Core Insights - Zhou Hei Ya reported a total revenue of RMB 2.451 billion and a net profit of RMB 98.204 million for the fiscal year 2024, focusing on product innovation and channel expansion to ensure long-term growth [1] Group 1: Product Strategy - The company emphasizes a dual-driven strategy of "classic + innovation," with over 70% of sales coming from the "Zhou Hei Ya classic flavor" series, reinforcing brand recognition [2] - Zhou Hei Ya has expanded its product matrix by launching new items like spicy chicken shreds and dry-fried spicy chicken, achieving a combined monthly sales of over 180,000 boxes for these new products [2] Group 2: Channel Expansion - Zhou Hei Ya accelerated its multi-channel strategy by entering supermarkets and retail chains, enhancing market penetration and brand visibility [3] - The active membership base surpassed 5.5 million, leveraging big data to optimize member services and enhance consumer engagement [3] Group 3: Future Strategy - The company plans to focus on "store quality reform" and enhance operational standards, service experiences, and staff training to improve store competitiveness [4] - Zhou Hei Ya aims to expand into international markets, starting with Southeast Asia, to promote Chinese marinated food culture globally [4][5]

鸭及鸭副产品仍是周黑鸭的主要收入来源，占比达79.8%。总销量则由2023年的31453吨降至2024年的 26159吨。与此同时，公司积极发力会员经济，通过数智化手段精细化运营，活跃会员数突破550万，成 为业绩的重要支撑点。 深圳商报·读创客户端记者 李薇 周黑鸭（01458.HK）于3月27日晚间发布2024年全年业绩报告。数据显示，公司全年总收益为24.51亿元 人民币，同比下降10.7%；归属于母公司股东的净利润为9820.4万元，同比下滑15.0%。 对于收益下滑，周黑鸭表示，主要由于经济环境有效需求不足，消费不振，导致销售量下降，收益随之 减少；同时，集团调整门店策略，合理优化关闭低效门店，亦产生一定销售损失。 公告称，公司完成了从追求规模扩张到聚焦质量提升的关键转变，以提升单店持续盈利能力作为核心目 标。一方面，公司对核心市场资源倾斜、低潜市场战略收缩，果断优化门店结构。公司合理闭店，坚决 关闭位置不佳、长期亏损等低质门店，同时通过调整经营策略、强化营销推广等方式盘活低效门店，不 断提升运营效率与盈利能力。另一方面，聚焦存量门店提质。2024年，公司关闭785家低效门店，使总 门店数从2023 ...

Group 1 - The company announced a 10.7% decrease in total revenue for 2024, amounting to 2.451 billion yuan, primarily due to adjustments in store strategies and the closure of underperforming stores, resulting in some sales loss [1] - The net profit attributable to the company's shareholders for the year is projected to be 98.204 million yuan, reflecting a year-on-year decline of 15.0% [1] Group 2 - The company is focusing on its unique flavor profile of "spicy, numbing, and sweet," promoting the "Classic Flavor" product series, which is expected to account for over 70% of total sales by the end of 2024 [2] - The company is expanding its chicken side product line, with popular items like spicy shredded chicken and dry-fried spicy chicken achieving a combined average monthly sales of over 180,000 boxes [2] - To meet diverse consumer needs, the company is actively developing mid-to-low price range products, with monthly sales of products priced at 14.9 yuan and below accounting for approximately 15% of total sales [2] - The company is trialing bulk marinated products in Hubei and Henan regions, which cater to consumer convenience and enhance foot traffic in community stores [2] - The company has successfully introduced vacuum products into retail channels such as Costco and is planning to expand into other distribution channels, with vacuum product revenue expected to account for about 11% of total revenue by the end of 2024 [2]

