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Zhou Liu Fu Jewellery (6168) investor relations material
Zhou Liu Fu Jewellery H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for H1 2026 was RMB2,365.0 million, down 24.9% year-over-year, mainly due to declines in franchise and online business performance.
Gross profit decreased 0.9% to RMB819.6 million, while net profit fell 6.5% to RMB388.2 million compared to H1 2025.
Gross profit margin improved to 34.7%, up 8.4 percentage points year-over-year, driven by changes in channel and product mix.
Online business contributed over half of total revenue but declined 25% YoY due to gold price volatility and business adjustments; self-operated stores achieved 13% YoY revenue growth.
Franchise business underwent rationalization, with a net decrease in stores but improved average revenue per store in Q2.
Financial highlights
Revenue: RMB2,365.0 million (down 24.9% YoY).
Gross profit: RMB819.6 million (down 0.9% YoY).
Net profit: RMB388.2 million (down 6.5% YoY).
Earnings per share: RMB0.86 (down from RMB1.09 in H1 2025).
Interim dividend proposed: RMB0.44 per share.
Outlook and guidance
Online business expected to recover as gold price volatility subsides and new high-margin products are launched.
Focus on product upgrades, channel synergy, and brand rejuvenation to drive medium- to long-term growth.
Continued expansion in overseas markets, targeting six new stores in 2026.
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