Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year ending December 31, 2024[9]. - The company provided a positive outlook for 2025, projecting a revenue growth of 10% to 12%[9]. - The company reported revenue of RMB 752 million for the year ended December 31, 2024, a decrease of 37.7% compared to RMB 1,209 million in 2023[20]. - Adjusted net profit for 2024 was RMB 100.6 million, down from RMB 291.1 million in 2023[20]. - The company’s franchise business revenue increased by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024[20]. - Revenue dropped by 37.8% from RMB 1,208.6 million in 2023 to RMB 752.2 million in 2024, primarily due to a weak consumer market[40]. - The loss before income tax for the year ending December 31, 2024, was RMB 76.6 million, compared to a profit of RMB 152.0 million for the year ended December 31, 2023[71]. - The adjusted net profit for the year ended December 31, 2024, was RMB 100.6 million, a decrease of 65.4% from RMB 291.1 million in 2023[74]. - The company reported a loss of RMB 78.0 million for the year ended December 31, 2024, compared to a profit of RMB 180.5 million in 2023[74]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2026[9]. - New product launches contributed to 30% of total revenue, with three major products introduced in the last quarter[9]. - The company plans to invest HKD 200 million in marketing initiatives to boost brand awareness in new markets[9]. - A new partnership with a leading tech firm is expected to drive additional revenue streams, projected to contribute HKD 100 million in 2025[9]. - The company plans to continue expanding its "Hi Beer Partner" network and strengthen supply chain management capabilities[21]. - The company aims to further integrate supply chain and market resources, optimize product mix, and upgrade decor styles for differentiated and diversified operations[127]. Operational Metrics - User data showed a growth in active users by 20%, totaling 2 million users as of the end of 2024[9]. - The total number of stores increased from 479 at the end of 2023 to 560 by the end of 2024, with further growth to 579 stores by March 19, 2025[21]. - Total number of bars increased from 479 in 2023 to 579 in 2025, representing a growth of 20.8%[24]. - Average daily sales per bar in first-tier cities rose from RMB 7.5 thousand in 2023 to RMB 8.3 thousand in 2024, an increase of 10.7%[26]. - The average daily sales per "Hi Beer Partner" bar decreased from RMB 7.1 thousand in 2023 to RMB 5.0 thousand in 2024, a decline of 29.6%[26]. Financial Position and Assets - Total assets decreased from RMB 2,164.98 million in 2023 to RMB 1,375.98 million in 2024[15]. - The company’s equity attributable to owners decreased from RMB 1,821.41 million in 2023 to RMB 1,118.79 million in 2024[15]. - Non-current assets dropped significantly from RMB 740.83 million in 2023 to RMB 459.77 million in 2024[19]. - The company’s total liabilities decreased from RMB 343.58 million in 2023 to RMB 257.18 million in 2024[15]. - Cash and bank balances decreased from RMB 1,278.9 million as of December 31, 2023, to RMB 806.4 million as of December 31, 2024, primarily due to dividend payments in 2024[86]. Cost Management and Expenses - Research and development expenses increased by 18%, amounting to HKD 150 million, focusing on innovative technologies[9]. - Employee benefits and human resources expenses decreased by 41.9% from RMB 298.8 million in 2023 to RMB 173.7 million in 2024 due to a reduction in workforce[48]. - The depreciation of right-of-use assets decreased by 44.8% from RMB 110.2 million for the year ended December 31, 2023, to RMB 60.8 million for the year ending December 31, 2024, mainly due to the termination of several direct-operated restaurant lease agreements[49]. - Utility expenses decreased by 44.3% from RMB 34.8 million for the year ended December 31, 2023, to RMB 19.4 million for the year ending December 31, 2024, as a result of the reduction in the number of restaurants[53]. Corporate Governance and Management - The management team includes experienced executives with over 20 years in the tavern operation market and over 12 years in the restaurant service industry[110][111]. - The CFO has a strong background in capital operations and financial management, having previously worked in investment banking[112]. - The independent non-executive directors bring extensive experience in strategic investment, mergers and acquisitions, and corporate governance[116][117]. - The board of directors is committed to high standards of corporate governance and will continue to review and monitor governance practices[199]. - The company has established a remuneration committee to determine the compensation policy for directors and senior management based on their experience and qualifications[141]. Compliance and Risk Management - The company has implemented food safety and quality assurance measures to mitigate risks associated with its industry[105]. - The company emphasizes the importance of employee training and competitive compensation to retain talent, with annual reviews of employee remuneration[188]. - The company has established compliance policies to ensure adherence to applicable laws and regulations, with no significant non-compliance issues reported during the period[186]. - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[193]. Shareholder Information - The board proposed a final dividend of RMB 0.1146 per share for the year ending December 31, 2024, compared to RMB 0.3153 per share in 2023[128]. - The final dividend will be subject to approval at the annual general meeting on May 14, 2025[128]. - The final dividend will be paid in HKD to Hong Kong shareholders and in SGD to Singapore shareholders based on the official exchange rate on May 14, 2025[131]. - As of December 31, 2024, the chairman holds 861 million shares, representing 68.04% of the issued share capital[150]. - The company has no treasury shares as of December 31, 2024[177].

