Group 1: Company Overview - International investment bank, Credit Lyonnais, upgraded the rating of Zhou Hei Ya to "highly confident outperforming the market," raising the target price from HKD 1.70 to HKD 2.30, predicting a revenue growth of 6.2% and a net profit increase of 17% by 2026 [1] - Zhou Hei Ya has streamlined its store count to approximately 3,000, significantly improving single-store efficiency and enhancing profit quality [1] - The company has received multiple awards at the iSEE Global Awards, including the "Excellence in Taste Award" for its signature duck neck and duck lock bone products, marking it as the first brand to achieve a "double crown" in this prestigious competition [1][4] Group 2: Industry Insights - The Chinese leisure marinated products market has grown from CNY 831.81 billion in 2018 to CNY 1,396.10 billion in 2023, with a compound annual growth rate of 10.91%, and is expected to exceed CNY 2 trillion by 2027 [2] - Despite the market's expansion, there is a notable shortage of high-quality supply, with the top three companies holding only a 10% market share, indicating a "large but weak" market characteristic [3] - Approximately 70% of small and medium-sized enterprises lack a complete cold chain system, leading to significant quality fluctuations in products, creating new opportunities for leading brands like Zhou Hei Ya [5] Group 3: Product Innovation and Quality Control - Zhou Hei Ya employs a "guarding the right while innovating" methodology, focusing on maintaining and upgrading classic products while ensuring stringent quality control standards that exceed industry norms [6] - The company has implemented a meticulous selection process for raw materials, such as using older ducks for its marinated duck products to enhance flavor and health benefits, aligning with modern dietary trends [6] - Zhou Hei Ya's commitment to quality has earned it a reputation for excellence, with its duck neck product receiving a five-star rating for three consecutive years at the iSEE awards [7] Group 4: Strategic Development - Zhou Hei Ya's strategic initiatives include product innovation, supply chain upgrades, and international expansion, creating a synergistic business ecosystem that enhances overall performance [8] - The company plans to enter overseas markets starting with Southeast Asia, aiming to promote Chinese marinated food culture globally and establish itself as a representative of Chinese marinated products [8] - Zhou Hei Ya's focus on new product development has led to significant sales growth, with new items like spicy chicken achieving monthly sales exceeding 180,000 boxes [8] Group 5: Market Positioning - The marinated food market is undergoing a transformation, moving away from reliance on single blockbuster products or channel advantages to a model based on continuous system capability iteration [10] - Companies that can balance "classic inheritance" with "innovative breakthroughs" will likely gain a competitive edge in the evolving market landscape [10]

Core Viewpoint - International investment bank, Lyon, upgraded the rating of Zhou Hei Ya (01458) to "High Conviction Outperform" with a target price increase from HKD 1.70 to HKD 2.30, corresponding to a forecasted PE of 20 times for 2026, close to its historical average of 20.5 times since listing [1][2] Group 1: Rating Upgrade and Financial Performance - The upgrade reflects a shift from scale expansion to efficiency prioritization, with product strength becoming the core focus [1] - Zhou Hei Ya's total store count is expected to optimize to 3,031 by the second half of 2024, enhancing single-store efficiency through a focus on key urban areas and high-potential regions [1] - The company's gross margin is projected to increase by 4.4 percentage points year-on-year to 56.8% in 2024, driven by precise cost control and product structure optimization during a raw material price decline [1] - Net profit is expected to grow by 17% due to single-store sales recovery and operational leverage, with a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2027, potentially reaching RMB 281 million by 2027 [1] Group 2: Strategic Transformation and Market Position - In 2025, Zhou Hei Ya plans to implement strategic transformation measures focusing on store adjustments, product concentration, brand upgrades, and channel diversification [2] - The company aims to strengthen its core advantages in duck products while enhancing product appeal through brand upgrades and expanding into diverse channels such as supermarkets, convenience stores, and new retail [2] - Zhou Hei Ya's competitive moat lies in its unique flavor, high-quality control standards, and improved decision-making efficiency following the founder's return [2] - The shift from "scale-driven" to "value-driven" is recognized by international banks, indicating a clear long-term growth logic and investment value that can withstand market cycles [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 2.45 billion and a net profit of 98.2 million for 2024, reflecting a year-on-year decline of 10.7% and 15.0% respectively, primarily due to weak consumer demand and pressure on store sales [1][6] - For 2025, the company will focus on improving operational quality and enhancing store efficiency, with an emphasis on profitability [1][6] - The company is actively expanding into new channels, including membership supermarkets and overseas markets, to overcome traditional store growth limitations [1][6] Financial Data and Valuation - The total market capitalization is 4.1 billion HKD, with a current share price of 1.96 HKD [3] - The company has a total share capital of 2,218 million shares and a net asset value per share of 1.6 HKD [3] - The return on equity (ROE) is 2.7% and the debt-to-asset ratio is 21.0% [3][9] Revenue and Profit Trends - The company experienced a revenue decline of 10.7% in 2024, with a significant drop in store count from 3,816 at the end of 2023 to 3,031 by the end of 2024 [1][6] - The average revenue per store slightly decreased, with a net reduction of 360 and 425 stores in the first and second halves of 2024 respectively [1][6] - The gross profit margin improved to 56.8% in 2024, up by 4.4 percentage points year-on-year, mainly due to a decrease in raw material prices [1][6] Future Projections - The report adjusts the earnings per share (EPS) for 2025 and 2026 to 0.04 HKD each, corresponding to a price-to-earnings (PE) ratio of 41x for 2025 [1][6] - The company aims to maintain core stores while focusing on new channel developments in 2025 [1][6]

