In the first quarter of this year, China’s large jewelry chain brand Zhou Dasheng’s revenue fell by nearly 27% year-on-year, with some directors and senior executives reducing their holdings.
On the evening of May 12th, Zhou Dasheng Jewelry Co., Ltd. (Zhou Dasheng, 002867) disclosed a pre-disclosure announcement of the reduction of shareholdings by directors and senior management.
The announcement revealed that the company’s directors Guan Peiwei, Xia Hongchuan, Chen Shouping, and senior management Xu Jinzhuo plan to collectively reduce their holdings by a total of no more than 323,711 shares, accounting for no more than 0.0298% of the total share capital of the company between June 4, 2026, and September 3, 2026, through centralized bidding.
Among them, Guan Peiwei intends to reduce holdings by no more than 102,187 shares (0.0094% of total share capital), Xia Hongchuan intends to reduce holdings by no more than 60,937 shares (0.0056% of total share capital), Chen Shouping intends to reduce holdings by no more than 115,525 shares (0.0106% of total share capital), and Xu Jinzhuo intends to reduce holdings by no more than 45,062 shares (0.0042% of total share capital). The reason for the reduction is personal fund usage.
As of the close on May 12th, Zhou Dasheng fell by 1.51% to 13.03 yuan per share. Based on the closing price, the total reduction amount mentioned above does not exceed 4.22 million yuan.
On April 28th, Zhou Dasheng released its first quarter report for 2026.
The report shows that in the first quarter, the company achieved operating income of 1.954 billion yuan, a decrease of 26.90% year-on-year, mainly affected by the decline in revenue from franchise channels; net profit attributable to shareholders of the listed company was 293 million yuan, an increase of 16.38%; non-GAAP net profit was 281 million yuan, an increase of 16.14%. Due to optimized product structure, changes in channel contributions, and the release of the gold price bonus, the overall gross profit margin increased by 13.22% compared to the same period last year, offsetting the profit pressure from the revenue decline.
Zhou Dasheng stated that in the first quarter, the rapid and sustained high gold prices internationally had a significant inhibitory effect on retail consumption of jewelry, leading downstream franchise distributors to adopt destocking strategies due to sluggish store consumption demand and low replenishment willingness, which industry is still facing significant pressure.
When divided by product category, revenue for the first quarter decreased year-on-year across the board.
Sales revenue for gold products was 1.416 billion yuan, down 33.06% year-on-year, accounting for 72.45% of revenue; sales revenue for mounted products was 120 million yuan, down 6.64% year-on-year, accounting for 6.12% of revenue; brand usage fee revenue was 209 million yuan, down 3.08% year-on-year, accounting for 10.70% of revenue.
As of March 31, 2026, the total number of Zhou Dasheng brand terminal stores was 4,193, including 3,803 franchise stores and 390 self-operated stores, a net decrease of 286 stores from the beginning of the year.
Public information shows that Zhou Dasheng Jewelry Co., Ltd. is located at Buxin Road, Cuizhu Street, Luohu District, Shenzhen City, Guangdong Province. Founded in October 2007, it went public in April 2017, and its main business involves the design, promotion, and chain operation of “Zhou Dasheng” brand jewelry.
The revenue composition of the main business is: gold jewelry 71.95%, brand usage fee 8.94%, mounted jewelry 8.64%, other jewelry 6.26%, franchise management service 2.21%, other (supplementary) 1.37%, supply chain service 0.51%, small loan finance 0.13%, project management service 0.01%.