出品丨搜狐财经 作者丨饶婷 编辑丨李文贤 《酒馆发展报告2025》显示，2024年全国酒馆市场规模为 1120 亿元，同比上年增长7.7%，但尚未恢复至 2019年水平。 与此同时，行业竞争者持续涌入，截至2025年3月，全国酒馆企业存量超3.8万家，较2019年增长了 139.6%。 千亿新酒饮赛道的结构性调整正加速行业洗牌。 曾以"10元小酒馆"改写行业规则的海伦司，在加盟店扩张与直营店腰斩的撕裂中市值缩水93%；而嵌入社 区角落的唐三两打酒铺，却以"社区散酒新生态"迅速崛起，完成了近千万元天使轮融资。 当理性消费浪潮持续重构行业逻辑，酒馆模式如何在需求分化、竞争加剧的深水区中，实现可持续盈利？ "看似小酒馆做的是酒的生意，其实做的是人的场景。"搜狐酒业发展研究院专家蔡学飞指出，连锁酒馆模 式的盈利不仅涉及酒类选品与销售，更是与选址、店面管理、人员绩效、活动设计等息息相关。 前 新酒饮洗牌:海伦司营收三连降 新型散酒铺扩加盟 专家称需挖掘消费需求 搜狐 财经 "酒馆第一股"海伦司陷入转型阵痛 潮起潮落，如今的海伦司正遭遇转型阵痛，开放加盟、拥抱下沉市场均未能挽回业绩颓势。 顶着"酒馆第一股"的光环，海伦司 ...

Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year ending December 31, 2024[9]. - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[9]. - The company reported revenue of RMB 752 million for the year ended December 31, 2024, a decrease of 37.7% compared to RMB 1,209 million in 2023[20]. - Adjusted net profit for 2024 was RMB 100.6 million, down from RMB 291.1 million in 2023[20]. - The company’s franchise business revenue increased by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024[20]. - Revenue dropped by 37.8% from RMB 1,208.6 million in 2023 to RMB 752.2 million in 2024, primarily due to a weak consumer market[40]. - The loss before income tax for the year ending December 31, 2024, was RMB 76.6 million, compared to a profit of RMB 152.0 million for the year ended December 31, 2023[71]. - The adjusted net profit for the year ended December 31, 2024, was RMB 100.6 million, a decrease of 65.4% from RMB 291.1 million in 2023[74]. - The company reported a loss of RMB 78.0 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million in 2023[74]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2026[9]. - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[9]. - The company plans to invest HKD 200 million in marketing initiatives to boost brand awareness in new markets[9]. - A new partnership with a leading tech firm is expected to drive additional revenue streams, projected to contribute HKD 100 million in 2025[9]. - The company plans to continue expanding its "Hi Beer Partner" network and strengthen supply chain management capabilities[21]. - The company aims to further integrate supply chain and market resources, optimize product mix, and upgrade decor styles for differentiated and diversified operations[127]. Operational Metrics - User data showed a growth in active users by 20%, totaling 2 million users as of the end of 2024[9]. - The total number of stores increased from 479 at the end of 2023 to 560 by the end of 2024, with further growth to 579 stores by March 19, 2025[21]. - Total number of bars increased from 479 in 2023 to 579 in 2025, representing a growth of 20.8%[24]. - Average daily sales per bar in first-tier cities rose from RMB 7.5 thousand in 2023 to RMB 8.3 thousand in 2024, an increase of 10.7%[26]. - The average daily sales per "Hi Beer Partner" bar decreased from RMB 7.1 thousand in 2023 to RMB 5.0 thousand in 2024, a decline of 29.6%[26]. Financial Position and Assets - Total assets decreased from RMB 2,164.98 million in 2023 to RMB 1,375.98 million in 2024[15]. - The company’s equity attributable to owners decreased from RMB 1,821.41 million in 2023 to RMB 1,118.79 million in 2024[15]. - Non-current assets dropped significantly from RMB 740.83 million in 2023 to RMB 459.77 million in 2024[19]. - The company’s total liabilities decreased from RMB 343.58 million in 2023 