Core Insights - Zhou Hei Ya reported a decline in sales, a net reduction of nearly 800 stores, and a decrease in both revenue and net profit for the year 2024 [1][2] Financial Performance - Revenue for 2024 decreased by 10.66% to RMB 2.451 billion from RMB 2.744 billion in 2023 [2] - Net profit fell by 15.03% to RMB 98.204 million compared to RMB 115.576 million in the previous year [2] - The overall sales volume dropped by 16.83% to 26,159 tons from 31,453 tons in 2023 [4] Store Operations - The total number of retail stores decreased to 3,031 from 3,816, marking a net reduction of 785 stores, the first negative growth since the company went public [4][5] - The company closed underperforming stores, focusing on enhancing the profitability of existing locations [5] - The number of stores in key markets like Central China saw the largest reduction, with a net decrease of 291 stores [5] Pricing Strategy - Zhou Hei Ya expanded its product range to include lower-priced items, with products priced between RMB 9.9 and RMB 14.9 accounting for about 15% of monthly sales [3] - The average transaction value decreased from RMB 56.90 to RMB 54.39, but this price reduction did not lead to an increase in overall sales [3][4] Profitability Metrics - Despite the decline in revenue, the gross profit margin improved from 52.4% in 2023 to 56.8% in 2024, attributed to significant supply chain integration improvements [7] Management Changes - In June of the previous year, Zhou Hei Ya underwent a management change with the resignation of former CEO Zhang Yucheng and the appointment of founder Zhou Fuyu as the new CEO [8] - The company is in a critical strategic transformation phase, aiming to enhance operational efficiency and long-term strategic implementation [8]

2024年宏观经济疲软，餐饮行业面临巨大的挑战，数据显示，火锅行业、休闲卤味行业以及其他餐饮行业业绩均表现较为难看，收入及利润普遍双位数下 行，部分标的出现了亏损。 相比于其他餐饮行业，休闲卤味行业市场集中度较高，行业巨头们均普遍面临着压力，但改善的措施反映了当前行业的走向：消费分级加剧，传统"万店模 式"已经不再适应新的时代，休闲卤味行业从"规模竞争"转向"效率竞争"的趋势。 基于此，周黑鸭率先实行商业变革，以提升单店店效为核心目标，通过门店运营、产品策略以及会员策略等多重战略举措，2024年单店收入得到较快的提 升，抵消行业颓势带来的部分业绩影响，多项成长及盈利指标均有所改善。 智通财经APP了解到，3月27日，周黑鸭发布2024年财报，总营收为24.51亿元，同比较同行相对更韧性，战略成效明显，同店收入（总收入/总店数）80.86 万元，同比增长12.46%；盈利能力稳中有升，毛利润13.92亿元，毛利率提升了4.4个百分点至56.8%，股东净利润0.98亿元，净利率4%。 此外，该公司积极回报股东，拟宣派末期股息每股0.05港元，合共约1.02亿元人民币，是2024年纯利的104.2%。 多维度提升" ...

在消费复苏与行业变革交织的2024年，卤味巨头周黑鸭交出了一份"有质量"的成绩单。财报数据显示，周黑鸭全年实现营收24.51亿元，净利润9820.4万 元，毛利率逆势提升4.4个百分点至56.8%。过去一年，周黑鸭门店结构优化、供应链效率提升等战略调整初见成效，这家以"甜辣"口味出圈的企业，正通 过收缩低效门店、深化产品创新、拓展多元渠道等举措，在激烈的市场竞争中开辟新赛道。 从规模扩张到质量提升 周黑鸭的2024年被认为是战略转型之年。面对消费市场疲软与行业内卷加剧，周黑鸭创始人周富裕重新掌舵，启动了一场大刀阔斧的"精兵简政"行动。 | 財務 摘 要 | | | | | --- | --- | --- | --- | | | 截至十三月三十一日 | | | | | 止年度 | | | | | 二零二四年 二零二三年 | | 同比變動 | | | 人民幣千元 人民幣千元 | | 90 | | 收益 | 2,451,033 | 2,743,628 | (10.7) | | 毛利 | 1,391,893 | 1,438,161 | (3.2) | | 除税前溢利 | 149,067 | 214,149 | (30 ...

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 ...