ZHOU LIU FU (周六福) is a prominent Chinese jewellery brand and the principal label of Zhou Liu Fu Jewellery Co., Ltd., a Shenzhen-based enterprise. Established in 2004, the company has evolved from a franchise-focused retailer into a comprehensive jewellery group encompassing product design, sourcing, brand management, retail operations, and e-commerce. Since 26 June 2025, it has been listed on the Main Board of the Hong Kong Stock Exchange under the stock code 6168 1.

It is important to distinguish ZHOU LIU FU from Chow Tai Fook (周大福). Despite similarities in their Chinese naming conventions, they are entirely separate entities with distinct corporate ownership, histories, and brand identities.

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

Meaning of the Name

The Chinese name 周六福 is rooted in the traditional concept of “six blessings.” According to the company, these represent health, safety and peace, harmony, prosperity, virtue, and achievement. The brand interprets this as “six blessings complete, happiness lasting,” imbuing the name with auspicious cultural significance suitable for weddings, family celebrations, and gift-giving.

Mission and Emotional Positioning

Historically, the corporate mission has been expressed as “creating value and passing on true love.” The brand philosophy centres on love, blessings, and personal relationships, positioning jewellery not merely as a commodity but as an emotional symbol. This approach is exemplified by the “One Heart, One Love” (一心一爱) concept, which features a patented “one heart, twelve arrows” diamond-cutting design 4.

Cultural Integration

ZHOU LIU FU combines traditional Chinese symbolism with contemporary design. Drawing inspiration from national culture, “Guochao” trends, and modern aesthetics, the brand participates in the broader movement of reinterpreting heritage for younger consumers. This strategy transforms traditional symbolism into commercially viable modern jewellery 5.

• 2004: ZHOU LIU FU was established, beginning its development as a jewellery chain in China.
• 2005: Rapid expansion saw over 100 chain stores open within the first year, including a flagship store in Guangzhou.
• 2008: The franchise network grew to approximately 530 stores.
• 2009: The company undertook a significant brand repositioning and image refresh.
• 2011: The store count surpassed 1,000, marking a transition to a nationwide retail network.
• 2012: National brand awareness increased substantially through advertising campaigns on China Central Television (CCTV).
• 2015: Strategic cooperation was established with the International Platinum Guild.
• 2017: The third-generation store concept was introduced as branded stores exceeded 2,000. The “One Heart, One Love · Cut” product concept was also launched.
• 2018–2019: Store numbers reached approximately 2,790 in 2018 and surpassed 3,000 in 2019. Singer Jane Zhang (张靓颖) became a brand spokesperson in 2019.
• 2020: The 4.0 retail store image was rolled out to create a more contemporary, fashion-oriented environment.
• 2021: Actor Ming Dao (明道) was appointed as a craftsmanship ambassador 1.
• 2022: The national network reached approximately 4,000 stores with the introduction of the fifth-generation store concept.
• 2023–2024: Digitalisation accelerated alongside physical expansion, with e-commerce becoming increasingly vital.
• 2025: The company completed its Hong Kong IPO on 26 June with stock code 6168 at an issue price of HK$24.00 per H share. The global offering comprised 53.8292 million shares, with strong demand reported during the public subscription period.

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

Franchise Structure

Franchising is the cornerstone of the company’s expansion strategy. As of 30 June 2022, the network consisted of 3,798 franchised stores and 74 self-operated stores. By the end of 2024, the global store count had grown to 4,129, of which 4,038 were franchised and only 91 were self-operated. Consequently, over 95% of the retail footprint is franchised 3. This asset-light model allows for rapid geographical coverage through independent operators rather than direct corporate ownership.

Omnichannel Retail

The company integrates offline and online channels, utilising major platforms such as Tmall, JD.com, and Vipshop 6. Online sales have become a significant growth driver; in the first half of 2025 alone, online revenue reached approximately RMB 3.15 billion, representing a 5.2% year-on-year increase 7.