to RMB 257.18 million in 2024[15]. - Cash and bank balances decreased from RMB 1,278.9 million as of December 31, 2023, to RMB 806.4 million as of December 31, 2024, primarily due to dividend payments in 2024[86]. Cost Management and Expenses - Research and development expenses increased by 18%, amounting to HKD 150 million, focusing on innovative technologies[9]. - Employee benefits and human resources expenses decreased by 41.9% from RMB 298.8 million in 2023 to RMB 173.7 million in 2024 due to a reduction in workforce[48]. - The depreciation of right-of-use assets decreased by 44.8% from RMB 110.2 million for the year ended December 31, 2023, to RMB 60.8 million for the year ending December 31, 2024, mainly due to the termination of several direct-operated restaurant lease agreements[49]. - Utility expenses decreased by 44.3% from RMB 34.8 million for the year ended December 31, 2023, to RMB 19.4 million for the year ending December 31, 2024, as a result of the reduction in the number of restaurants[53]. Corporate Governance and Management - The management team includes experienced executives with over 20 years in the tavern operation market and over 12 years in the restaurant service industry[110][111]. - The CFO has a strong background in capital operations and financial management, having previously worked in investment banking[112]. - The independent non-executive directors bring extensive experience in strategic investment, mergers and acquisitions, and corporate governance[116][117]. - The board of directors is committed to high standards of corporate governance and will continue to review and monitor governance practices[199]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[141]. Compliance and Risk Management - The company has implemented food safety and quality assurance measures to mitigate risks associated with its industry[105]. - The company emphasizes the importance of employee training and competitive compensation to retain talent, with annual reviews of employee remuneration[188]. - The company has established compliance policies to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported during the period[186]. - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[193]. Shareholder Information - The board proposed a final dividend of RMB 0.1146 per share for the year ending December 31, 2024, compared to RMB 0.3153 per share in 2023[128]. - The final dividend will be subject to approval at the annual general meeting on May 14, 2025[128]. - The final dividend will be paid in HKD to Hong Kong shareholders and in SGD to Singapore shareholders based on the official exchange rate on May 14, 2025[131]. - As of December 31, 2024, the chairman holds 861 million shares, representing 68.04% of the issued share capital[150]. - The company has no treasury shares as of December 31, 2024[177].

"小酒馆第一股"海伦司交出的这份2024年成绩单不算理想，营收同比大幅下滑近四成，这已是公司连续 第三年营收下滑；公司拥有人应占年内利润由盈转亏。 海伦司也在通过转型改善业绩状况。2023年开始大批量关闭直营门店的同时，也重启加盟，两年时间关 闭500多家直营店，开了400多家"嗨啤合伙人酒馆"的加盟模式门店。尽管特许经营业务收入在2024年实 现了八成的增长至1.95亿元，但从单店效益看存在下滑。其中，单个嗨啤合伙人酒馆日均销售额同比下 降近三成；同店单店日均销售额下滑超两成。 自称小啤酒不超过10元的海伦司以低价路线被称为"酒馆界的蜜雪冰城"，但其这一模式为何在注重性价 比的消费趋势下仍未走出盈利困境，在业内人士看来，海伦司存在的主要问题不在于是直营还是加盟， 而在于自身商业模式是否适合当下消费趋势和社交需求以及人们的生活方式，尤其是随着低成本社交场 所和类型的不断丰富，像小酒馆这类能否从尝试性消费转化为长期消费习惯，都值得探讨。 两年砍掉500多家直营店 日前，海伦司发布2024年业绩报告，录得营业收入7.52亿元，较2023年的12.09亿元大幅下滑37.8%，公 司股东应占溢利由盈转亏，亏损约0.7 ...

