Minsheng Securities: Maintaining a "recommended" rating for Zhou Dasheng, brand matrix strategy in full force.

Minsheng Securities' research report pointed out that Zhou Dasheng's 25H1 net profit attributable to mothers was 594 million yuan, a year-on-year decrease of 1.27%; 25Q2 net profit attributable to mothers was 342 million yuan, a year-on-year increase of 31.32%. The company distributed a cash dividend of 2.50 yuan per 10 shares, totaling 271 million yuan in cash dividends, accounting for 45.70% of the net profit attributable to mothers in the first half of the year. The company's performance in self-operated and e-commerce businesses is better than the overall performance, and the growth of silver jewelry and accessories is a highlight. To cope with the impact of fluctuations in gold prices, the company's brand matrix strategy is fully deployed, positioning itself as the leader in "national treasure cultural collection gold products", deepening cooperation with national treasure IP, and creating high-end gold products through exclusive craftsmanship barriers. The company is a leading domestic gold and jewelry enterprise and maintains a "recommended" rating.