Summary of Key Points Core Viewpoint - On April 25, 36 Hong Kong-listed companies conducted share buybacks, totaling 23.9953 million shares and an aggregate amount of HKD 351 million [1][2]. Group 1: Buyback Details - AIA Group repurchased 4.5 million shares for HKD 252 million, with a highest price of HKD 56.60 and a lowest price of HKD 55.10, bringing its total buyback amount for the year to HKD 7.11 billion [1][2]. - Swire Pacific A repurchased 333,000 shares for HKD 21.93 million, with a highest price of HKD 66.50 and a lowest price of HKD 64.50, totaling HKD 1.448 billion in buybacks for the year [1][2]. - Vitasoy International repurchased 2 million shares for HKD 19.39 million, with a highest price of HKD 9.70 and a lowest price of HKD 9.69, accumulating HKD 86.62 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on April 25 was from AIA Group at HKD 252 million, followed by Swire Pacific A at HKD 21.93 million [1][2]. - In terms of share quantity, the largest buyback was by Ying Group, which repurchased 7 million shares, followed by AIA Group and Shanghai Petrochemical with 4.5 million shares and 2.084 million shares, respectively [1][2]. Group 3: Additional Buyback Information - The buyback by Lianlian Digital on this date marked its first buyback of the year, while AIA Group has conducted multiple buybacks totaling HKD 7.11 billion [2]. - A detailed table of buybacks on April 25 includes various companies, their respective share buyback numbers, amounts, and price ranges [2][3].

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Zhou Hei Ya, and Huang Shang Huang, are collectively facing a decline in performance in 2024, marking a significant downturn in an industry that was once thriving [1][3][5]. Financial Performance - Juewei Food's revenue dropped to 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%, with net profit plummeting 34.04% to 227 million yuan, marking its first revenue decline since its IPO in 2017 [1][3]. - Zhou Hei Ya's revenue fell by 10.7% to 2.451 billion yuan, with net profit down 15.03% to 98.2 million yuan [3]. - Huang Shang Huang experienced a 9.44% decrease in revenue to 1.739 billion yuan, with net profit sharply declining by 42.86% to 40.33 million yuan, marking its fourth consecutive year of revenue decline [3][5]. Market Dynamics - The decline in performance is attributed to intensified market competition and changing consumer demand, with rising prices leading to consumer complaints about affordability [3][5]. - Juewei Food acknowledged that its performance was significantly impacted by fierce market competition, with continued revenue and profit declines in the first quarter of 2024 [3][5]. - Huang Shang Huang cited changes in consumer purchasing power and consumption scenarios as factors leading to reduced single-store revenue, alongside increased promotional costs and other operational challenges [5]. Store Count and Expansion - The total number of marinated food stores in China decreased by 23,000 over the past year, with the three major brands closing over 1,700 stores in the first half of 2024 alone [7]. - Juewei Food's store count dropped from 15,950 at the end of 2023 to 12,129 by mid-April 2024, a net decrease of 3,821 stores in 16 months [7]. Profit Margins - Despite the revenue and profit declines, the gross profit margins of the three giants improved in 2024, with Juewei Food's gross margin increasing by 6.1 percentage points to 33.96% [9]. - Huang Shang Huang's gross margin rose by 3.93 percentage points to 32.95%, while Zhou Hei Ya's gross margin reached 56.8%, up by 4.4 percentage points [9]. Internal Challenges - The marinated food industry faces significant internal challenges, including uncontrollable production costs due to reliance on volatile raw material prices, particularly poultry by-products [10][12]. - The soaring costs of raw materials, such as duck products, have severely compressed profit margins, with procurement costs remaining high despite some price reductions in the latter half of 2023 [12][14]. - The industry's growth model, heavily reliant on rapid store expansion, is now hindered by declining consumer demand and rising operational costs, forcing companies to shift focus from quantity to improving single-store performance [16]. External Competition - The marinated food industry is experiencing pressure from diversified consumption channels, with new retail formats like bulk snack stores and e-commerce platforms drawing customers away from traditional marinated food outlets [17][19]. - Changing consumer dietary habits and preferences, driven by economic pressures, have led to a decline in the appeal of traditional marinated products, which are often perceived as unhealthy [19][21]. - Supermarkets have increasingly focused on their own processed products, enhancing their competitiveness against traditional marinated food brands, which struggle to adapt to changing consumer tastes [21][23].

