业绩简评 8 月 27 日公司发布半年报业绩，24H1 实现营收 29.27 亿元，同比 增长 11.9%；实现归母净利润 3.08 亿元，同比减少 13.8%。 经营分析 第三方企稳回升，关联方海底捞α延续，餐饮小 B 拓展初见成效。 24H1 关联方/第三方/其他餐饮客户收入分别为 9.89/18.67/0.67 亿元，同比+11.5%/+10.3%/+100.7%。分产品来看方便速食及中式 复调产品口味、价格带同步优化，低基数下收入恢复双位数增长。 火锅调料下游餐饮客户竞争加剧导致压价，收入仅个位数增长。 24H1 火锅底料 / 中式复调 / 方 便 速 食 销 售 额 分 别 为 17.48/4.54/7.00 亿元，分别同比+5.6%/+24.4%/+22.2%。从量价 角度看，全品类单价均有承压，火锅底料/中式复调/方便速食 24H1 单价分别同比-12.9%/-4.7%/-12.6%。 量价策略调整致利润承压，同时政府补助及汇率造成扰动。24H1 年公司毛利率/净利率分别为 29.98%/10.53%，同比-0.54pct/- 3.14pct，净利率差异体现在汇兑损益和政府补助。毛利率下滑主 要 ...

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） （股份代號：1579） 截至2024年6月30日止六個月 中期業績 頤海國際控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」或「我們」）截至2024年6月30日止六個月（「報告期」）的未經審計 綜合中期業績，連同2023年同期的比較數字。 本集團財務摘要 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | 截至 2024 年 6 月 3 ...

证券研究报告 港股公司|公司深度|颐海国际（01579） 激励优化，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月12日 证券研究报告 |报告要点 餐饮连锁化率提升、门店降本诉求增强，家庭结构变化以及懒人经济发展，我们看好复合调味 品行业远期成长空间，虽短期增速换挡，深蹲蓄势、而后有望乘势而上。颐海国际作为国内复 合调味品龙头企业，2024 年以来激励机制进一步优化，由存量激励转为增量激励，或进一步 激发合伙人的积极性，同时新品研发加速、渠道布局完善，有望驱动经营端上行。站在颐海新 一轮激励优化的起点，本文详细回溯了历年变革的背景、具体举措及最终成效。良性的激励机 制有望驱动公司经营端上行，剖析本轮变革的亮点，展望新一轮成长周期。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 25 港股公司|公司深度 glzqdatemark2 2024年08月12日 颐海国际(01579) 激励优化，期待改善 | --- | --- | |------------|----------- ...

公司研报 证券研究报告 2024.07.11 颐海国际 股票代码 股票评级 目标价 01579.HK → 跑赢行业 港币 15.00 股票代码 01579.HK 最新收盘价 港币 12.00 52 周最高价/最低价 港币 17.85~8.76 总市值(亿) 港币 124.4 纵轴:相对股价(%) 01579.HK HSCEI 44 58 72 86 100 114 2023-07 2023-10 2024-01 2024-04 2024-07 | | | | | | |------------------|--------|-------|-------|-------| | (人民币 百万) | 2022A | 2023A | 2024E | 2025E | | 营业收入 | 6,147 | 6,148 | 6,759 | 7,384 | | 增速 | 3.4% | 0.0% | 10.0% | 9.2% | | 归属母公司净利润 | 742 | 853 | 870 | 950 | | 增速 | -3.2% | 14.9% | 2.0% | 9.3% | | 扣非后净利润 | 706 | 834 | 870 ...

请到了鱼海空记的杨总和公司近况的一个交流那接下来的时间想先交给杨总就是对整个一二季度的一个情况去做一个简单的一个回顾然后咱们再开始一个QA环节杨总接下来时间给到你好的我们其实从之前也有讲过很多次了就是其实我们的二季度可能相较于一季度增速上会有一些放缓但这个我们觉得也是一个正常的一个现象像一季度仪式 本身一二月份比较冷还算是我们产品的一个旺季然后再加上春节的一个错位本身在一月份的时候这个备货情况也比较好然后再上说我们去年一些产品的优化然后可能在去年的时候时间比较短还没有发现出效果那在一季度的时候效果上相对比较明显以及说我们对人员做的一些犀利的这种调整积极性也比以前更好了所以我们觉得一季度的这个向好也是各方面的然后二季度的话其实增速降缓这个我们觉得最主要的因素在于说二季度的这个产品跟一季度的这个产品结构的差异 因为二季度我们的主力产品就主要是靠小龙虾和部分的这种酸菜鱼那这两个产品呢一是说本身的体量在我们产品结构当中占比并不高然后其他像底料这些的话像天气炎热之后这部分肯定是要会受到影响的所以二季度我们觉得它也是处在一个正常的一个就是经营状态下虽然增速上相较于一季度有一些减缓所以其实整体来看我们觉得公司的这个经营相对 ...

