（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].

Group 1 - The core viewpoint is that Yihai International has undergone a transformation from rapid growth to valuation correction, stabilizing as a low-valuation, high-dividend company after experiencing fluctuations in revenue from related parties and industry growth falling short of expectations [1][2]. Group 2 - The compound seasoning market in China is approximately 126.5 billion, with segments including chicken essence and powder (30.7 billion), hot pot seasoning (26.9 billion), recipe-based seasonings (21.6 billion), and others (47.3 billion) [2]. - The industry is transitioning from rapid growth to steady growth, driven by trends such as increased restaurant chain rates, urbanization, and non-professional home cooking, indicating ongoing growth potential for compound seasonings [2]. - Related party business is expected to recover, with B-end and overseas markets becoming core growth drivers, as domestic C-end sales show steady growth [2]. Group 3 - The company is projected to have revenues of 6.57 billion, 6.96 billion, and 7.38 billion from 2025 to 2027, with year-on-year growth rates of 0.5%, 5.9%, and 6.0% respectively [3]. - The net profit attributable to the parent company is forecasted to be 800 million, 890 million, and 980 million for the same period, with year-on-year growth rates of 8.8%, 10.3%, and 10.2% respectively [3]. - The company is initiating coverage with a "buy" rating, highlighting attractive dividend returns and cash distribution [3].

Core Viewpoint - The company is expected to see performance improvement and high dividends, with previous pricing adjustments in related party businesses now showing signs of recovery, while third-party business is anticipated to continue double-digit growth in overseas and B-end markets [1][4] Financial Performance - The company is projected to maintain a high dividend payout ratio, with expected EPS of 0.81 and 0.88 yuan for 2025 and 2026 respectively, corresponding to a valuation of 15X in 2026 [1][4] - The dividend yield for 2025 and 2026 is expected to exceed 6%, with a target valuation of 22X in 2026, leading to a projected stock price of 21.5 HKD, representing a 44% upside [1][4] Business Development - The company is experiencing a slowdown in third-party revenue growth in 2025H2, but the decline in related party business is narrowing, leading to an overall low single-digit growth forecast for 2025H2 [2] - Profitability is expected to improve due to increased factory prices and enhanced channel support, with a projected profit growth of over 20% in 2025H2 [2] Market Strategy - The company is focusing on enhancing supply chain efficiency, which is expected to positively impact gross margins [2] - The third-party C-end business is stable, while B-end and overseas markets are showing strong growth, with B-end revenue expected to double in 2025, driven by partnerships with key clients [2] Management Changes - The return of the founder of Haidilao is expected to boost employee morale and internal management, with a focus on the "Pomegranate Plan" to create new growth opportunities [3] - The company is expected to benefit from improved quality management and a stronger role in the supply chain as a supplier to Haidilao, leading to enhanced gross margins and supply volumes [3]

Core Viewpoint - The report from Western Securities indicates that Yihai International (01579) initially enjoyed a growth valuation premium, but this has declined due to fluctuations in related party revenues and lower-than-expected industry growth, leading to a shift in market perception from a high-growth company to a low-valuation, high-dividend company, with a "Buy" rating assigned for the first time [1] Company Summary - Yihai International's capital expenditure has entered a downward cycle, and the company has increased its dividend payout ratio [1] - The company is expected to stabilize its related party revenues, with a forecast for revenue growth in the hot pot seasoning segment of 0.1%, 5.7%, and 5% from 2025 to 2027 [1] - The revenue from convenient fast food is projected to decline by 2.9%, recover by 2.4%, and then grow by 5.4% over the same period [1] - Compound seasoning revenue is anticipated to grow by 6.9%, 11.3%, and 8.7% respectively from 2025 to 2027 [1] - The company is noted for its active cash dividends, making its dividend returns attractive [1] Industry Summary - The base material and compound seasoning industry still have growth potential and are not limited to a saturated market [1] - The number of Haidilao stores has stabilized, and there is an expectation for improved table turnover next year due to a low base [1] - Third-party business pricing is under pressure but is expected to improve next year, with steady growth in sales anticipated [1] Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion yuan, 6.96 billion yuan, and 7.38 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 0.5%, 5.9%, and 6% [1] - The net profit attributable to the parent company is expected to be 800 million yuan, 890 million yuan, and 980 million yuan for the same years, with annual growth rates of 8.8%, 10.3%, and 10.2% [1]

