Core Viewpoint - CICC maintains profit expectations for Zhou Hei Ya (01458) for 2025 and 2026, raising the target price by 20% to HKD 3.0, indicating a potential upside of approximately 13.2% from the current price [1] Group 1: Store Quality and Structure - In 2025, the company will focus on enhancing store quality and optimizing store structure, emphasizing "people, goods, and environment" [2] - The company will enhance membership operations and attract traffic through online channels and in-store competitions among staff [2] - There are no specific targets for the number of stores in 2025, with a focus on improving store quality instead [2] - The store structure adjustment is expected to be completed by 2024, with a net reduction of 504 and 252 stores in commercial and community areas, respectively, while increasing transportation hub stores by 36 [2] - Same-store operations showed a year-on-year increase in Q1 2025 and April-May, indicating steady improvement in overall store performance [2] Group 2: Emerging Channels - The company is making steady progress in emerging channels, with products entering Sam's Club, Pang Donglai, and Yonghui stores [3] - In March 2024, the company's marinated products entered the Sam's Club channel, ranking in the Top 6 of the seasoning and sauce category by sales data [3] - The company has also entered Pang Donglai and some Yonghui stores, accelerating expansion into leading regional supermarkets [3] - Zhou Hei Ya has recently entered the MIX supermarket in Malaysia, laying a solid foundation for future expansion into Southeast Asia and other markets [3]

证券时报·数据宝统计显示，5月16日有36家香港上市公司进行了股份回购，合计回购2589.39万股，回购 金额2.78亿港元。 友邦保险回购数量200.00万股，回购金额1.32亿港元，回购最高价为66.200港元，最低价为65.450港元， 年内累计回购金额87.72亿港元；中远海控回购数量556.00万股，回购金额7776.21万港元，回购最高价 为14.120港元，最低价为13.760港元，年内累计回购金额37.52亿港元；时代电气回购数量75.01万股，回 购金额2466.97万港元，回购最高价为32.900港元，最低价为32.800港元，年内累计回购金额12.73亿港 元。 以金额进行统计，5月16日回购金额最多的是友邦保险，回购金额为1.32亿港元；其次是中远海控，回 购金额为7776.21万港元；回购金额居前的还有时代电气、中国东方航空股份等。回购数量上看，5月16 日回购股数最多的是嬴集团，当日回购量为600.00万股；其次是中远海控、中国东方航空股份等，回购 数量分别为556.00万股、250.00万股。 值得关注的是，华检医疗本次回购为年内首次进行回购。本次回购1.32亿港元的友邦保险，年 ...

Summary of Key Points Core Viewpoint - On May 13, 39 Hong Kong-listed companies conducted share buybacks, totaling 24.76 million shares and an amount of 321 million HKD [1][2]. Group 1: Share Buyback Details - AIA Group repurchased 3.72 million shares for 231.19 million HKD, with a highest price of 63.20 HKD and a lowest price of 61.75 HKD, accumulating a total buyback amount of 8.44 billion HKD for the year [1][2]. - Times Electric repurchased 750,700 shares for 24.87 million HKD, with a highest price of 33.20 HKD and a lowest price of 32.85 HKD, totaling 1.23 billion HKD in buybacks for the year [1][2]. - Swire Pacific A repurchased 300,000 shares for 20.97 million HKD, with a highest price of 70.00 HKD and a lowest price of 69.60 HKD, accumulating 1.66 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 13 was from AIA Group at 231.19 million HKD, followed by Times Electric at 24.87 million HKD [1][2]. - In terms of share quantity, the largest buyback was from COSCO Shipping Development with 5 million shares, followed by Ying Group and AIA Group with 4 million shares and 3.72 million shares respectively [1][2].