周黑鸭(01458)公布2024年业绩，收益约24.51亿元，毛利约13.92亿元，母公司拥有人应占年内溢利 9820.4万元，末期股息每股0.05港元。 2024年，面对复杂多变的市场环境和内部变革挑战，公司锚定"高效协同、节约增效、精进品质、组织 赋能"四大战略方向，在供应链深度整合中实现关键突破，全年毛利率上升4.4个百分点至56.8%。在高 效协同、节约增效上，公司进一步提升产供销的协同，更高效支持渠道拓展和新产品的供应保障。一方 面公司通过精细化管控与前瞻性布局，抓住原料价格下行机会，成功降低产品吨均总成本，为集团毛利 率提升筑牢根基;同时，公司通过构建精益管理与全员改善平台，推动生产效率显著提升，并建立起持 续优化的长效机制。另一方面，公司通过整合资源，提高车辆装载率和准时送达率，不断优化配送成 本，以高效物流链赋能生产端与市场端。在精进品质上，公司全面导入"一次性做对"的质量文化，全方 位升级工厂质量保障体系与食品安全管控水平，并通过供应商赋能与强化全链质量管理，不断提升原材 料品质;同时，公司亦搭建严格的质量控制体系，从原材料采购、生产加工到产品配送，对全流程进行 严格质量检测，不断稳固口味稳 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by 10.7% to RMB 2,451,033,000 compared to RMB 2,743,628,000 in 2023[2] - Gross profit for the same period was RMB 1,391,893,000, down 3.2% from RMB 1,438,161,000 in the previous year[2] - The company's profit before tax fell by 30.4% to RMB 149,067,000 from RMB 214,149,000 year-on-year[2] - The company's net profit for 2024 was RMB 98,204 thousand, down 15.0% from RMB 115,576 thousand in 2023[25] - Total revenue for 2024 was RMB 2,451,033 thousand, a decrease of 10.7% compared to RMB 2,743,628 thousand in 2023[25] - The group reported a net profit of RMB 98.2 million for the year, down from RMB 115.6 million in 2023[68] - The total tax expense for the year was RMB 50,863,000, compared to RMB 98,573,000 in 2023, indicating a significant decrease of about 48%[89] - Basic earnings per share for 2024 were RMB 0.04, down from RMB 0.05 in 2023, representing a decline of 20%[93] Sales and Revenue Breakdown - Revenue contribution from duck and duck by-products was RMB 1,955,798,000, accounting for 79.8% of total revenue, compared to 77.3% in 2023[3] - Revenue from self-operated stores was RMB 1,390,935,000, representing 56.7% of total revenue, while franchise revenue was RMB 611,556,000, accounting for 25.0%[5] - Total sales volume dropped to 26,159 tons, down from 31,453 tons, indicating a decline of 16.8%[3] - The revenue from modified atmosphere packaging products was RMB 2,062,856 thousand in 2024, down from RMB 2,388,291 thousand in 2023, representing a decline of 13.5%[81] - The revenue from vacuum packaging products was RMB 257,740 thousand in 2024, slightly down from RMB 261,636 thousand in 2023, a decrease of 1.5%[81] Store Operations and Strategy - The total number of retail stores decreased to 3,031 from 3,816, representing a reduction of approximately 20.5%[3] - The company operates 1,591 self-operated stores and 1,440 franchised stores, covering 303 cities across 28 provinces, regions, and municipalities in China[9] - The company has shifted its strategy from pursuing scale expansion to focusing on quality improvement, aiming to enhance the profitability of individual stores[17] - The company has optimized its store structure by closing underperforming locations while enhancing operational efficiency and profitability[17] Cost Management and Efficiency - Sales costs decreased by 18.9% to RMB 1,059,140 thousand, improving the overall cost structure[25] - Administrative expenses were reduced by 18.0% to RMB 259,764 thousand, reflecting improved operational efficiency[25] - The company aims to strengthen management effectiveness and optimize operating costs to enhance profitability in a challenging market environment[23] - The company integrated resources to improve vehicle loading rates and on-time delivery rates, optimizing logistics costs[21] Market and Consumer Engagement - In 2024, the domestic consumption market continues to recover steadily, injecting momentum into economic growth[15] - The company has redefined its brand positioning, aiming to become the national flavor brand of China, with a focus on engaging younger consumers[19] - Active membership exceeded 550,000 as of December 31, 2024, reflecting enhanced member engagement through targeted marketing activities[19] - The company is leveraging big data and digital tools to refine its operational strategies and improve member consumption experiences[19] Financial Position and Assets - As of December 31, 2024, the group's net assets amounted to RMB 3,626.5 million, a decrease from RMB 3,935.4 million as of December 31, 2023[41] - The group's cash and