3月27日，周黑鸭发布公告称，2024年，集团总收益降低10.7%至24.51亿元，主要由于集团调整门店策略，合理优化关 闭低效门店，产生一定销售损失等；同期，母公司拥有人应占年内溢利为9820.4万元，同比下滑15.0％。 公告指出，2024年，集团聚焦「麻、辣、甜」独特融合的黑鸭味型，大力推广「周黑鸭经典味」系列产品，该系列产 品于截至2024年12月31日止年度终端含税销售占比超70%；同时，集团持续扩充鸡副系列产品，精心打造麻辣鸡丝、 干煸辣子鸡等热门单品，截至2024年12月31日止年度，麻辣鸡丝、干煸辣子鸡合计月均销量超18万盒。此外，为满足 消费者多样化的需求，集团亦积极拓展中低价格带产品，通过鸡副、素菜类产品，覆盖了9.9元至14.9元的价格区间。 截至2024年12月31日止年度，集团14.9元及以下产品月均销售额占比约15%。集团积极尝试散装卤味，选取湖北、河 南区域优先试点，产品涵盖鸭副、整鸭、素菜类，方便消费者按需购买，散装卤味不仅满足快节奏生活中的便捷消费 需求，还与社区场景高度适配，有效提升社区门店进店客流。除周黑鸭门店外，散装产品还成功进入了胖东来、永 辉、雅斯等线下商超渠道。与 ...

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]

IMCOCO集团拥有泰国丹嫩沙多香水椰重要产地的原料优势，以及围绕香水椰产业构建的上游一体化供 应链能力。香水椰是受泰国政府保护的农产作物品种，其口感香甜、营养丰富，仅在特定产区种植。 IMCOCO集团将为"丫丫椰"品牌稳定供应优质原材料，并为该品牌产品系列持续提供研发支持。 2025年1月15日，周黑鸭国际控股有限公司（以下简称"周黑鸭"）与泰国IMCOCO集团在武汉周黑鸭总 部举行战略合作签约仪式，并联合推出天然椰子水品牌"丫丫椰"。作为周黑鸭专属饮料品牌，"丫丫 椰"将全面上线周黑鸭零售门店及合作渠道。此次合作标志着周黑鸭开启"卤味+饮料"的全新消费场景， 聚焦升级消费者的美味体验。 切入饮料赛道，打造顶级品质的天然椰子水 打造"丫丫椰"品牌，周黑鸭独家上线鲜萃粉椰水 鲜萃粉椰水作为"丫丫椰"品牌即将推出的首个大单品，优选来自核心产区——泰国丹嫩沙多的香水椰作 为原料，利用低温鲜榨技术使椰子水的天然营养和纯正口感完美保留。新鲜的香水椰子水富含多酚氧化 酶（PPO），在阳光和空气的作用下通过酶促反应，形成了天然独特的粉红色。 "丫丫椰"鲜萃粉椰水使用100%天然纯正椰子水，入口清爽甘甜。制作时零添加：0脂 ...

Zhou Hei Ya International Holdings Company Limited 周黑鴨國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1458 Contents 目錄 2 Corporate Information 公司資料 5 Business Overview and Outlook 業務概覽及展望 11 Management Discussion and Analysis 管理層討論與分析 22 Other Information 其他資料 35 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收益表 36 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 38 Interi ...

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， ...

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） 截至二零二四年六月三十日止六個月 中期業績公告 | --- | --- | --- | --- | |--------------------------|------------|-----------------------------|------------------| | | | | | | 財務摘要 | | | | | | | 截至六月三十日止六個月 同比 | | | | 二零二四年 | 二零二三年 | 變 動 | | | 人民幣千元 | 人民幣千元 | % | | | | | | | 收 益 | 1,259,511 | ...

进行了一些内部的一些反思跟复盘就是在当下的这种环境下我们如何去顺应市场的这种变化如何去顺应消费者的这种更加审慎理性的一个消费趋势所以我们今年的话也是在年初进行了一个比较大的一个梳理调整了公司比较关键的一些战略 我跟大家简单的介绍一下我们核心战略的一些调整,首先就是我们今年的一个重点就是围绕店教的一个增长,因为在过去几年我们其实开放的家务模式以来,整个过去几年就是我们门店数量上的一个增长还是比较快的。 消费偏下行的一个环境下我们觉得还是要相对稳健一点所以我们的一个核心重点会是放在我们整个电效门店电效的一个提升上那围绕门店电效的一个增长我们也去制定了一系列的增长措施首先就是产品这一块因为你一个好的产品其实是实现 在很多忠实的一些消费者心里其实中鸭代表一种独特的味道就是我们的产品力其实还是相对较强的 那在产品上我们今年会回到我们经典的因为其实我们也有做了一些市场的调研包括也有一些消费者反馈说之前我们的散装会相对灵活一点因为有的消费者他可能买盒装的话一大盒会觉得不是很方便就是希望在 有限的预算内可以吃到更多的品类所以我们今年产品上是在原有的锁线盒装上增加补充了我们的散装的就是回归到我们之前经典的散装的然后也有补充一些 ...