周黑鸭(01458)涨超5%，截至发稿，涨5.13%，报1.64港元，成交额297.49万港元。 消息面上，12月5日晚，周黑鸭发布公告称，集团首家海外品牌门店已于2025年12月5日在马来西亚巴生 港正式开业。该门店的开业，标志着集团出海战略迈出实质性一步，是开辟新市场及实现长期可持续发 展的重要举措。公司相信，此成功开业不仅有助于提升品牌在国际市场的影响力，亦为集团后续在东南 亚及其他海外市场的稳健拓展奠定了可复制的运营基础。 光大证券此前指出，下半年公司计划精进门店运营，焕新升级品牌形象，注重品牌年轻化打造。单店表 现有望进一步提升，门店基本盘业务逐步恢复向好。流通渠道方面，加强不同渠道的差异化产品布局， 上半年已陆续开拓山姆等会员店渠道、很忙系/万辰系等零食量贩渠道，下半年有望持续带来新增量。 海外业务方面，公司上半年已初步拓展东南亚市场，搭建经销网络；后续有望通过海外门店方式加强本 地化合作。 ...

Core Viewpoint - Zhou Hei Ya (01458) has opened its first overseas brand store in Port Klang, Malaysia, marking a significant step in the company's international expansion strategy and aiming for sustainable long-term development [1] Group 1: Company Developments - The opening of the overseas store is expected to enhance the brand's influence in international markets and lay a replicable operational foundation for further expansion in Southeast Asia and other overseas markets [1] - The company plans to refine store operations and upgrade its brand image, focusing on youth-oriented branding to improve single-store performance [1] Group 2: Market Strategy - Zhou Hei Ya has been expanding its distribution channels, having already opened membership store channels like Sam's Club and snack wholesale channels in the first half of the year, with expectations for continued growth in the second half [1] - The company has begun to establish a distribution network in Southeast Asia and aims to strengthen local partnerships through the overseas store model [1]

周黑鸭(01458)发布公告，集团首家海外品牌门店已于2025年12月5日在马来西亚巴生港正式开业。该门 店的开业，标志着集团出海战略迈出实质性一步，是开辟新市场及实现长期可持续发展的重要举措。公 司相信，此成功开业不仅有助于提升品牌在国际市场的影响力，亦为集团后续在东南亚及其他海外市场 的稳健拓展奠定了可复制的运营基础。 ...

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。 本 公 司 董 事 會 欣 然 宣 佈，本 集 團 首 家 海 外 品 牌 門 店 已 於 二 零 二 五 年 十 二 月 五 日 在 馬 來 西 亞 巴 生 港 正 式 開 業。 該 門 店 的 開 業，標 誌 著 本 集 團 出 海 戰 略 邁 出 實 質 性 一 步，是 開 闢 新 市 場 及 實 現 長 期 可 持 續 發 展 的 重 要 舉 措。本 公 司 相 信，此 成 功 開 業 不 僅 有 助 於 提 升 品 牌 在 國 際 市 場 的 影 響 力，亦 為 本 集 團 後 續 在 東 南 亞 及 其 他 海 外 市 場 的 穩 健 拓 展 奠 定 了 可 複 製 的 運 營 基 礎。 本公司相信此門店開業符合本集團長期發展戰略及本公司股東（「股 東」）整 體 利 益。董 事 會 將 繼 續 關 注 及 評 估 海 外 業 務 進 展 ...

Core Insights - Zhou Hei Ya (01458) has officially opened its first overseas store in Port Klang, Malaysia, marking a significant step in its international expansion strategy [1] - The store features a "front store and back kitchen, open display" model, offering signature products such as marinated duck legs and baby octopus, while also introducing a vegetarian series and small seafood items to cater to local tastes [1] - This move signifies a new phase in the company's expansion into the Southeast Asian market, with plans to adopt a "store + channel" dual strategy for comprehensive market coverage [1] Company Strategy - Zhou Hei Ya aims to promote Chinese marinated food culture globally through its international expansion efforts [1] - The company plans to steadily expand its overseas market presence by implementing a dual-channel strategy [1]

Core Insights - Zhou Hei Ya (01458) opened its first overseas store in Port Klang, Malaysia on December 5, 2025, marking a significant step in its international expansion strategy [1] - The store features a "front store and back kitchen, open display cooking" model, offering signature products such as marinated duck legs and octopus, while also retaining classic items like marinated duck necks and duck spine [1] - The company has introduced a new range of vegetarian dishes and small seafood items to cater to local tastes, while maintaining the classic flavors of Zhou Hei Ya [1] Company Strategy - This opening signifies a new phase in Zhou Hei Ya's expansion into the Southeast Asian market, indicating a strategic move towards international growth [1] - The company plans to implement a "store + channel" dual strategy for overseas operations, aiming for comprehensive channel coverage and steady market expansion [1] - The initiative is part of a broader effort to promote Chinese marinated food culture globally [1]

