Group 1 - The company announced that Mr. Zhang Qichang has resigned as the company secretary and authorized representative under the Hong Kong Stock Exchange Listing Rules effective from August 28, 2025 [1] - Ms. Tan Bairu has been appointed as the new company secretary, authorized representative, and legal process agent effective from August 28, 2025 [1]

Core Viewpoint - The announcement details the resignation of Zhang Qichang as the company secretary and authorized representative, effective from August 28, 2025, and the appointment of Tan Bairu as the new company secretary and authorized representative, also effective from the same date [1]. Group 1 - Zhang Qichang has resigned from his positions as company secretary and authorized representative under the Hong Kong Stock Exchange Listing Rules and as the legal representative for receiving legal documents, effective from August 28, 2025 [1]. - Tan Bairu has been appointed as the new company secretary, authorized representative, and legal representative for receiving legal documents, effective from August 28, 2025 [1].

Core Insights - Zhou Hei Ya (01458) reported a net profit attributable to shareholders of RMB 108 million for the six months ending June 30, 2025, representing a year-on-year increase of 228%, despite a revenue decrease of 2.9% to RMB 1.223 billion [1] Group 1: Financial Performance - The company achieved a net profit of RMB 108 million, a significant increase of 228% year-on-year [1] - Revenue for the period was RMB 1.223 billion, reflecting a decrease of 2.9% compared to the previous year [1] - Earnings per share stood at RMB 0.05 [1] Group 2: Operational Strategies - The company aims to enhance operational quality and restore performance growth as core objectives, with strategic reforms showing initial results [1] - Key operational improvements include enhancing store efficiency, expanding channels, building brand presence, and optimizing the supply chain [1] Group 3: Store Strategy - The company focuses on improving store operational quality, enhancing service quality, and customer experience [2] - Initiatives include the "Four Seasons Battle Song" plan to empower frontline staff, improve service standards, and encourage live streaming to convert online viewers to offline customers [2] - Membership and private domain management strategies are being strengthened to expand the user base and convert online traffic into immediate consumption [2] - The company has achieved approximately RMB 380 million in sales from takeout services and over RMB 80 million from public domain store sales through platforms like Douyin and Meituan [2] - The total number of stores reached 2,864 as of June 30, 2025 [2] Group 4: Market Expansion - The company is actively embracing changes to expand distribution channels, explore overseas markets, and venture into the compound seasoning sector [3] - A professional team has been established to optimize channel strategies, resulting in successful collaborations with Sam's Club and other strategic partners [3] - The focus for the second half of the year will be on breaking into key strategic channels and refining product offerings and operational models [3]

Group 1 - The company reported total revenue of RMB 1,222.6 million for the six months ending June 30, 2025, with a pre-tax profit of RMB 146.1 million, representing a year-on-year increase of 157.4% [1] - The net profit for the period was RMB 107.9 million, showing a significant year-on-year increase of 228.0%, with a net profit margin rising from 2.6% to 8.8% [1] - Gross profit increased by 2.7% to RMB 716.6 million, with the gross profit margin improving from 55.4% to 58.6% [1] Group 2 - The company has a total of 2,864 stores as of June 30, 2025, including 1,573 self-operated stores and 1,291 franchised stores, covering 292 cities across 28 provinces, autonomous regions, and municipalities in China [1] - The company successfully entered overseas markets such as Malaysia and Singapore in the first half of the year and plans to continue expanding into Southeast Asia and other regions [1] - The company formed a joint venture with Sichuan Shentang Industrial Group to develop a new series of products, enhancing brand penetration [1] Group 3 - In the second half of 2025, the company aims to strengthen refined operations and enhance store efficiency while accelerating product innovation and channel expansion [2] - The company will focus on brand rejuvenation to attract new customer segments and improve management efficiency to enhance profitability [2] - The company is positioned to achieve long-term high-quality development amid a complex competitive environment [2]

