香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券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 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Helens International Holdings Company Limited 海 倫 司 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （香港股份代號：9869） （新加坡股份代號：HLS） 香港主要營業地點的變更 海倫司國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 自2025年10月30日起，本公司的香港主要營業地點已變更為香港九龍觀塘區偉 業街118號919室。 承董事會命 海倫司國際控股有限公司 董事會主席兼 行政總裁 徐炳忠先生 香港和新加坡，2025年10月30日 於本公告日期，執行董事為徐炳忠先生、蔡文君女士、余臻女士及賀大慶先生；以及獨立非執 行董事為李東先生、王仁榮先生及呂珣福先生。 ...

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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海倫司國際控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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) | 09869 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000,000 | USD | | 0.0000000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000,000,000 | USD | | 0.0000000001 | USD | ...

Group 1 - JD Qixian's online order volume during the Mid-Autumn Festival and National Day holiday increased by 171% year-on-year, with self-owned brand sales up by 264% [1] - The sales of mooncake gift boxes surged by 595% year-on-year, while fruit gift boxes saw a 583% increase [1] - The overall sales of various seafood products grew by nearly 100%, and the liquor category's sales increased by 109% [1] Group 2 - JD Discount Supermarket's six stores received over 5 million customers from September 20 to October 6, with mooncake sales up over 300% compared to previous periods [2] Group 3 - The "All Girls' Happy Market" event in Guangzhou allowed consumers to try products before purchasing, featuring over 30 popular brands [4] - The event is part of a strategy to bring online shopping experiences into physical spaces [4] Group 4 - The Gaode Nightlife Report indicated that Nanchang was the most popular city for nightlife during the National Day holiday, with significant increases in tourism to second and third-tier cities [6] Group 5 - Domestic gold jewelry prices have risen sharply, with prices for 24K gold jewelry reaching 1,157 CNY per gram, an increase of 16 CNY from the previous day [9] Group 6 - Xiaomi's 17 series launch exceeded expectations, with promotional offers continuing until October 31 [9] Group 7 - Sa Sa International reported a sales increase of 8.4% year-on-year for the second quarter, with Hong Kong and Macau sales up by 10.1% [9] Group 8 - Tmall Supermarket announced a goal for the upcoming Double 11 shopping festival to achieve delivery within 4 hours, expanding its service capabilities [10] Group 9 - SHEIN plans to open its first permanent physical stores in France in November, marking a shift from its primarily online business model [11] Group 10 - Mixue Ice Cream has acquired a 53% stake in the fresh beer brand "Fulu Jia" for 297 million CNY, expanding into the beer market [12] - Despite a 39.3% revenue growth in the first half of the year, Mixue faces challenges with a 40% stock price drop over three months [12] Group 11 - Dazhong Dianping's "Quality Takeaway" service saw a 164% increase in user traffic from smaller cities during the holiday, indicating a shift in consumer behavior [15] Group 12 - The restaurant brand "Eating Emperor" closed all three of its Shanghai locations due to lease expirations, reflecting challenges in the restaurant industry amid rising costs and competition [17] - The retail sector experienced a split during the holiday, with online sales booming while traditional supermarkets faced declining foot traffic and increased costs [17]

[Definitions](index=3&type=section&id=Definitions) This chapter provides definitions of key terms and abbreviations used in the report, ensuring a clear understanding of professional terminology - This section defines key terms and abbreviations such as "Articles of Association," "Corporate Governance Code," "Directors' Restricted Share Unit Scheme," "the Group," and "Controlling Shareholder" to ensure clear understanding[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter provides key company information including board members, committee compositions, registered office, auditors, and principal bankers - The company's board of directors includes executive directors Mr. Xu Bingzhong (Chairman and CEO), Ms. Cai Wenjun, Ms. Yu Zhen, Mr. He Daqing, and independent non-executive directors Mr. Li Dong, Mr. Wang Renrong, Mr. Huang Xiangming (resigned), and Mr. Lu Xunfu (newly appointed)[11](index=11&type=chunk) - The composition and chairpersons of the Audit, Remuneration, and Nomination Committees are specified, with Mr. Huang Xiangming resigning from the Audit Committee and Mr. Lu Xunfu being appointed[11](index=11&type=chunk) - The company's registered office is in the Cayman Islands, its headquarters and principal place of business in