颐海国际深度汇报240618广发原文 2024年06月18日09:44 发言人100:01 好的，各位投资者，大家早上好。欢迎参加广发视频组织的早八点系列活动。本期是我们今天今年以来 的第28期，主要给各位投资者汇报一下我们近期的一个深度报告。沿海国际走出低谷改革势力。从这个 投资的逻辑来看，我们看好在整个关联方增长产品质价比以及激励改革赋能和多个渠道补齐下这个火锅 料龙头的一个底部改善机遇。24年整个净利润对应的PE估值为15倍，股息率的话接近6%。参考可比公 司的这个估值和公司的改革势能节奏，给予24年18倍的一个PE估值，对应合理的价值为每股18港元。 发言人100:51 我们首先主要分为四个方面进行一个介绍。首先看一个公司的主要基本情况，复盘一下公司发展历程和 主要财务表现，我们可以将其划分为四个阶段。首先05年到16年主要是背靠海底捞，在到开疆拓土到独 立上市。05年海底捞成立成都分公司，07年开始向独立的第三方经销商供应火锅底料。13年以海成 立，当年的收入和利润仅为三人亿和2000万。15年开始向海外出口，并开始打通电商和定制化的这人 渠道。16年沿海上市的时候，收入和利润都已经达到了11亿和2 ...

好的各位投资者大家早上好欢迎参加广发视频组织的早八点系列活动那本期是我们今年以来的第28期主要给各位投资者汇报一下我们近期的一个深度报告以海国际走出低谷改革蓄力 那从这个投资的逻辑来看呢我们看好在整个关联方增长产品之价比以及激励改革赋能和多个渠道补齐下这个火锅料龙头的一个底部改善机遇24年整个经济论对应的批估 估值为15倍 估息率的话接近6%参考科比公司的估值和公司的改革势能节奏给予24年18倍的一个PE估值对应合理的价值为每股18港元那我们首先就是主要分为这个四个方面进行一个介绍吧首先看一个公司的主要基本情况 那复盘一下公司的发展历程和主要财务表现我们可以将其划分为四个阶段首先05年到16年主要是背靠海底捞到开疆拓土到独立上市05年海底捞成立这个成都分公司07年开始向独立的第三方经销商供应火锅底料13年以海成立当年的收入和利润仅为三个亿和两千万 2015年开始向这个海外出口并开始打通电商和定制化的这个渠道16年以海上市的时候收入和利润都已经达到了11亿和2亿元相较于13年的收入是翻了三番这个利润增长是超过了8倍到16年到19年整个行业景气度比较高的情况下公司创下了3.15倍的一个历史的料眼收益 那以海上市之 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 18.00, compared to the current price of HKD 14.10 [1] Core Views - The company is poised for a turnaround after a period of underperformance, with industry competition becoming more rational and its leading position solidified [1] - The company and its affiliate, Haidilao, significantly increased their dividend payout ratio to 90% in 2023, supported by ample capacity, low capital expenditure, and strong cash flow [1] - The compound seasoning market remains a high-growth sector, with both hotpot seasoning and Chinese-style compound seasoning in the growth and penetration phase [2] - The ready-to-eat food market, particularly self-heating products, has slowed down after rapid growth, but opportunities exist in new product categories and channels [2] - The company is expected to benefit from affiliate growth, product quality-to-price ratio improvements, incentive model reforms, and multi-channel expansion in 2024 [2] Company Overview - The company has experienced significant growth phases, including a 15x stock price increase from 2016 to 2019, followed by a period of underperformance from 2020 to 2022 [1][11][12] - In 2023, the company's hotpot seasoning and Chinese-style compound seasoning categories resumed growth, while ready-to-eat food remained a drag due to high base effects [12] - The company's product structure is dominated by hotpot seasoning (67% of total revenue), followed by ready-to-eat food (23%) and compound seasoning (10%) [20] - The company's channel structure is shifting towards third-party sales, which accounted for 67% of total revenue in 2023, up from 44% in 2013 [22] - The company has a balanced regional presence, with 50% of revenue from South China, 44% from North China, and 6% from overseas markets [24] Industry Analysis - The compound seasoning market in China is expected to reach RMB 203.2 billion in 2023, accounting for 34% of the total seasoning market [27] - The compound seasoning market is still in the growth phase, with hotpot seasoning and Chinese-style compound seasoning being the key growth drivers [27] - The ready-to-eat food market in China exceeded RMB 200 billion in 2022, with instant noodles being the dominant category, while self-heating products have entered a slowdown phase [43] - The food processing and catering industries are the main consumption scenarios for compound seasoning, with catering being the core driver of short-term growth [29][32] Future Outlook - The company is expected to benefit from Haidilao's store expansion and overseas growth, with a projected 10% CAGR in affiliate hotpot seasoning revenue over the next three years [53] - The company plans to focus on B2B and online channels for third-party sales, with Chinese-style compound seasoning and hotpot seasoning being the key growth drivers [58] - The company is undergoing organizational reforms, including changes to its product project system and channel incentive policies, to improve responsiveness and stimulate growth [60][62] - The company's profitability is expected to remain stable, with a focus on revenue growth and capacity utilization [63]