bank deposits reached approximately RMB 1,254.2 million as of December 31, 2024, compared to RMB 1,074.5 million as of December 31, 2023[42] - Total liabilities increased from RMB 684,184 thousand in 2023 to RMB 765,753 thousand in 2024, an increase of approximately 11.9%[70] - The company reported a decrease in inventory from RMB 315,320 thousand in 2023 to RMB 226,853 thousand in 2024, a decline of approximately 28.0%[70] Shareholder Returns and Dividends - The company plans to distribute a final dividend of RMB 0.05 per share, totaling approximately RMB 102,368,000, which is about 104.2% of the net profit for the year[8] - The board proposed a final dividend of HKD 0.05 per share, amounting to approximately RMB 102,368,000, which is 104.2% of the group's net profit for the year ending December 31, 2024[118] Governance and Compliance - The company has adhered to the corporate governance code, except for a deviation regarding the roles of the Chairman and CEO[121] - The Chairman and CEO roles are currently held by the same individual, which deviates from the corporate governance code, but the board believes this structure will enhance strategic implementation[122] - The audit committee has reviewed the annual performance for the year ending December 31, 2024, confirming that the financial statements align with the audited results[125]

Core Insights - Zhou Hei Ya International Holdings Limited has entered a strategic partnership with Thailand's IMCOCO Group to launch a new coconut water brand named "Yaya Coconut" [1][5] - The collaboration aims to create a new consumption scenario by combining Zhou Hei Ya's signature snacks with beverages, enhancing the overall consumer experience [1][5] Company Strategy - Zhou Hei Ya is focusing on quality upgrades and customer experience by venturing into the beverage segment, specifically targeting the coconut water category [1][5] - The company aims to leverage the growing health-conscious trend among young consumers who prefer natural, low-calorie, and electrolyte-rich beverages [1][3] Product Development - The first major product under the "Yaya Coconut" brand will be the Freshly Extracted Powdered Coconut Water, made from high-quality Thai coconuts using low-temperature extraction technology [3][4] - The product is marketed as 100% natural with no additives, catering to consumer demands for both taste and health [3] Market Positioning - The partnership with IMCOCO Group provides Zhou Hei Ya with a stable supply of premium raw materials and ongoing research and development support for the "Yaya Coconut" brand [2][5] - IMCOCO Group has established a significant presence in Thailand's coconut water market, with a self-owned coconut agricultural park and a beverage factory, enhancing the supply chain capabilities for the new product [2][5] Future Outlook - The "Yaya Coconut" Freshly Extracted Powdered Coconut Water is set to launch in over 3,000 Zhou Hei Ya retail stores and e-commerce platforms in early 2025 [4] - The collaboration is expected to invigorate Zhou Hei Ya's business and set a new benchmark for cross-industry integration within the snack and beverage sectors [5]

