Core Viewpoint - Helen's performance in 2024 showed a decline in revenue due to a weak consumer market, but the company successfully expanded its franchise business and maintained profitability through strategic adjustments [2][3]. Financial Performance - The company reported revenue of RMB 752 million in 2024, a decrease from RMB 1,209 million in 2023, primarily due to a decline in direct sales revenue as a result of market conditions [2]. - Despite the revenue drop, adjusted net profit for 2024 was RMB 100.6 million, indicating effective cost management and operational efficiency [3]. Business Strategy - Helen's franchise business, "Hi Beer Partner," saw significant growth, with revenue increasing by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024 [3]. - The company is focusing on platform-based development and expanding its bar network, increasing the total number of stores from 479 at the end of 2023 to 560 by the end of 2024 [3]. Profitability Metrics - The gross profit margin for the store level remained stable at 69%, with the proprietary beverage gross profit margin increasing from 75.7% in 2023 to 76.6% in 2024 [3]. - The proportion of high-margin beverage alcohol in proprietary beverage revenue rose from 79.8% in 2023 to 82.4% in 2024, reflecting consumer preference for new product offerings [3]. Future Outlook - The company plans to continue expanding its bar network through the "Hi Beer Partner" program and enhance supply chain management and environmental design capabilities [3].

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 752,206, a decrease of 37.7% compared to RMB 1,208,613 in 2023[4]. - The adjusted net profit for the year was RMB 100,555, down 65.5% from RMB 291,088 in 2023[4]. - Same-store sales for the year 2024 were RMB 527,533.6, representing a decline of 21.3% compared to RMB 670,039.4 in 2023[11]. - In 2024, the company recorded revenue of RMB 752 million, a decrease of 37.8% from RMB 1,209 million in 2023, primarily due to a weak consumer market[14][16]. - Revenue for the year ended December 31, 2024, was RMB 752.2 million, a decrease from RMB 1,208.6 million for the year ended December 31, 2023, reflecting a decline in business performance[67]. - Revenue from self-operated taverns dropped significantly from RMB 1,103,300 thousand in 2023 to RMB 557,513 thousand in 2024, a decrease of about 49.5%[79]. - Revenue from franchise services netted RMB 10,067 thousand in 2024, down from RMB 71,107 thousand in 2023, representing a decline of approximately 85.8%[79]. - The company reported a loss attributable to owners of RMB 77.98 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million for the year ended December 31, 2023[67]. Assets and Liabilities - Total assets decreased to RMB 1,375,975 in 2024 from RMB 2,164,984 in 2023[5]. - Non-current assets decreased to RMB 459,772 in 2024 from RMB 740,830 in 2023[5]. - The company's total liabilities decreased from RMB 343,577 thousand in 2023 to RMB 257,184 thousand in 2024, a decline of about 25.2%[69]. - Cash and cash equivalents fell sharply from RMB 625,612 thousand in 2023 to RMB 131,802 thousand in 2024, a decrease of approximately 78.9%[68]. - Lease liabilities decreased from RMB 255.7 million as of December 31, 2023, to RMB 145.4 million as of December 31, 2024, due to a reduction in the number of taverns[54]. - Trade payables decreased from RMB 30.7 million as of December 31, 2023, to RMB 28.7 million as of December 31, 2024, attributed to a decline in revenue and procurement[55]. Operational Metrics - The total number of taverns in the global network increased to 579 as of March 19, 2025, up from 560 in 2024 and 479 in 2023[7]. - The average daily sales per tavern in first-tier cities increased to RMB 8.3 in 2024 from RMB 7.5 in 2023[9]. - The number of stores expanded from 479 at the end of 2023 to 560 by the end of 2024, maintaining industry leadership[14][15]. - The gross profit margin for Helen's proprietary beverages improved to 76.6% in 2024 from 75.7% in 2023[13]. - The gross profit margin at the store level remained stable at 69% in 2024, with the gross profit margin for proprietary beverages increasing from 75.7% in 2023 to 76.6% in 2024[14]. Expenses and Cost Management - The cost of materials and consumables decreased by 12.1% to RMB 316.3 million in 2024, down from RMB 359.8 million in 2023, due to lower sales revenue from direct-operated stores[21]. - Employee benefits and human services expenses dropped by 41.9% to RMB 173.7 million in 2024, down from RMB 298.8 million in 2023, due to a reduction in employee numbers[22]. - Depreciation of right-of-use assets decreased by 44.8% to RMB 60.8 million in 2024, down from RMB 110.2 million in 2023, as a result of terminating several lease contracts[23]. - Advertising and promotion expenses decreased by 36.5% to RMB 12.5 million in 2024, down from RMB 19.7 million in 2023, due to refined online promotion management[29]. - Other expenses totaled RMB 70,396,000 in 2024, down from RMB 79,257,000 in 2023, reflecting a decrease of 11.8%[85]. Impairment and Losses - Impairment loss of property, plant, and equipment increased from RMB 11.3 million for the year ended December 31, 2023, to RMB 85.8 million for the year ended December 31, 2024, primarily due to the decline in fair value of office properties amid a sluggish domestic real estate market[32]. - Investment property impairment loss for the year ended December 31, 2024, was RMB 9.5 million, compared to no loss for the year ended December 31, 2023, mainly due to the decline in fair value caused by the domestic real estate market downturn[33]. - Trade receivables impairment loss net amount increased to RMB 16.7 million for the year ended December 31, 2024, from RMB 0.2 million for the year ended December 31, 2023, primarily due to the optimization and adjustment of the tavern network[34]. - The company recognized impairment losses of approximately RMB 11,938,000 and RMB 23,833,000 for property, plant, and equipment, and right-of-use assets respectively, for the year ended December 31, 2024[104]. Future Outlook and Strategy - The company plans to continue expanding its tavern network through the "Hi Beer Partner" program and strengthen supply chain management capabilities[15]. - The company plans to continue seeking new business development opportunities despite not having any major investments or acquisitions during the reporting period[65]. - The company’s revenue projections and cost assumptions were re-evaluated based on past performance and the uncertain recovery of consumer spending in China[103]. - The company’s management identified impairment indicators for several restaurants due to ongoing economic challenges in China, leading to impairment assessments[102]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ended December 31, 2024, confirming compliance with applicable accounting standards[126]. - The company has adopted corporate governance practices in accordance with the relevant listing rules, although it has not separated the roles of the chairman and CEO[118][119]. - There were no significant post-reporting period events identified from December 31, 2024, to the announcement date[128]. - The company has not engaged in any significant litigation or arbitration during the reporting period[125].