营收、净利润两位数下滑，卤味公司的处境难言乐观。 "鸭脖卖不动了"的声响越来越大。 过去一年，卤味三巨头仍未能摆脱"魔咒"，绝味食品、周黑鸭、煌上煌三家公司的营收、净利润均出现下滑，"最差业绩"距离高光 时刻越来越远。 新京报贝壳财经记者梳理看到，极速扩张后，三家公司2024年开始收缩版图，其中，煌上煌和周黑鸭一年时间关店七八百家。相比 之下，绝味食品收缩的步子迈得更大，门店总数从2023年底的15950家滑落至今年4月的12129家。 近年来，市场竞争加剧、消费环境变化、门店布局调整等原因，导致卤味行业市场增速放缓。在业内看来，酱卤肉制品行业正经历 从"规模扩张"向"质量竞争"的转型期，供应链整合能力、食品安全管理及差异化创新能力将成为企业突围的核心要素。 煌上煌净利润跌四成，卤味集体走下坡路 2024年，绝味食品、周黑鸭、煌上煌业绩情况。 2024年，绝味食品实现营业收入约62.57亿元，同比下滑13.84%；归属于上市公司股东的净利润约2.27亿元，同比下滑34.04%。 2017年3月17日上市以来，绝味食品始终保持盈利状态，虽然起伏较大，但从归母净利润的绝对值看，2024年财报是绝味食品上市 以来最 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a relative strength compared to market performance [2][6][16]. Core Views - The company is expected to stabilize its main business in 2025 after a period of store closures and efficiency improvements, with a focus on new products and channels [6][7]. - The company reported a revenue of 2.451 billion RMB for 2024, a decrease of 10.7% year-on-year, and a net profit of 98 million RMB, down 15% year-on-year, aligning with market expectations [6][7]. - The company plans to optimize its store count, with a reduction of 20.6% in the number of stores by the end of 2024, which is expected to enhance operational efficiency [6][7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2,744 million RMB - 2024: 2,451 million RMB - 2025E: 2,396 million RMB - 2026E: 2,523 million RMB - 2027E: 2,767 million RMB - The expected growth rates for revenue are -11% in 2024, -2% in 2025, 5% in 2026, and 10% in 2027 [5][6]. - Net profit forecasts are: - 2023: 116 million RMB - 2024: 98 million RMB - 2025E: 137 million RMB - 2026E: 163 million RMB - 2027E: 191 million RMB - The projected net profit growth rates are 357% in 2023, -15% in 2024, 40% in 2025, 19% in 2026, and 17% in 2027 [5][6][7]. Market Data - As of April 22, 2025, the closing price of the company's stock is 2.53 HKD, with a market capitalization of 54.64 billion HKD [2][6]. - The stock has experienced a price change of -16% over the past year compared to the HSCEI index, which has increased by 34% [3][6].

"太贵了，也不如以前好吃了。"这是某点评网站上，一位消费者在一家鸭脖门店下留下的评价。 短短一句话里，让曾经的"平价国民零食"鸭脖卡住了两大bug：既失去了性价比，又失去了好吃的口 感。 三家上市卤味企业陆续公布的2024年财报中，步调一致地出现业绩下滑、门店减少的经营走势。 "鸭脖大王"绝味鸭脖去年全年营收约为62.57亿元，同比下滑13.84%；归母净利润2.27亿元，同比下滑 34.04%；扣非后归母净利润约为2.03亿元，同比大降49%，成为过去3年以来，业绩最糟糕的一年。 无独有偶，周黑鸭和煌上煌2024年营收和利润同样呈现下滑。其中周黑鸭的营收共计24.51亿元，同比 下降10.7%；年度利润9820.4万元，同比下降15%。煌上煌营收17.39亿元，同比下降9.44%；归母净利润 4032.9万元，同比下降42.86%。和绝味鸭脖类似，煌上煌也遭遇了近3年最差业绩。 业绩的下滑使得企业通过关店止损。周黑鸭就表示，去年公司关闭位置不佳长期亏损的低质门店，强化 营销推广盘活低效门店。 根据财报统计，上述三家卤味头部企业，仅去年门店共计减少2603家，其中周黑鸭门店减少785家，煌 上煌门店少了837 ...