Retail Store Operations - As of June 30, 2024, the Group had a total of 3,456 retail stores, comprising 1,735 self-operated and 1,721 franchised stores, covering 323 cities across 28 provinces in China[8]. - The number of retail stores in Central China was 1,566, accounting for 45.3% of the total, while Southern China had 572 stores, representing 16.6%[9]. - The total number of retail stores decreased from 3,706 in 2023 to 3,456 in 2024, reflecting a reduction of approximately 6.7%[9]. - The number of retail stores in Northern China decreased from 542 in 2023 to 443 in 2024, a decline of 18.3%[9]. - The company aims to increase its market share in Western China, where the number of stores was 351, accounting for 10.1% of the total[9]. - The Group launched 127 "two-in-one retail stores" in Wuhan and surrounding areas to meet diversified consumer demands as of June 30, 2024[20]. Financial Performance - Total revenue for the first half of 2024 was RMB 1,024,333,000, a decrease of 11.6% compared to RMB 1,159,401,000 in the same period of 2023[13]. - Revenue for the six months ended June 30, 2024, was RMB 1,259,511,000, a decrease of 10.9% compared to RMB 1,414,764,000 for the same period in 2023[116]. - The company's net profit for the period was RMB 32,913, reflecting a significant decline of 67.7% from RMB 101,742 in the previous year[31]. - The Group's net profit decreased by 67.6% from RMB 101.7 million for the six months ended June 30, 2023, to RMB 32.9 million for the six months ended June 30, 2024, with a net profit margin decreasing from 7.2% to 2.6%[33]. - The Group's total comprehensive income for the six months ended June 30, 2024, was RMB 37.7 million, a decrease of 68.1% from RMB 118.2 million for the same period in 2023[35][39]. Cost Management - Cost of sales decreased by approximately 16.4% from RMB672.0 million for the six months ended June 30, 2023, to RMB561.9 million for the six months ended June 30, 2024, attributed to a drop in production and sales of products and a decrease in raw material prices[32]. - Selling and distribution expenses decreased by 55.7% to RMB 504,977 compared to RMB 474,075 in the previous year[31]. - Administrative expenses decreased by approximately 25.1% from RMB160.1 million for the six months ended June 30, 2023, to RMB119.9 million for the six months ended June 30, 2024, due to the lapse of certain restricted share units[33]. Strategic Initiatives - The Group's strategic focus includes expanding its presence in underrepresented regions while optimizing the performance of existing stores[8]. - The management plans to enhance product offerings and invest in new technology to improve operational efficiency and customer experience[8]. - Future outlook includes exploring potential mergers and acquisitions to accelerate growth and market penetration[8]. - The Group is committed to maintaining a strong financial position while pursuing sustainable growth strategies in the competitive market[8]. Employee and Labor Costs - As of June 30, 2024, the Group had a total of 4,297 employees, with approximately 60.7% in retail operations and sales[72]. - Total labor costs for the six months ended June 30, 2024, amounted to RMB271.6 million, representing approximately 21.6% of total revenue[74]. Shareholder Information - The Group repurchased a total of 81,580,000 shares at an aggregate consideration of HK$ 147,687,203 during the six months ended June 30, 2024[36][40]. - The remaining balance of net proceeds from the IPO as of June 30, 2024, was RMB 189.8 million, down from RMB 199.8 million as of December 31, 2023[44][48]. - The Group's reserves available for distribution to shareholders amounted to approximately RMB1,140.6 million[76]. Governance and Compliance - The Company has complied with the applicable code provisions in part 2 of the Corporate Governance Code, except for a deviation regarding the separation of roles between the Chairman and CEO[101]. - The Board believes that combining the roles of Chairman and CEO will enhance strategic implementation and operational efficiency during a critical period of change[103]. - The Company will continue to improve its corporate governance practices in line with its business growth[103].