China are in Wuhan, Hubei Province, and its principal place of business in Hong Kong is on Castle Peak Road, Tuen Mun[11](index=11&type=chunk)[12](index=12&type=chunk) - The company's auditor is PricewaterhouseCoopers, and its principal bankers include China Merchants Bank Wuhan Optics Valley Technology Sub-branch and Industrial and Commercial Bank of China (Asia) Limited[14](index=14&type=chunk) - The company's stock codes are Hong Kong: 9869, Singapore: HLS, and its website is www.helensbar.com[14](index=14&type=chunk) [Financial Highlights](index=8&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company experienced a significant decrease in both revenue and profit attributable to owners Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 291,145 | 441,294 | | Profit before income tax | 51,899 | 69,459 | | Profit for the period attributable to owners of the Company | 50,331 | 69,677 | - For the six months ended June 30, 2025, the company's revenue decreased by **34.0%** year-on-year, and profit attributable to owners of the Company decreased by **27.8%** year-on-year[16](index=16&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) This chapter outlines the company's tavern network expansion, operational metrics, same-store performance, and gross profit contribution from signature products [Tavern Network Distribution](index=9&type=section&id=Tavern%20Network%20Distribution) As of June 30, 2025, the Group's total store network increased to 580, further growing to 583 by August 26, with continued expansion of the "Helen's Partner" network and a restart of self-operated store plans in May 2025 to enhance operational performance through new openings and upgrades - As of June 30, 2025, the Group's total store network increased from **560** at the beginning of 2025 to **580**, further growing to **583** by August 26, 2025[18](index=18&type=chunk) - In May 2025, the company relaunched its self-operated store plan, aiming to enhance operational performance by opening new stores in new markets and upgrading existing stores in established markets, thereby improving store environment and experience while reducing rent and labor costs[18](index=18&type=chunk) Tavern Network Distribution (by City Tier) | City Tier | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Tier 1 City Taverns | 36 | 36 | 35 | 37 | | Tier 2 City Taverns | 140 | 140 | 146 | 172 | | Tier 3 and Below City Taverns | 402 | 399 | 375 | 323 | | Taverns Outside Mainland China | 5 | 5 | 4 | 5 | | **Total** | **583** | **580** | **560** | **537** | Tavern Network Distribution (by Operating Model) | Store Type | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Self-operated Taverns | 109 | 109 | 112 | 187 | | Franchise Taverns | 39 | 39 | 42 | 67 | | "Helen's Partner" Taverns | 435 | 432 | 406 | 283 | | **Total** | **583** | **580** | **560** | **537** | [Operating Metrics](index=10&type=section&id=Operating%20Metrics) In the first half of 2025, the average daily turnover of self-operated and franchise taverns generally increased, with Tier 2 cities showing prominent performance, while "Helen's Partner" taverns experienced a general decline in average daily turnover Average Daily Turnover per Self-operated and Franchise Tavern (RMB thousands) | City Tier | 2025 | 2024 | | :--- | :--- | :--- | | Tier 1 Cities | 9.0 | 8.7 | | Tier 2 Cities | 8.8 | 7.4 | | Tier 3 and Below Cities | 7.7 | 7.2 | | **Overall** | **8.3** | **7.5** | Average Daily Turnover per 'Helen's Partner' Tavern (RMB thousands) | Store Type | Store Area (square meters) | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Premium Store | 240–260 | 5.0 | 6.1 | | Quality Store | 150–240 | 4.0 | 5.3 | | Boutique Store | 90–150 | 3.6 | 4.7 | | **Overall** | **90–260** | **4.2** | **5.4** | [Same-Store Performance](index=11&type=section&id=Same-Store%20Performance) Despite a **17.6%** decrease in same-store average daily sales in H1 2025, Q2 same-store operating profit margin improved year-on-year due to enhanced product gross margin, reduced rent, and increased labor efficiency, with the company actively implementing measures to restore same-store performance Same-Store Sales Performance | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Number of Same Stores | 142 | 142 | | Same-Store Turnover | 229,239.53 | 279,116.30 | | Same-Store Turnover Growth Rate (%) | -17.9 | - | | Same-Store Average Daily Turnover | 1,274.40 | 1,546.22 | | Same-Store Average Daily Turnover Growth Rate (%) | -17.6 | - | | Same-Store Average Daily Turnover per Store | 9.0 | 10.9 | | Same-Store Average Daily Turnover per Store Growth Rate (%) | -17.6 | - | - In the first half of 2025, same-store average daily sales decreased, but the second quarter's same-store operating profit margin at the store level improved year-on-year due to measures