周黑鸭 2025041720250416 • 周黑鸭 2025 年一季度同店销售额微增，客单价约 54 元，销量增长是主 要驱动力，目标是同店实现高单位数增长，平均单店实现双位数增长。公 司计划通过推出新品、加强门店管理和提升服务质量来实现这一目标。 • 周黑鸭正积极拓展流通渠道，已进入山姆会员商店等，并成立特通业务部， 将流通渠道提升至集团战略高度。通过招募经验丰富的负责人带头开展工 作，未来将继续储备更多产品以适应不同渠道场景。 • 周黑鸭计划分三个阶段发展海外业务，初期以轻资产贸易形式构建东南亚 及港澳代理网络，中期进入欧美澳新日韩市场并开发定制化产品，最终完 成海外供应链本土化布局，实现全球门店扩张。 • 周黑鸭持续进行股东回报，已回购 3.9 亿港币股份，并计划继续回购。 2024 年派息率提高到 60%，全年利润进行了全额派息，公司现金流充足、 资产负债率健康。 • 周黑鸭 2024 年关闭了 700 多家低效门店，预计 2025 年闭店数量将减少， 同时开设新店，但整体门店数量变动不大。核心目标是提升单店经营质量 和盈利门店占比，目前盈利门店占比已超过 80%。预计从 2026 年开始， 门店数 ...

近日，卤味巨头周黑鸭入局复合调味品的消息吸引了全食在线的目光。 巨头鸭脖卖不动了吗？跨行做复合调味料能行吗？ 01 辉煌不再，增长失速 全食在线查阅周黑鸭近期发布的2024年财报，根据财报显示，2024年周黑鸭总收益从2023年的27.44亿元下降至24.51亿元，同比下降 10.7%。2024年净利润从2023年的1.16亿元下降至0.98亿元，同比下降15%。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至十二月三十一日 | | | | | 止年度 | | | | | 二零二四年 | 二零二三年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | 90 | | 收益 | 2,451,033 | 2.743.628 | (10.7) | | 毛利 | 1,391,893 | 1.438.161 | (3.2) | | 除税前溢利 | 149,067 | 214.149 | (30.4) | | 母公司擁有人應佔年內溢利 | 98,204 | 115,576 | (15.0) | 周黑鸭将业绩下滑原因主要归结为宏观经济有效需求不足，休闲卤制品消费整体承压。 ...

还有我的同事吴雨昕今天也跟我一起主持昨天晚上公司也是发布了24年的业绩上午公司有一个官方的业绩发布会本场我们进一步邀请到了公司的管理层和我们就业绩的情况做一些细节上的再进一步的探讨我先介绍一下线上的管理层主要是包括公司的董事长兼CEO周富玉周总 董事长助理兼人力资源总监白珊珊白总财务总监王翔总以及投融资首席官林总还有公司的IR团队也是非常感谢各位管理层的时间那这场因为考虑到这个效率我们就直接开始问答环节那也是提示一下各位投资人如果说通过金融财经的这个网络链接接入是可以看到公司的PPT的那下面有请惠宜秘书先播报一下提问的方式 好的给各位投资人留一些提问的准备时间我也先代表投资人问几个大家都普遍比较关心的问题第一个首先就能不能因为我们这场也是小组会首先能不能请公司管理层给我们介绍一下基于我们现在年初到现在的一些情况我们这25年的收入利润门店的数量以及单店的表现情况等等的这些业务方面的展望与指引 感谢这个投资人的问题,首先我代表公司对于二五年我们整体业绩的一个展望,能变数量等等做一个大致的回应。二零二五年是公司在RCE的基础上完成这个战略变革以及几个调整之后的第一年。 全公司会全力推动公司回到经济增长的轨道这是我们 ...