研究报告Research Report 30 Apr 2024 颐海国际 YIHAI INTERNATIONAL HOLDING (1579 HK) 产品矩阵加速完善，渠道精耕齐头并进 Product matrix completes gradually with enriched sales network [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Table_In首fo次] 覆盖优于大市Initiate with (Please see APPENDIX 1 for English summary) OUTPERFORM 具有品牌优势的复调龙头企业，发力中式复调及方便食品支撑 评级 优于大市OUTPERFORM 现价 HK$16.00 新增长。颐海国际起源和根植于海底捞，既是海底捞火锅底料 目标价 HK$19.66 产品的最大供应商，又拥有海底捞品牌的永久使用权。近年来 公司加快发展步伐，在销售方面，积极拓展第三方渠道，降低 HTI ESG 1.2-3.0-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comm ...

Agreements and Contracts - The company renewed the Haidilao Master Sales Agreement on 17 October 2023 under similar terms, detailing the supply of Haidilao Customized Products, Yihai Retail Products, and convenient ready-to-eat food products to the Haidilao Group[6] - The Framework Sales and Purchase Agreements were renewed on 17 October 2023, covering the sales of condiment products and convenient ready-to-eat food products between the company and the Joint Venture[4] - The Shuhai Purchase Agreement was renewed on 17 October 2023 on similar terms[11] - The Shuhai Sales Agreement was renewed on 17 October 2023 on similar terms[12] - The warehouse storage service agreement between the company and Shuhai Supply Chain was dated 7 December 2020[15] - The Master Sales Agreement between Super Hi and the Company was renewed on 17 October 2023, continuing the supply of Super Hi Customized Products, Yihai Retail Products, and convenient ready-to-eat food products[19] Financial Performance - Revenue for 2023 reached RMB 6,147.573 million, showing a slight increase from RMB 6,147.011 million in 2022[31] - Gross profit for 2023 was RMB 1,941.304 million, up from RMB 1,853.882 million in 2022[31] - Profit before income tax for 2023 was RMB 1,264.117 million, compared to RMB 1,142.147 million in 2022[31] - Profit for the year 2023 was RMB 907.028 million, up from RMB 815.986 million in 2022[31] - Total assets for 2023 increased to RMB 6,054.438 million from RMB 5,551.293 million in 2022[32] - Non-current assets for 2023 were RMB 2,867.012 million, up from RMB 2,439.808 million in 2022[32] - Current assets for 2023 were RMB 3,187.426 million, compared to RMB 3,111.485 million in 2022[32] - Total equity for 2023 was RMB 5,089.410 million, up from RMB 4,537.021 million in 2022[32] - Revenue for 2023 remained stable at RMB 6,147.6 million, with a net profit of RMB 907.0 million, representing a year-on-year increase of 11.2%[49] - Revenue from hot pot condiments increased by 11.7% to RMB 4,091.7 million in 2023, accounting for 66.5% of total revenue[65] - Revenue from sales of hot pot condiments to related parties increased by 35.6% in 2023, driven by increased demand for offline consumption[65] - Revenue from sales of hot pot condiments to third parties decreased by 3.2% in 2023, due to competition from new small beef tallow hot pot soup flavoring products[65] - Revenue from Chinese-style compound condiments increased to RMB 621.4 million in 2023, representing 10.1% of total revenue[62] - Revenue from convenient ready-to-eat food products decreased to RMB 1,387.1 million in 2023, accounting for 22.6% of total revenue[62] - The average selling price per kg for hot pot condiments decreased to RMB 23.2 in 2023 from RMB 24.8 in 2022[60] - Sales volume of hot pot condiments increased to 176,034 tonnes in 2023, up from 148,048 tonnes in 2022[60] - Revenue from other products increased to RMB 47.4 million in 2023, representing 0.8% of total revenue[62] - Revenue from Chinese-style compound condiments increased by 9.2% to RMB621.4 million in 2023, accounting for 10.1% of total revenue[68] - Revenue from sales of Chinese-style compound condiments to third parties increased by 6.1%, while revenue from related parties surged by 176.6%[68] - Revenue from convenient ready-to-eat food products decreased by 25.8% to RMB1,387.1 million in 2023, accounting for 22.6% of total revenue[70] - Sales revenue from related parties (Haidilao Group, Super Hi Group, and Shuhai Supply Chain Group) increased by 35.0% to RMB2,010.8 million in 2023[73] - Sales revenue from distributors decreased by 11.5% to RMB3,805.0 million in 2023, primarily due to reduced demand for self-serving hot pot products[73] - E-commerce channel revenue decreased by 8.3% to RMB304.6 million in 2023, mainly due to lower sales of convenient ready-to-eat food products[73] - Northern China contributed 44.3% of total revenue, while Southern China accounted for 49.6% in 2023[76] - The company's cost of sales decreased by 2.0% to RMB4,206.3 million in 2023, driven by lower raw material