such as increasing product gross margin, reducing rent costs, and improving labor efficiency[26](index=26&type=chunk) - The company is actively implementing measures to restore same-store performance, including deepening performance incentives, optimizing operational management, refining the product matrix, and strengthening marketing system construction[26](index=26&type=chunk) [Contribution Gross Profit of Signature Products](index=11&type=section&id=Contribution%20Gross%20Profit%20of%20Signature%20Products) Under scientific supply chain management and brand effects from scale expansion, the contribution gross profit margins for both self-owned and third-party brand alcoholic beverages in self-operated taverns significantly increased year-on-year Contribution Gross Profit of Signature Products in Self-operated Taverns | Product Type | Metric | 2025 (RMB thousands/%) | 2024 (RMB thousands/%) | | :--- | :--- | :--- | :--- | | All Helen's Self-owned Alcoholic Beverages | Contribution Gross Profit | 73,777 | 124,458 | | | Contribution Gross Profit Margin | 80.2% | 78.3% | | All Third-party Brand Alcoholic Beverages | Contribution Gross Profit | 28,014 | 42,773 | | | Contribution Gross Profit Margin | 57.8% | 53.7% | - The contribution gross profit margin for self-owned alcoholic beverages increased from **78.3%** to **80.2%**, and for third-party brand alcoholic beverages from **53.7%** to **57.8%**, primarily due to enhanced supply chain management capabilities and increased scale[28](index=28&type=chunk)[29](index=29&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the company's financial performance, balance sheet position, and future development strategies for the first half of 2025 [Performance Review and Outlook](index=12&type=section&id=Performance%20Review%20and%20Outlook) In H1 2025, revenue decreased to **RMB 291.1 million** due to fewer existing stores and lower same-store daily sales, yet the company achieved a healthy profit of **RMB 50.3 million**; it continues to expand the "Helen's Partner" network, restart self-operated store plans, and optimize supply chain management and gross margins to counter market weakness, with future plans to stabilize the self-operated network, develop franchise models, and explore new concepts like "third spaces" - Revenue for the first half of 2025 was **RMB 291.1 million**, a decrease from **RMB 441.3 million** in the first half of 2024, primarily due to a reduction in the number of existing stores and lower same-store daily sales[30](index=30&type=chunk) - Despite a weak catering consumer market, profit for the period attributable to owners of the Company still reached **RMB 50.3 million** in the first half of 2025[30](index=30&type=chunk) - The contribution gross profit margin for self-operated taverns increased from **70%** in H1 2024 to **74%** in H1 2025, and for self-owned alcoholic beverages from **78.3%** to **80.2%**, benefiting from supply chain management and brand effects[31](index=31&type=chunk) - Looking ahead, the company will stabilize and expand its self-operated store network, develop its franchise network through continuously optimized "Helen's Partner" store models, strengthen integrated supply chain management and space environment creation capabilities, and explore new models such as "third spaces"[32](index=32&type=chunk) [Revenue](index=13&type=section&id=Revenue) For the six months ended June 30, 2025, the company's revenue decreased by **34.0%** year-on-year to **RMB 291.1 million**, primarily due to fewer existing stores and lower same-store daily sales, with self-operated business revenue accounting for **62.9%** and franchise business revenue for **37.1%** of total revenue - Revenue decreased by **34.0%** from **RMB 441.3 million** in the first half of 2024 to **RMB 291.1 million** in the first half of 2025[34](index=34&type=chunk) - The decrease in revenue was primarily due to a reduction in the number of existing stores (self-operated taverns and franchise taverns) and lower same-store daily sales[34](index=34&type=chunk) Revenue Breakdown by Segment and Service | Item | 2025 Revenue (RMB thousands) | 2025 % of Total Revenue | 2024 Revenue (RMB thousands) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Helen's Self-owned Products | 128,264 | 44.1 | 222,568 | 50.4 | | Third-party Brand Alcoholic Beverages | 48,462 | 16.6 | 79,692 | 18.1 | | Other Products and Revenue | 6,400 | 2.2 | 8,674 | 2.0 | | **Subtotal Self-operated Business Revenue** | **183,126** | **62.9** | **310,934** | **70.5** | | Franchise Business Revenue | 108,019 | 37.1 | 130,360 | 29.5 | | **Total** | **291,145** | **100** | **441,294** | **100** | [Other Income](index=13&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income increased by **250.0%** year-on-year to **RMB 0.7 million**, primarily