智通财经APP获悉，中金公司发布研报称，基本维持周黑鸭(01458)2025年利润预测并引入2026年净利润 约2.04亿元。考虑到估值切换至2025年EPS及近期板块估值提振，上调目标价47.1%到2.5港币，目标价 对应25/26年约27.3/24.5倍P/E，维持跑赢行业评级。 中金主要观点如下： 2024年公司收入24.5亿元，归母净利润9820万元，2024年利润符合市场预期。据山姆官方小程序，近期 调味酱菜热度榜中周黑鸭经典卤料包在榜单Top6(备注：基于商品月销数据通过计算排列)，且月销达1 万+件(零售价65.9元)。 1)收入结构：2024年自营门店/特许经营/线上/其他(分销等)收入分别约13.9/6.12/3.34/1.14亿元。2)门店数 量：2024年商圈等商业体店/交通枢纽店/社区店门店数分别约1752/355/593家，自营/特许经营门店分别 约1591/1440家。3)同店表现：2024年毛利率提高，受益于成本回落及供应链提效。2024年公司毛利率 56.8%(同比+4.4ppt)，2H24毛利率环比+2.9ppt到58.3%，该行预计主要受益于原料成本回落及供应链提 效。1H ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a total revenue of 2.451 billion yuan for 2024, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of 98 million yuan, down 15.03% year-on-year. In the second half of 2024, revenue was 1.192 billion yuan, a decrease of 10.34%, but net profit increased significantly by 371.96% to 65 million yuan [1]. - The company is focusing on optimizing store efficiency by closing underperforming locations and enhancing the quality of its stores. The total number of stores at the end of 2024 was 3,031, with a net closure of 785 stores. The average revenue per store increased by 6.7% for self-operated stores and 13.7% for franchised stores [2]. - The gross profit margin improved to 56.79%, an increase of 4.37 percentage points year-on-year, primarily due to reduced raw material costs and a higher proportion of self-operated stores, which have a better gross margin [3]. - The company plans to expand into new channels, including supermarkets, membership stores, and convenience stores, with a focus on differentiated product offerings. The introduction of a proprietary beverage brand and new product lines aims to enhance consumer experience and sales [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2.451 billion yuan, with a year-on-year decline of 10.66%. The net profit attributable to shareholders was 98 million yuan, down 15.03% [1]. - The revenue breakdown shows that duck and duck-related products generated 1.956 billion yuan, down 7.79%, while other products and franchise fees saw declines of 21.34% and 5.93%, respectively [2]. Store Operations - The company closed 785 stores in 2024, focusing on improving store quality rather than quantity. The total number of self-operated and franchised stores was 1,591 and 1,440, respectively [2]. - The average revenue per self-operated store increased by 6.7%, while franchised stores saw a 13.7% increase [2]. Profitability and Cost Management - The gross profit margin for 2024 was 56.79%, an increase of 4.37 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of self-operated stores [3]. - The sales expense ratio increased to 40.34%, up 4.52 percentage points, due to increased investment in high-potential self-operated stores [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 130 million yuan and 158 million yuan, respectively, reflecting a significant downward revision of 53.57% and 50.25% from previous estimates [4]. - The company aims to enhance its store performance and expand into new channels, which is expected to provide additional revenue streams [3].

Core Insights - Zhou Hei Ya, a leading brand in the duck neck market, has announced its entry into the seasoning industry through a strategic partnership with Sichuan Shentang Industrial Group to develop the "Gaga Flavor" series of compound seasonings and convenient fast food products [1][2][3] Company Developments - Zhou Hei Ya has established Sichuan Zhou Hei Ya Food Technology Co., Ltd. with a registered capital of 5 million yuan, where Zhou Hei Ya holds 44% and Shentang holds 36% [2] - The partnership aims to leverage Zhou Hei Ya's strong brand recognition and extensive distribution network of over 3,000 stores to create a new product line [3][4] Market Context - Zhou Hei Ya's revenue for 2024 is reported at 2.451 billion yuan, a decline of 10.7% year-on-year, with net profit dropping to 98 million yuan, down 15% [6] - The company has been closing underperforming stores, reducing its total from 3,816 to 3,031, which has impacted short-term sales [6][7] Industry Trends - The compound seasoning market in China is projected to reach a scale of 687.1 billion yuan in 2024, growing at 16% year-on-year, with expectations of continued double-digit growth in the coming years [8] - The competitive landscape for the duck neck market is becoming increasingly challenging, with consumers showing a preference for diverse food options and price sensitivity affecting sales [7][8]

Core Insights - The core viewpoint of the articles is that Zhou Hei Ya is entering the compound seasoning market through a strategic partnership with Sichuan Shentang Industrial Group, aiming to create new growth engines amid a slowdown in the mature stage of the marinated food industry [1][2]. Company Developments - Zhou Hei Ya has signed a strategic cooperation agreement with Sichuan Shentang Industrial Group to establish a joint venture named Sichuan Zhou Hei Ya Food Technology Co., Ltd. This venture will focus on developing the "Gaga Xiang" series of compound seasonings and convenient fast food products [1]. - The company plans to launch at least 10 new products in the "Gaga Xiang" series this year, targeting not only its existing 3,000+ stores but also supermarkets, e-commerce platforms, and international markets [1][2]. Market Context - The small lobster industry has spurred the development of related products, including seasoning and feed processing, with the annual output value of lobster cooking seasonings in Hubei exceeding 1.8 billion yuan [3]. - The small lobster seasoning market is characterized by significant seasonal fluctuations, with rapid growth expected from April to July due to the lobster harvest [3]. Competitive Landscape - Zhou Hei Ya's entry into the compound seasoning market faces challenges from established competitors, as many brands are already capitalizing on the small lobster seasoning trend [3]. - Other companies in the industry, such as Ziyan Food and Juewei Food, are also exploring beverage collaborations that complement marinated food products, indicating a broader trend of diversification within the sector [4].

