Core Viewpoint - The recent management changes at Haidilao, with founder Zhang Yong returning as CEO, have positively impacted the stock performance of Yihai International, which saw a rise of over 5% [1] Group 1: Management Changes - Zhang Yong has resumed the position of CEO at Haidilao, which is expected to boost employee morale and internal management [1] - Four experienced young executives have been appointed as executive directors at Haidilao [1] Group 2: Relationship Between Companies - Yihai International and Haidilao are brother companies, with Zhang Yong and his wife being major shareholders of Yihai International [1] - The management teams of both companies operate independently despite their close relationship [1] Group 3: Future Prospects - The return of Zhang Yong is anticipated to enhance the "Red Pomegranate" plan, creating additional growth opportunities [1] - Yihai International is expected to benefit from the growth of new brands incubated by Haidilao, as its seasoning products are primarily supplied by Yihai [1] - Haidilao's stricter quality management will likely lead to Yihai providing higher quality products, fostering a win-win situation for both companies [1]

Core Viewpoint - The recent management changes at Haidilao, with founder Zhang Yong returning as CEO, have positively impacted the stock performance of Yihai International, which saw a rise of over 5% [1] Group 1: Management Changes - Zhang Yong has resumed the position of CEO at Haidilao, which is expected to boost employee morale and internal management [1] - Four experienced young executives have been appointed as executive directors at Haidilao [1] Group 2: Relationship Between Companies - Yihai International and Haidilao are brother companies, with Zhang Yong and his wife being major shareholders of Yihai International [1] - The management teams of both companies operate independently despite their close relationship [1] Group 3: Future Prospects - The return of Zhang Yong is anticipated to enhance the Red Pomegranate plan, creating additional growth opportunities [1] - Yihai International is expected to benefit from the growth of new brands incubated by Haidilao, as its seasoning products are primarily supplied by Yihai [1] - Haidilao's stricter quality management will likely lead to Yihai providing higher quality products, fostering a win-win situation for both companies [1]

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 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 頤海國際控股有限公司 | 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) | 01579 | 說明 | 不適用 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 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 1.2.0 ...

Summary of Yi Hai International Conference Call Company Overview - Yi Hai International started as a supplier for Hai Di Lao and has developed independently since its establishment in 2013 and listing on the Hong Kong Stock Exchange in 2016, benefiting from Hai Di Lao's growth and new product launches [2][4] Industry Insights - The compound seasoning industry in China has experienced a compound annual growth rate (CAGR) of approximately 14% from 2011 to 2023, driven by increased per capita meat consumption and the popularity of kitchen appliances [2][6] - Despite the growth, the penetration rate and per capita consumption of compound seasonings remain significantly lower than in the US and Japan, indicating substantial growth potential [2][6] Key Points and Arguments - Yi Hai has undergone several adjustments in channel management, shifting from aggressive strategies to a more refined approach, including the introduction of a profit increment assessment system to enhance sales quality and profitability [2][7] - The company has expanded its product matrix from a single focus on hot pot base ingredients to include various categories such as compound seasonings and convenient meals [3][5] - Yi Hai's future development will focus on expanding the small and medium B-end market and overseas markets, leveraging its partner system and validated products to attract small B customers [4][10] Financial Projections - Yi Hai is expected to stabilize its revenue in 2026, with compound seasonings projected to achieve double-digit growth. However, growth in supermarket channels may be limited, and the fast-food business could decline due to industry competition [2][9] - The company anticipates a profit of approximately 840 million yuan in 2025, with potential for valuation improvement if revenue and profit growth reach mid-to-high single digits in 2026 [4][9] Sales Strategy Adjustments - Yi Hai plans to integrate B-end restaurant resources and enhance online traffic to develop small B customers, while continuing to reform supermarket channels to increase contribution [11] Additional Important Insights - The introduction of new product lines catering to health demands and the establishment of domestic production bases and global supply chains have been significant changes for Yi Hai [3][4] - The company has successfully launched new flavors in hot pot seasonings and continues to adapt its pricing strategy for convenient meals based on market demand [8][10]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].

Core Viewpoint - The company, Yihai International (01579.HK), announced the approval of the 2026 Share Award Plan by its board of directors on January 27, 2026 [1] Group 1 - The board's approval of the share award plan indicates a strategic move to incentivize employees and align their interests with shareholders [1] - The implementation of the share award plan is expected to enhance employee retention and motivation, potentially leading to improved company performance [1] - This initiative reflects the company's commitment to long-term growth and shareholder value creation [1]

Core Viewpoint - The company, Yihai International (01579), has announced the approval of a share incentive plan by its board of directors, aimed at recognizing contributions from eligible participants and providing incentives to retain them for the ongoing operations and development of the group [1] Group 1 - The share incentive plan is set to be implemented on January 27, 2026 [1] - The primary objectives of the plan include rewarding contributions from certain qualified participants and attracting suitable personnel to support the group's further development [1]

（股份代號：1579） 自願性公告 採納2026年股份獎勵計劃 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） 董事會欣然宣佈，於2026年1月27日，董事會批准採納2026年股份獎勵計劃。 2026年股份獎勵計劃構成上市規則第17章項下的股份計劃，須遵守上市規則第 17.12條下的適用披露規定。然而，2026年股份獎勵計劃並不涉及以發行新股份或 轉讓庫存股方式授予獎勵。因此，2026年股份獎勵計劃並不構成涉及發行新股份 的計劃（定義見上市規則第17章），而其採納將毋須獲得股東批准。本公告乃自願 作出。 主要條款概要 2026年股份獎勵計劃的主要條款如下： (1) 該計劃的目的 該計劃的目的為：(a)表彰若干合資格參與者（定義見下文）的貢獻，並向彼等 提供激勵，以促使彼等留任以支持本集團的持續營運及發展；及(b)吸引合適 人員以促 ...