ZHOU LIU FU offers a diverse portfolio catering to various occasions and consumer segments:

• 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 milestones.
• Diamond Jewellery: The brand maintains a strong focus on setting and craftsmanship, offering engagement rings, wedding bands, necklaces, earrings, and fashion pieces.
• Platinum: Sold alongside gold and diamonds, supported by historical industry partnerships.
• K-Gold: Fashion-oriented products targeting younger demographics.
• Jadeite and Gemstones: Addresses both traditional preferences and contemporary fashion demands.

ZHOU LIU FU occupies the mid-to-upper-mid segment of the jewellery market rather than the ultra-luxury tier. Its target audience includes young urbanites, couples, wedding customers, gift buyers, and fashion-conscious consumers seeking accessible branded jewellery. The China Jewellery Association describes its positioning as “using emotionally expressive jewellery to lead a light-luxury fashion style.”

Competitive Landscape

The brand operates in a highly competitive sector alongside major chains such as Chow Tai Fook, Chow Sang Sang, Lukfook Jewellery, Laopu Gold, Chow Tai Seng, and China Gold. ZHOU LIU FU differentiates itself through its massive franchise scale, broad national coverage in lower-tier cities, accessible pricing, and emphasis on emotional and cultural storytelling. While competitors like Chow Tai Fook leverage historical heritage or Laopu Gold focuses on high-end craftsmanship, ZHOU LIU FU competes on accessibility and modern cultural relevance.

Retail Network Strategy

A key competitive advantage is the extensive penetration of third- and fourth-tier Chinese cities. This geographic breadth provides wide coverage and local market access that differs from premium groups concentrated in metropolitan luxury districts.

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

In 2025, revenue rose 2.0% to RMB 5.8343 billion, while gross profit increased 8.5% to RMB 1.6043 billion and net profit grew 8.9% to RMB 769.3 million 8. Following exceptional growth of approximately 66% in 2023, revenue expansion slowed to roughly 11% in 2024 and 2% in 2025, signalling a strategic shift toward operational efficiency and profitability over pure physical expansion 13.

The 2025 IPO marked a pivotal transition from private to public ownership.

• Company: Zhou Liu Fu Jewellery Co., Ltd.
• 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, the issued share capital increased to 440,616,028 shares 9. Public listing has provided access to capital markets while subjecting the company to greater scrutiny regarding growth, store productivity, and shareholder returns.

Celebrity endorsements form a key pillar of the marketing strategy, reinforcing the blend of fashion, emotion, and lifestyle. 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 support the positioning of jewellery as an expression of modern lifestyle rather than solely traditional wealth 11.

Strengths

• Brand Recognition: Over two decades of operation have established substantial market awareness and industry reputation 12.
• Scale: Thousands of stores provide extensive geographical reach.
• Asset-Light Growth: The franchise model enables rapid expansion without heavy capital expenditure.
• Product Diversity: Coverage of gold, diamonds, platinum, and jadeite captures multiple consumption occasions.
• Digital Capability: E-commerce serves as a secondary growth engine beyond physical retail.

Challenges

• Decelerating Growth: Revenue growth slowed significantly between 2023 and 2025 13.
• Intense Competition: The market is saturated with large domestic chains.
• Franchise Management: Maintaining consistent quality, service, and brand experience across thousands of independent operators remains complex.
• Gold Price Volatility: Fluctuations impact inventory costs and consumer affordability.
• Evolving Consumer Preferences: Younger buyers increasingly seek differentiated designs and personalised experiences over conventional gold products.
• Differentiation: Continued distinction from similarly named brands is necessary.

As of August 2026, ZHOU LIU FU operates as a publicly listed company with stock code 6168. Financial results for 2025 indicate sustained profitability despite slower top-line growth 14. The strategic focus has shifted from aggressive store opening to enhancing network productivity, strengthening brand equity, and driving digital integration.

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