Core Viewpoint - The company has successfully transitioned from a focus on scale expansion to quality improvement, achieving total revenue of RMB 2.451 billion and a net profit of RMB 98.204 million in 2024, driven by optimized store strategies, innovative products, and enhanced brand marketing [1][4]. Group 1: Financial Performance - In 2024, the company reported total revenue of RMB 2.451 billion and a net profit of RMB 98.204 million, marking a significant achievement in its financial performance [1]. - The gross profit margin improved to 56.8% in 2024, up from 52.4% in 2023, indicating effective cost management and operational efficiency [4][5]. Group 2: Market Strategy - The company is focusing on enhancing the profitability of existing stores and optimizing its store structure by reallocating resources to core markets while reducing presence in low-potential markets [1][4]. - The company aims to build a comprehensive taste ecosystem, with duck and duck by-products accounting for 79.8% of total revenue, and has successfully increased active membership to over 5.5 million through digital operations [1][3]. Group 3: Product Innovation - The company is actively expanding its product offerings to meet diverse consumer demands, with the "Zhou Hei Ya Classic Flavor" series accounting for 70.3% of terminal sales, and new products like spicy chicken and dry-fried spicy chicken achieving monthly sales of over 180,000 boxes [1][2]. - The company is also venturing into the compound seasoning and convenience food sectors, launching products like seasoning packs for various ingredients in collaboration with Sam's Club [2][3]. Group 4: Brand Collaboration and Expansion - The company has engaged in brand collaborations, such as with Yanjin Puzhi and Mars, to enhance flavor IP and penetrate new market scenarios [2]. - The company is set to expand its international presence, starting with Southeast Asia, and plans to develop localized products for markets in Europe, America, Japan, and South Korea [5][6]. Group 5: Future Outlook - The company is expected to continue its growth trajectory with a focus on innovation, channel expansion, and international market entry, aiming for a revenue growth of 6.2% by 2026 and a 17% increase in net profit [6]. - Analysts have upgraded the company's rating to "highly confident outperform" with a target price increase, reflecting positive market sentiment and growth potential [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved revenue of 2.451 billion, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98 million, down 15.0% year-on-year [2][5]. - As of the end of December 2024, the total number of stores reached 3,031, comprising 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, autonomous regions, and municipalities in China [2][5]. - The company experienced a significant decline in total sales volume, which decreased by 16.8% year-on-year, with average order consumption down 4.4% [7]. - The company closed 785 stores in 2024, with self-operated stores decreasing by 7.5% and franchised stores by 31.3% [7]. - The gross profit margin improved by approximately 4.4 percentage points to 56.8%, primarily due to a decrease in raw material costs and an increase in the proportion of direct sales [7]. Summary by Sections Financial Performance - Revenue for 2024 was 2.451 billion, a decrease of 10.7% year-on-year, while net profit was 98 million, down 15.0% year-on-year [2][5]. - The average store efficiency for self-operated stores was approximately 840,000, a decline of 9.3% year-on-year [7]. Store Operations - The company closed 785 stores in 2024, with a total of 3,031 stores remaining at the end of the year [5][7]. - The number of self-operated stores decreased by 7.5%, while franchised stores saw a decline of 31.3% [7]. Cost and Profitability - The gross profit margin increased to 56.8%, driven by lower raw material costs and a higher proportion of direct sales [7]. - Selling and distribution expenses accounted for 40.4% of revenue, an increase of 4.6 percentage points year-on-year [7]. Future Outlook - The company forecasts net profits attributable to shareholders of 168 million, 216 million, and 258 million for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 26, 20, and 17 times [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company focuses on improving store quality while experiencing a decline in average store revenue. In 2024, the total number of stores decreased to 3,031, down by 785 from the previous year, with a net reduction of 360 and 425 stores in H1 and H2 respectively [7]. - The company has made progress in vacuum products, but the franchise channel has seen a significant decline. Direct channel revenue was 1.39 billion yuan, down 5.1%, while franchise channel revenue was 610 million yuan, down 21.9% [7]. - The company’s gross margin improved in H2 2024 due to a decrease in raw material prices and enhanced production efficiency, with a gross margin of 58.3%, up 5.9 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.451 billion yuan, a year-on-year decline of 10.66%, and a net profit of 98 million yuan, down 15.03%. In H2 2024, revenue was 1.191 billion yuan, a decline of 10.38%, but net profit increased by 364.29% to 65 million yuan [6][7]. - The company’s average customer price was 54.39 yuan, down 4.4% year-on-year, as it expanded its mid-to-low price product offerings [7]. Future Outlook - The company aims to enhance single-store efficiency and restore revenue growth while exploring new channels such as bulk products and vacuum products. A strategic partnership was formed to develop a new line of compound seasonings [10]. - Revenue projections for 2025-2027 are set at 2.705 billion, 3.032 billion, and 3.458 billion yuan, representing growth rates of 10%, 12%, and 14% respectively. Net profit is expected to reach 129 million, 158 million, and 187 million yuan, with corresponding growth rates of 31%, 23%, and 18% [9][10].