出品：新浪财经上市公司研究院 作者：新消费主张/木予 "小酒馆第一股"海伦司再次令市场大失所望。 据业绩公告显示，2024年公司实现总营收7.52亿元，同比减少37.8%；经调整净利润录得1.01亿元，较2023年骤降65.5%。若剔除新加坡二次上市开支、办公 大厦减值亏损、酒馆优化及调整亏损等项目，海伦司经营亏损约7797.60万元，而2023年为盈利1.81亿元。 值得一提的是，自2021年登陆港交所以来，海伦司近三年收入连续下滑，目前总规模甚至低于2020年的8.18亿元。除了2023年靠闭店裁员短暂盈利，公司其 余报告期都深陷亏损泥沼，盈亏相抵后净亏损累计17.29亿元，约为上市前净利润总和的10.87倍。 "第一股"的光环黯然失色，海伦司股价由最高点20.61港元/股一泻千里至最低点1.21港元/股，上市876个交易日中约一半的时间都在下跌。公司最新市值仅为 20.25亿港元，较IPO首日蒸发93.3%，2025年开年短短三个月市值降幅已近四成。海外二次上市也未能有效改善其流动性，截至发稿日，海伦司在新交所的 日均成交量和日均成交额仅分别为3.16万股、152.12万新加坡元，区间日均换手率趋近于零 ...

从核心财务指标来看， 2024年对海伦司而言无疑是艰难的一年。报告期内，海伦司总收入从2023年的 12.09亿元大幅下滑37.8%至7.52亿元。 作为"中国小酒馆第一股"，海伦司曾凭借"10元小酒馆"的定位在年轻消费群体迅速扩张，但2024年却深 陷直营业务腰斩、同店销售额下滑超20%、利润由盈转亏等困境。 海伦司在战略转型中面临着巨大的阵痛与挑战。消费疲软、加盟店销售额遇冷、下沉市场培育期漫长， 成为拖累业绩的"三座大山"。 更令人担忧的是，海伦司在港股的市值已较上市高点蒸发逾90%，并在今年陆续被踢出恒生综合指数及 港股通名单，流动性危机隐现。 由盈转亏，直营业务腰斩 海伦司创立于2009年。公司创始人徐炳忠敏锐地捕捉到中国大学生和初入职场年轻人的社交需求，将小 酒馆开在大学城周边，以"10元小酒馆"的平价策略迅速打开市场。这种精准定位使海伦司在短短数年间 实现了快速扩张，成为中国最大的连锁小酒馆品牌。 分业务来看，直营业务的大幅收缩是收入下滑的主因。2024年，海伦司继续优化调整直营酒馆网络，导 致直营业务收入急剧下降，从2023年的11.03亿元下降至2024年的5.58亿元，同比跌幅达到约50% ...

在港股市场中，有两家专注于年轻人生意的线下饮品企业备受关注，那就是蜜雪冰城和海伦司。 当蜜雪冰城于2025年上市，成为港股新贵后，其股价从256港元起步，在短短13个交易日内，最高飙升至471.80港元。2024年，蜜雪冰城营业收入增长 22.29%，达到248.3亿元，归母净利润增长41.41%，达到44.37亿元。 相比之下，海伦司却迎来了营收、利润的全面下滑，甚至陷入亏损，市值相比巅峰时期暴跌超过90%，股价高开低走，从25.105港元最低跌至1.21港元。面 对"10元喝一晚"的性价比优势遭遇消费分级挑战，以及"万店目标"碰上区域市场碎片化的困境，海伦司需要证明的不仅是财务数据的回暖，更是一个商业模 式在新时代的可持续性。 营收连续四年下滑，"农村包围城市"策略反噬业绩 毛利率方面，海伦司2024年毛利率为57.94%，同比下降了12.29个百分点。由于2024年亏损，海伦司净利率从14.93%降低至-10.37%，显示出公司盈利质量下 滑。 多维夹击下的生存空间，机构目标价频频下调 近些年，港股市场中围绕年轻消费群体的企业备受资本青睐。除了新上市的蜜雪冰城外，还有被誉为"年轻人的茅台"的泡泡玛特，以 ...