Summary of Conference Call on Yihai International Company Overview - **Company**: Yihai International - **Industry**: Food and Beverage - **Analyst**: Tian Di, West Securities Key Points and Arguments Investment Thesis - **Dividend Yield**: Yihai has a dividend payout ratio exceeding 90%, with a projected valuation of around 15 times for 2026, resulting in a dividend yield of over 6% [1][2] - **Growth Potential**: The company is expected to benefit from the recovery in the restaurant sector, particularly due to its 30% revenue linkage with Haidilao, which could enhance Yihai's performance and valuation [1][2] New Growth Drivers - **B-end and Overseas Markets**: Currently, B-end customers and overseas markets contribute approximately 13-14% of total revenue, with growth rates exceeding 30%, and B-end growth potentially reaching over 50% [2][3] - **Long-term Outlook**: The overseas market, particularly in Southeast Asia, could expand from $400 million to $1.5-2 billion, indicating significant growth potential [2][3] Financial Projections - **Revenue Growth**: Projected revenue growth of about 6% for 2026, with profit growth around 10%, considered conservative [3][4] - **Historical Performance**: The company has experienced fluctuations in stock price and valuation since its IPO in 2016, with a peak valuation in 2021 due to high growth expectations [4][5] Market Conditions - **Industry Challenges**: The food and beverage sector has faced price wars and declining prices due to rapid capacity expansion, leading to lower revenue growth expectations [5][6] - **Current Market Sentiment**: Market expectations for growth are low, particularly for Haidilao and related products, but long-term growth potential remains [5][6] Revenue Breakdown - **Revenue Sources**: Yihai's revenue is approximately $6.5-6.6 billion, with nearly 30% from Haidilao. The remaining revenue is from B-end and C-end sales, with C-end sales showing stability but limited growth [6][7] - **C-end Performance**: C-end sales have been stable, with volume growth offset by price declines, but price stabilization is expected to improve revenue [12][13] B-end Market Strategy - **Large B Customers**: Revenue from large B customers reached approximately $400 million in 2025, with expectations for continued growth [15][16] - **Small B Customers**: A new team has been established to target small B customers, with significant growth potential anticipated [21][22] Overseas Market Strategy - **Southeast Asia Focus**: Southeast Asia is the largest market, accounting for about 60% of overseas revenue, with significant growth potential due to local consumption habits [28][29] - **Product Localization**: Yihai is developing localized products for Southeast Asian markets, which could enhance market penetration [30][31] Profitability Outlook - **Margin Improvement**: Profit margins are expected to improve due to price stabilization and reduced promotional discounts, with potential for profit growth to exceed 10% [35][36] - **Valuation**: The company is currently valued at around 15 times earnings for 2026, with a stable dividend yield of over 6% [36][37] Additional Important Insights - **Market Positioning**: Yihai's ability to sell to local consumers in overseas markets is a unique advantage compared to competitors [33][34] - **Future Growth Catalysts**: Potential for exceeding profit growth expectations if restaurant recovery accelerates and overseas market localization succeeds [37] This summary encapsulates the key insights and projections discussed during the conference call regarding Yihai International's performance, market strategies, and growth potential in the food and beverage industry.

Investment Rating - The report maintains a cautious outlook on the liquor industry, particularly on high-end liquor such as Moutai, with expectations of gradual recovery in sales and pricing stability post-Spring Festival [10][11][12]. Core Insights - The high-end liquor segment, especially Moutai, is experiencing a sales boost as the Spring Festival approaches, with expectations of price recovery due to increased demand driven by wealth effects [10][11]. - The report suggests that the market's concerns about post-festival price drops for Moutai are likely to be unfounded, predicting only minor seasonal fluctuations [10][12]. - The overall sentiment in the liquor industry is shifting from a pessimistic outlook to a more stable one, with expectations of improved sales dynamics as external constraints on consumption ease [11][12]. Summary by Sections Liquor Industry - The report highlights that Moutai's sales are performing better than previously cautious expectations, leading to a price recovery for both Moutai and newer Moutai products [10]. - It is noted that the market is still wary of potential price declines after the Spring Festival, but historical patterns suggest only minor adjustments are likely [10][11]. - The report emphasizes the importance of brand strength and market positioning for high-end liquor companies, recommending investments in brands with strong market presence and growth potential [12]. Beer Industry - The beer sector is seeing a steady recovery in on-premise consumption, with companies diversifying into non-drink channels and soft drinks [12]. - The report suggests that the beer industry's performance is expected to stabilize, with a focus on maintaining competitive pricing and improving dividend yields [12]. Snack Industry - The snack sector is benefiting from pre-Spring Festival stocking and product innovation, with companies like Qiaqia and Ganyuan expected to show significant profit elasticity due to low comparative bases [14]. - The report recommends focusing on leading snack companies that are expanding their store presence and adapting their product offerings [14]. Beverage Industry - The soft drink sector is currently facing challenges due to seasonal demand fluctuations and competition from ready-to-drink tea brands, leading to a slight decline in overall sales growth [14]. - Despite these challenges, leading brands like Dongpeng and Nongfu are expected to maintain double-digit growth through brand strength and market share consolidation [14]. Seasoning Industry - The seasoning sector is stabilizing as restaurant demand begins to recover, with expectations of improved performance in 2026 driven by seasonal effects [15]. - The report highlights companies like Angel Yeast and Qianhe Condiments as having strong growth potential due to favorable market conditions and dividend yields [15].