due to rental income from office assets used for leasing - Other income increased by **250.0%** from **RMB 0.2 million** in the first half of 2024 to **RMB 0.7 million** in the first half of 2025[38](index=38&type=chunk) - The increase was primarily due to rental income generated from leasing out a portion of office building assets[38](index=38&type=chunk) [Cost of Raw Materials and Consumables Used](index=14&type=section&id=Cost%20of%20Raw%20Materials%20and%20Consumables%20Used) For the six months ended June 30, 2025, the cost of raw materials and consumables used decreased by **27.1%** year-on-year to **RMB 116.1 million**, primarily due to reduced revenue and quantity of raw materials required - The cost of raw materials and consumables used decreased by **27.1%** from **RMB 159.3 million** in the first half of 2024 to **RMB 116.1 million** in the first half of 2025[39](index=39&type=chunk) - The decrease was primarily due to reduced revenue and a lower quantity of raw materials and consumables required[39](index=39&type=chunk) [Employee Benefits and Human Resources Service Expenses](index=14&type=section&id=Employee%20Benefits%20and%20Human%20Resources%20Service%20Expenses) For the six months ended June 30, 2025, employee benefits and human resources service expenses decreased by **36.2%** year-on-year to **RMB 61.6 million**, primarily due to a reduction in the number of employees - Employee benefits and human resources service expenses decreased by **36.2%** from **RMB 96.5 million** in the first half of 2024 to **RMB 61.6 million** in the first half of 2025[40](index=40&type=chunk) - The decrease was primarily due to a reduction in the number of employees, leading to a corresponding decrease in employee wages and benefits[40](index=40&type=chunk) [Depreciation of Right-of-Use Assets](index=14&type=section&id=Depreciation%20of%20Right-of-Use%20Assets) For the six months ended June 30, 2025, depreciation of right-of-use assets decreased by **47.3%** year-on-year to **RMB 16.7 million**, primarily due to the termination of lease contracts for certain self-operated taverns under the company's strategic transformation - Depreciation of right-of-use assets decreased by **47.3%** from **RMB 31.7 million** in the first half of 2024 to **RMB 16.7 million** in the first half of 2025[41](index=41&type=chunk) - The decrease was primarily due to the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[41](index=41&type=chunk) [Depreciation of Property, Plant and Equipment](index=14&type=section&id=Depreciation%20of%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, depreciation of property, plant and equipment decreased by **50.6%** year-on-year to **RMB 15.9 million**, primarily due to a reduction in related assets as the number of self-operated taverns declined - Depreciation of property, plant and equipment decreased by **50.6%** from **RMB 32.2 million** in the first half of 2024 to **RMB 15.9 million** in the first half of 2025[42](index=42&type=chunk) - The decrease was primarily due to a reduction in property, plant and equipment for self-operated taverns as the number of taverns declined[42](index=42&type=chunk) [Depreciation of Investment Properties](index=14&type=section&id=Depreciation%20of%20Investment%20Properties) For the six months ended June 30, 2025, the company incurred **RMB 1.7 million** in depreciation of investment properties, primarily due to the reclassification of certain office building assets for rental purposes - Depreciation of investment properties was **RMB 1.7 million** in the first half of 2025 (first half of 2024: nil)[43](index=43&type=chunk) - This was primarily due to the reclassification of certain office building assets for rental purposes into investment properties, subsequently incurring depreciation[43](index=43&type=chunk) [Short-term Leases and Other Related Expenses](index=14&type=section&id=Short-term%20Leases%20and%20Other%20Related%20Expenses) For the six months ended June 30, 2025, short-term leases and other related expenses decreased by **47.6%** year-on-year to **RMB 9.7 million**, primarily due to reduced short-term staff dormitory leases resulting from tavern network optimization and a decrease in self-operated tavern employees - Short-term leases and other related expenses decreased by **47.6%** from **RMB 18.5 million** in the first half of 2024 to **RMB 9.7 million** in the first half of 2025[44](index=44&type=chunk) - The decrease was primarily due to tavern network optimization adjustments and a reduction in the number of self-operated tavern employees, leading to fewer short-term staff dormitory leases[44](index=44&type=chunk) [Energy Consumption Expenses](index=14&type=section&id=Energy%20Consumption%20Expenses) For the six months ended June 30, 2025, energy consumption expenses