务收入下降所致。 程久龙 实习生 李渡 3月31日，海伦司(09869.HK)对外发布2024年业绩报告，财务数据显示，报告期内，公司录得人民币752百万元的收入，较2023年度收入 人民币1,209百万元下降，主要系2024年消费市场表现疲软，为适应外部环境变化，公司围绕平台化转型的战略，积极优化调整直营酒馆网络，使得直营业 业绩报告披露，海伦司2024年度门店层面贡献毛收益率69%，与2023年基本持平，其中自有酒饮毛收益率由2023年的75.7%增长至76.6%，主要受益于公司推 出的新品受到消费者的喜爱，使得高毛利的饮料化酒饮在自有酒饮的收入占比由2023年的79.8%提升至2024年的82.4%。 2024年度，海伦司通过「嗨啤合伙人」计划继续拓展酒馆网络，门店总数由2023年末的479家增长至截至2024年末的560家，并进一步增长至截至2025年3月 19日的579家，依然保持在行业中的领导地位。 海伦司方面表示："展望未来，我们将继续围绕平台型发展战略，通过「嗨啤合伙人」计划继续拓展酒馆网络，同时继续强化供应链整合管理能力和空间环 境打造能力，并依托两大核心竞争力进行新模式探索，为消费者的新生 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 752,206, a decrease of 37.7% compared to RMB 1,208,613 in 2023[4]. - The adjusted net profit for the year was RMB 100,555, down 65.5% from RMB 291,088 in 2023[4]. - Same-store sales for the year 2024 were RMB 527,533.6, representing a decline of 21.3% compared to RMB 670,039.4 in 2023[11]. - In 2024, the company recorded revenue of RMB 752 million, a decrease of 37.8% from RMB 1,209 million in 2023, primarily due to a weak consumer market[14][16]. - Revenue for the year ended December 31, 2024, was RMB 752.2 million, a decrease from RMB 1,208.6 million for the year ended December 31, 2023, reflecting a decline in business performance[67]. - Revenue from self-operated taverns dropped significantly from RMB 1,103,300 thousand in 2023 to RMB 557,513 thousand in 2024, a decrease of about 49.5%[79]. - Revenue from franchise services netted RMB 10,067 thousand in 2024, down from RMB 71,107 thousand in 2023, representing a decline of approximately 85.8%[79]. - The company reported a loss attributable to owners of RMB 77.98 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million for the year ended December 31, 2023[67]. Assets and Liabilities - Total assets decreased to RMB 1,375,975 in 2024 from RMB 2,164,984 in 2023[5]. - Non-current assets decreased to RMB 459,772 in 2024 from RMB 740,830 in 2023[5]. - The company's total liabilities decreased from RMB 343,577 thousand in 2023 to RMB 257,184 thousand in 2024, a decline of about 25.2%[69]. - Cash and cash equivalents fell sharply from RMB 625,612 thousand in 2023 to RMB 131,802 thousand in 2024, a decrease of approximately 78.9%[68]. - Lease liabilities decreased from RMB 255.7 million as of December 31, 2023, to RMB 145.4 million as of December 31, 2024, due to a reduction in the number of taverns[54]. - Trade payables decreased from RMB 30.7 million as of December 31, 2023, to RMB 28.7 million as of December 31, 2024, attributed to a decline in revenue and procurement[55]. Operational Metrics - The total number of taverns in the global network increased to 579 as of March 19, 2025, up from 560 in 2024 and 479 in 2023[7]. - The average daily sales per tavern in first-tier cities increased to RMB 8.3 in 2024 from RMB 7.5 in 2023[9]. - The number of stores expanded from 479 at the end of 2023 to 560 by the end of 2024, maintaining industry leadership[14][15]. - The gross profit margin for Helen's proprietary beverages improved to 76.6% in 2024 from 75.7% in 2023[13]. - The gross profit margin at the store level remained stable at 69% in 2024, with the gross profit margin for proprietary beverages increasing from 75.7% in 2023 to 76.6% in 2024[14]. Expenses and Cost Management - The cost of materials and consumables decreased by 12.1% to RMB 316.3 million in 2024, down from RMB 359.8 million in 2023, due to lower sales revenue from direct-operated stores[21]. - Employee benefits and human services expenses dropped by 41.9% to RMB 173.7 million in 2024, down from RMB 298.8 million in 2023, due to a reduction in employee