Summary of Conference Call Industry Overview - The recent performance of the Hong Kong stock market has been notably strong, with specific reference to the Tianjin sector where many companies experienced significant corrections in the previous round [1] Company Insights - Among the companies in the Tianjin sector, Hai Lu Ji has been highlighted for having a relatively solid overall fundamental performance despite the market corrections [1]

Summary of Conference Call Company and Industry - The conference call is focused on the food marketing industry, specifically featuring the company "Hailunsi" and its financial performance [1] Core Points and Arguments - The call is part of a series aimed at discussing consumer recovery trends within the food sector [1] - The presence of Hailunsi's CFO and IR team indicates a focus on transparency and engagement with investors [1] Other Important but Possibly Overlooked Content - The introduction highlights the importance of understanding the current market dynamics and consumer behavior post-recovery [1]

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]

Financial Performance - Helens International Holdings Company Limited reported a revenue of HKD 1.2 billion for the fiscal year 2023, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of HKD 250 million, which is a 20% increase compared to the previous year[1]. - The gross margin improved to 45%, up from 42% in the previous year, reflecting better cost management[1]. - The adjusted net profit for 2023 was RMB 280.2 million, with an adjusted net profit margin of 23.2%, compared to an adjusted net loss of RMB 240.8 million in 2022[22]. - The profit before tax improved from a loss of RMB 1,616.5 million in 2022 to a profit of RMB 152.0 million in 2023, with corresponding profit margin of 12.6%[68]. - Adjusted net profit rose to RMB 280.2 million in 2023 from a loss of RMB 240.8 million in 2022, reflecting operational improvements[72]. User Growth and Market Expansion - User data indicated a growth in active users to 1.5 million, up 25% from the previous year[1]. - Helens International is focusing on expanding its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[1]. - The company plans to continue expanding its tavern network while restructuring its development model from a linear chain to a platform-based company[134]. - The "Hi Beer Partner" program has signed a total of 383 locations, with 188 already in operation, covering 136 cities[23]. Strategic Initiatives - The company is investing HKD 100 million in new product development, particularly in the beverage sector, to enhance its product offerings[1]. - Helens International plans to explore potential acquisitions to strengthen its supply chain and distribution network in the next fiscal year[1]. - The company has initiated a new marketing strategy aimed at increasing brand awareness, with a budget allocation of HKD 50 million for digital marketing campaigns[1]. - The company initiated the "Hi Beer Partner" program in 2023, aiming to enhance market share and enter lower-tier markets through a new partnership model[50]. Operational Adjustments - The number of tavern locations decreased from 767 as of December 31, 2022, to 479 by December 31, 2023, due to strategic adjustments[23]. - The company is committed to a strategic transformation towards a light-asset model and actively adjusting its direct store network[23]. - Revenue decreased by 22.5% from RMB 1,559.3 million in 2022 to RMB 1,208.6 million in 2023, primarily due to the strategic shift to a light-asset model and adjustments in the direct store network[43]. - The company reported a significant reduction in impairment losses from RMB 712.9 million in 2022 to RMB 11.3 million in 2023, as store conditions improved post-COVID-19[63]. Financial Management - Total assets as of December 31, 2023, were RMB 2,164.98 million, down from RMB 2,676.77 million in 2022[17]. - The company's total liabilities decreased significantly to RMB 343.6 million in 2023 from RMB 853.9 million in 2022[17]. - Cash and cash equivalents slightly decreased from RMB 1,298.6 million in 2022 to RMB 1,277.2 million in 2023, mainly due to dividend payments[81]. - The company has not made any bank borrowings as of December 31, 2023, and has no significant debts or loans[192]. Sustainability and Compliance - Helens International is committed to sustainability, with plans to reduce carbon emissions by 20% over the next three years[1]. - The company emphasizes the importance of environmental protection and has not encountered any significant violations of relevant laws and regulations[142]. - The company has established compliance policies to adhere to applicable laws and regulations, with no significant non-compliance issues reported during the period[197]. Shareholder Information - The company declared a dividend of approximately RMB 146.9 million to its shareholders during the reporting period, with a proposed final dividend of RMB 0.3153 per share for the year ending December 31, 2023[136]. - The board of directors will seek shareholder approval for the proposed dividend at the annual general meeting scheduled for May 14, 2024[139]. - The final dividend will be paid to shareholders listed on the register as of May 20, 2024, with payment expected around May 24, 2024[139]. Risks and Challenges - The company faces risks related to economic slowdowns in China and globally, which could adversely affect its financial performance[100]. - Recent stricter regulations imposed by the Chinese government on the tavern industry may lead to increased compliance costs and affect profitability[104]. - The company's ability to expand its business is contingent on various factors, including overall economic conditions and access to credit, which may be impacted by stricter lending policies[105].

