Core Viewpoint - The company is committed to a platform-based strategic transformation, optimizing existing stores, rapidly expanding partner stores, and validating a community space composite model, which is expected to support performance recovery as the consumption environment improves and new business models are established [1] Group 1: Store Network and Expansion - The total number of stores increased from 560 at the end of 2024 to 580 in H1 2025 [1] - The number of store types at the end of the reporting period included 109 direct-operated, 39 franchised, and 432 partner taverns, with partner stores accounting for 74.5% of the network expansion [1] - The distribution of stores saw an increase in third-tier and below cities, with a net addition of 24 stores in these areas [1] - The company restarted its direct-operated store plan in May 2025, aiming to upgrade store environments and improve operational performance [1] Group 2: Sales Performance and Profitability - In H1 2025, the overall daily sales for direct-operated and franchised taverns rose to 8,300 yuan, a year-on-year increase of 10.7% [2] - Daily sales in first, second, and third-tier cities were 9,000, 8,800, and 7,700 yuan respectively, with year-on-year increases of 3.4%, 18.9%, and 6.9% [2] - Partner taverns experienced a decline in daily sales to 4,200 yuan, a year-on-year decrease of 22.2% [2] - Despite revenue pressures, the company's profitability showed resilience, with gross margins for direct-operated taverns increasing from 70% to 74% [2] - Significant cost reductions were achieved through lower rent and improved employee efficiency, leading to a year-on-year increase in operating profit margins for same-store sales [2] Group 3: Strategies for Enhancing Same-Store Performance - The company plans to enhance same-store performance through performance incentives, optimizing store operations, and strengthening marketing systems [3] - The focus remains on platform-based development, with continued expansion of partner stores and a restart of direct-operated store growth [3] - The company aims to strengthen its core competencies in supply chain management and space environment creation while exploring new third-space models [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is undergoing a platform transformation, with a focus on expanding its partner store network while restarting its direct store opening plan. This strategy aims to enhance operational efficiency and improve customer experience [2][4]. - Despite a decline in revenue and same-store sales, the company's profitability shows resilience due to effective cost management and supply chain improvements [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 290 million yuan, a year-on-year decrease of 34.0%, and a net profit of 50 million yuan, down 27.8%. Same-store daily sales fell by 17.6% [1]. - The company declared an interim dividend of 146 million yuan [1]. Store Network Expansion - The total number of stores increased from 560 at the end of 2024 to 580 in the first half of 2025. The breakdown of store types includes 109 direct stores, 39 franchised stores, and 432 partner stores, with the latter accounting for 74.5% of the total store network [2]. - The company has restarted its direct store opening plan, aiming to enhance store environments and reduce costs through new openings in both existing and new markets [2]. Sales and Profitability - The overall daily sales for direct and franchised stores rose to 8,300 yuan, reflecting a year-on-year increase of 10.7%. However, partner stores faced pressure, with daily sales dropping to 4,200 yuan, a decline of 22.2% [3]. - The gross margin for direct stores improved from 70% to 74%, showcasing enhanced supply chain management capabilities [3]. Strategic Initiatives - The company plans to improve same-store performance through various initiatives, including performance incentives, operational optimization, and marketing enhancements [4]. - The ongoing platform strategy aims to strengthen core competencies in supply chain management and explore new business models [4]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 650 million yuan, 790 million yuan, and 950 million yuan, respectively, with net profits expected to be 100 million yuan, 130 million yuan, and 160 million yuan [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 16.9x for 2025, 13.4x for 2026, and 10.7x for 2027 [4][5].

Core Viewpoint - Helen's International Holdings Limited, known as the "first stock of small taverns," has reported a significant decline in revenue and net profit for the first half of 2025, marking the third consecutive year of declining performance [1][2]. Financial Performance - The company's revenue for the first half of 2025 decreased by 34.02% to 291 million yuan, while the net profit attributable to shareholders fell by 27.77% to 50.33 million yuan [1]. - In the 2024 annual report, total revenue was 752 million yuan, down 37.8% year-on-year, with adjusted net profit recorded at 101 million yuan, a decline of 65.5% compared to 2023 [2]. - Key financial indicators over the past four years show a compound annual growth rate (CAGR) of -22.60% for revenue, -16.40% for net loss, and -22.70% for adjusted net profit [5]. Strategic Adjustments - The company announced a plan to restart its direct-operated store strategy, indicating a potential failure of the previously emphasized "Hi Beer Partner" franchise model [2][11]. - Helen's has shifted from a focus on franchise expansion to increasing the number of direct-operated stores, as the sales performance of franchise stores has been significantly lower than that of direct-operated ones [12][11]. Market Dynamics - The appeal of the "social + low price" model is diminishing, as younger consumers have a wider array of entertainment options, leading to a decline in the attractiveness of traditional tavern experiences [2][14]. - New market entrants and evolving consumer preferences are shifting the focus from price to atmosphere and experience, with younger consumers seeking unique social environments rather than just low-cost alcohol [15][20]. Competitive Landscape - Emerging concepts such as craft beer chains and livehouse venues are gaining popularity, offering diverse experiences that cater to the evolving tastes of younger consumers [16][19]. - The rise of home bars and personalized drinking experiences reflects a shift in consumer behavior, where individuals prefer to create their own social drinking environments rather than frequenting traditional taverns [21][23]. Conclusion - The current trends indicate that the demand for drinking experiences has evolved beyond mere consumption, with a strong emphasis on social interaction and quality atmosphere, suggesting that Helen's may need to adapt its business model to remain relevant in the changing market [25][27].