prices[77] - Sales cost decreased by 2.0% from RMB 4,293.1 million in 2022 to RMB 4,206.3 million in 2023, primarily due to lower procurement prices of raw materials such as oils, peppercorns, and beef[78] - Gross profit increased by 4.7% from RMB 1,853.9 million in 2022 to RMB 1,941.3 million in 2023, with gross profit margin rising from 30.2% to 31.6%[79][80] - Distribution expenses decreased by 8.8% from RMB 646.6 million in 2022 to RMB 589.4 million in 2023, mainly due to reduced advertising and transportation costs[81][86] - Administrative expenses increased by 20.9% from RMB 227.8 million in 2022 to RMB 275.5 million in 2023, driven by higher travel, office expenses, and senior management bonuses[82][87] - Net profit increased by 11.2% from RMB 816.0 million in 2022 to RMB 907.0 million in 2023, with net profit margin rising from 13.3% to 14.8%[92][94] - Cash and cash equivalents increased to RMB 2,309.4 million in 2023 from RMB 1,880.5 million in 2022, primarily composed of RMB and USD[97][98] - Asset-liability ratio decreased from 18.3% in 2022 to 15.9% in 2023, with no bank borrowings[99][100] - Inventories decreased to RMB 370.5 million in 2023 from RMB 387.5 million in 2022, with turnover days improving from 33.3 days to 32.9 days[102] - Trade receivables increased to RMB 258.1 million in 2023 from RMB 155.6 million in 2022, mainly due to higher offline consumer demand and related party revenue[103] - Trade payables increased to RMB402.8 million as of 31 December 2023, up from RMB396.3 million in 2022, with turnover days rising from 29.4 days to 34.7 days[104] - Inventory decreased to RMB370.5 million as of 31 December 2023, down from RMB387.5 million in 2022, with turnover days decreasing from 33.3 days to 32.9 days[106] - Trade receivables increased to RMB258.1 million as of 31 December 2023, up from RMB155.6 million in 2022, with turnover days rising from 11.6 days to 12.3 days[107] - The company's debt-to-equity ratio decreased to 1.7% as of 31 December 2023, down from 2.5% in 2022[111] Corporate Governance and Board Structure - The company's financial statements for the year ended 31 December 2023 were audited by PricewaterhouseCoopers[4] - The Board of Directors includes Mr. Sean Shi as Chairman and Mr. Guo Qiang as Chief Executive Officer[21] - The Audit Committee is chaired by Ms. Cui Jin, with Mr. Qian Mingxing and Ms. Ye Shujun as members[22] - The Company's auditor is PricewaterhouseCoopers, registered as a certified public accountant and public interest entity auditor[25] - The Board emphasizes that corporate culture is fundamental to the Group's long-term business success, economic achievements, and sustainable growth[156] - The Company is committed to developing a positive and progressive culture based on its purpose, values, and strategy[156] - The company's corporate culture emphasizes the mission "Easy & Tasty" and the value "To change your destiny with your own hands," which is deeply ingrained in every employee[158] - The company regularly reviews its compliance with the Corporate Governance Code and was in full compliance during the year ended 31 December 2023[160] - The Board is responsible for major decisions, including approval of policies, strategies, risk management, and significant financial and operational matters[163] - The Board composition in 2023 included 5 executive directors, 1 non-executive director, and 4 independent non-executive directors, with changes occurring in March 2024[168] - The company ensures that all independent non-executive directors meet the independence requirements set out in the Listing Rules, with annual written confirmations received[169] - Ms. Cui Jin was appointed as an independent non-executive Director on 26 March 2024 and confirmed her understanding of her obligations as a Director[171][174] - The Board met five times during the year ended 31 December 2023 to review and approve financial results, dividend distribution, and other key matters[183] - The Company held an annual general meeting on 18 May 2023 and an extraordinary general meeting on 13 December 2023, with all proposed resolutions passed by poll vote[184][186] - Each newly appointed Director receives formal induction to understand the Company's business and regulatory responsibilities[179] - Directors received training on ESG matters, regulatory updates, and anti-corruption policies during