Group 1 - The company, Helen's (09869), issued a profit warning, expecting to turn from profit to a loss of not less than RMB 60 million for the fiscal year ending December 31, 2024 [1] - The projected revenue for the company is estimated to be between approximately RMB 730 million and RMB 780 million, compared to RMB 1.21 billion in the previous fiscal year [1] - The loss attributable to the company's owners is expected to be between approximately RMB 60 million and RMB 90 million, while the profit for the same period last year was approximately RMB 180.5 million [1] Group 2 - The decline in property value of office buildings has led to impairment losses on assets, contributing to the expected financial downturn [1] - The company has incurred losses and asset impairment due to the optimization and adjustment of its tavern network, including store closures [1] - Additional costs have arisen from the listing expenses related to the secondary listing in Singapore [1]

Core Viewpoint - Helen's Group (海伦司) anticipates a significant decline in revenue and a net loss for the fiscal year 2024, primarily due to a weak consumer market and adjustments in its business strategy [1][2]. Revenue Summary - The company expects its revenue for the fiscal year ending December 31, 2024, to be between approximately RMB 730 million and RMB 780 million, compared to approximately RMB 1.21 billion in 2023, indicating a substantial decrease [1]. - The decline in revenue is attributed to a sluggish consumer market and the strategic shift towards platform transformation, which has led to a decrease in direct business income while franchise business income has increased [1]. Profit Summary - The adjusted net profit for 2024 is projected to be between approximately RMB 100 million and RMB 120 million, down from approximately RMB 291 million in 2023 [1]. - The company anticipates a net loss attributable to shareholders for 2024 in the range of approximately RMB 60 million to RMB 90 million, compared to a profit of approximately RMB 180.5 million in 2023 [2]. Asset Impairment and Losses - The expected net loss is primarily due to a decline in the fair value of office properties, resulting in an asset impairment loss estimated between RMB 50 million and RMB 70 million [2]. - Additional losses are anticipated from the optimization and adjustment of the tavern network, as well as operational performance declines, totaling between RMB 80 million and RMB 120 million [2]. - The company will incur listing expenses of approximately RMB 13.3 million related to its secondary listing in Singapore [2]. Financial Reporting Clarification - The board emphasizes that the term "adjusted net profit/(loss)" is not defined under Hong Kong Financial Reporting Standards and is calculated by adding back asset impairment losses and other non-operational expenses [3]. - Management believes that presenting this non-Hong Kong Financial Reporting Standards measure alongside the corresponding Hong Kong Financial Reporting Standards measure provides useful information for investors and management [3].