Core Viewpoint - The trend of "fast food" transformation among various braised food brands is emerging, with companies like Huang Shang Huang, Zhou Hei Ya, and Jue Wei Foods expanding their product lines to include staple foods and adopting a fast-casual dining model to adapt to the competitive market [1][7]. Group 1: Company Developments - Huang Shang Huang has opened a new hot braised food store in Nanchang, featuring a simplified design and a menu that includes hot braised dishes, rice, noodles, and drinks, aiming to attract customers with a dine-in experience [2][3]. - The new hot braised store offers over 30 SKUs, which is a reduction from the 50+ SKUs available at traditional Huang Shang Huang outlets, focusing on value through combo meals priced between 30-40 yuan per person [3][6]. - The company has previously tested the hot braised food market with its "Boiling Braised" project launched in April 2020, but significant investment in this area was lacking until recent developments [6]. Group 2: Industry Trends - The overall performance of the braised food sector is declining, with Huang Shang Huang's store count dropping from 4,627 in 2020 to 2,898 in the first half of this year, and a revenue decrease of 5.08% year-on-year to 1.379 billion yuan in the first three quarters [7]. - The braised food market is projected to grow at a slower rate, with a market size of 157.3 billion yuan in 2024, reflecting a decline in growth rate from 4.8% in 2023 to 3.7% [7]. - Competitors are also adapting by launching new store formats and product lines, such as Jue Wei Foods' "Jue Wei Fresh Braised" store and "Jue Wei Plus" outlets, which offer a wider variety of food items at lower price points [7][8].

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 公司名稱: 周黑鴨國際控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 20 ...

Core Insights - The strategic cooperation signing ceremony for the development of specialized chili peppers for marinated food was held at the headquarters of Zhou Hei Ya, marking the company's first foray into upstream spice custom development [1] - Zhou Hei Ya, Sichuan Cuihong Food, and Sichuan Chuanjiao Seed Industry are collaborating to innovate and develop new chili varieties tailored for the marinated food industry, representing a breakthrough in targeted spice development within the industry [1][2] Group 1 - Zhou Hei Ya is leading the collaboration based on its long-term insights into marinated food processing, flavor stability, and raw material quality [2][3] - Sichuan Cuihong Food has strong capabilities in chili processing, with established planting areas and processing technologies, while Sichuan Chuanjiao Seed Industry holds advantages in chili germplasm resource development and planting techniques [2][3] - The collaboration aims to integrate core resources across chili germplasm resource development, planting, processing, and industrial application, focusing on the specific needs of the marinated food industry [2][3] Group 2 - The marinated food industry currently relies on multi-regional sourcing of chili raw materials, leading to flavor fluctuations and supply instability [5] - Zhou Hei Ya has ensured product quality and flavor stability through direct sourcing from leading chili planting and processing companies, implementing high standards for acceptance and process control [5] - The new initiative aims to standardize the cultivation of specially bred chili peppers, optimizing their flavor, spiciness, and cooking durability to better meet consumer demands at Zhou Hei Ya outlets [5] Group 3 - This strategic layout reflects the company's foresight in supply chain management and product quality, showcasing its commitment to driving industry standardization and quality upgrades [5] - The cooperation model is expected to set a new benchmark for upstream supply chain integration in the marinated food industry, facilitating higher quality development across the sector [5] - Zhou Hei Ya plans to continue collaborating with industry partners to advance the development of the marinated food industry, creating products with more stable flavors and outstanding taste [7]

Core Viewpoint - Zhou Hei Ya has signed a strategic cooperation agreement with Sichuan Cuihong Food and Sichuan Chuanjiao Seed Industry to develop new chili pepper varieties tailored for the marinated food industry, marking a significant step in upstream spice customization and innovation in the industry [2][3]. Group 1: Strategic Cooperation - The collaboration aims to leverage the strengths of each party, focusing on joint innovation to create chili varieties that meet the specific needs of the marinated food sector [2]. - Zhou Hei Ya leads the initiative, drawing on its extensive experience in marinated food processing, flavor stability, and raw material quality [2][3]. - The partnership integrates core resources in chili genetic resource development, planting, processing, and industrial application, establishing a new paradigm for spice supply in the marinated food industry [2][3]. Group 2: Industry Challenges and Solutions - The marinated food industry currently faces challenges such as flavor fluctuations and supply instability due to reliance on multi-regional chili sourcing [3]. - Zhou Hei Ya has historically ensured product quality and flavor stability through direct sourcing from leading chili planting and processing companies, implementing the highest industry standards [3]. - The new initiative aims to standardize chili planting in designated regions, optimizing characteristics such as aroma, spiciness, and cooking durability to better align with marinated food processing needs [3]. Group 3: Future Outlook - Zhou Hei Ya plans to continue collaborating with industry partners to advance the development of the marinated food sector, aiming to deliver products with more stable flavors and superior taste experiences for consumers [4].