以下文章来源于启阳路4号 ，作者公司研究院 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1 万，"明明是街边小店非要卖出酒店摆盘的价格"、"每次都说拿一点点就够了，一称40块"、"它 明明可以抢，却还给了我一些鸭脖"，话题词下网友诉说起那些年被价格刺客支配的往事。 反映在卤味三巨头的财报里，营收和利润双跌。 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑 15%；煌上煌营收17.39亿元，同比下滑9.44%；归属净利润4033万元，同比下滑42.86%；绝 味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不 动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤味三巨头"到底怎么了？ 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、 120克鸭舌50元。根据周黑鸭小程 ...

以下文章来源于启阳路4号 ，作者公司研究院 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑15%；煌上煌营收17.39亿元，同比下滑9.44%；归属 净利润4033万元，同比下滑42.86%；绝味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤 味三巨头"到底怎么了？ 01 三巨头，一年或缩水超3600家 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、120克鸭舌50元。根据周黑鸭小程序，300克鸭脖36 元、230克鸭翅29元、80克鸭肠25元、140克鸭舌59元。 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 来源丨公司研究院 因为价格贵被吐槽上热搜，快成了"零食界爱马仕"的标配。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1万，"明明是街边小店非要卖 ...

Summary of Zhou Hei Ya Conference Call Company Overview - **Company**: Zhou Hei Ya - **Industry**: Food and Beverage, specifically focused on snack foods and ready-to-eat products Key Points and Arguments Sales Performance - In Q1 2025, same-store sales showed a slight increase, with an average transaction value of approximately 54 yuan, driven primarily by volume growth. The goal is to achieve high single-digit growth in same-store sales and double-digit growth in average store performance [1][2][8] Strategic Initiatives - Zhou Hei Ya plans to enhance store management and service quality to achieve its sales targets. This includes launching new products and strengthening operational management [1][2] - The company is actively expanding its distribution channels, having entered Sam's Club and established a special business unit to elevate distribution to a strategic level [1][2] - A three-phase strategy for overseas expansion is in place, starting with light-asset trade in Southeast Asia and Hong Kong, followed by entry into Western markets with customized products, and ultimately localizing the supply chain [1][3] Shareholder Returns - Zhou Hei Ya has repurchased 3.9 billion HKD worth of shares and plans to continue this practice. The dividend payout ratio for 2024 is set to increase to 60%, with a commitment to full-year profit distribution [1][4] Store Management - In 2024, over 700 underperforming stores were closed, with a reduction in closures expected in 2025 while also opening new stores. The focus is on improving the quality of operations and increasing the proportion of profitable stores, which currently exceeds 80% [1][7] Market Adaptation - The company has conducted internal reviews to adapt to changing consumer preferences and increased competition. Key strategies include improving store performance, launching new product categories, and enhancing service quality [5][6] Future Outlook - The company anticipates a return to positive store growth starting in 2026, with a focus on optimizing store models to ensure profitability [9] - The goal for 2025 is to double the cold chain logistics business to reach 200 million yuan, with a long-term target of 1 billion yuan by 2027 [16] Brand Strategy - Zhou Hei Ya plans a brand upgrade in 2025, including updates to store design and brand image, while reinforcing internal quality standards [14][15] Financial Metrics - The company aims to maintain a gross margin of around 55% at the store level and over 50% overall, with expectations for net profit margins to return to double digits in the long term [21][22] Marketing and Channel Management - Marketing expenses are expected to remain at 1-2% of total revenue, with a focus on efficiency in spending [25] - The CEO has returned to oversee daily management and strategic execution, enhancing the company's operational capabilities [26][27] New Leadership - New leadership in channel management brings extensive experience from leading consumer brands, which is expected to enhance the company's market strategies [28] Additional Important Information - The company has successfully launched a new product line in Sam's Club, exceeding initial sales expectations [18] - Online channels have shown higher customer repurchase rates, aided by a membership program that has improved customer retention [12][13]