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]

Financial Performance - The company reported a revenue of HKD 500 million for the first half of 2024, representing a 15% increase compared to the same period last year[16]. - The company expects a revenue guidance of HKD 1.2 billion for the full year 2024, indicating a projected growth of 10%[16]. - Revenue for the six months ended June 30, 2024, was RMB 441.3 million, a decrease of 37.9% compared to RMB 710.0 million for the same period in 2023[26]. - Adjusted net profit for the same period was RMB 90.3 million, down 51.9% from RMB 187.7 million in 2023[27]. - The company reported a net profit attributable to owners of RMB 69.7 million for the six months ended June 30, 2024, down 55.8% from RMB 157.5 million in the same period last year[120]. - The company reported a total comprehensive income of RMB 74.9 million for the six months ended June 30, 2024, compared to RMB 175.6 million for the same period in 2023[120]. - The net cash flow from operating activities for the six months ended June 30, 2024, is RMB 39,271,000, a significant decrease of 81.8% compared to RMB 215,846,000 for the same period in 2023[123]. User Growth and Market Expansion - User data showed a growth of 20% in active users, reaching 1.2 million by June 30, 2024[16]. - Market expansion plans include entering two new regions by the end of 2024, targeting a 25% increase in market share[16]. - Total number of taverns increased from 479 at the beginning of 2024 to 581 by August 26, 2024, with 415 signed under the "Hi Beer Partner" program[31]. - The number of "Hi Beer Partner" taverns opened reached 327, covering 204 cities, including 107 in existing markets and 97 in new markets[31]. Cost Management and Efficiency - The company has reduced operational costs by 5% through efficiency improvements in the supply chain[16]. - The cost of raw materials and consumables decreased by 19.0% from RMB 196.6 million in the first half of 2023 to RMB 159.3 million in the first half of 2024[50]. - Employee benefits and human resources expenses decreased by 43.1% from RMB 169.5 million in the first half of 2023 to RMB 96.5 million in the first half of 2024[51]. - Depreciation of right-of-use assets decreased by 48.0% from RMB 61.0 million in the first half of 2023 to RMB 31.7 million in the first half of 2024[52]. - Depreciation of property, plant, and equipment decreased by 45.1% from RMB 58.6 million in the first half of 2023 to RMB 32.2 million in the first half of 2024[53]. - Short-term rental and related expenses decreased by 53.3% from RMB 39.6 million in the first half of 2023 to RMB 18.5 million in the first half of 2024[54]. Strategic Initiatives - New product launches are anticipated to contribute an additional HKD 100 million in revenue by Q4 2024[16]. - A new marketing strategy focusing on digital channels is projected to increase customer engagement by 30%[16]. - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing user experience[16]. - The company is focusing on a platform-based development strategy, enhancing supply chain management and space design capabilities to improve competitiveness[45]. - The "Community Space" business model was introduced in July 2024 to connect local communities with diverse revenue streams, including in-store sales and new retail opportunities[45]. Shareholder and Governance Matters - The board has approved a share buyback program worth HKD 100 million to enhance shareholder value[16]. - The company has proposed an interim dividend of RMB 0.1573 per share for the six months ended June 30, 2024, with the total amount to be determined based on the number of qualifying shareholders[113]. - The company’s governance structure is under continuous review to assess the necessity of separating the roles of Chairman and CEO[107]. - The company has adopted corporate governance practices in accordance with the principles and code provisions set out in the corporate governance code, ensuring compliance during the reporting period[106]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 1,804.0 million, down from RMB 2,165.0 million at the end of 2023[28]. - Total equity decreased to RMB 1,498.9 million as of June 30, 2024, from RMB 1,821.4 million at the end of 2023[28]. - Non-current assets decreased to RMB 643.9 million as of June 30, 2024, from RMB 740.8 million at the end of 2023[28]. - Cash and bank balances decreased from RMB 1,278.9 million to RMB 934.2 million, mainly due to the payment of dividends at the end of 2023[73]. - The company has no bank borrowings as of June 30, 2024, making the capital debt ratio not applicable[79]. Employee and Compensation Policies - As of June 30, 2024, the company has 745 employees and 1,733 outsourced personnel, with total employee benefits and human resource expenses amounting to RMB 96.5 million for the six-month period[84]. - The company provides competitive salaries and performance bonuses to employees, with a focus on career development and training systems[84]. - The company has established a comprehensive career development path and talent training system to promote employee self-growth[84]. Other Financial Metrics - The company reported a basic and diluted earnings per share of RMB 0.055 for the six months ended June 30, 2024, compared to RMB 0.124 for the same period in 2023[120]. - The company’s total liabilities decreased to RMB 305.1 million as of June 30, 2024, from RMB 343.6 million as of December 31, 2023[121]. - The company’s investment activities resulted in a net cash outflow of RMB 88,580,000 for the six months ended June 30, 2024, compared to a net cash outflow of RMB 417,536,000 for the same period in 2023[123].

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]