机构：国盛证券 研究员：杜玥莹/陈天明 事件：8 月29 日，公司发布2025 年中期业绩，2025H1，实现营收2.9 亿元/同比-34.0%，归母净利润0.5 亿元/同比-27.8%，同店日销同比-17.6%。本次宣派中期股息1.46 亿元。 坚持平台化转型，嗨啤合伙人门店持续扩张，重启直营开店计划。1）门店数量上，公司门店网络总数 由2024 年末的560 家增至2025H1 的580 家。2）门店类型上， 报告期末直营/ 特许合作/ 嗨啤合伙人酒 馆数量分别为109/39/432 家，报告期内分别-3/-3/+26 家，合伙人门店数期末占比达74.5%，是门店网络 扩张的主要驱动力。3）门店分布上，报告期内一线/二线/三线及以下城市/中国内地以外地区门店数分 别+1/-6/+24/+1 家至36/140/399/5家，三线及以下城市为拓店主要区域。4）公司于2025 年5 月重启直营 门店计划，通过在新市场新开门店，以及原有市场迭代并新开门店，以实现门店环境升级、体验度提 高，同时降低租金、人工等成本，实现经营绩效的提升。截至报告期日，已开及近期将开业门店达10 家。 直营日销回暖，合伙人门店承压，成 ...

国盛证券发布研报称，海伦司(09869)坚定进行平台化战略转型，存量门店持续优化，合伙人门店快速 扩张，社区空间复合模型开始验证，自身供应链能力较强，后续消费环境改善及新商业模式跑通后有望 支持业绩快速释放。由于当前消费环境下，门店日销承压，预计2025-2027年公司营业收入分别为 6.5/7.9/9.5亿元，归母净利润分别为1.0/1.3/1.6亿元，维持"增持"评级。 直营日销回暖，合伙人门店承压，成本优化保障盈利能力 1)日销方面：2025H1，直营及特许合作酒馆整体单店日销回升至8.3千元/同比+10.7%，其中一线/二线/ 三线及以下城市日销分别为9.0/8.8/7.7千元，分别同比+3.4%/+18.9%/+6.9%。嗨啤合伙人酒馆整体日销 为4.2千元/同比-22.2%，有所承压。2)同店方面：同店单店日均营业额同比-17.6%至9.0千元。3)盈利能 力方面：尽管收入和同店承压，公司盈利能力展现韧性。直营酒馆贡献毛利率由去年同期的70%提升至 74%，自有酒饮和第三方酒饮毛利率分别提升至80.2%和57.8%，体现供应链管理能力的提升。同时，由 于公司主动降低租金成本、提高人效，雇员福利及人 ...

事件：8 月 29 日，公司发布 2025 年中期业绩，2025H1，实现营收 2.9 亿元 /同比-34.0%，归母净利润 0.5 亿元/同比-27.8%，同店日销同比-17.6%。本 次宣派中期股息 1.46 亿元。 坚持平台化转型，嗨啤合伙人门店持续扩张，重启直营开店计划。1）门店数 量上，公司门店网络总数由 2024 年末的 560 家增至 2025H1 的 580 家。2） 门店类型上，报告期末直营 /特许合作 /嗨啤合伙人 酒馆数量分别为 109/39/432 家，报告期内分别-3/-3/+26 家，合伙人门店数期末占比达 74.5%， 是门店网络扩张的主要驱动力。3）门店分布上，报告期内一线/二线/三线及 以下城市/中国内地以外地区门店数分别+1/-6/+24/+1 家至 36/140/399/5 家，三线及以下城市为拓店主要区域。4）公司于 2025 年 5 月重启直营门店 计划，通过在新市场新开门店，以及原有市场迭代并新开门店，以实现门店环 境升级、体验度提高，同时降低租金、人工等成本，实现经营绩效的提升。截 至报告期日，已开及近期将开业门店达 10 家。 直营日销回暖，合伙人门店承压，成本 ...

