The company’s registered English name is Zhou Liu Fu Jewellery Co., Ltd., with its registered headquarters located in Shenzhen. 10

The Chinese name 周六福 centres on the concept of “六福”, representing six blessings. According to the company, these comprise:

1. Health (健康之福)
2. Safety and peace (平安之福)
3. Harmony (和谐之福)
4. Prosperity (富裕之福)
5. Virtue (美德之福)
6. Achievement (成就之福)

The brand interprets “周六福” as signifying complete blessings and lasting happiness, aligning with Chinese cultural traditions surrounding weddings, family milestones, and gift-giving. The corporate mission is expressed as “缔造价值，传承真爱” (“creating value and passing on true love”).

Foundation and Early Expansion (2004–2009)

ZHOU LIU FU was established in 2004 as a modern jewellery chain during a period of rapid growth in China’s retail market. By 2005, it had opened over 100 stores, including a flagship in Guangzhou. The franchise network grew to approximately 530 stores by 2008. In 2009, the company undertook a significant brand repositioning and image refresh.

National Growth and Milestones (2011–2019)

The chain surpassed 1,000 stores in 2011, transitioning to a nationwide network. National awareness increased substantially following the launch of advertising campaigns on China Central Television (CCTV) in 2012. Between 2013 and 2015, the company expanded celebrity marketing and industry partnerships; notably, it became a designated platinum retailer through cooperation with the International Platinum Guild in 2015.

In 2017, ZHOU LIU FU introduced its third-generation store concept, exceeded 2,000 branded stores, and launched the “一心一爱·切工” (“One Heart, One Love · Cut”) product line. Store numbers reached approximately 2,790 in 2018 and surpassed 3,000 in 2019, coinciding with the appointment of singer Jane Zhang (张靓颖) as brand spokesperson.

Digitalisation and Public Listing (2020–Present)

The company unveiled its 4.0 retail-store image in 2020 to enhance contemporary appeal. Actor Ming Dao (明道) joined as craftsmanship ambassador in 2021. By 2022, the national network had grown to approximately 4,000 stores alongside the introduction of a fifth-generation store concept.

From 2023 to 2024, the company intensified its digital strategy, integrating e-commerce with its physical franchise network. A pivotal milestone occurred on 26 June 2025, when ZHOU LIU FU completed its initial public offering on the Hong Kong Stock Exchange with stock code 6168. The IPO price was set at HK$24.00 per H-share, comprising a global offering of 53.8292 million shares after adjustments. The public offering was heavily oversubscribed, reflecting strong investor demand.

ZHOU LIU FU operates an integrated model spanning R&D, design, sourcing, production, franchise management, and retail. 2 Unlike traditional manufacturers, it functions primarily as a brand and supply-chain operator.

Franchise Structure

Franchising is central to the company’s expansion strategy. As of 30 June 2022, the network comprised 3,798 franchised stores and 74 self-operated stores. 3 By the end of 2024, the total global store count stood at 4,129, of which 4,038 were franchised and only 91 were self-operated. Consequently, over 95% of its retail footprint is franchise-based, allowing for asset-light scaling and extensive geographical coverage.

The brand offers a diverse portfolio catering to both traditional and contemporary tastes:

• Gold Jewellery: A core category including necklaces, bracelets, rings, earrings, bangles, pendants, investment-grade gold, and traditional designs. Gold remains culturally significant for weddings, Lunar New Year, and birthdays.
• Diamond Jewellery: The company maintains a strong focus on setting and craftsmanship, offering engagement rings, diamond necklaces, earrings, and fashion pieces.
• Platinum: Sold alongside gold and diamonds, supported by historical ties to the international platinum industry.
• K-Gold: Positioned as a fashion-forward category targeting younger demographics.
• Jadeite and Gemstones: Included to address traditional preferences and varied gifting occasions. 4

ZHOU LIU FU targets the mid-to-upper mid-range segment rather than the ultra-luxury tier. Its primary audience includes young urban consumers, couples, wedding customers, and gift buyers seeking branded jewellery at accessible price points. The brand combines Chinese cultural symbolism with modern fashion and emotional storytelling. Industry bodies have described its positioning as using emotionally expressive jewellery to lead a “light-luxury” fashion style.

Cultural Identity

The brand actively integrates traditional Chinese aesthetics with contemporary “Guochao” (national trend) culture. This approach reinterprets heritage elements for younger consumers, transforming traditional symbolism into commercially viable modern jewellery. 5

Physical Presence

Historically, ZHOU LIU FU has maintained a competitive advantage through deep penetration of third- and fourth-tier cities in China. This strategy differentiates it from premium groups concentrated in top-tier luxury districts, enabling broad geographic reach and strong local franchisee relationships.

Omnichannel Strategy

The company operates across major platforms including Tmall, JD.com, and Vipshop, integrating online and offline channels. 6 Online sales have become a critical growth driver; in the first half of 2025, e-commerce revenue reached approximately RMB 3.15 billion, representing a 5.2% year-on-year increase. 7

The company has demonstrated significant revenue growth, though the pace has moderated recently.

