Zhou Liufu (06168) announced interim results, net profit of 388 million yuan, a year-on-year decrease of about 6.5%, and interim interest of 0.44 yuan per share

According to the Zhitong Finance App, Zhou Liufu (06168) announced interim results for the six months ended June 30, 2026. The group's revenue was about RMB 2,365 million, a year-on-year decrease of about 24.9%; gross profit of about RMB 820 million, a year-on-year decrease of about 0.9%; net profit of 388 million yuan, a year-on-year decrease of about 6.5%; and an interim interest rate of 0.44 yuan per share.

In the first half of 2026, the online business still accounts for more than half of the Group's revenue and continues to maintain a high level of profit, which is an important pillar of the Group's fundamentals. Affected by factors such as adjustments in the Group's online gold bar business and a clear correction in gold prices, online business has been under pressure since the second quarter, and revenue has declined.

In the first half of 2026, revenue from the Group's offline retail business increased 13% year-on-year, and average store revenue increased 17% since the second quarter. The Group's own stores are mainly concentrated in high-end shopping malls in Tier 1 and 2 cities, and the number of stores increased steadily to 117 during the reporting period.

Since 2026, due to sharp fluctuations in gold prices, etc., the group's business volume has declined. The franchise model accounts for about 33% of revenue, and the self-operated model accounts for about 67% of revenue (including online and offline retail, etc.).

During the reporting period, sharp fluctuations in gold prices curbed the enthusiasm of offline consumers to buy in the short term, causing the gold and jewelry consumer market to face greater market pressure: (1) revenue from the franchise model recorded 789 million yuan, down 36% from the same period; (2) revenue from online sales channels recorded 1,228 billion yuan, down 25% from the same period; (3) revenue of self-operated stores in the first half of the year was 241 million yuan, an increase of 13% over the same period. Since last year, self-operated stores have also continued to integrate channel resources, optimize market layout, and improve store quality. The results are beginning to show; same-store revenue has increased 7% year-on-year since the second quarter.