财联社12月12日讯（编辑 胡家荣） 受益于消费利好政策预期，市场资金持续加码相关个股，比如啤酒 和餐饮股多数走强。 以啤酒股为例，华润啤酒(00291.HK)、青岛啤酒(00168.HK)、百威亚太(01876.HK)分别上涨7.40%、 5.78%、3.52%。 同时在餐饮股中，海伦司(09869.HK)、九毛九(09922.HK)、海底捞(06862.HK)分别上涨10.88%、 6.94%、4.83%。 消息方面，中央政治局12月9日召开会议，分析研究2025年经济工作。会议明确，要大力提振消费、提 高投资效益，全方位扩大国内需求。 对此有业内人士表示，业内人士表示，扩大内需兼顾提振消费和改善民生，有助于提升居民的消费意愿 和消费能力。 事实上，政策往往是激发市场合力的决定性因素。当某个行业或板块受到重大政策扶持时，市场对该板 块未来的预期通常会显著提升。 值得注意的是，四季度以来受益政策支持，居民消费需求持续释放。根据国家统计局数据显示，10月份 社会消费品零售总额同比增长4.8%，1月份至10月份同比增长3.5%。这表明政策刺激对消费市场的复苏 起到了积极作用。 机构称消费有望迎来新一轮反弹修复 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a revised rating to "Add" [4]. Core Views - The company is undergoing a platform transformation, with a focus on optimizing existing stores and rapidly expanding partner stores. The new "community space" model is being validated, and strong supply chain capabilities are expected to support performance recovery as the consumption environment improves [2][4]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 441 million yuan, a year-on-year decrease of 37.8%, and a net profit attributable to shareholders of 70 million yuan, down 55.8% year-on-year. Adjusted net profit was 90 million yuan, reflecting a 49.1% decline [1]. - The number of stores at the end of the reporting period was 537, with a net increase of 58 stores compared to the beginning of the year, but a decrease of 116 stores compared to the same period last year [1]. - The average daily sales for direct-operated and franchised stores were 7,500 yuan, showing an overall decline of 8.5% year-on-year [1]. Future Projections - Revenue projections for 2024 to 2026 are 892 million yuan, 1.019 billion yuan, and 1.209 billion yuan, respectively. Net profit projections for the same period are 135 million yuan, 169 million yuan, and 240 million yuan, respectively [3][4]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 12x for 2024, 10x for 2025, and 7x for 2026 [2][4]. Strategic Initiatives - The company is enhancing its supply chain management capabilities and has launched several high-margin new products. The gross margin for direct stores remained at 70% despite significant promotional activities [2]. - The company is iterating its store environment using new technologies to improve consumer experience, with the "community space" model expected to generate diverse revenue streams [2].

Revenue Performance - The total revenue for the first half of 2024 was RMB 441,294 thousand, compared to RMB 709,992 thousand for the same period in 2023, indicating a decrease of 37.9%[3] - The revenue from franchise operations was RMB 130,360 thousand, representing 29.5% of total revenue in 2024, compared to 5.5% in 2023[3] - The total revenue from direct-operated businesses was RMB 310,934 thousand, accounting for 70.5% of total revenue in 2024[3] Proprietary Beverages Performance - For the six months ended June 30, 2024, the contribution gross profit from all of Helen's proprietary beverages was RMB 124,458 thousand, down from RMB 317,795 thousand in the same period of 2023, representing a decrease of 60.9%[2] - The contribution gross profit margin for Helen's proprietary beverages was 78.3%, a slight decline from 79.4% in the previous year[2] - The revenue from Helen's proprietary products accounted for 50.4% of total revenue in 2024, down from 76.3% in 2023[3] Beverage Alcohol Products - The share of beverage alcohol products in Helen's proprietary products increased from 55.6% in the first half of 2023 to 58.1% in the first half of 2024[4] - The company launched new proprietary beverages such as "Lemon Big Cup" and "Rose Big Cup," which were well-received by consumers, contributing to the increase in beverage alcohol product share[4] Third-Party Brand Beverages - The revenue from third-party brand beverages was RMB 42,773 thousand, down from RMB 66,801 thousand in the previous year, with a gross profit margin of 53.7% compared to 55.6%[2] Direct-Operated Taverns - The overall gross profit margin for direct-operated taverns remained stable at 70% despite a slight decline in contribution gross profit rates due to promotional activities[1]