在iBrandi品创看来，酒馆界，或许真的不需要"蜜雪冰城"。小酒馆，是一门偏娱乐属性更多的生意。 店越开越亏，海伦司越来越难 日前，"小酒馆第一股"——海伦司国际控股有限公司（9869.HK）发布2025年半年报。报告显示，公司营收同比下滑34.02%至2.91亿元，归母净利润下跌 27.77%至5033.10万元，业绩已连续第三年下滑。 与此同时，半年报中宣布将重启直营门店计划，这也意味着，曾被海伦司全力押注的"嗨啤合伙人"加盟模式，或许已宣告失败。 更早之前的3月31日，海伦司2024年年报显示，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年下降65.5%。 事实上，"酒馆第一股"光环早就离海伦司而去，近两年，海伦司也不断通过调整自身经营策略试图走出泥潭。但问题的关键或许是，"社交+低价"的组合 拳在当下的吸引力正在逐渐减弱，以及，从Homebar到Livehouse式酒馆，年轻人当下的"娱乐微醺"场景选择太多了。 故事的转折点也由此开启。 先直观的看看自上市以来海伦司的这四年，也可以说是从巅峰跌至谷底的四年。 | | | | 海伦司近4年核心财务指标 | | ...

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 | ...

消息上，海伦司发布2025年中期业绩，收入2.91亿元(人民币，下同)，同比减少34.02%；股东应占溢利 5033.1万元，同比减少27.77%；拟派发中期股息每股0.1051元。此外，该公司净利润率从去年同期的 15.7%提升至17.8%，除所得税前利润5190万元。公司毛利率的改善显著。 港股餐饮股普遍拉升，尤其是海伦司绩后涨超14%表现十分抢眼，奈雪的茶涨近3%，小菜园、九毛 九、百胜中国、海底捞均有涨幅。 8月27日，商务部副部长盛秋平在国新办新闻发布会上指出，我国消费形态已经逐步转向以商品消费和 服务消费并重的阶段，下一步，商务部将加强政策促进，形成工作合力。盛秋平表示，9月份，商务部 还要出台扩大服务消费的若干政策措施，统筹利用财政、金融等手段，优化提升服务供给能力，激发服 务消费新增量。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 09869 | 海伦司 | 1.460 | 14.06% | | 08300 | 今米房集团 | 0.118 | 9.26% | | 08495 | 1957 & CO. | 0.235 | ...

Core Viewpoint - Helen's (09869) shares increased by nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit but improvements in profit margins and store network expansion [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] - The gross profit margin showed significant improvement, with direct-operated taverns' gross profit margin increasing from 70% to 74%, and the gross profit margin for proprietary beverages rising from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences, while reducing costs such as rent and labor [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Core Viewpoint - Helen's (09869) shares increased nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] Gross Margin Improvement - The company's gross margin showed significant improvement, with the direct-operated tavern gross profit margin increasing from 70% to 74% [1] - The gross profit margin for self-owned beverages rose from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] Future Plans - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences [1] - The company aims to reduce costs related to rent and labor, ultimately improving store operational performance [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Group 1 - The company reported a mid-term performance for the six months ending June 30, 2025, with revenue of 291 million RMB, a year-on-year decrease of 34.02% [1] - Shareholder profit attributable to the company was 50.33 million RMB, down 27.77% year-on-year, with basic earnings per share at 0.04 RMB [1] - The decline in revenue was primarily due to a reduction in the number of existing stores (both direct-operated and franchised) compared to the same period last year, along with a decrease in same-store daily sales [1] Group 2 - The company’s total store network increased from 560 at the beginning of 2025 to 580 by June 30, 2025, and further to 583 by August 26, 2025 [1][2] - The company restarted its direct-operated store plan in May 2025, aiming to open new stores in new markets and upgrade existing ones to enhance store experience and reduce costs [2] - As of August 26, 2025, the company operates a total of 583 taverns globally, including locations in Singapore, Japan, Hong Kong, and 578 in mainland China across 32 provincial-level administrative regions and 283 cities [2]

格隆汇8月29日丨海伦司(09869.HK)发布公告，2025年上半年，公司录得人民币291.1百万元的收入，较 2024上半年收入人民币441.3百万元下降，主要由于存量门店（直营酒馆及特许合作酒馆）数量较去年 同期减少，及同店日销有所下降所致。尽管2025年上半年餐饮类消费市场疲软，公司仍实现了良好的盈 利，2025年上半年公司拥有人应占期内利润为人民币50.3百万元。 2025年上半年，集团门店网络总数从2025年初的560家增加至2025年6月30日的580家，并进一步增长至 2025年8月26日的583家。其中，存量门店网络（包括直营门店及特许合作酒馆门店）数量已企稳，嗨啤 合伙人门店网络持续扩张。 ...