（文章来源：北京商报） 北京商报讯（记者郭秀娟实习记者王悦彤） 8月29日，北京商报记者获悉，周黑鸭近日发布2025年半年 报。报告期内，公司实现营收12.23亿元，同比减少2.93%；实现净利润1.08亿元，同比增长228%。 ...

证券研究报告 | 公司点评报告 2025 年 08 月 29 日 单店店效同比转正，新渠道快速放量 消费品/食品饮料 公司发布 2025 年半年报，公司H1 收入/利润分别同比-3.4%/+228.0%，Q2 门 店单店同比转正，会员商超等新渠道拓展顺利，海外方面上半年成功进入马来 西亚、新加坡等市场。展望 H2，公司仍将积极对接合作新零售渠道，通过陈列、 联合营销等推广品牌及新品，推动真空装产品的升级迭代，海外方面继续开拓 东南亚市场。费用方面通过降本增效、精细化管理，优化费效比，期待营收与 盈利双重改善。考虑到公司供应链优化及改革成效显现，我们调整 25-27 年归 母净利润预测为 2.1 亿/2.4 亿/2.8 亿，25-27 年 EPS 为 0.09、0.10、0.12 元， 对应 26 年 20x，上调至"强烈推荐"评级。。 周黑鸭（01458.HK） 相关报告 1、《周黑鸭（01458）24 年报点评— H2 利润率改善，关注新渠道变化》 2025-04-01 2、《周黑鸭（01458）—24H1 经营承 压，关注二合一门店进展》 2024-09-02 3、《周黑鸭（01458）—24 年稳健经 ...

Core Insights - Zhou Hei Ya International Holdings Limited reported a significant increase in revenue and net profit for the first half of 2025, achieving total revenue of 1.223 billion yuan and a net profit of 108 million yuan, representing a year-on-year growth of 228.0% [2] - The company is focusing on enhancing operational quality and restoring performance growth amid a moderately recovering domestic consumption environment and challenges such as increased competition and product homogeneity [2][3] Financial Performance - Zhou Hei Ya's total revenue for the first half of 2025 was 1.223 billion yuan, with a net profit of 108 million yuan, marking a 228.0% increase year-on-year [2] - The overall gross margin improved to 58.6% due to refined supply chain operations aimed at cost reduction and quality enhancement [6] Operational Strategies - The company has added 2.45 million registered members, with member sales accounting for over 60% of total sales, indicating a strong focus on customer loyalty and engagement [3] - Zhou Hei Ya is implementing a "Five Many" strategy, focusing on multi-brand, multi-category, multi-scenario, multi-channel, and multi-consumer group approaches to enhance its competitive edge [2][3] Marketing and Sales Channels - Zhou Hei Ya is expanding its sales network beyond traditional store formats by collaborating with various retail partners, including Sam's Club and Yonghui, to develop customized products and enhance brand exposure [6] - The company has leveraged online platforms like Douyin and Meituan to create a closed-loop marketing strategy that converts online traffic into in-store sales, achieving over 800 million yuan in sales from public domain channels [3][6] Future Outlook - For the second half of 2025, Zhou Hei Ya plans to continue enhancing operational efficiency, accelerate product innovation, and expand its overseas presence, particularly in Southeast Asia [7] - The company aims to rejuvenate its brand and engage younger consumers through targeted marketing strategies, while also diversifying its product offerings with new categories such as compound seasonings and ready-to-eat products [7]

来源：市场资讯 报告内容还显示，在2025年上半年国内消费温和复苏、卤味品行业需求基础逐渐稳固，但同时面临着新 兴渠道分流、竞争加剧、产品同质化、消费者价值感知不足等多方面挑战的背景下，周黑鸭以提升经营 质量和恢复业绩增长为核心目标，精细化推动改革措施落地见效，在门店运营提效、渠道拓展、品牌建 设及供应链优化等方面积极推进，战略转型取得初步成效，为达成全年战略目标奠定了坚实基础。 特别声明：文中提及内容均来源于公开信息，不构成实质性投资建议，据此操作风险自担。 （来源：中宏网股票） 中宏网讯 8月28日晚间，周黑鸭$周黑鸭(HK1458)（01458.HK）发布了2025年中报。其内容显示，2025 年1-6月份周黑鸭收益12.23亿元、毛利润7.17亿元、除税前溢利1.46亿元、母公司拥有人应占期内溢利 1.08亿元。与上年同期相比除税前溢利增长157.4%，母公司拥有人应占期内溢利增长228.0%。 报告期内，鸭及鸭制品收入9.88亿元，其他产品收入2.22亿元，特许经营费收入1291.4万元，占总收入 的比例分别为80.8%、18.2%、1.0%。截至2025年6月30日，其门店总数2864间，其中自营 ...