Group 1 - The article reports on share buybacks conducted by various companies on May 12, 2025, with AIA Group (01299) having the largest buyback amount of 1.25 billion, purchasing 2 million shares [1][2] - Other notable buybacks include China COSCO Shipping Holdings (01919) with 4.21 million shares bought back for 53.77 million, and Times Electric (03898) with 1.43 million shares for 47.22 million [2][3] - The total number of shares repurchased by AIA Group in the year reached 5.93 billion, accounting for 5.276% of its total share capital [2] Group 2 - China Hongqiao Group (01378) repurchased 1.13 million shares for 15.96 million, representing only 0.380% of its total share capital [2] - Swire Properties (00019) bought back 181,000 shares for 12.67 million, with a total annual repurchase of 5.56 million shares, which is 6.652% of its total [2] - The buyback activity reflects a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their financial health [1][2]

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

Summary of Key Points Core Viewpoint - On May 8, 39 Hong Kong-listed companies conducted share buybacks, totaling 31.64 million shares and an aggregate amount of HKD 506 million [1][2]. Group 1: Buyback Details - AIA Group repurchased 5 million shares for HKD 306 million, with a highest price of HKD 61.60 and a lowest price of HKD 60.60, bringing its total buyback amount for the year to HKD 7.992 billion [1][2]. - China COSCO Shipping Holdings repurchased 8.49 million shares for HKD 104 million, with a highest price of HKD 12.32 and a lowest price of HKD 12.14, totaling HKD 3.562 billion in buybacks for the year [1][2]. - Swire Pacific A repurchased 0.355 million shares for HKD 24.73 million, with a highest price of HKD 70.00 and a lowest price of HKD 69.30, accumulating HKD 1.598 billion in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 8 was from AIA Group at HKD 306 million, followed by China COSCO Shipping Holdings at HKD 104 million [1][2]. - In terms of share quantity, China COSCO Shipping Holdings led with 8.49 million shares repurchased, followed by Ying Group with 6 million shares and AIA Group with 5 million shares [1][2]. Group 3: Additional Buyback Information - Other notable companies involved in buybacks include Times Electric and Swire Properties, contributing to the overall buyback activity in the market [1][2]. - The data indicates a strong trend in share repurchases among Hong Kong-listed companies, reflecting confidence in their own stock valuations [1][2].

数据新闻编辑 陈华罗 新媒体设计 苗奇卉 校对 李立军 一边涨价一边关店，年轻人不爱吃卤味了吗？ 因为价格贵被吐槽上热搜，年轻人直呼吃不起卤味了。 当"卤味三巨头一年关店数千家"的词条冲上微博热搜，评论区的年轻人们用表情包和段子织成了一张吐槽大网："明明是街边小店却要卖酒店摆盘的价 格""每次都说拿一点点就够了，一上称40块"；有人翻出三年前的消费记录，感慨"那时买鸭脖像买辣条，现在得算着钱包过日子"。 相关话题词下网友吐槽已将卤味定位为奢侈品，也有人称其为"价格刺客"。 ▲来自网络评论 这些集中吐槽，还原出了一个残酷的现实——曾经趴在便利店冷藏柜前挑选鸭脖的年轻人，如今正皱着眉头计算卤味的单价，而绝味食品（维权）、周黑 鸭、煌上煌的财报，更像一份冰冷的行业诊断书，揭示着这场"卤味正在失去年轻人"的深层病灶。 业绩下滑，"卤味三巨头"卖不动了 大家越来越不爱吃卤味了，并不仅仅是一个新闻热搜，而是实打实的表现在了"卤味三巨头"的财报里。 近日，"卤味三巨头"绝味食品、周黑鸭、煌上煌披露了2024年财报，去年三家品牌营收共105亿元，比2023年少了14亿元，净利润均出现不同程度下滑， 业绩难言乐观。 被称为"卤 ...