Core Viewpoint - Helen's performance in 2024 is disappointing, with a significant revenue decline of nearly 40% year-on-year, marking the third consecutive year of revenue drop, and the company has shifted from profit to loss [1][2] Revenue and Profit Analysis - The company reported a revenue of 752 million yuan in 2024, down 37.8% from 1.209 billion yuan in 2023, with a loss of approximately 78 million yuan compared to a profit of 180 million yuan in the previous year [2][3] - Adjusted net profit decreased by 65.29% to 101 million yuan [2] Store Closure and Transformation Strategy - Since 2023, the company has closed over 500 direct-operated stores while launching a franchise model, opening over 400 "Hi Beer Partner" franchise stores [1][2] - As of March 19, 2025, the number of direct-operated stores decreased from 255 to 113, while franchise stores increased to 424 [2][3] Sales Performance - Franchise business revenue grew by 85.7% to 195 million yuan in 2024, but average daily sales per store declined significantly [3] - Average daily sales for direct-operated and franchise stores fell from 7,300 yuan in 2023 to 7,000 yuan in 2024, and for "Hi Beer Partner" stores, it dropped from 7,100 yuan to 5,000 yuan, a nearly 30% decline [3] Same-Store Sales Decline - Same-store sales decreased by 21.3% from 670 million yuan in 2023 to 528 million yuan in 2024, with average daily sales per store dropping from approximately 1.2 million yuan to 950,000 yuan [4] - The company attributes this decline to the complex and changing domestic economic market [4] Market Position and Consumer Trends - Helen's low-price strategy has not translated into improved same-store sales, raising questions about the sustainability of its business model [7][8] - The company faces increasing competition from alternative social venues, which may affect its appeal as a low-cost social space [8] Operational Challenges - The shift to a franchise model has reduced operational costs but has not proven to be a sustainable solution for profitability [7] - The company is exploring various measures to enhance store performance, including optimizing operations and improving customer experience [4][6]

Core Viewpoint - Helen's, known as the "first stock of small taverns," has disappointed the market with significant revenue and profit declines, indicating a failure in its strategic transformation to target lower-tier markets [1][2][4] Financial Performance - In 2024, Helen's reported total revenue of 752 million yuan, a year-on-year decrease of 37.8%, and an adjusted net profit of 101 million yuan, down 65.5% from 2023 [1] - The company has accumulated a net loss of 1.729 billion yuan over the reporting periods, approximately 10.87 times the total net profit before its IPO [1] - The stock price has plummeted from a peak of 20.61 HKD per share to a low of 1.21 HKD, with a market value drop of 93.3% since its IPO [1] Strategic Shift - In response to the pandemic, Helen's shifted focus from high-rent first and second-tier cities to lower-tier markets, increasing the proportion of stores in third-tier cities from 30% to 52.6% [2][4] - The number of stores in first and second-tier cities decreased by 43, while the number of stores in third-tier cities increased by 48.8% [2] Market Challenges - Despite the increase in lower-tier stores, the average daily sales per store in these areas fell by 9.5% to 6,700 yuan, marking a six-year low [4] - The company's standardized tavern model struggles to meet the diverse needs of consumers in lower-tier cities, where local preferences and income levels differ significantly [7] Franchise Model Issues - The shift to a franchise model led to a drastic reduction in company-owned stores, with franchise revenue only accounting for 25.9% of total revenue in 2024 [8] - Franchise stores reported an average daily sales of only 5,000 yuan, a nearly 30% decline compared to previous years [8] - The investment recovery period for franchisees has extended to 3-4 years, making it less attractive compared to competitors [13] Cost Reduction Efforts - Helen's has repeatedly lowered the investment threshold for franchisees, including reducing initial investment costs and eliminating profit-sharing arrangements [10][11] - New store models have been introduced to attract franchisees, but the expected growth in store numbers has not materialized as planned [14]

