董事名單與其角色和職能 海倫司國際控股有限公司董事會（「董事會」）成員載列如下： 執行董事： 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） 李東先生 王仁榮先生 呂珣福先生 董事會設立三個委員會。下表提供各董事會成員在該等委員會擔任的職位資料： | | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | | | | | 徐炳忠先生 | | | M | C | | 蔡文君女士 | | | | M | | 余臻女士 | | | | | | 賀大慶先生 | | | | | | 李東先生 | | C | M | M | | 王仁榮先生 | | M | C | M | | 呂珣福先生 | | M | | M | 附註： C 相關董事委員會主席 M 相關董事委員會成員 香港和新加坡，2025年8月29日 徐炳忠先生 （主席 ...

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） 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。 上述變動乃因應香港聯合交易所有限公司證券上市規則（「上市規則」）及上市 規則附錄C1所載企業管治守則於2025年7月1日生效之修訂而作出。董事會相信， 實施有關變動可提升董事會之效能及多元性，從而強化本公司之企業管治常規。 董事會謹藉此機會熱烈歡迎蔡文君女士及呂珣福先生加入提名委員會履任新職。 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 香港及新加坡，2025年8月29日 提 ...

Group 1 - The company, Helen's (09869.HK), announced that its board meeting will be held on August 29, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the proposal for the distribution of an interim dividend and address other matters [1]

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） 董事會會議通告 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， 董事會會議將於2025年8月29日（星期五）舉行，藉以（其中包括）考慮及批准本 公司及其附屬公司截至2025年6月30日止六個月的中期業績及其發佈，建議派 發中期股息以及處理其他事項。 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8月19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。 ...

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 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7月31日 狀態: 新提交 呈交日期: 2025年8月5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 | ...

Industry Overview - The tavern industry has not yet recovered, with competition significantly higher than in 2019. The chain development process is slow. The "Tavern Development Report 2025" indicates that the national tavern market size is projected to reach 112 billion yuan in 2024, a year-on-year increase of 7.7%, but still below the 2019 level. It is expected to grow to 117.5 billion yuan in 2025, with a year-on-year increase of 4.9% [1] - As of March 2025, the number of tavern enterprises in the country exceeds 38,000, a year-on-year increase of 2.6%, and a 139.6% increase compared to 2019, indicating intensified competition amid weak demand [1] - The chain rate of taverns remains low, with most brands having five or fewer stores, accounting for 57.9%, while brands with over 100 stores only account for 5.1% [1] Company Performance - Helen's direct sales have rapidly declined, and the transition to a franchise model is still ongoing. In 2024, the company achieved revenue of 752 million yuan, a year-on-year decrease of 37.76%, and reported a net loss of 77.976 million yuan, reversing from a net profit of 180 million yuan last year. The adjusted net profit was 101 million yuan, down 65.5% year-on-year [2] - The decline in performance is attributed to the platform transformation leading to a drop in direct sales revenue. Since 2023, the company has significantly closed direct stores, with 511 stores shut down by March 19, 2025. The "Hi Beer Partner" franchise model has expanded to 424 stores, with a total of 499 signed agreements, while the number of licensed cooperative stores decreased from 92 to 42, with over 70% of the total 579 stores being franchise stores [2] - The company is in a transitional phase from direct sales to a franchise model, with its profit model still being refined. The rapid reduction of direct stores and the immature franchise system raise concerns about its cyclical resilience. The efficiency of store operations and product structure are still being adjusted, and the ability to enhance single-store repurchase rates and efficiency through multi-scenario combinations and mechanism optimization will be key to long-term performance [2] Profit Forecast and Investment Recommendation - The company forecasts earnings per share for 2025-2027 to be 0.05, 0.06, and 0.09 yuan respectively, down from the previous forecast of 0.21 yuan for 2025, mainly due to the rapid closure of direct stores and the increase in franchise proportion, leading to a decline in overall single-store profit contribution [2] - Based on comparable companies, the reasonable valuation level for the company is set at a 29 times price-to-earnings ratio for 2025, corresponding to a target price of 1.51 HKD (with 1 HKD = 0.9138 RMB), and the rating has been adjusted to "neutral" [2]