智通财经APP获悉，8月28日，周黑鸭(01458)发布2025年上半年业绩报告。报告期内，实现总营12.23亿 元，净利润1.08亿元，同比增长228.0%，盈利能力显著提升。 2025年上半年，在消费温和复苏、行业竞争加剧的背景下，周黑鸭通过精细化运营与战略转型，聚焦门 店经营质量提升与多元化渠道拓展，取得显著成效，有效推动公司经营质量提升和业绩增长。 在巩固门店基本盘的同时，周黑鸭还积极拓展自有渠道外的流通渠道业务，并将其提升至战略高度，作 为公司第二增长曲线重点打造。 上半年，周黑鸭已成功与山姆会员超市合作定制开发周黑鸭经典卤料包、风味鸭肉酱；并与永辉、胖东 来等达成战略合作，通过提供真空及散装产品，结合专柜陈列、联合营销，有效拓宽消费场景。 凭借强大的产品研发能力，周黑鸭针对不同渠道适配不同产品，精准触达核心客群，显著增强终端曝光 与场景覆盖。 通过构建多层次、广覆盖的渠道网络，周黑鸭不仅加速了"黑鸭风味"从特色零食品类向大众日常消费与 礼赠场景的渗透，也进一步巩固了其作为行业领导品牌的市场认知与竞争壁垒。 供应链优化+组织力升级，支撑战略落地 中国食品产业分析师朱丹蓬表示："周黑鸭大力践行国家高质 ...

Core Insights - Zhou Hei Ya reported a total revenue of 1.223 billion yuan and a net profit of 108 million yuan for the first half of 2025, marking a significant year-on-year growth of 228.0% in profitability [1] - The company has successfully implemented strategic transformation and refined operations, focusing on enhancing store management quality and diversifying channel expansion [1][5] Group 1: Operational Improvements - Zhou Hei Ya emphasized improving single-store operational quality by optimizing service processes and enhancing customer experience, which has led to increased store profitability [1][4] - The company trained frontline staff in standardized service and skills, enhancing service levels and customer satisfaction, while also leveraging live streaming to convert online traffic to offline sales [1][4] - As of June 30, the number of registered members increased by 2.45 million, with member sales accounting for over 60% of total sales [1] Group 2: Product Innovation - Zhou Hei Ya has refined its classic flavors and launched new products such as marinated duck and squid, while also developing region-specific items to enhance product appeal [2] - The company has broken the limitations of store scenarios by deepening collaborations with delivery platforms, achieving approximately 380 million yuan in sales from delivery channels [2][3] - Zhou Hei Ya has also expanded its service hours to include late-night offerings, exploring additional sales opportunities [2] Group 3: Channel Diversification - Zhou Hei Ya has actively expanded its distribution channels, partnering with Sam's Club and other retailers to develop customized products, thereby enhancing market penetration [3] - The company has tailored products for different channels, significantly increasing brand exposure and market coverage [3] - This multi-layered channel network has solidified Zhou Hei Ya's position as a leading brand in the industry, enhancing its competitive barriers [3] Group 4: Supply Chain and Organizational Efficiency - Zhou Hei Ya has optimized its supply chain with a focus on cost reduction, agile response, and quality improvement, resulting in an overall gross margin increase to 58.6% [4] - The establishment of a comprehensive quality feedback mechanism has improved product satisfaction, earning the company several authoritative certifications [4] - The company has implemented an agile performance system to ensure rapid execution of strategies related to channel expansion, product development, and international growth [4] Group 5: Future Growth Strategies - Looking ahead, Zhou Hei Ya plans to continue enhancing operational efficiency and accelerating product innovation while expanding its international presence in Southeast Asia [5] - The company aims to rejuvenate its brand by targeting Generation Z and diversifying its product offerings, thereby creating a differentiated competitive advantage [5] - Zhou Hei Ya is committed to driving innovation, maintaining quality, and focusing on user-centric strategies to lead industry transformation and growth [5]

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

8月28日，周黑鸭发布截至2025年6月30日止六个月中期业绩公告。当中披露，2025年上半年，公司实现 收益12.23亿元（人民币，下同），同比下降2.9%；毛利7.17亿元，同比增长2.7%；除税前溢利1.46亿 元，同比增长157.4%；母公司拥有人应占期内溢利1.08亿元，同比增长228.0%。 公告指出，上半年，集团在门店运营提效、渠道拓展、品牌建设及供应链优化等方面均取得积极进展， 标志着战略转型取得初步成效，为达成全年战略目标奠定了坚实基础。 在门店策略上，集团以提升门店经营质量为核心，全面提升服务品质与顾客体验。在门店提效上，上半 年重点围绕四大维度深化策略落地： 「四季战歌」专项计划系统化赋能一线店员。强化标准化执行、督导考核与技能培训，提升服务水准与 满意度；鼓励店员直播，盘活人力资源，强化品牌认知，实现线上观众向线下客流的有效转化。 加强会员与私域运营管理。构建「店员－私域」深度联动机制，扩大私域用户池，精细化运营会员体 系，通过精准营销将线上流量转化为即时消费。 拓展夜宵时段，探索全时段服务，有效延长营业时间，获取销售增量。另外，在成本效率优化上，严控 租售比、人效等核心指标，通过精准 ...

（编辑 郭之宸） 本报讯 （记者梁傲男）8月28日，周黑鸭国际控股有限公司发布2025年上半年业绩报告，公司营收达 12.23亿元，实现净利润1.08亿元，同比增长228.0%。上半年，公司通过优化门店运营效率、强化单店 盈利能力，并积极拓展多元化销售渠道，推动盈利能力显著提升。 ...

人民财讯8月28日电，8月28日，周黑鸭发布2025年上半年业绩报告，公司营收达12.23亿元，实现净利 润1.08亿元，同比增长228.0%。上半年，公司通过优化门店运营效率、强化单店盈利能力，并积极拓展 多元化销售渠道，推动盈利能力显著提升。 ...