Core Viewpoint - Helen's, known as "the first stock of Chinese taverns," is facing significant challenges in 2024, including a drastic decline in direct sales, over 20% drop in same-store sales, and a shift from profit to loss [1][2][3] Financial Performance - In 2024, Helen's total revenue plummeted by 37.8% from 12.09 billion yuan in 2023 to 7.52 billion yuan [2] - Direct sales revenue fell approximately 50%, from 11.03 billion yuan in 2023 to 5.58 billion yuan in 2024 [2] - The franchise business, however, saw explosive growth, with revenue increasing by about 85% from 1.05 billion yuan in 2023 to 1.95 billion yuan in 2024, raising its revenue share from 8.7% to 25.9% [2] Profitability - Helen's reported a net loss of 77.976 million yuan in 2024, compared to a profit of 180 million yuan in 2023, marking a significant shift from profit to loss [3] - Adjusted net profit decreased by 65.46%, from 291 million yuan in 2023 to 100.6 million yuan in 2024 [3] Store Operations - As of March 19, 2025, Helen's had a total of 579 stores across 274 cities in China, with a notable reduction in direct and franchise stores [3] - Same-store sales dropped by 21.3% in 2024, with average daily sales per store decreasing by 21.5% [3] Market Challenges - The overall consumption market showed weakness in 2024, with a 1.4% decline in alcohol consumption prices [5] - The shift to lower-tier cities has posed challenges, as these markets generally have lower customer spending and brand recognition [6] Market Valuation - Since its IPO in September 2021, Helen's market value has decreased by over 90%, from a peak of over 30 billion HKD to approximately 2 billion HKD by April 8, 2025 [7] - The company was removed from the Hang Seng Composite Index and the Hong Kong Stock Connect, leading to decreased trading activity and liquidity issues [7] International Expansion - Helen's aims to enhance its international brand presence through a secondary listing in Singapore, but has seen minimal growth in overseas store numbers [8] - Cultural differences and operational challenges may hinder the company's overseas business from becoming a significant growth driver in the short term [8] Strategic Outlook - Balancing expansion with profitability and adapting to new consumer trends are critical challenges for Helen's moving forward [9] - 2025 is seen as a pivotal year for assessing the effectiveness of Helen's strategic transformation [9]

Core Viewpoint - The article highlights the contrasting performance of two beverage companies targeting young consumers in the Hong Kong stock market: Mixue Ice City and Helen's. While Mixue Ice City has shown significant growth post-IPO, Helen's has faced substantial declines in revenue and profitability, raising concerns about its business model sustainability in a competitive market. Group 1: Financial Performance - Mixue Ice City achieved a revenue growth of 22.29% in 2024, reaching 24.83 billion yuan, with a net profit increase of 41.41% to 4.44 billion yuan [1] - Helen's reported a revenue of 0.752 billion yuan in 2024, a significant decline of 37.8%, with alcohol beverage revenue dropping over 54% [3][5] - Helen's net profit for 2024 was a loss of 0.078 billion yuan, marking a stark contrast to its previous profitable years [3] Group 2: Market Position and Strategy - Helen's has expanded its store count to 579 by adding 81 new stores in 2024, with a significant portion located in lower-tier cities [5] - The company has shifted from a direct ownership model to a partnership model, indicating challenges in maintaining its previous direct control strategy due to rising costs [5] - The average daily sales per store have declined, with direct and franchise stores averaging 7,000 yuan, down 300 yuan year-on-year [5] Group 3: Competitive Landscape - The small bar segment, where Helen's operates, has become increasingly competitive, with traditional breweries and new market entrants diluting its customer base [7] - Helen's price advantage is being eroded by competition from convenience store cocktails and craft beer bars, leading to a loss of its unique selling proposition [7] - The company's market capitalization has plummeted over 90% from its peak, reflecting investor concerns about its future viability [1][8] Group 4: Investor Sentiment - Helen's stock price has seen a drastic decline from its initial listing value of 31.88 yuan to just 1.50 yuan, indicating a loss of investor confidence [8] - The removal of Helen's from the Hong Kong Stock Connect list in March 2024 further underscores the waning trust in its business model [10]

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 ...