decreased by **50.5%** year-on-year to **RMB 4.8 million**, primarily due to a corresponding reduction in electricity, network, and dormitory utility costs as the number of taverns decreased - Energy consumption expenses decreased by **50.5%** from **RMB 9.7 million** in the first half of 2024 to **RMB 4.8 million** in the first half of 2025[45](index=45&type=chunk) - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in electricity, network energy, and dormitory utility costs[45](index=45&type=chunk) [Travel and Related Expenses](index=15&type=section&id=Travel%20and%20Related%20Expenses) For the six months ended June 30, 2025, travel and related expenses decreased by **50.0%** year-on-year to **RMB 2.4 million**, primarily due to the company's implementation of refined management and cost-saving measures - Travel and related expenses decreased by **50.0%** from **RMB 4.8 million** in the first half of 2024 to **RMB 2.4 million** in the first half of 2025[47](index=47&type=chunk) - The decrease was primarily due to the company's implementation of refined management and cost-saving measures[47](index=47&type=chunk) [Secondary Listing Expenses](index=15&type=section&id=Secondary%20Listing%20Expenses) For the six months ended June 30, 2025, the company incurred no secondary listing expenses, compared to **RMB 12.2 million** in the same period last year - There were no secondary listing expenses in the first half of 2025, compared to **RMB 12.2 million** in the first half of 2024[48](index=48&type=chunk) [Advertising and Promotion Expenses](index=15&type=section&id=Advertising%20and%20Promotion%20Expenses) For the six months ended June 30, 2025, advertising and promotion expenses decreased by **72.8%** year-on-year to **RMB 2.2 million**, primarily due to refined management of online promotions - Advertising and promotion expenses decreased by **72.8%** from **RMB 8.1 million** in the first half of 2024 to **RMB 2.2 million** in the first half of 2025[49](index=49&type=chunk) - The decrease was primarily due to refined management of online promotions[49](index=49&type=chunk) [Net Reversal/(Provision) for Impairment Loss on Trade Receivables](index=15&type=section&id=Net%20Reversal%2F%28Provision%29%20for%20Impairment%20Loss%20on%20Trade%20Receivables) For the six months ended June 30, 2025, the company recorded a net reversal of impairment loss on trade receivables of **RMB 19,000**, compared to an impairment loss of **RMB 0.4 million** in the same period last year - The net reversal of impairment loss on trade receivables was **RMB 19,000** in the first half of 2025, compared to an impairment loss of **RMB 0.4 million** in the first half of 2024[50](index=50&type=chunk) [Other Expenses](index=15&type=section&id=Other%20Expenses) For the six months ended June 30, 2025, other expenses decreased by **33.0%** year-on-year to **RMB 20.1 million**, primarily due to a corresponding reduction in daily operating and maintenance expenses as the number of taverns decreased - Other expenses decreased by **33.0%** from **RMB 30.0 million** in the first half of 2024 to **RMB 20.1 million** in the first half of 2025[51](index=51&type=chunk) - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in daily operating and maintenance expenses[51](index=51&type=chunk) [Net Other Losses](index=15&type=section&id=Net%20Other%20Losses) For the six months ended June 30, 2025, the company recorded net other losses of **RMB 4.2 million**, primarily comprising gains from tavern optimization adjustments, exchange losses, and fair value changes of financial assets - Net other losses for the first half of 2025 amounted to **RMB 4.2 million**[52](index=52&type=chunk) - This primarily includes **RMB 3.5 million** in gains from tavern optimization and adjustments (comprising gains on disposal of property, plant and equipment, losses on lease deposits, penalties and compensation for early lease termination, and gains on lease termination), **RMB 8.0 million** in exchange losses, and approximately **RMB 0.3 million** in fair value changes of financial assets at fair value through profit or loss[52](index=52&type=chunk) [Finance Income](index=15&type=section&id=Finance%20Income) For the six months ended June 30, 2025, finance income decreased to **RMB 19.2 million**, primarily due to a reduction in bank deposit amounts - Finance income decreased from **RMB 29.8 million** in the first half of 2024 to **RMB 19.2 million** in the first half of 2025[53](index=53&type=chunk) - The decrease was primarily due to a reduction in bank deposit amounts[53](index=53&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs decreased by **37.7%** year-on-year to **RMB 3.8 million**, primarily due to reduced lease liabilities and consequently lower interest expenses as the number of taverns decreased - Finance costs decreased by **37.7%** from **RMB 6.1 million** in the first half of 2024 to **RMB 3.8 million** in the first half of 2025[54](index=54&type=chunk) - The decrease was primarily due to reduced lease liabilities resulting from a decrease in the number of taverns, which in turn led to lower related interest expenses[54](index=54&type=chunk) [Profit Before Income Tax](index=16&type=section&id=Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was **RMB 51.9 million** with a profit margin of **17.8%**, compared to **RMB 69.5 million** and a **15.7%** profit margin in the same period last year - Profit before income tax for the first half of 2025 was **RMB 51.9 million**, with a profit margin of **17.8%**[55](index=55&type=chunk) - Profit before income tax for the first half of 2024 was **RMB 69.5 million**, with a profit margin of **15.7%**[55](index=55&type=chunk) [Income Tax (Expense)/Credit](index=16&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) For the six months ended June 30, 2025, income tax expense was **RMB 1.6 million**, compared to an income tax credit of **RMB 0.2 million** in the same period last year, primarily due to the expiry of previously recognized unused tax losses as deferred tax assets - Income tax expense for the first half of 2025 was **RMB 1.6 million**, compared to an income tax credit of **RMB 0.2 million** in the first half of 2024[56](index=56&type=chunk) - The change was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[56](index=56&type=chunk) [Property, Plant and Equipment](index=16&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, property, plant and equipment decreased from **RMB 217.9 million** to **RMB 180.0 million**, primarily due to depreciation and the reclassification of certain assets as investment properties - Property, plant and equipment decreased from **RMB 217.9 million** as of December 31, 2024, to **RMB 180.0 million** as of June 30, 2025[57](index=57&type=chunk) - The decrease was primarily due to depreciation and the reclassification of certain property, plant and equipment as investment properties[57](index=57&type=chunk) [Intangible Assets](index=16&type=section&id=Intangible%20Assets) As of June 30, 2025, intangible assets were **RMB 32,000**, remaining largely stable compared to **RMB 41,000** as of December 31, 2024 - Intangible assets slightly decreased from **RMB 41,000** as of December 31, 2024, to **RMB 32,000** as of June 30, 2025, remaining largely stable[58](index=58&type=chunk) [Right-of-Use Assets](index=16&type=section&id=Right-of-Use%20Assets) As of June 30, 2025, right-of-use assets decreased from **RMB 95.7 million** to **RMB 91.7 million**, primarily due to depreciation and the termination of lease contracts for certain self-operated taverns - Right-of-use assets decreased from **RMB 95.7 million** as of December 31, 2024, to **RMB 91.7 million** as of June 30, 2025[59](index=59&type=chunk) - The decrease was due to depreciation and the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[59](index=59&type=chunk) [Investment Properties](index=16&type=section&id=Investment%20Properties) As of June 30, 2025, investment properties increased from **RMB 33.0 million** to **RMB 56.9 million**, primarily due to further reclassification of office building assets for rental purposes - Investment properties increased from **RMB 33.0 million** as of December 31, 2024, to **RMB 56.9 million** as of June 30, 2025[60](index=60&type=chunk) - The increase was primarily due to the further reclassification of a portion of office building assets for rental purposes into investment properties in the first half of 2025[60](index=60&type=chunk) [Deferred Tax Assets](index=16&type=section&id=Deferred%20Tax%20Assets) As of June 30, 2025, deferred tax assets slightly decreased to **RMB 73.6 million**, primarily due to the expiry of previously recognized unused tax losses - Deferred tax assets slightly decreased from **RMB 75.2 million** as of December 31, 2024, to **RMB 73.6 million** as of June 30, 2025[61](index=61&type=chunk) - The decrease was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[61](index=61&type=chunk) [Inventories](index=17&type=section&id=Inventories) As of June 30, 2025,

