Core Viewpoint - The major players in the marinated food industry, such as Juewei Foods and Zhou Hei Ya, are undergoing transformations to adapt to a slowing market and increasing competition, shifting towards new dining experiences and product offerings [5][10][16]. Group 1: Industry Changes - Juewei Foods has launched "Juewei Plus," a new style of casual dining that offers snacks and beverages, moving away from traditional marinated food stalls [4][10]. - Zhou Hei Ya has introduced a sub-brand "3 Jin Ban · Small Pot Fresh Marinated," focusing on fresh marinated dishes combined with staple foods, enhancing the dining experience [11][13]. - The marinated food market is projected to reach a scale of 157.3 billion yuan in 2024, with a year-on-year growth rate of 3.7%, down from 4.8% in 2023, indicating a slowdown in industry growth [17][20]. Group 2: New Business Models - Major brands are expanding their product offerings to include main meals, afternoon tea, and late-night snacks, moving from a single consumption scenario to a more diverse range [21][22]. - Juewei Foods' "Juewei Plus" focuses on social dining and late-night snacks, integrating various products like fried marinated items and beverages to extend consumption hours [25]. - Zhou Hei Ya's "3 Jin Ban" emphasizes an open kitchen experience, allowing customers to see the cooking process, and offers a variety of marinated products alongside staple foods [13][22]. Group 3: Strategic Initiatives - Companies are diversifying their product lines by selling seasonings and beverages, with Zhou Hei Ya entering the compound seasoning market and Juewei Foods testing milk tea offerings [26]. - Some brands are exploring international markets, with Zhou Hei Ya entering Malaysia and Ziyan Baiwei Chicken expanding into Australia and the U.S., indicating a strategy to seek growth outside domestic markets [27]. - The transformations in the marinated food sector reflect a necessary adaptation to market maturity, where companies must innovate to survive in a competitive landscape [28].

Core Viewpoint - The major players in the marinated food industry, including Juewei Foods and Zhou Hei Ya, are undergoing significant transformations by launching new store formats and product offerings to adapt to a slowing market growth and increasing competition [12][14]. Group 1: Industry Trends - The marinated food market is projected to reach a scale of 157.3 billion yuan in 2024, with a year-on-year growth rate of 3.7%, down from 4.8% in 2023 [12]. - Major brands are shifting from traditional snack offerings to more diverse dining experiences, including light meals and late-night snacks, to expand consumption scenarios [14][15]. Group 2: Company Innovations - Juewei Foods has launched "Juewei Plus," a new casual dining format that offers a variety of snacks and beverages, moving away from the traditional marinated food stall style [9][11]. - Zhou Hei Ya introduced a sub-brand "3 Jin Ban · Small Pot Fresh Marinated," focusing on fresh marinated dishes combined with staple foods, enhancing the dining experience [7][12]. - The new store formats emphasize customer experience, with open kitchens and a wider range of products, including various marinated meats and side dishes [7][11]. Group 3: Product Diversification - Juewei Plus features nearly 30 SKUs, including fried snacks, desserts, and alcoholic beverages, with prices ranging from 8 to 28 yuan [11]. - Zhou Hei Ya's "3 Jin Ban" offers a mix of traditional marinated products and new items like spiced duck and various staple foods, with pricing strategies that include per-item pricing [7][9]. Group 4: Strategic Moves - Companies are exploring new revenue streams by selling condiments and beverages, with Zhou Hei Ya collaborating with seasoning companies and Juewei Foods testing milk tea offerings [19]. - Some brands are also looking to international markets for growth, with Zhou Hei Ya entering Malaysia and Ziyan Baiwei Chicken expanding into Australia and the U.S. [20].

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in Hong Kong, indicating significant short-selling activity in companies like New World Development, Hong Kong Exchanges, and BYD, with notable short-selling ratios and amounts [1][2]. Short-Selling Ratios - New World Development (80016) has the highest short-selling ratio at 100.00% - Hong Kong Exchanges (80388) follows with a short-selling ratio of 94.27% - BYD (81211) has a short-selling ratio of 94.13% [1][2]. Short-Selling Amounts - Alibaba (09988) leads in short-selling amount with HKD 1.546 billion - Tencent (00700) has a short-selling amount of HKD 1.265 billion - Xiaomi (01810) follows with HKD 1.188 billion [1][2]. Deviation Values - Hong Kong Exchanges (80388) has the highest deviation value at 54.37% - New World Development (80016) has a deviation value of 41.90% - Alibaba (89988) shows a deviation value of 39.84% [1][2].

Group 1 - The company, Zhou Hei Ya (01458.HK), announced that it will hold a board meeting on August 28, 2025 [1] - The meeting will consider and approve the publication of the company's interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if any [1]

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 周黑鴨國際控股有限公司 主 席 周富裕 香 港，二 零 二 五 年 八 月 七 日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 周 富 裕 先 生、呂 漢 斌 先 生 及 王 亞 利 女 士；及 本 公 司 獨 立 非 執 行 董 事 為 陳 錦 程 先 生、盧 衛 東 先 生 及 陳 晨 先 生。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1458） 董事會會議日期 周黑鴨國際控股有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二零二五年八月二十八日（星 期 四）舉 行 董 事 會 會 議，以（其 中 包 括）考慮及批准 刊發本公司及其附屬公司截 ...

