Zhou Liu Fu Jewellery Co. Ltd. reported unaudited interim results for the six months ended June 30, 2025. The Group's revenue rose by approximately 5.2% to RMB3,150.4 million, compared to RMB2,993.9 million for the same period in 2024. Gross profit increased by 8.7% to RMB827.2 million, up from RMB761.1 million a year earlier. Net profit was RMB415.3 million, an increase of 11.9% from RMB371.2 million in the prior-year period. The gross profit margin reached 26.3%, up about 1 percentage point year-on-year. Revenue from gold jewelry rose 9% year-on-year to RMB2,534.0 million, attributed mainly to contributions from online sales. Sales of fixed-price gold products increased, while higher gold prices led to decreased consumer demand for gold products sold by weight. Revenue from diamond-set jewelry and other products declined by approximately 4% year-on-year to RMB235.2 million, mainly due to a reduction in diamond-set product sales. Service fee revenue fell 11% to RMB381.3 million, reflecting lower royalties from franchisees as a result of structural adjustments and store closures in the first half of 2025. Cost of sales totaled RMB2,323.2 million, up 4.0% year-on-year, mainly reflecting higher costs associated with increased sales of gold jewelry. The company noted that changes in channel structure and product mix, along with higher gold prices, contributed to the increase in gross profit margin. The company implemented structural adjustments in its retail network, including store closures during the first half of 2025, affecting service fee revenue. No outlook or guidance was provided in the interim report.