Core Viewpoint - Zhou Hei Ya, a leading brand in the marinated food sector, is diversifying into the compound seasoning market amid declining sales in its core products, raising questions about the viability of this strategic shift [1][4]. Financial Performance - Zhou Hei Ya's total revenue for 2024 decreased to 2.451 billion RMB from 2.744 billion RMB in 2023, representing a year-on-year decline of 10.7% [2]. - The net profit for 2024 fell to 98.204 million RMB from 115.576 million RMB in 2023, a decrease of 15% [2]. - The average transaction value dropped from 56.9 RMB in 2023 to 54.39 RMB in 2024, a reduction of approximately 4.4% [2]. Market Strategy and Adjustments - Zhou Hei Ya is closing underperforming stores, reducing its total number of offline stores from 3,816 at the end of 2023 to 3,031 by the end of 2024, marking a net decrease of 785 stores [4]. - The company is focusing on retaining stores in high-tier cities and key commercial areas while closing 129 self-operated and 656 franchised stores [4]. New Ventures - Zhou Hei Ya has entered a strategic partnership with Sichuan Shentang Industrial Group to establish a joint venture, "Sichuan Zhou Hei Ya Food Technology Co., Ltd.," aimed at developing the "Gaga Flavor" series of compound seasonings and convenient ready-to-eat products [5][7]. - The joint venture will leverage Zhou Hei Ya's expertise in marinated products and Shentang's experience in compound seasonings to create a dual-engine model that integrates ready-to-eat and cooking scenarios [7]. Industry Context - The compound seasoning market in China has shown double-digit growth over the past five years and is expected to maintain a 13.5% annual growth rate in the next five years, with a market size projected to reach 687.1 billion RMB in 2024 [8][16]. - The marinated food market has seen slower growth, with a compound annual growth rate of approximately 6.42% from 2018 to 2023, indicating a need for Zhou Hei Ya to explore new growth avenues [8][16]. Competitive Landscape - The compound seasoning market is characterized by a fragmented competitive landscape, with leading players like Tianwei Foods and Yihai International dominating the market [16]. - Zhou Hei Ya's entry into this market will require differentiation through product innovation and competitive pricing to establish a foothold [20].

Summary of Conference Call Company Overview - The conference call involved a discussion about the company, focusing on its financial performance, strategic initiatives, and market outlook. Key Points Financial Performance and Growth Strategy - The company aims to return to a growth trajectory, with a focus on long-term strategic planning for 2025. The goal is to achieve double-digit growth in revenue and maintain a store count around 3,000 by 2024 [2][36]. - The company plans to enhance operational efficiency and product offerings, particularly in the beverage and overseas markets, with a target to break into the U.S. market by 2025 [2][36]. Store Performance and Expansion - The company has implemented a dual-store model, combining retail and wholesale, which has shown positive results. However, there is a need to reassess the long-term viability of this model [6][8]. - The company has halted blind expansion and is focusing on optimizing existing stores, with a goal to reduce the proportion of loss-making stores significantly [14][15]. Channel Development - The company is actively developing its distribution channels, including partnerships with major retailers like Sam's Club and Yonghui, and is exploring opportunities in convenience stores and local distributors [4][5][16]. - The focus is on enhancing the product range, particularly in vacuum-sealed products, with a sales target to increase their market share from 11% to over 15% [26]. E-commerce and Membership Strategy - The company has seen significant growth in its membership program, with sales through its app reaching 150 million, a 217% increase year-over-year. Membership sales now account for 30-40% of total sales [22][23]. - The company is leveraging online platforms like Douyin for customer engagement and sales, with a strong focus on maintaining profitability in online channels [13][24]. Operational Efficiency and Employee Engagement - The company emphasizes the importance of employee performance and engagement, with plans to enhance training and incentive programs for staff, which are seen as critical to improving store performance [31][32]. - The management is committed to maintaining a high dividend payout ratio, aiming for at least 60% in the coming years, reflecting strong cash flow and financial health [37]. Future Outlook - The company is optimistic about its growth prospects, particularly in international markets, with plans to expand into Southeast Asia and beyond, aiming for a revenue target exceeding 10 billion in three years [17][29]. - The management is focused on maintaining a strategic approach to pricing and competition, avoiding price wars while enhancing product quality and brand value [29][36]. Additional Insights - The company is actively analyzing customer traffic and sales trends, with a focus on improving customer experience both in-store and online [11][12]. - There is a strong emphasis on sustainability and quality control in product development, particularly in the context of expanding the vacuum-sealed product line [18][20]. This summary encapsulates the key discussions and strategic directions outlined during the conference call, providing a comprehensive overview of the company's current status and future plans.