直营门店深度调整，合伙人模式持续推进 ——海伦司23年报点评 海伦司（9869.HK）/餐饮 证券研究报告/公司点评 2024年04月16日 [Table_Industry] [评Ta级ble：_T增itle持] （下调） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：3.12港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,559 1,209 1,034 1,439 1,935 分析师：苏畅 增长率yoy% -15% -22% -14% 39% 34% 执业证书编号：S0740523110001 归母净利润（百万元） -1,601 181 220 288 367 Email：suchang@zts.com.cn 增长率yoy% -596% 111% 22% 31% 27% 每股收益（元） -1.27 0.14 0.17 0.23 0.29 每股现金流量 0.11 0.00 0.23 0.28 0.39 分析师：张友华 净资产收益率 -68% 10% 11% 13% 15% 执业证书编号：S0740523110006 P/E -2.2 19.8 ...

公司研究 | 动态跟踪 海伦司 09869.HK 嗨啤合伙人计划持续推进，期待轻资产转 买入（维持） 型 股价（2024年04月12日） 3.53港元 目标价格 3.65港元 52周最高价/最低价 13.29/2.78港元 ————海伦司2023 年年度业绩公告点评 总股本/流通H股（万股） 126,548/126,548 H股市值（百万港币） 4,467 核心观点 国家/地区 中国 行业 餐饮旅游 ⚫ 事件：公司发布2023年业绩公告，2023年公司实现营收12.09亿元/yoy-22.49%，归母净利 报告发布日期 2024年04月14日 润1.81亿元（同比扭亏为盈）；其中23H2实现营业收入4.99亿元/yoy-27.28%， 归母净利 润0.23亿元（同比扭亏为盈）。 ⚫ 直营门店调整，加盟模式转型。1）收入端看，公司2023年直营收入 11.03亿元/yoy-29%， 1周 1月 3月 12月 加盟相关收入1.05亿元/yoy+830%，23年持续调整优化直营门店、大力发展合伙人门店。 绝对表现% 12.06 0.57 4.75 -69.92 2）开店看，公司23年底直营门店255家，净减少398 ...

[Table_Page] 公告点评|消费者服务Ⅱ 证券研究报告 [【Table_T广itle] 发 批零社服 &海外】海伦司 [公Tab司le_I评nves级t] 增持 当前价格 3.38港元 （09869.HK） 合理价值 3.41港元 前次评级 买入 23 年利润创新高，持续推进轻资产转型 报告日期 2024-04-09 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  公司发布 23 年业绩：23 年全年实现营业收入 12.1 亿元，同比下滑 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -14% 22.5%，主因公司持续调整存量门店；实现归母净利润1.8亿元，扭亏 -31% 为盈（22 年亏损 16.0 亿元），创上市以来新高；经调整净利润为 2.8 -47% 亿元，扭亏为盈（22年亏损2.4亿元），与归母净利润间的差异主要为 -64% 存量门店调整带来的损失。23 年公司归母净利率为 14.9%，较 19 年 -80% 海伦司 恒生指数 提升0.9pp，经调整净利率为23.2%，较19年提升9.2pp。  存 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][2] Core Insights - The company reported a revenue of 1.21 billion yuan for 2023, a year-on-year decrease of 22%, while the gross margin improved to 70.2%, an increase of 6.3 percentage points [2][3] - The company plans to distribute a final dividend of 0.3153 yuan per share, totaling approximately 400 million yuan [2] - The company is focusing on a platform transformation and accelerating the expansion of the "Hi Beer Partner" model, which is expected to enter a phase of rapid growth [2][3] Financial Performance Summary - Revenue for 2023 was 1.21 billion yuan, down 22% year-on-year [3][4] - Adjusted net profit for 2023 was 280 million yuan, with an adjusted net profit margin of 23.2% [3][4] - The gross margin for 2023 was 70.2%, up from 64.0% in 2022 [3][4] - The company plans to open 400 new bars in 2024, indicating a strong growth strategy [2][3] Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 1.05 billion yuan and 1.49 billion yuan, respectively, reflecting a decrease of 34% and 20% [5][6] - The adjusted net profit for 2024 is projected to be 210 million yuan, down 55% from previous estimates [5][6] - The company aims for a revenue of 1.95 billion yuan by 2026, indicating a recovery trajectory [5][6] Valuation and Market Comparison - The estimated reasonable market value range for the company is between 4.6 billion and 5.7 billion HKD, translating to a share price range of 3.6 to 4.5 HKD [2][6] - The company is compared with peers in the industry, showing a P/E ratio of 18.6 for 2024, which is competitive within the sector [6][7]