Core Viewpoint - The three major players in the marinated food industry are facing unprecedented challenges, with collective declines in performance attributed to a combination of market pressures and strategic missteps [2][8]. Group 1: Industry Challenges - The marinated food industry is experiencing a systemic imbalance, where brands seek profits, consumers demand value, and franchisees require growth space, leading to a fragile equilibrium [4]. - Rising raw material costs, particularly for duck by-products, have led to significant price increases, which consumers are increasingly sensitive to, resulting in a disconnect between pricing strategies and consumer expectations [5]. - External competition from casual snack shops and community vendors is intensifying, further eroding the traditional marinated food market's consumer base [5]. Group 2: Financial Performance - The financial reports for 2024 show significant revenue declines for the three major brands: - Juewei: Revenue of 6.257 billion, down 13.84%, with net profit down 34.04% to 0.227 billion - Zhou Hei Ya: Revenue of 2.451 billion, down 10.66%, with net profit down 15.03% to 0.098 billion - Huang Shang Huang: Revenue of 1.739 billion, down 9.44%, with net profit down 42.86% to 0.04 billion [10]. - Store closures are becoming a trend, with Juewei reportedly reducing over 3,800 stores in 16 months, while Zhou Hei Ya and Huang Shang Huang also face significant reductions [11]. Group 3: Strategic Missteps - Juewei's aggressive investment strategy has not yielded expected returns, leading to a focus on core business and a search for exit strategies from non-core investments [16]. - Zhou Hei Ya's shift to a franchise model has not performed as anticipated, resulting in a significant number of closures, particularly in community locations [17]. - Huang Shang Huang's diversification efforts have not been fruitful, with its attempts to expand into other food categories failing to offset losses in its core marinated food business [21]. Group 4: Future Directions - The three major brands are exploring various strategies to reignite growth, including launching more affordable products and leveraging technology for improved consumer engagement [22]. - Juewei is focusing on AI-driven retail solutions, while Zhou Hei Ya is attempting to return to its classic product offerings, and Huang Shang Huang is engaging in cultural tourism initiatives [22].

Group 1 - The article reports on share buybacks conducted by various companies on April 30, 2025, highlighting the total amounts and quantities repurchased [1][2][3] - AIA Group (01299) had the largest buyback amount, repurchasing 3.7736 million shares for a total of 217 million [1][2] - China Merchants Industry Holdings (01919) and China Hongqiao Group (01378) also had significant buybacks, with 12.9715 million shares for 151 million and 4.6665 million shares for approximately 64.83 million respectively [2][3] Group 2 - The cumulative buyback amounts for the year show that AIA Group has repurchased a total of 584 million shares, representing 5.198% of its total share capital [2] - China Merchants Industry Holdings has repurchased 241 million shares, accounting for 7.530% of its total share capital [2] - Other notable companies include Times Electric (03898) with 8.016% of its total shares repurchased and Swire Properties (01972) with 1.530% [2][3] Group 3 - The buyback activities reflect a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [1][2] - Companies like FOSUN Pharma (02196) and Jitu Express (01519) have lower buyback percentages, at 1.800% and 0.645% respectively, indicating a more conservative approach [2][3] - The data suggests a strategic move by companies to enhance shareholder value amidst market conditions [1][2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 2.451 billion yuan in 2024, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98.2 million yuan, down 15.0% year-on-year [1][2] - The company is actively optimizing its store structure, closing underperforming stores, resulting in a total of 3,031 stores by the end of 2024, with a net closure of 785 stores [2] - The average single-store revenue for self-operated and franchised stores in 2024 was 840,000 yuan and 346,000 yuan respectively, indicating a significant decline due to weak consumer spending and intensified competition [2] - The gross profit margin improved by 4.4 percentage points to 56.8% in 2024, driven by cost reductions and lean management [2] - The company is focusing on enhancing single-store efficiency and optimizing product structure to improve competitiveness and brand strength [3] Financial Summary - In 2024, the company achieved total revenue of 2,451 million yuan, with a year-on-year growth rate of -10.88% [4] - The net profit attributable to shareholders for 2024 was 98.2 million yuan, with a year-on-year growth rate of -15.03% [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.07 yuan, 0.08 yuan, and 0.10 yuan respectively [3][4] - The company’s net profit margin for 2024 was 4.01%, slightly down from the previous year [2][6] - The operating cash flow for 2024 was 420 million yuan, reflecting a year-on-year increase of 15.3% [2] Industry Insights - The prepared food industry is facing challenges such as intensified competition from other snack categories and a shift in consumer spending patterns [2] - The recovery of single-store performance is seen as a key signal for a new round of development in the industry [2] - The company is leveraging its unique flavor appeal to enhance its product offerings in new distribution channels, including partnerships with major retailers like Costco [3]