Helens International Holdings Company Limited 海 倫 司 國 際 控 股 有 限 公 司 (A company incorporated in the Cayman Islands with limited liability) Stock code : Hong Kong : 9869, Singapore : HLS INTERIM REPORT 2024 中期報告 INTERIM REPORT 2024 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） 股份代號 : 香港 : 9869, 新加坡 : HLS 海倫司國際控股有限公司 中期報告 2024 目錄 | --- | |------------------------| | | | 釋義 | | 公司資料 | | 財務摘要 | | 業務摘要 | | 管理層討論與分析 | | 企業管治及其他資料 | | 中期簡明綜合全面收益表 | | 中期簡明綜合財務狀況表 | | 中期簡明綜合權益變動 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 安证券 嗨啤合伙人稳步推进，探索社区店新模型 海伦司(9869) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.09.08 | --- | --- | --- | |----------|-------------------------------------|----------------------------------| | | | ——海伦司 2024 年中报业绩点评 | | | [table_Authors] 刘越男 ( 分析师 ) | 宋小寒 ( 分析师 ) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880524080011 | [当前价格 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 441,294 thousand, a decrease of 37.9% compared to RMB 709,992 thousand for the same period in 2023[2] - Profit attributable to owners for the same period was RMB 69,677 thousand, down 55.8% from RMB 157,487 thousand in 2023[2] - Adjusted net profit for the six months ended June 30, 2024, was RMB 90,278 thousand, a decline of 51.9% from RMB 187,660 thousand in 2023[2] - Same-store sales for the six months ended June 30, 2024, were RMB 277,358.6 thousand, a decrease of 28.6% from RMB 388,207.4 thousand in 2023[8] - Total comprehensive income for the six months ended June 30, 2024, was RMB 74,926 thousand, a decline of 57.4% compared to RMB 175,561 thousand for the same period in 2023[51] - The company reported a net loss of RMB 10,498,000 from the sale of property and equipment for the six months ended June 30, 2024, compared to a loss of RMB 134,887,000 in the same period of 2023, showing an improvement[63] Tavern Operations - The total number of taverns increased from 479 at the beginning of 2024 to 581 by August 26, 2024[3] - The "Hi Beer Partner" program has signed 415 stores, with 327 already in operation, covering 204 cities[3] - Average daily revenue per tavern in first-tier cities was RMB 8.7 thousand, up from RMB 8.4 thousand in 2023[5] - The average daily revenue per "Hi Beer Partner" tavern was RMB 27 thousand as of June 30, 2024, with no data available for the previous year[7] - The number of taverns in second-tier cities decreased from 314 in 2023 to 179 as of June 30, 2024[4] Revenue Sources - Revenue from the franchise business surged by 234.4% to RMB 130.4 million, accounting for 29.5% of total revenue in the first half of 2024, up from 5.5% in the same period of 2023[12] - Revenue from tavern operations and franchising for the six months ended June 30, 2024, was RMB 310,934,000 and RMB 130,360,000 respectively, compared to RMB 670,573,000 and RMB 39,419,000 in 2023[59] - Revenue from mainland China was RMB 433,762,000 for the six months ended June 30, 2024, down from RMB 707,580,000 in 2023, indicating a decrease of about 38.6%[60] Cost Management - The cost of raw materials and consumables decreased by 19.0% to RMB 159.3 million in the