numbers[22]. - Depreciation of right-of-use assets decreased by 44.8% to RMB 60.8 million in 2024, down from RMB 110.2 million in 2023, as a result of terminating several lease contracts[23]. - Advertising and promotion expenses decreased by 36.5% to RMB 12.5 million in 2024, down from RMB 19.7 million in 2023, due to refined online promotion management[29]. - Other expenses totaled RMB 70,396,000 in 2024, down from RMB 79,257,000 in 2023, reflecting a decrease of 11.8%[85]. Impairment and Losses - Impairment loss of property, plant, and equipment increased from RMB 11.3 million for the year ended December 31, 2023, to RMB 85.8 million for the year ended December 31, 2024, primarily due to the decline in fair value of office properties amid a sluggish domestic real estate market[32]. - Investment property impairment loss for the year ended December 31, 2024, was RMB 9.5 million, compared to no loss for the year ended December 31, 2023, mainly due to the decline in fair value caused by the domestic real estate market downturn[33]. - Trade receivables impairment loss net amount increased to RMB 16.7 million for the year ended December 31, 2024, from RMB 0.2 million for the year ended December 31, 2023, primarily due to the optimization and adjustment of the tavern network[34]. - The company recognized impairment losses of approximately RMB 11,938,000 and RMB 23,833,000 for property, plant, and equipment, and right-of-use assets respectively, for the year ended December 31, 2024[104]. Future Outlook and Strategy - The company plans to continue expanding its tavern network through the "Hi Beer Partner" program and strengthen supply chain management capabilities[15]. - The company plans to continue seeking new business development opportunities despite not having any major investments or acquisitions during the reporting period[65]. - The company’s revenue projections and cost assumptions were re-evaluated based on past performance and the uncertain recovery of consumer spending in China[103]. - The company’s management identified impairment indicators for several restaurants due to ongoing economic challenges in China, leading to impairment assessments[102]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ended December 31, 2024, confirming compliance with applicable accounting standards[126]. - The company has adopted corporate governance practices in accordance with the relevant listing rules, although it has not separated the roles of the chairman and CEO[118][119]. - There were no significant post-reporting period events identified from December 31, 2024, to the announcement date[128]. - The company has not engaged in any significant litigation or arbitration during the reporting period[125].

智通财经APP获悉，海伦司(09869)盈警后跌超3%，截至发稿，跌3.49%，报1.66港元，成交额392.58万 港元。 港股异动 | 海伦司(09869)盈警后跌超3% 预计去年 盈转亏至不少于6000万元 消息面上，海伦司发盈警，预期集团于2024年12月31日止年度的收入将介于约人民币7.3亿元至人民币 7.8亿元的范围内，而集团于2023年度的收入约为人民币12.1亿元；公司拥有人应占年内亏损介于约人民 币6000万元至9000万元，而上年同期公司拥有人应占年内利润约为人民币1.805亿元。主要由于写字楼 物业公允价值下降，产生资产减值损失；对酒馆网络进行优化调整等因素导致的闭店损失和资产减值损 失；及就新加坡第二上市产生上市费用。 ...

(iii)集团于2024年度将取得公司拥有人应占年内亏损介于约人民币6000万元至9000万元，而2023年 度的公司拥有人应占年内利润约为人民币1.805亿元。2024年度净亏损，主要系受国内整体房地产市场 低迷影响，集团的写字楼物业公允价值下降，产生资产减值损失约人民币5000万元至人民币7000万元; 集团对酒馆网络进行优化调整及其他酒馆门店经营业绩下滑等因素导致的闭店损失和资产减值损失等合 计约人民币8000万元至1.20亿元;以及集团就新加坡第二上市产生上市费用约人民币1330万元。 董事会谨此强调，香港财务报告准则并无"经调整净利润╱(亏损)"作出界定。集团将其界定为透过 加回写字楼资产减值损失、酒馆优化及调整亏损及第二上市开支而调整的年内利润╱(亏损)。公司管理 层认为，呈列该非香港财务报告准则计量并与相应香港财务报告准则计量一并列示为投资者和管理层提 供了实用资料，方便透过撇除若干非经营性或非经常性开支(不影响公司的持续经营表现，包括第二上 市开支以及酒馆优化及调整亏损)的潜在影响，比较集团于各期间的经营表现。该非香港财务报告准则 计量允许投资者考虑管理层评估我们表现时所用的指标。非香港财务报 ...