Group 1 - The core viewpoint of the article highlights that Zhou Hei Ya (01458) experienced a nearly 5% increase in stock price after announcing a profit alert, with a cumulative increase of nearly 20% since the announcement [1] - The company expects a profit of between 90 million to 113 million yuan for the first half of the year, representing a growth of 55.2% to 94.8% compared to 58 million yuan in the same period last year [1] - Profit growth is attributed to the optimization of store structure, focusing on improving store operational quality, and an increase in average sales per store during the reporting period [1] Group 2 - The decline in raw material costs has contributed to an increase in gross profit margin, alongside lean management optimizing the sales expense ratio, which collectively enhances the company's overall profitability [1] - According to Guangda Securities, the company has actively adjusted its store structure since 2024, closing inefficient stores, leading to a stabilization in single-store performance [1] - The company plans to continue optimizing certain stores into 2025, with same-store revenue showing positive year-on-year growth, indicating that the effects of the reforms are gradually becoming evident [1]

Group 1 - The core viewpoint of the article highlights that Zhou Hei Ya (01458) experienced a nearly 5% increase in stock price after announcing a profit alert, with a cumulative rise of nearly 20% since the announcement [1] - The company expects a profit of between 90 million to 113 million yuan for the first half of the year, representing a growth of 55.2% to 94.8% compared to 58 million yuan in the same period last year [1] - The profit growth is attributed to the optimization of store structure, focusing on improving store operational quality, and an increase in average sales per store during the reporting period [1] Group 2 - The decline in raw material costs has contributed to an increase in gross profit margin, alongside lean management optimizing the sales expense ratio, which collectively enhances the company's overall profitability [1] - Everbright Securities noted that since 2024, the company has actively adjusted its store structure by closing inefficient stores, leading to a stabilization in single-store performance [1] - The company plans to continue optimizing certain stores into 2025, with same-store revenue showing positive growth year-on-year, indicating the gradual effectiveness of the reforms [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周黑鴨國際控股有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01458 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,159,709,500 | | 0 | | 2,159,709,500 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,159,709,500 | | 0 | | 2,159,709,500 | 第 2 頁 共 10 頁 v 1.1.1 | 1. ...

Group 1 - The core idea of the article is that Wuhan's unique gifts and cultural products are gaining popularity both domestically and internationally, showcasing the city's charm and heritage [1][2][3]. - Traditional and modern elements are blending in Wuhan's gift offerings, exemplified by the success of the hot dry noodles from the century-old brand Cai Lin Ji, which has expanded to nearly 300 stores globally and achieved over 200 million yuan in e-commerce sales in 2023 [3][4]. - The cultural empowerment of traditional foods like Zhou Hei Ya's marinated products is highlighted, with their award-winning gift box integrating local culture and aesthetics, and the establishment of a cultural experience center [4][6]. Group 2 - The "Garlic Bird" plush toy has become a viral cultural product, with significant sales figures, including over 150,000 units sold in the first half of the year, generating over 10 million yuan in revenue [7]. - The integration of technology in the cultural and tourism sectors is evident, with initiatives like the "Wuhan Digital Cultural Bus" and the "Wuhan Cultural Code" enhancing consumer experiences and facilitating online purchases of local gifts [8]. - The article emphasizes the formation of a gift industry alliance among over 110 local enterprises, aiming to evolve from single product hits to a comprehensive brand cluster, contributing to a potential industry growth of billions [7][8].

Core Viewpoint - The founder and chairman of Zhou Hei Ya, Zhou Fuyou, emphasized the importance of "heart" quality productivity to overcome industry challenges and reshape industry value, highlighting the need to prioritize quality over cost in the current slow-growing duck industry [1][10]. Group 1: Industry Challenges - The current trend in the marinated duck sector shows a slowdown in growth, with consumer feedback indicating a decline in product quality [1]. - The root cause of industry difficulties is attributed to an excessive focus on cost reduction at the expense of product quality, leading to a loss of consumer trust [1][2]. Group 2: Proposed Initiatives - Zhou Fuyou proposed two major initiatives: shifting from "internal competition" to "collaborative competition" within the industry chain to better meet consumer demands for health and taste [2]. - The second initiative is to prioritize quality over cost, moving away from the misconception of maximizing material ratios and returning to the fundamental goal of producing high-quality products [2]. Group 3: Company Actions - Zhou Hei Ya has established a comprehensive supply chain management system, collaborating with leading suppliers to ensure stable quality and supply of raw materials [3][9]. - The company has implemented strict quality control measures throughout the production process, from raw material selection to final product delivery, maintaining a "quality first" philosophy [3][7]. Group 4: Quality Control Measures - Zhou Hei Ya employs rigorous standards for raw materials, such as sourcing ducks raised for approximately 400 days and selecting high-quality spices through extensive processing [4]. - The company has invested in automated production lines and a clean production environment, significantly enhancing production efficiency and food safety [7]. Group 5: Market Position and Future Outlook - Zhou Hei Ya is positioned as an industry leader, with a projected net profit growth of 55.5% to 94.8% for the first half of 2025, outperforming peers [10]. - The company's "heart" quality productivity concept provides a clear upgrade path for the industry, transitioning from growth based on scale to growth based on quality, positioning Zhou Hei Ya as a key beneficiary in the recovery of the industry [11].