first half of 2024, down from RMB 196.6 million in the same period of 2023[15] - Employee benefits and human resource expenses fell by 43.1% to RMB 96.5 million, primarily due to a reduction in employee numbers[16] - Depreciation of right-of-use assets decreased by 48.0% to RMB 31.7 million, attributed to the termination of several lease agreements for direct-operated taverns[17] - Short-term rental and related expenses decreased by 53.3% from RMB 39.6 million for the six months ended June 30, 2023, to RMB 18.5 million for the six months ending June 30, 2024[19] - Energy costs decreased by 16.4% from RMB 11.6 million for the six months ended June 30, 2023, to RMB 9.7 million for the six months ending June 30, 2024[20] Financial Position - Cash and bank balances decreased from RMB 1,278.9 million as of December 31, 2023, to RMB 934.2 million as of June 30, 2024, mainly due to the payment of dividends[38] - Total liabilities decreased to RMB 305,105 thousand as of June 30, 2024, from RMB 343,577 thousand as of December 31, 2023, a reduction of 11.2%[53] - The company’s cash and cash equivalents dropped significantly to RMB 148,724 thousand as of June 30, 2024, from RMB 625,612 thousand as of December 31, 2023[52] - The total net proceeds amount to HKD 2,980.1 million, with a remaining balance of HKD 904.6 million as of December 31, 2023[95] Dividend and Shareholder Information - The company declared an interim dividend of approximately RMB 397,474,000 for the six months ended June 30, 2024, with a proposed dividend of RMB 0.1573 per share[68] - The interim dividend proposed is RMB 0.1573 per share, with a total payout dependent on the number of qualifying shareholders as of September 16, 2024[97] - The interim dividend for Hong Kong shareholders will be paid in HKD, calculated at HKD 0.17206 per share based on the exchange rate on August 29, 2024[98] - The interim dividend for Singapore shareholders will be paid in SGD, calculated at SGD 0.028751 per share based on the exchange rate on August 29, 2024[99] Corporate Governance and Compliance - The audit committee has reviewed the interim financial results for the six months ending June 30, 2024, confirming compliance with accounting standards and regulations[96] - The company has complied with all applicable corporate governance codes during the reporting period, except for the separation of roles between the chairman and the CEO[89] Future Plans and Investments - The company plans to allocate 70.0% of the net proceeds, amounting to HKD 2,086.1 million, for opening new bars and expanding its operations over the next three years[95] - 10.0% of the net proceeds, totaling HKD 298.0 million, will be used to strengthen the talent pipeline and optimize human resource management[95] - The company will invest 5.0% of the net proceeds, equivalent to HKD 149.0 million, to enhance its operational capabilities and continue investing in technology research and development[95] - A further 10.0% of the net proceeds, amounting to HKD 298.0 million, is designated for working capital and general corporate purposes[95]

事件 8 月 2 日公司公告 2024 中报预告，1H24 收入预计 4.3~4.5 亿元， 同比-39.4%~-36.6%，净利 6700~7400 万元，同比-57.5%~-53.0%， 经调整净利 8720~9520 万元，同比-50.8%~-46.3%。 点评 上半年业绩承压源于同店基数较高、需求压力较大、二次上市费 用等。根据公司公告，上半年公司收入业绩承压主要源于：1）1H23 业绩基数相对较高（直营店占比高，单店销售基数较高）;2）受 外部环境变化影响，1H24 行业需求压力加大;3）公司于新加坡第 二上市产生上市费用约 1220 万元；4）酒馆优化及调整产生 800~900 万元亏损（1H23 约为 3020 万元）。 顺应变化积极调整，发布"社区空间"模型。根据公司公告，截 至 24 年 7 月末，公司门店总数 574 家、较 24 年初的 479 家净增 95 家。公司于 24 年 7 月发布"社区空间"复合型商业模型，聚焦 社区客群，将依托公司产品供应链及空间打造双平台优势，链接 社区内的人、店和社群，通过店内销售、外卖、酒水新零售、商 业新空间等方式多元创收。根据公司官方公众号信息，社 ...

