share stood at 1.88 yuan, and the board has proposed a final dividend of 0.45 yuan per share, inclusive of tax.
Throughout 2025, the domestic gold and jewelry consumption market faced significant pressure due to factors including high gold prices, shifts in end-user demand, and updates to industry policies. During the reporting period, revenue from the franchise model and self-operated model accounted for approximately 40% and 60% of total revenue, respectively. Overall, offline performance was relatively pressured. Revenue from the franchise model decreased by 19% year-on-year to 2.3329 billion yuan, while revenue from self-operated stores fell by 5% year-on-year to 433 million yuan. The group continued to implement measures such as channel resource integration, optimization of market layout, and improvement of store quality.
In contrast, the group's online business benefited from sustained strategic focus and its unique operational experience, achieving growth in both sales volume and price. Online revenue during the reporting period increased by 29% year-on-year. Within this segment, the sales weight of gold products, excluding gold bars, rose by 10% compared to the previous year.
Looking ahead to 2026, fluctuations in gold prices and diverging consumer demand are expected to remain key challenges and opportunities for the industry. Faced with a complex and changing market environment, the group's management will actively respond and remain committed to achieving high-quality development. The group will focus on a three-dimensional strategic direction centered on "enhancing online efficiency, improving offline quality, and upgrading products." It will continue to deepen and upgrade its core narrative of "brand plus quality" while actively expanding overseas to build an international fashion jewelry group.