Full-year 2025 results showed revenue of approximately RMB 5.8343 billion (+2.0% YoY), gross profit of RMB 1.6043 billion (+8.5%), and net profit of RMB 769.3 million (+8.9%). 8 While revenue growth slowed from roughly 66% in 2023 to 2% in 2025, profitability continued to improve, signalling a strategic shift towards operational efficiency and brand development over pure physical expansion. 13

The 2025 IPO marked ZHOU LIU FU’s transition to a publicly traded entity.

• Company: Zhou Liu Fu Jewellery Co., Ltd. (周六福珠宝股份有限公司)
• Stock Code: 6168
• Exchange: Hong Kong Stock Exchange (Main Board)
• Listing Date: 26 June 2025
• IPO Price: HK$24.00

Following the exercise of the over-allotment option in July 2025, issued share capital increased to 440,616,028 shares. 9 The listing provides access to public capital markets while subjecting the company to greater regulatory scrutiny regarding growth and shareholder returns.

Celebrity endorsements form a key pillar of the brand’s strategy to position jewellery as a lifestyle and emotional product rather than mere merchandise. Notable ambassadors include:

• Jane Zhang (张靓颖): Brand spokesperson from 2019
• Ming Dao (明道): Craftsmanship ambassador
• Huang Jingyu (黄景瑜): Spokesperson

These appointments reinforce the brand’s focus on fashion, emotion, and contemporary relevance. 11

ZHOU LIU FU operates in a highly competitive market alongside major chains such as Chow Tai Fook, Chow Sang Sang, Lukfook Jewellery, Laopu Gold, Chow Tai Seng, and China Gold. While competitors like Chow Tai Fook possess longer heritage and Lukfook has strong Hong Kong roots, ZHOU LIU FU differentiates itself through massive franchise scale, deep penetration of lower-tier cities, accessible pricing, and a distinct focus on emotional and cultural product narratives.

Strengths

• Brand Recognition: Established reputation after two decades and thousands of stores. 12
• Scale: Extensive retail footprint providing wide geographical coverage.
• Asset-Light Model: Franchise-driven expansion minimises capital expenditure.
• Product Breadth: Diverse categories covering multiple consumption occasions.
• Cultural Resonance: Strong alignment with wedding and gifting traditions.
• Digital Capability: Growing e-commerce channel supplementing physical retail.

Challenges

• Slowing Growth: Revenue growth decelerated significantly by 2025. 13
• Market Saturation: Intense competition from numerous large-scale chains.
• Franchise Management: Ensuring consistent quality, service, and brand experience across thousands of independent operators.
• Gold Price Volatility: Fluctuations impacting demand and inventory costs.
• Evolving Consumer Preferences: Younger buyers increasingly seek differentiation and personalisation over conventional designs.
• Differentiation: Need to maintain distinct identity amidst similarly named competitors.

As of August 2026, ZHOU LIU FU is a publicly listed company with stock code 6168. Despite slowing top-line growth, 2025 financial results indicate sustained profitability improvement. 14 The strategic focus has shifted from aggressive store opening to enhancing network productivity, strengthening brand equity, and optimising the product mix to sustain long-term value creation.

1. 6168.HK ZHOU LIU FU – Company Information – ZHOU LIU FU Background – etnet
2. Zhou Liu Fu Jewellery Co., Ltd. – Regulatory Filings 2026 | FinancialReports.eu
3. ZHOU LIU FU – filings, earnings calls, financial reports, news – Reportify
4. Zhou Liu Fu Jewellery Co., Ltd. – Report Publication Announcement 2026 | FinancialReports.eu
5. User | ricentral.com – ZHOU LIU FU JEWELRY Showcases Treasures of Heritage at Hong Kong International Jewellery Show
6. Zhou Liu Fu Jewellery Co., Ltd. – Regulatory Filings 2025 | FinancialReports.eu
7. Zhou Liu Fu Drives “Gold Fever”: Double 11 Sales Reached RMB287 million, Southeast Asia Expansion Marks Global Push – PAN AFRICAN VISIONS
8. Zhou Liu Fu Jewellery Co., Ltd. – Regulatory Filings 2025 | FinancialReports.eu
9. Zhou Liu Fu Jewellery Co., Ltd. – Interim / Quarterly Report 2025 | FinancialReports.eu
10. Zhou Liu Fu Jewellery Co., Ltd. – Regulatory Filings 2025 | FinancialReports.eu
11. Zhou Liu Fu Jewellery Co., Ltd. – Report Publication Announcement 2025 | FinancialReports.eu
12. Zhou Liu Fu Jewellery Co., Ltd. – Share Issue/Capital Change 2025 | FinancialReports.eu
13. Zhou Liu Fu Jewellery Co., Ltd. – Governance Information 2025 | FinancialReports.eu
14. Zhou Liu Fu Jewellery Co., Ltd. – Regulatory Filings 2025 | FinancialReports.eu