那相信大家也关注到近期其实整个港股表现的都比较亮眼但在天津板块其实很多公司在上一轮的回调还是比较多的那像其中海陆基的话其实整体的基本面相对来说还是比较扎实的 包括在去年进行了一个新资产转型之后其实今年也进入了一个加速改变的这么一个阶段我们相信随着整个经营层面的一个起稳回升的话其实小营业在这当中的一个配置价值也是在逐渐的显现因此我们也是召开了本期的小范围交流和大家交流一下公司近期的一个经营情况那么在会议的过程当中 如果各位线上同学有问题的也欢迎举手提问我们会由会长秘书进行介入首先的话还是由我这边也想先向两位领导就请教一下可能大家共同关注的一个问题首先还是请两个领导帮忙介绍一下近期公司的一个整体的一个经营恢复的情况 谢谢您好 您是说我们目前的一个经营情况吗 对的,对的,就可能今年以来整体的一个经营,包括说最近的一个经营情况,谢谢。OK,好的,我们今年的话整体来说的话,就是现在像我们第一季度有批码,就是我们整体的经营情况,一二月份它可能会弱一点,在三月份它可以达到就是日下有9000,其实还是比较好的一个状况。 那么其实根据整体的一个经济形势那么到了4月份其实在清零的时候它是有一个小高峰的但是后面会稍微弱一点五一的情 ...

好的各位投资者大家上午好我是华金东线食品银行分析师李欣欣欢迎来到我们的消费复苏系列电话会然后我们今天也是非常荣幸的邀请到了海伦斯的财务总监余总还有IR团队来给我们做一个分享在做分享之前还是给大家开个场说我们为什么想去做这样的一系列电话会 就是今年其实对于消费来说最核心的一个主题就是消费复苏但是我们看到近期的一些数据其实也是有一些相斥的这样的一些部分在比如说新闻的数据跟前面的整体披露的消费数据其实是有一定的相斥 然后对于即将到来的五一以及说端午以及说后面的中秋我们还是存在极大的不确定性那就是抛开这一切的话我们希望说是从公司的一个角度给大家更多的一些视角给大家投资提供更多的一些建议那我们就是再次欢迎一下海伦斯的财务总监余总跟222全队那后面的时间就交给我们的同事林挺 哎好的谢谢李老师然后我这边也是欢迎这个海伦斯的各位领导然后我们看到呢就是公司二三年经营论实现了这个扭亏为盈这个主要是我们看到呢公司调整了这个经营战略说出质疑然后呢是以轻资产这个运营为未来的主要发展方向同时呢公司公司呢是在这个年中呢是开启了这个开辟合伙人的这个计划 呃我们看到了这个Happy合伙人久晚的单件模型的是具备这个低保温点强盈利能力这个特性且呢 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company has shifted towards a light-asset model, resulting in a strategic transformation and a reduction in direct-operated stores while increasing partner stores [1] - The company reported a revenue of 1.209 billion HKD for 2023, a year-on-year decrease of 22.49%, but achieved a net profit of 181 million HKD, marking a turnaround from losses [1] - The proposed final dividend is 0.3153 HKD per share, totaling approximately 400 million HKD [1] Financial Summary - Revenue composition shows that self-owned products accounted for 71.1% of total revenue, with beer at 10.4%, beverage alcohol at 41.3%, snacks at 19.4%, and third-party brand alcohol at 18.7% [1] - The gross margin for self-owned alcohol remained stable at 75.7%, while third-party alcohol gross margin improved to 54.8% [1] - The company has signed contracts for 383 partner stores, with 188 already opened, covering 136 cities [1] - The number of direct-operated stores decreased to 479 from 767 year-on-year, with a significant reduction in first and second-tier cities [1] - The average daily sales per store in first-tier cities was 7,500 HKD, while partner stores performed better with 9,400 HKD in first-tier cities [1] - Cost control measures led to a decrease in various expense ratios, with raw material costs at 29.8% and labor costs at 24.7% [1] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2024 and 2025 has been adjusted to 0.16 HKD and 0.23 HKD respectively, with a new forecast for 2026 at 0.33 HKD [1] - The current stock price corresponds to a price-to-earnings (PE) ratio of 16 times for 2024, 11 times for 2025, and 8 times for 2026 [1] - The target price is set at 3.41 HKD, based on a 20 times PE for 2024 [1]