Investment Rating - Helens International Holdings (9869 HK) maintains an **Outperform** rating with a target price of HKD 4.5, based on a 25x 2024 PE valuation [4][10] Core Views - Helens is accelerating its platform transformation, with the HiBeer Partnership model entering a rapid expansion phase, targeting 400 new HiBeer Partnership bars in 2024 [3][10] - The company is shifting towards a lighter asset model, reducing direct-operated bars while expanding through partnerships, which is expected to improve profitability and scalability [3][4] - Helens has defined 2024 as a "product year," focusing on enhancing its product portfolio and differentiation barriers through continuous iteration of new products [3] Financial Performance - 2023 revenue was RMB 1.21 billion, down 22% YoY, with adjusted net profit of RMB 280 million and an adjusted net profit margin of 23.2% [3][10] - Gross margin improved by 6.3 percentage points to 70.2%, driven by higher contribution from self-owned beverages and reduced marketing activities [3] - Daily sales per store increased by 4% YoY to RMB 7.3k, with HiBeer Partnership bars achieving a daily sales per store of RMB 7.1k [3][10] Business Model and Expansion - The HiBeer Partnership model features lower investment thresholds (RMB 1 million per bar), smaller store sizes (200 sqm), and higher efficiency (RMB 34 per sqm daily sales) compared to direct-operated and franchise bars [3] - Helens plans to open 400 HiBeer Partnership bars in 2024, leveraging the model's scalability and profitability [3][10] - The company has shifted from a gross profit-sharing model to a supply chain markup (5%-6% on self-owned products) and monthly management fee structure to incentivize partners [3] Product and Channel Strategy - Self-owned products accounted for 78.3% of revenue, with beverage-like alcohol contributing 58.1% of self-owned product sales, up 9.5 percentage points YoY [3] - Shareable and bottled beverage-like alcohol accounted for approximately 40% and 20% of total revenue, respectively [3] - Franchise and HiBeer Partnership channels contributed 5.9% and 2.8% of revenue, respectively, showing growth potential [3] Financial Forecasts - Revenue for 2024-2026 is projected at RMB 1.05 billion, RMB 1.49 billion, and RMB 1.95 billion, respectively, with adjusted net profit of RMB 207 million, RMB 246 million, and RMB 330 million [4][10] - Adjusted net profit margins are expected to stabilize at around 16.5%-19.7% over the forecast period [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has turned profitable year-on-year, with the "Hi Beer Partner" model expected to accelerate store openings [3]. - The performance in 2023 was slightly below previous expectations, leading to a downward adjustment of net profit forecasts for 2024 and 2025 [3]. - The revenue structure shows a significant increase in franchise income, indicating a shift towards a more asset-light model [3]. Financial Summary - In 2023, the company reported revenue of 1.209 billion RMB, a year-on-year decrease of 22.5%, with a net profit of 181 million RMB, achieving a net profit margin of 14.9% [3]. - Adjusted net profit for 2023 was 280 million RMB, with an adjusted net profit margin of 23.2% [3]. - The company closed 288 stores in 2023 but opened 24 new stores by March 19, 2024, with a total of 383 "Hi Beer Partner" stores signed, of which 188 are operational [3]. Operational Insights - The average daily sales per store for direct-operated and franchise locations were 7.3k RMB and 7.1k RMB respectively, with the overall average sales per square meter at 21 RMB, while "Hi Beer Partner" locations achieved a higher efficiency of 34 RMB per square meter [3]. - The gross margin improved to 70.2%, an increase of 6.2 percentage points, with employee costs reduced by 39.7% [3]. - The company aims to further optimize costs and expenses through improved labor efficiency and adjustments in store structure [3].