the year ended 31 December 2023[180] - The chairman held a meeting with independent non-executive Directors without the presence of other Directors during the year ended 31 December 2023[184] - All directors attended 5 out of 5 board meetings and 2 out of 2 general meetings during the reporting period[187] - Regular board meeting notices are served to directors at least 14 days in advance, with board papers sent at least 3 days before meetings[190] - The company maintains clear separation of roles between Chairman (Mr. Sean Shi) and CEO (Mr. Guo Qiang)[193] - The Audit Committee consists of 3 independent non-executive directors and meets at least twice annually[197] - The company has established three board committees: Audit, Remuneration, and Nomination, all with written terms of reference[194] - Board committees can seek independent professional advice at company expense when necessary[194] - The Audit Committee oversees external auditor relationships, financial reporting, and internal controls[198] - Ms. Cui Jin was appointed as independent non-executive director and Audit Committee chair on March 26, 2024[197] - The company provides directors with separate access to senior management when needed[190] - Board meeting minutes are circulated to directors for comments within a reasonable time after meetings[191] - The Audit Committee held three meetings during the year ended 31 December 2023[200] - Reviewed the audited annual results and financial report for the year ended 31 December 2022[200] - Reviewed the unaudited interim results and financial report for the six months ended 30 June 2023[200] - Reviewed the financial reporting and compliance procedures[200] - Reviewed the policies and practices on corporate governance[200] - Reviewed the compliance with the Corporate Governance Code and the disclosure requirement in the corporate governance report[200] - Reviewed the code of conduct and compliance manuals for employees and Directors[200] - Reviewed the risk management and internal control systems[200] - Reviewed the internal audit work of the risk management and internal audit department[200] - Reviewed the work of the external auditor[200] Business Strategy and Operations - The company plans to optimize the incentive-based plan for the R&D and product innovation team starting in 2024[35] - The company will explore and implement an online operation model suitable for its development status and product matrix[35] - The company's sales channels covered 34 provincial and administrative regions in China and 49 overseas countries and regions as of December 31, 2023[51] - The company implemented a multi-brand strategy, focusing on the "Magic Cook" and "Haidilao" brands, and enhanced brand awareness through online and offline communication platforms[46] - The company optimized supply capacity by improving self-production ratio, overseas supply capacity, and intelligent production levels, aiming to enhance overall supply chain efficiency[47] - The company focused on product R&D, adhering to a "project-based products" system, and strengthened product launch standards to improve success rates[44] - The company faced challenges in B2B business due to insufficient experience and lack of effective marketing strategies and service systems for small and large B2B clients[39] - The company plans to adjust sales team compensation and performance evaluation schemes in 2024 to encourage market expansion and improve overall performance[39] - The company aims to enrich its product matrix and explore marketing strategies and service systems for the B2B sector to enhance market competitiveness and customer satisfaction[40][41] - The company strengthened channel management by optimizing partner assessment systems and improving management and personnel incentive systems[43] - The company continued to expand its B2B and overseas markets, aiming to meet multi-level and diversified consumer demands[44] - The Group's sales revenue from related parties in 2023 was RMB2,010.8 million, a year-on-year increase of 35.0%[54] - The Group launched 24 new hot pot condiment products, 37 Chinese-style compound condiment products, and 40 convenient ready-to-eat food products in 2023[57] - As of December 31, 2023, the Group had 62 hot pot condiment products, 68 Chinese-style compound condiment products, and 72 convenient ready-to-eat food products on sale[57] - The