Investment Rating - The investment rating for the company is downgraded to "Neutral" [4][7][11] Core Views - The tavern industry is experiencing intensified competition, and the recovery for the company will take time [2][10] - The company is transitioning from a direct sales model to a franchise model, facing challenges during this shift [10] - The company's revenue for 2024 is projected to be 752 million yuan, a decrease of 37.76% year-on-year, with a net loss attributed to the transition [10][11] Financial Forecast and Investment Recommendations - Earnings per share are forecasted to be 0.05, 0.06, and 0.09 yuan for 2025-2027, respectively, down from a previous estimate of 0.21 yuan for 2025 due to rapid closure of direct stores and increased franchise contributions [4][11] - The reasonable valuation level for the company is estimated at a 29 times price-to-earnings ratio for 2025, corresponding to a target price of 1.51 HKD [4][11] Financial Information - The company's revenue is expected to decline from 1,209 million yuan in 2023 to 575 million yuan in 2025, with a projected growth of 8.3% in 2026 and 12.8% in 2027 [6][10] - The gross margin is expected to decrease from 70.2% in 2023 to 45.8% in 2025, while the net margin is projected to recover to 15.5% by 2027 [6][10] - The company’s net profit attributable to the parent company is forecasted to be 60 million yuan in 2025, recovering from a loss of 78 million yuan in 2024 [6][10]

Core Viewpoint - The decline of Helen's, once a promising player in the low-cost bar market, highlights the challenges of maintaining a viable business model in a rapidly changing consumer landscape, contrasting sharply with the success of competitors like Mixue Ice Cream. Company Performance - Helen's market value plummeted from 30.2 billion HKD in 2021 to 1.8 billion HKD, a decline of over 94% [2] - In 2024, Helen's revenue dropped by 37.8% to 75.2 million HKD, with a net loss of 7.8 million HKD [4] - The number of Helen's stores decreased from a peak of 782 to 579 [4] Business Strategy - Helen's initially thrived on a low-cost model targeting young consumers, but faced a "scale trap" leading to significant losses [4] - The company closed over 500 stores in two years as part of a survival strategy, which temporarily resulted in a profit of 18 million HKD in 2023 [4] - In contrast, Mixue Ice Cream reported a revenue growth of 22.29% to 24.83 billion HKD in 2024, with a net profit increase of 41.41% to 4.44 billion HKD [8] Market Positioning - Helen's struggles stem from a mismatch between its low-price positioning and the emotional value sought in social spaces by consumers [5] - Only 34% of Helen's customers are willing to bring friends or partners, compared to 68% for competitors like Hu Tao Li [5] - The rise of alternative social venues, such as camping bars and home drinking experiences, has further diluted Helen's customer base [8] Operational Challenges - Helen's faces a heavy cost structure, with initial investments for franchise stores exceeding 600,000 CNY, compared to Mixue's 210,000 CNY [6] - Labor costs for Helen's surged by 72.5% to 1 billion CNY in 2022, adding to operational burdens [6] - The business model relies heavily on evening traffic, requiring high customer volume and turnover to be profitable [6] Competitive Landscape - The high-end market is dominated by craft beer and whiskey bars, while the low-end market is being encroached upon by convenience stores and e-commerce [6] - Mixue's success is attributed to its strategic focus on lower-tier cities and a product-driven approach that emphasizes high turnover and customer engagement [9] Future Directions - Helen's is attempting a difficult transition to a franchise model, with the "Hi Beer Partner" initiative launched in 2023, but faces challenges with declining sales in franchise stores [10] - The company has adjusted its franchise policies, which has raised concerns among franchisees regarding profitability [10] - The emergence of new social consumption spaces poses a significant threat to traditional bar models like Helen's, as consumer preferences evolve [11]