Investment Rating - The investment rating for the company is "Outperform the Market" [4]. Core Views - The company aims to enhance store quality as its core objective, focusing on the new consumption environment and piloting "dual-purpose stores" [4][5]. - In the first half of 2024, the company reported a revenue of 1.26 billion HKD, a year-over-year decrease of 10.97%, and a net profit attributable to the parent company of 33 million HKD, down 67.65% year-over-year [1]. Summary by Sections Revenue Breakdown - In 2024H1, self-operated stores generated revenue of 697 million HKD (YOY -7.21%), franchised stores generated 327 million HKD (YOY -19.81%), online channels generated 177 million HKD (YOY -17.06%), and other revenues amounted to 57.35 million HKD (YOY +40.02%) [4]. - The total number of stores reached 3,456, a decrease of 250 stores year-over-year, with self-operated stores at 1,735 (up 193) and franchised stores at 1,721 (down 443) [4]. Store Types and Locations - The company has 268 self-operated stores in transportation hubs (up 111) and 80 franchised stores (up 13) [5]. - In commercial areas, there are 928 self-operated stores (up 81) and 1,083 franchised stores (down 302) [5]. - The company is piloting "dual-purpose stores" in Wuhan and surrounding areas, with 127 such stores established by the end of June 2024 [5]. Financial Forecasts - Revenue projections for 2023-2025 are 2.56 billion HKD, 2.74 billion HKD, and 2.94 billion HKD, respectively, with net profits of 100 million HKD, 166 million HKD, and 222 million HKD [6][7]. - The expected EPS for the same period is 0.04 HKD, 0.07 HKD, and 0.10 HKD [6][7]. Valuation - The company is valued at a PE ratio of 16-20 times for 2025E, leading to a fair value range of 1.12-1.40 HKD per share, which translates to 1.24-1.56 HKD per share when converted at an exchange rate of 0.90 [7].

Investment Rating - Buy (Maintained) [1] Core Views - The company has shifted its focus from expanding store numbers to improving store quality, with a reduction in total stores from 3,816 in 2023 to 3,456 in 2024H1 [2] - Directly operated stores increased by 15 to 1,735, surpassing the number of franchised stores, which decreased by 375 to 1,721 [2] - Revenue from directly operated/franchised/online/other channels was RMB 697/327/178/57 million, representing year-on-year changes of -7.2%/-19.8%/-17.1%/+40.0% respectively [2] - The company's gross profit margin improved to 55.4% in 2024H1, up 2.9 percentage points year-on-year, driven by lower raw material costs and supply chain optimization [4] - The company's net profit margin declined to 2.6% in 2024H1, down 4.6 percentage points year-on-year, due to increased sales expenses and declining revenue [4] Store Performance and Strategies - Average store revenue declined in 2024H1, with average customer spending per transaction dropping 10% year-on-year to RMB 55.57 [2] - The company has implemented multiple measures to boost store performance, including piloting new store formats, enhancing store management, and diversifying product offerings [2] - A total of 127 "dual-format" stores combining fresh and bulk products have been opened in Wuhan and surrounding areas as of 2024H1 [2] Financial Performance - The company reported revenue of RMB 1.26 billion in 2024H1, a year-on-year decrease of 10.97% [3] - Net profit attributable to shareholders was RMB 33 million in 2024H1, a year-on-year decrease of 67.65% [3] - Sales/management expense ratios were 40.1%/9.5% in 2024H1, representing year-on-year changes of +6.6 percentage points/-1.8 percentage points [4] Forecast and Valuation - Revenue is expected to be RMB 2.444/2.575/2.712 billion in 2024/2025/2026, with year-on-year growth rates of -11%/+5%/+5% [5] - Net profit attributable to shareholders is forecasted to be RMB 100/193/214 million in 2024/2025/2026, with year-on-year growth rates of -14%/+94%/+11% [5] - EPS is projected to be RMB 0.04/0.08/0.09 in 2024/2025/2026, with corresponding P/E ratios of 31/16/14X [5] Market Data - Current stock price: HKD 1.44 as of 2024/08/28 [2] - Market capitalization: HKD 3,351.63 million [2] - Average daily trading volume: HKD 6.91 million [2]

| --- | --- | |-----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 短期承压，积极调整 | | 公司研究 | [Table_ReportDate] 2024 年 08 月 27 日 | | [Table_ReportType] 公司点评报告 | [Table_Summary] 事件：公司发布 2024 年中期报告， ...