Group operated 9 flagship stores on e-commerce platforms such as Tmall.com, JD.com, and Pinduoduo as of December 31, 2023[53] - The Group implemented a refined management system for sales channels, increasing data capture dimensions to improve operational efficiency[52] - The Group expanded its product price band and target audience to enhance market coverage and channel satisfaction[52] - The Group optimized its e-commerce organizational structure and improved the standardization and synergy of online store operations[53] - The Group adjusted overseas product taste, packaging, and promotional language to better align with local market preferences[56] - The Group established an overseas product R&D team to explore local food culture and habits, aiming to enrich the product pipeline[56] - The Group focused on long-term product category planning and optimized its product structure to meet diversified market needs[56] - In 2024, the company will focus on product R&D, overseas expansion, brand promotion, channel building, and supply chain optimization[118] - The company plans to enhance R&D capabilities, launch new products, and improve existing ones to meet diverse consumer demands[119] - Overseas business will focus on local flavor-based products, expanding category matrix, and optimizing supply chain with the completion of the Southeast Asia supply center[121] - The company will implement a multi-brand strategy, enhancing brand recognition through online and offline marketing and interactive campaigns[122] - Channel building efforts will focus on improving efficiency, optimizing personnel incentives, and strengthening distributor management through seminars and new product launches[123] - The Group plans to expand its overseas business by obtaining "halal" certification and adjusting flavors to meet local market demands, aiming to increase overseas sales and brand recognition[124] - The Bazhou Phase II project in Hebei Province, with an annual production capacity of 28,000 tonnes, was operational in Q1 2024, targeting northern and northeastern China to optimize logistics costs and peak-season capacity[126] - Yihai Anhui Technology's beef tallow production base, with a planned annual capacity of 57,000 tonnes, is expected to be operational in Q2 2024, focusing on internal demand and B2B customers[128] - The Thai factory, with an annual production capacity of 15,000 tonnes, began operations in Q2 2023, primarily serving the Southeast Asian market and expanding to other overseas regions[129] - The Group will continue to optimize its e-commerce channels, differentiating online and offline product selections to enhance consumer experience and operational efficiency[125][127] - The Group is implementing a multi-brand strategy, including "Haidilao" and "Kuai Shou Xiao Chu," to improve brand loyalty and consumer engagement through marketing and product diversification[124] - The Group is strengthening its supply chain efficiency in Southeast Asia, aiming to reduce logistics costs and expand market coverage in the region[124] - The Group is actively seeking strategic investment opportunities to enhance synergies in product R&D, portfolio expansion, and cost control[130] Leadership and Management - Jingyuan Investment is held 68% by Mr. Zhang Yong and Ms. Shu Ping, and 32% by Mr. Sean Shi and his wife[8] - The Joint Venture, Fuhai (Shanghai) Food Technology Co., Ltd., is a 60%-owned subsidiary of the company[8] - Leda Haisheng is held approximately 62.70% by Beijing Yihan Management Consulting Co., Ltd., 29.70% by Mr. Sean Shi and his wife, and 7.60% by five independent third parties[8] - Shuhai Supply Chain is held approximately 42.72% by Leda Haisheng, 26.17% by Jianyang Jinghai Investment Co., Ltd., and 31.11% by 23 independent third parties[13] - Sichuan Haidilao Catering Co., Ltd. is owned 50% by Jingyuan Investment, 25.50% by Mr. Zhang Yong, and 8% each by Ms. Hailey Lee, Ms. Shu Ping, and Mr. Sean Shi[17] - Super Hi International Holding Ltd. (Super Hi) is listed on the Hong Kong Stock Exchange with stock code 9658[18] - Super Hi Customized Products include hot pot soup flavorings, hot pot dipping sauce, and Chinese-style compound condiment products manufactured using Super Hi Group's formulas[19] - Yihai Retail Products are manufactured using the Group's own formulas and sold through Haidilao Group's hot pot restaurants and