Zhou Liu Fu Jewellery
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Zhou Liu Fu Jewellery (6168) investor relations material

Zhou Liu Fu Jewellery H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary20 Mar, 2026

Executive summary

  • Revenue rose 2.0% year-over-year to RMB5,834.3 million, driven by strong online sales and product mix optimization.

  • Gross profit increased 8.5% to RMB1,604.3 million, with gross margin up 1.6 percentage points to 27.5%.

  • Net profit grew 8.9% to RMB769.3 million, with net profit margin improvement supported by online and fixed-price product growth.

  • Online sales contributed over half of total revenue, growing 29% year-over-year and delivering a net profit increase of over 70%.

  • Franchise revenue declined 19% due to industry adjustments, while offline self-operated store revenue fell 5%.

Financial highlights

  • Revenue: RMB5,834.3 million (+2.0% YoY); Gross profit: RMB1,604.3 million (+8.5% YoY); Net profit: RMB769.3 million (+8.9% YoY).

  • Gross margin: 27.5% (+1.6ppt YoY); Net margin: 13.2%.

  • EPS: RMB1.88 (basic and diluted); Weighted average shares: 410,058,785.

  • Cash and cash equivalents: RMB975.5 million (up from RMB177.0 million); Interest-bearing borrowings: RMB426.3 million (down from RMB641.1 million).

  • Gearing ratio: 26.4% (down from 34.9%).

Outlook and guidance

  • Focus on enhancing online efficiency, improving offline quality, and upgrading products.

  • Plans to expand overseas with new stores in Hong Kong, Macau, Singapore, Malaysia, and Australia.

  • Continued investment in product innovation, digital tools, and franchise support.

  • All remaining IPO proceeds expected to be fully utilized by December 31, 2028.

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H1 202624 Sep, 2026
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