Core Viewpoint - The rise of wild vegetable hotpot reflects a growing consumer trend towards health-conscious eating, driven by nostalgia for natural and local ingredients, and the need for differentiation in a competitive market [30][31][36]. Group 1: Market Trends - Wild vegetable hotpot has gained popularity, with significant attention on social media platforms like Xiaohongshu and Douyin, where related content has seen substantial growth [3][5][30]. - The search volume for "wild vegetables" has increased dramatically, with a reported 23-fold rise since March 2025, indicating a strong consumer interest [5][30]. - The trend is characterized by low-cost offerings, with many hotpot restaurants providing unlimited wild vegetable options at prices ranging from 10 to 18 yuan per person [19][30]. Group 2: Health Consciousness - Increasing health awareness among consumers has led to a shift away from heavy, oily hotpot bases, with a 120% rise in high uric acid detection rates among the 18-35 age group over five years [31][32]. - Wild vegetables are perceived as healthier alternatives, often marketed for their natural growth and nutritional benefits, such as higher calcium content compared to milk [32][33]. - The demand for low-calorie and health-oriented hotpot options has surged, with a 23% increase in interest for low-fat bases among younger consumers [31][32]. Group 3: Industry Competition - The hotpot industry is experiencing intense competition, with over 520,000 establishments nationwide, leading to a net decrease of about 10,000 outlets in the past year [34][36]. - To combat homogenization, brands are innovating with wild vegetables as a key ingredient, enhancing their menu offerings and profit margins, with wild vegetables yielding a gross margin of 60-80% [36][37]. - Major chains like Haidilao and Banu have introduced new wild vegetable dishes, reflecting a broader trend of incorporating unique ingredients to attract customers [28][29][36]. Group 4: Cultural Nostalgia - The popularity of wild vegetables is also tied to a collective nostalgia among urban consumers for traditional, rustic flavors, as urbanization has distanced them from their rural roots [30][37]. - The emotional appeal of consuming wild vegetables is significant, as it allows consumers to reconnect with their childhood memories and the simplicity of nature [30][37]. - The surge in orders for wild vegetable hotpot has been notable, with a 179% increase reported, particularly among the Z generation and older consumers [30][37]. Group 5: Policy Support - Government initiatives, such as the development plan for wild vegetable industries in Guizhou, aim to establish large-scale production bases, enhancing supply chain stability [38][39]. - Local governments are integrating wild vegetables into rural revitalization strategies, promoting economic growth through agricultural and tourism synergies [39]. Group 6: Broader Market Opportunities - Beyond hotpot, various restaurant types are exploring wild vegetables, with establishments in Yunnan and Chengdu featuring them prominently in their menus [40][41]. - New product lines, such as wild vegetable dumplings and teas, are emerging, indicating a growing market for wild vegetable-based offerings across different food categories [41][42].

Industry Overview - The national tavern market size is projected to reach 112 billion yuan in 2024, reflecting a year-on-year growth of 7.7%, but still not recovering to 2019 levels [2] - As of March 2025, the number of tavern enterprises in China exceeds 38,000, representing a 139.6% increase since 2019 [2] - The new liquor market is undergoing structural adjustments, leading to intensified industry reshuffling [2] Company Performance: Helen's - Helen's, once a leader in the tavern sector, is experiencing a significant downturn, with revenue declining for three consecutive years, from 1.21 billion yuan to 752 million yuan in 2024, and a net profit loss of 78 million yuan [8][9] - The number of Helen's stores increased from 479 to 560, but the number of direct-operated stores halved from 255 to 112, while franchise stores surged from 132 to 406 [8] - Despite an 86% increase in franchise revenue to 195 million yuan, the drastic drop in direct store revenue by over 300 million yuan has led to an overall decline in performance [9] Market Dynamics - Franchise stores have a lower average daily sales of 5,000 yuan, down nearly 30% year-on-year, compared to 7,000 yuan for direct stores, indicating challenges in maintaining brand quality and service consistency [9] - Helen's has seen a reduction of 43 stores in first- and second-tier cities, while adding 123 stores in lower-tier cities, where average daily sales have also dropped significantly [9] - The company's stock price has plummeted by 93% from its peak, reflecting a shift in consumer demand towards more rational and price-sensitive purchasing behavior [11] Emerging Competitors - In contrast, Tang Sanliang, a new player in the market, has rapidly gained traction with a community-based liquor model and secured nearly 10 million yuan in angel funding [12] - Tang Sanliang's business model focuses on direct supply from manufacturers, offering a wide range of liquor at competitive prices, with a franchise investment of around 200,000 yuan and a gross margin exceeding 50% [12][14] - Other brands like Zebra Hero and Hidden Brew are also entering the market, indicating a trend towards lower investment costs and higher profit margins compared to traditional taverns [14] Consumer Trends - The shift from experience-focused taverns to value-driven liquor outlets suggests a broader trend of consumer rationality and a demand for quality and cost-effectiveness [15] - Experts indicate that the success of taverns now hinges on emotional value and effective management, as younger consumers seek more engaging experiences [15] - The industry is moving towards a model that emphasizes product quality and convenience over mere social experiences, reflecting changing consumer preferences [15]