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, while continuing to expand its store network and optimize operations to enhance profitability [1][2][3] Group 1: Financial Performance - In 2025H1, the company achieved revenue of 290 million yuan, a year-on-year decrease of 34.0%, and a net profit attributable to shareholders of 50 million yuan, down 27.8% year-on-year [1] - Same-store daily sales decreased by 17.6% year-on-year, reaching 9,000 yuan [2] - Despite revenue pressures, the company's gross profit margin for direct-operated stores increased from 70% to 74%, indicating improved supply chain management [2] Group 2: Store Expansion and Types - The total number of stores increased from 560 at the end of 2024 to 580 in 2025H1, with a notable expansion in partner stores [1] - The breakdown of store types at the end of the reporting period included 109 direct-operated, 39 franchised, and 432 partner stores, with partner stores accounting for 74.5% of the total [1] - The company restarted its direct store opening plan in May 2025, aiming to enhance store environments and reduce costs [1] Group 3: Sales Performance and Cost Management - Direct-operated and franchised stores saw an overall daily sales increase to 8,300 yuan, with significant growth in second-tier cities [2] - Partner stores faced challenges, with daily sales dropping to 4,200 yuan, a decrease of 22.2% year-on-year [2] - The company successfully reduced costs, with employee benefits and asset depreciation costs decreasing by 36.2% and 47.2% respectively, leading to improved operating profit margins [2] Group 4: Strategic Initiatives - The company plans to enhance same-store performance through various initiatives, including performance incentives and operational optimization [3] - The focus remains on platform-based development, with continued expansion of partner stores and a restart of direct store openings [3] - The company aims to strengthen its core competencies in supply chain management and spatial environment design while exploring new business models [3]

Core Viewpoint - The company is committed to a platform-based strategic transformation, optimizing existing stores, rapidly expanding partner stores, and validating a community space composite model, which is expected to support performance recovery as the consumption environment improves and new business models are established [1] Group 1: Store Network and Expansion - The total number of stores increased from 560 at the end of 2024 to 580 in H1 2025 [1] - The number of store types at the end of the reporting period included 109 direct-operated, 39 franchised, and 432 partner taverns, with partner stores accounting for 74.5% of the network expansion [1] - The distribution of stores saw an increase in third-tier and below cities, with a net addition of 24 stores in these areas [1] - The company restarted its direct-operated store plan in May 2025, aiming to upgrade store environments and improve operational performance [1] Group 2: Sales Performance and Profitability - In H1 2025, the overall daily sales for direct-operated and franchised taverns rose to 8,300 yuan, a year-on-year increase of 10.7% [2] - Daily sales in first, second, and third-tier cities were 9,000, 8,800, and 7,700 yuan respectively, with year-on-year increases of 3.4%, 18.9%, and 6.9% [2] - Partner taverns experienced a decline in daily sales to 4,200 yuan, a year-on-year decrease of 22.2% [2] - Despite revenue pressures, the company's profitability showed resilience, with gross margins for direct-operated taverns increasing from 70% to 74% [2] - Significant cost reductions were achieved through lower rent and improved employee efficiency, leading to a year-on-year increase in operating profit margins for same-store sales [2] Group 3: Strategies for Enhancing Same-Store Performance - The company plans to enhance same-store performance through performance incentives, optimizing store operations, and strengthening marketing systems [3] - The focus remains on platform-based development, with continued expansion of partner stores and a restart of direct-operated store growth [3] - The company aims to strengthen its core competencies in supply chain management and space environment creation while exploring new third-space models [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is undergoing a platform transformation, with a focus on expanding its partner store network while restarting its direct store opening plan. This strategy aims to enhance operational efficiency and improve customer experience [2][4]. - Despite a decline in revenue and same-store sales, the company's profitability shows resilience due to effective cost management and supply chain improvements [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 290 million yuan, a year-on-year decrease of 34.0%, and a net profit of 50 million yuan, down 27.8%. Same-store daily sales fell by 17.6% [1]. - The company declared an interim dividend of 146 million yuan [1]. Store Network Expansion - The total number of stores increased from 560 at the end of 2024 to 580 in the first half of 2025. The breakdown of store types includes 109 direct stores, 39 franchised stores, and 432 partner stores, with the latter accounting for 74.5% of the total store network [2]. - The company has restarted its direct store opening plan, aiming to enhance store environments and