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8月31日 狀態: 新提交 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 呈交日期: 2025年9月3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 | ...

Group 1 - The core viewpoint of the article highlights the significant rise in Hong Kong restaurant stocks, particularly Helen's, which surged over 14% after its earnings report [1] - Helen's reported a mid-year revenue of 291 million RMB, a year-on-year decrease of 34.02%, and a net profit of 50.33 million RMB, down 27.77% year-on-year [1] - The company proposed an interim dividend of 0.1051 RMB per share, while its net profit margin improved from 15.7% to 17.8% compared to the same period last year [1] Group 2 - The Chinese Ministry of Commerce indicated a shift in consumption patterns towards a balance of goods and service consumption, with plans to introduce policies to boost service consumption in September [1] - The Ministry aims to enhance service supply capabilities and stimulate new service consumption through coordinated use of fiscal and financial measures [1]

Core Viewpoint - Helen's (09869) shares increased by nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit but improvements in profit margins and store network expansion [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] - The gross profit margin showed significant improvement, with direct-operated taverns' gross profit margin increasing from 70% to 74%, and the gross profit margin for proprietary beverages rising from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences, while reducing costs such as rent and labor [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Core Viewpoint - Helen's (09869) shares increased nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] Gross Margin Improvement - The company's gross margin showed significant improvement, with the direct-operated tavern gross profit margin increasing from 70% to 74% [1] - The gross profit margin for self-owned beverages rose from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] Future Plans - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences [1] - The company aims to reduce costs related to rent and labor, ultimately improving store operational performance [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Group 1 - The company reported a mid-term performance for the six months ending June 30, 2025, with revenue of 291 million RMB, a year-on-year decrease of 34.02% [1] - Shareholder profit attributable to the company was 50.33 million RMB, down 27.77% year-on-year, with basic earnings per share at 0.04 RMB [1] - The decline in revenue was primarily due to a reduction in the number of existing stores (both direct-operated and franchised) compared to the same period last year, along with a decrease in same-store daily sales [1] Group 2 - The company’s total store network increased from 560 at the beginning of 2025 to 580 by June 30, 2025, and further to 583 by August 26, 2025 [1][2] - The company restarted its direct-operated store plan in May 2025, aiming to open new stores in new markets and upgrade existing ones to enhance store experience and reduce costs [2] - As of August 26, 2025, the company operates a total of 583 taverns globally, including locations in Singapore, Japan, Hong Kong, and 578 in mainland China across 32 provincial-level administrative regions and 283 cities [2]

Core Viewpoint - The company, Helen's (09869.HK), reported a decline in revenue for the first half of 2025, primarily due to a reduction in the number of existing stores and a decrease in same-store sales, despite achieving a profit during a challenging market environment [1] Group 1: Financial Performance - In the first half of 2025, the company recorded revenue of RMB 291.1 million, a decrease from RMB 441.3 million in the first half of 2024 [1] - The profit attributable to the company's owners for the first half of 2025 was RMB 50.3 million, indicating strong profitability despite the revenue decline [1] Group 2: Store Network Development - The total number of stores increased from 560 at the beginning of 2025 to 580 by June 30, 2025, and further to 583 by August 26, 2025 [1] - The existing store network, which includes both direct-operated and franchised stores, has stabilized, while the Hi Beer partner store network continues to expand [1]

EF001 免責聲明 就新加坡股東，為符合獲取中期股息之資格，所有股份過戶文件連同有關股票最遲須於2025年9月19日下午五時正（新加坡時間） 前交回本公司新加坡股份過戶代理人彥德企業服務有限公司，地址為36 Robinson Road, #20-01 City House, Singapore 068877， 以辦理登記手續。中期股息將按中國人民銀行於2025年8月28日所報人民幣兌新加坡元的官方匯率以新加坡元派付。中期股息將以 新加坡元支付予新加坡股東。 發行人董事 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。 第 2 頁 共 2 頁 v 1.1.1 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合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，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 海倫司國際控股有限公司 | | 股份代號 | 09869 | | 多櫃檯股份代 ...