Core Viewpoint - The company reported a revenue of RMB 1.223 billion for the six months ending June 30, 2025, a year-on-year decrease of 2.9%, while the profit attributable to the parent company increased by 228% to RMB 108 million, with earnings per share of RMB 0.05 [1] Group 1: Operational Strategy - The company aims to enhance operational quality and restore performance growth as its core objective, implementing refined reform measures [1] - The company has made positive progress in store operation efficiency, channel expansion, brand building, and supply chain optimization, marking initial success in its strategic transformation [1] Group 2: Store Strategy - The company focuses on improving store operational quality, enhancing service quality and customer experience [2] - Key strategies for store efficiency include a "Four Seasons Battle Song" plan to empower frontline staff, strengthen member and private domain management, and break traditional consumption radius limitations [2] - The company achieved approximately RMB 380 million in sales from takeout services and over RMB 80 million from public domain store sales through platforms like Douyin and Meituan [2] - The company has expanded its operating hours to capture additional sales during late-night periods and optimized cost efficiency by controlling key indicators such as rent-to-sales ratio and labor efficiency [2] Group 3: Market Expansion - The company actively embraces change by focusing on expanding distribution channels, entering overseas markets, and exploring the compound seasoning sector to create new growth curves [3] - A professional team has been established to optimize channel strategies, successfully collaborating with Sam's Club to develop customized products and forming strategic partnerships with retailers like Yonghui and Pang Donglai [3] - The company plans to focus on key strategic channels in the second half of the year, refining products and developing replicable channel operation models [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Zhou Hei Ya International Holdings Company Limited 周黑鴨國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1458） 更 換 公 司 秘 書、授 權 代 表 及 法 律 程 序 代 理 人 周黑鴨國際控股有限公司（「本公司」）董事會（「董事會」））謹 此 宣 佈，張 啟 昌 先 生 （「張先生」）已辭任本公司公司秘書（「公司秘書」）、根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證券上市規則第3.05條項下之本公司授權代表（「授權代表」），以 及 根據公司條例（香 港 法 例 第622章）項下於香港代表本公司接收法律程序文件或 通知之授權代表（「法律程序代理人」），自 二 零 二 五 年 八 月 二 十 八 日 起 生 效。 張 先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Zhou Hei Ya International Holdings Company Limited 周黑鴨國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1458） 修訂受限制股份單位計劃 主 席 周富裕 茲提述周黑鴨國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）日 期 為 二 零 一 八 年 七 月 二 十 五 日、二 零 一 八 年 七 月 三 十 一 日 及 二 零 二 四 年 四 月 十 九 日 的 公 告，內 容 有 關 本 公 司 採 納 受 限 制 股 份 單 位 計 劃 及 修 訂 受 限 制 股 份 單位計劃的條款（統 稱「該等公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Zhou Hei Ya International Holdings Company Limited 周黑鴨國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1458） 下表載列於所示期間本集團自營和特許經營門店網絡的若干主要營運資料。 | | | | | | | | | | | | | | 截 至 六 月 三 十 | 日╱ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | 截至六月三十日止六個月 | | | | | | | | | | | | | | | | 二零二五年 | 二零二四年 | | 門店總數 | | ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 581 million, Kangfang Biotech (09926) with 541 million, and Hong Kong Stock Exchange (00388) with 434 million [1] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -2.396 billion, Xiaomi Group-W (01810) with -1.524 billion, and SMIC (00981) with -845 million [1] - In terms of net inflow ratios, the top three companies are Quan Feng Holdings (02285) at 51.60%, Sen Song International (02155) at 49.91%, and GX China (03040) at 43.94% [1] - The top three companies with the highest net outflow ratios are Yihai International (01579) at -51.63%, Zhou Hei Ya (01458) at -49.54%, and Kangji Medical (09997) at -46.09% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 581 million, representing a 2.88% increase in closing price to 124.500 [2] - Kangfang Biotech (09926) saw a net inflow of 541 million, with a closing price of 169.500, down 4.18% [2] - Hong Kong Stock Exchange (00388) experienced a net inflow of 434 million, closing at 462.800, up 3.30% [2] - Kuaishou-W (01024) had a net inflow of 428 million, closing at 78.750, up 5.14% [2] - Horizon Robotics-W (09660) recorded a net inflow of 401 million, closing at 7.760, up 1.31% [2] Net Outflow Rankings - Yingfu Fund (02800) had the largest net outflow of -2.396 billion, with a closing price of 26.360, up 2.01% [2] - Xiaomi Group-W (01810) experienced a net outflow of -1.524 billion, closing at 53.500, up 1.81% [2] - SMIC (00981) saw a net outflow of -845 million, with a closing price of 57.800, up 1.58% [2] - CNOOC (00883) had a net outflow of -708 million, closing at 18.830, up 0.53% [2] - Pop Mart (09992) recorded a net outflow of -418 million, closing at 326.600, up 1.94% [2] Net Inflow Ratio Rankings - Quan Feng Holdings (02285) had a net inflow ratio of 51.60%, with a net inflow of 24.33 million, closing at 24.300, up 5.29% [3] - Sen Song International (02155) recorded a net inflow ratio of 49.91%, with a net inflow of 54.68 million, closing at 10.900, up 1.68% [3] - GX China (03040) had a net inflow ratio of 43.94%, with a net inflow of 1.29 million, closing at 37.820, up 2.55% [3] Net Outflow Ratio Rankings - Yihai International (01579) had a net outflow ratio of -51.63%, with a net outflow of -69.47 million, closing at 14.780, up 4.23% [3] - Zhou Hei Ya (01458) recorded a net outflow ratio of -49.54%, with a net outflow of -20.12 million, closing at 2.570, up 2.80% [3] - Kangji Medical (09997) had a net outflow ratio of -46.09%, with a net outflow of -30.83 million, closing at 8.680, up 0.35% [3]

Core Insights - The trend in the snack food industry, particularly in the marinated food segment, is shifting towards more diverse offerings that combine traditional snacks with full meal options, catering to changing consumer preferences for dining experiences [7][11] Company Strategies - Companies like Jiujia and Zhou Hei Ya are innovating by integrating hot pot elements into their offerings, such as Jiujia's fresh boiling of marinated items and Zhou Hei Ya's introduction of rice and noodle dishes [1][3] - Absolute Taste has launched a "plus store" concept, featuring a trendy atmosphere with a menu that includes fried snacks and craft beer, appealing to younger consumers looking for a social dining experience [5] - Zhou Hei Ya has expanded its product line to include marinated sauce packages for home cooking, while Absolute Taste has collaborated with tea brands to offer meal sets, indicating a strategy to diversify revenue streams [9] Market Trends - The marinated food market experienced a modest growth of only 3.7% last year, prompting brands to adapt by offering more substantial meal options rather than just snacks [7] - The evolving consumer behavior shows a preference for dining in and enjoying a variety of food options, leading brands to create environments conducive to longer stays and social interactions [11] Challenges and Risks - The shift towards freshly prepared items raises concerns about hygiene and food safety, particularly for brands like Zhou Hei Ya that are moving away from vacuum packaging [7] - The expansion into new markets, such as the U.S. for brands like Ziyuan Baiwei Chicken, presents challenges in consumer acceptance of traditional flavors among non-Chinese customers [9]