reduce costs through new openings in both existing and new markets [2]. Sales and Profitability - The overall daily sales for direct and franchised stores rose to 8,300 yuan, reflecting a year-on-year increase of 10.7%. However, partner stores faced pressure, with daily sales dropping to 4,200 yuan, a decline of 22.2% [3]. - The gross margin for direct stores improved from 70% to 74%, showcasing enhanced supply chain management capabilities [3]. Strategic Initiatives - The company plans to improve same-store performance through various initiatives, including performance incentives, operational optimization, and marketing enhancements [4]. - The ongoing platform strategy aims to strengthen core competencies in supply chain management and explore new business models [4]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 650 million yuan, 790 million yuan, and 950 million yuan, respectively, with net profits expected to be 100 million yuan, 130 million yuan, and 160 million yuan [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 16.9x for 2025, 13.4x for 2026, and 10.7x for 2027 [4][5].

Core Viewpoint - Helen's International Holdings Limited, known as the "first stock of small taverns," has reported a significant decline in revenue and net profit for the first half of 2025, marking the third consecutive year of declining performance [1][2]. Financial Performance - The company's revenue for the first half of 2025 decreased by 34.02% to 291 million yuan, while the net profit attributable to shareholders fell by 27.77% to 50.33 million yuan [1]. - In the 2024 annual report, total revenue was 752 million yuan, down 37.8% year-on-year, with adjusted net profit recorded at 101 million yuan, a decline of 65.5% compared to 2023 [2]. - Key financial indicators over the past four years show a compound annual growth rate (CAGR) of -22.60% for revenue, -16.40% for net loss, and -22.70% for adjusted net profit [5]. Strategic Adjustments - The company announced a plan to restart its direct-operated store strategy, indicating a potential failure of the previously emphasized "Hi Beer Partner" franchise model [2][11]. - Helen's has shifted from a focus on franchise expansion to increasing the number of direct-operated stores, as the sales performance of franchise stores has been significantly lower than that of direct-operated ones [12][11]. Market Dynamics - The appeal of the "social + low price" model is diminishing, as younger consumers have a wider array of entertainment options, leading to a decline in the attractiveness of traditional tavern experiences [2][14]. - New market entrants and evolving consumer preferences are shifting the focus from price to atmosphere and experience, with younger consumers seeking unique social environments rather than just low-cost alcohol [15][20]. Competitive Landscape - Emerging concepts such as craft beer chains and livehouse venues are gaining popularity, offering diverse experiences that cater to the evolving tastes of younger consumers [16][19]. - The rise of home bars and personalized drinking experiences reflects a shift in consumer behavior, where individuals prefer to create their own social drinking environments rather than frequenting traditional taverns [21][23]. Conclusion - The current trends indicate that the demand for drinking experiences has evolved beyond mere consumption, with a strong emphasis on social interaction and quality atmosphere, suggesting that Helen's may need to adapt its business model to remain relevant in the changing market [25][27].

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: 2025年8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: 海倫司國際控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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) | 09869 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000,000 | USD | | 0.0000000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000,000,000 | USD | | 0.0000000001 | USD | ...

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong restaurant stocks, particularly Helen's, which surged over 14% after its earnings report [1] - Helen's reported a mid-year revenue of 291 million RMB, a year-on-year decrease of 34.02%, and a net profit of 50.33 million RMB, down 27.77% year-on-year [1] - The company proposed an interim dividend of 0.1051 RMB per share, while its net profit margin improved from 15.7% to 17.8% compared to the same period last year [1] Group 2 - The Chinese Ministry of Commerce indicated a shift in consumption patterns towards a balance of goods and service consumption, with plans to introduce policies to boost service consumption in September [1] - The Ministry aims to enhance service supply capabilities and stimulate new service consumption through coordinated use of fiscal and financial measures [1]