Core Viewpoint - The report from Western Securities indicates that Yihai International (01579) initially enjoyed a growth valuation premium, but this has since declined due to revenue fluctuations from related parties and lower-than-expected industry growth, leading to a shift in market perception from high-growth to low-valuation, high-dividend company, with a "Buy" rating assigned for the first time [1] Company Summary - Yihai International's capital expenditure has entered a down cycle, and the company has increased its dividend payout ratio [1] - The company is expected to stabilize its revenue from related parties, with a forecast for hot pot seasoning revenue to grow by 0.1%, 5.7%, and 5% from 2025 to 2027 [1] - The revenue from convenient fast food is projected to decline by 2.9%, recover by 2.4%, and continue to grow by 5.4% in the same period [1] - Compound seasoning revenue is anticipated to increase by 6.9%, 11.3%, and 8.7% from 2025 to 2027 [1] - The company is noted for its active cash dividends, making its dividend returns attractive [1] Industry Summary - The base material and compound seasoning industry still have growth potential and are not limited to a saturated market [1] - The number of Haidilao stores has stabilized, and there is an expectation for improved table turnover next year due to a low base [1] - Third-party business pricing is under pressure but is expected to improve next year, with steady growth in sales [1]

Group 1 - The core viewpoint of the report is that the company, Yihai International, is being initiated with a "buy" rating despite previous valuation premiums due to growth, as the industry growth has not met expectations and valuations have started to decline [1] - The company has shifted its pricing logic from a high-growth target to a low-valuation, high-dividend company as capital expenditures enter a downward cycle and dividend payouts are increased [1] - Revenue projections for the company from 2025 to 2027 are estimated at 6.57 billion, 6.96 billion, and 7.38 billion respectively, with year-on-year growth rates of 0.5%, 5.9%, and 6% [1] - The net profit attributable to the parent company is forecasted to be 800 million, 890 million, and 980 million for the same period, with annual growth rates of 8.8%, 10.3%, and 10.2% respectively [1]

Core Viewpoint - Western Securities initiates coverage on Yihai International with a "Buy" rating, noting a shift in the company's valuation from high growth to low valuation and high dividend due to industry challenges and related revenue fluctuations [1] Group 1: Company Performance - Yihai International previously enjoyed a valuation premium due to growth but has seen a decline as industry growth has not met expectations [1] - The company has entered a down cycle in capital expenditure and has increased its dividend payout ratio [1] Group 2: Financial Projections - Revenue forecasts for Yihai International are projected at 6.57 billion, 6.96 billion, and 7.38 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth of 0.5%, 5.9%, and 6% respectively [1] - Net profit attributable to the parent company is expected to be 800 million, 890 million, and 980 million yuan for the same years, with year-on-year growth rates of 8.8%, 10.3%, and 10.2% respectively [1]

Core Viewpoint - The report from China Merchants Securities maintains a "strongly recommended" rating for Yihai International (01579), highlighting performance improvement and high dividends as key attractions. The company is expected to benefit from positive changes in related party transactions and continued double-digit growth in third-party business, particularly in overseas and B-end markets [1] Group 1: Performance and Dividends - The core highlights for the company are performance improvement and high dividends. Previously, the decline in related party business prices constrained performance and affected valuation, but this obstacle is expected to improve. The company has initiated high dividends starting in 2023, with future dividend rates expected to remain high [1] - The estimated EPS for 2025 and 2026 is projected to be 0.81 and 0.88 yuan, respectively, with a corresponding valuation of 15X for 2026. The dividend yield for both years is expected to exceed 6%, driven by restaurant recovery and improvements in related party transactions [1] Group 2: Revenue and Profitability - For the second half of 2025, the company anticipates low single-digit revenue growth, with improvements in gross sales margin due to increased factory prices and enhanced channel expenses to support market demand. The overall profit growth is expected to exceed 20% [2] - The company is focusing on improving supply chain efficiency, which is expected to positively impact gross margins. A one-time payment of historical dividend prepayment taxes in 2024 will lead to a higher tax rate, but the tax rate is expected to normalize in 2025, releasing approximately 50 million in profits [2] Group 3: Third-party Business Growth - The third-party business is stable, with significant growth in B-end and overseas markets. The company is reforming direct channels to recover profits and has successfully partnered with major retailers like Hema and Dingdong Maicai. The overseas business is expanding rapidly, particularly in Southeast Asia, with a dual-brand strategy [3] - The B-end revenue is expected to double in 2025, primarily driven by partnerships with key clients. The company plans to enhance the profitability of the B-end by optimizing product offerings and reducing reliance on distributors [3] Group 4: Related Party Business Improvement - The return of the founder of Haidilao is expected to boost morale and management within the company, leading to improved related party business. The founder's emphasis on quality management and new brand development is anticipated to benefit Yihai as a supplier [4] - As the overall demand in the restaurant sector recovers, the gross margin and supply volume of Yihai's related party business are expected to improve [4]