海伦司(09869) - 2025 - 中期财报

Definitions This chapter provides definitions of key terms and abbreviations used in the report, ensuring a clear understanding of professional terminology - This section defines key terms and abbreviations such as "Articles of Association," "Corporate Governance Code," "Directors' Restricted Share Unit Scheme," "the Group," and "Controlling Shareholder" to ensure clear understanding[3][4][5][6][7][8][9][10] Company Information This chapter provides key company information including board members, committee compositions, registered office, auditors, and principal bankers - The company's board of directors includes executive directors Mr. Xu Bingzhong (Chairman and CEO), Ms. Cai Wenjun, Ms. Yu Zhen, Mr. He Daqing, and independent non-executive directors Mr. Li Dong, Mr. Wang Renrong, Mr. Huang Xiangming (resigned), and Mr. Lu Xunfu (newly appointed)[11] - The composition and chairpersons of the Audit, Remuneration, and Nomination Committees are specified, with Mr. Huang Xiangming resigning from the Audit Committee and Mr. Lu Xunfu being appointed[11] - The company's registered office is in the Cayman Islands, its headquarters and principal place of business in China are in Wuhan, Hubei Province, and its principal place of business in Hong Kong is on Castle Peak Road, Tuen Mun[11][12] - The company's auditor is PricewaterhouseCoopers, and its principal bankers include China Merchants Bank Wuhan Optics Valley Technology Sub-branch and Industrial and Commercial Bank of China (Asia) Limited[14] - The company's stock codes are Hong Kong: 9869, Singapore: HLS, and its website is www.helensbar.com[14](index=14&type=chunk) Financial Highlights For the six months ended June 30, 2025, the company experienced a significant decrease in both revenue and profit attributable to owners Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 291,145 | 441,294 | | Profit before income tax | 51,899 | 69,459 | | Profit for the period attributable to owners of the Company | 50,331 | 69,677 | - For the six months ended June 30, 2025, the company's revenue decreased by 34.0% year-on-year, and profit attributable to owners of the Company decreased by 27.8% year-on-year[16] Business Review This chapter outlines the company's tavern network expansion, operational metrics, same-store performance, and gross profit contribution from signature products Tavern Network Distribution As of June 30, 2025, the Group's total store network increased to 580, further growing to 583 by August 26, with continued expansion of the "Helen's Partner" network and a restart of self-operated store plans in May 2025 to enhance operational performance through new openings and upgrades - As of June 30, 2025, the Group's total store network increased from 560 at the beginning of 2025 to 580, further growing to 583 by August 26, 2025[18] - In May 2025, the company relaunched its self-operated store plan, aiming to enhance operational performance by opening new stores in new markets and upgrading existing stores in established markets, thereby improving store environment and experience while reducing rent and labor costs[18] Tavern Network Distribution (by City Tier) | City Tier | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Tier 1 City Taverns | 36 | 36 | 35 | 37 | | Tier 2 City Taverns | 140 | 140 | 146 | 172 | | Tier 3 and Below City Taverns | 402 | 399 | 375 | 323 | | Taverns Outside Mainland China | 5 | 5 | 4 | 5 | | Total | 583 | 580 | 560 | 537 | Tavern Network Distribution (by Operating Model) | Store Type | As of August 26, 2025 | As of June 30, 2025 | As of December 31, 2024 | As of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Self-operated Taverns | 109 | 109 | 112 | 187 | | Franchise Taverns | 39 | 39 | 42 | 67 | | "Helen's Partner" Taverns | 435 | 432 | 406 | 283 | | Total | 583 | 580 | 560 | 537 | Operating Metrics In the first half of 2025, the average daily turnover of self-operated and franchise taverns generally increased, with Tier 2 cities showing prominent performance, while "Helen's Partner" taverns experienced a general decline in average daily turnover Average Daily Turnover per Self-operated and Franchise Tavern (RMB thousands) | City Tier | 2025 | 2024 | | :--- | :--- | :--- | | Tier 1 Cities | 9.0 | 8.7 | | Tier 2 Cities | 8.8 | 7.4 | | Tier 3 and Below Cities | 7.7 | 7.2 | | Overall | 8.3 | 7.5 | Average Daily Turnover per 'Helen's Partner' Tavern (RMB thousands) | Store Type | Store Area (square meters) | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Premium Store | 240–260 | 5.0 | 6.1 | | Quality Store | 150–240 | 4.0 | 5.3 | | Boutique Store | 90–150 | 3.6 | 4.7 | | Overall | 90–260 | 4.2 | 5.4 | Same-Store Performance Despite a 17.6% decrease in same-store average daily sales in H1 2025, Q2 same-store operating profit margin improved year-on-year due to enhanced product gross margin, reduced rent, and increased labor efficiency, with the company actively implementing measures to restore same-store performance Same-Store Sales Performance | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Number of Same Stores | 142 | 142 | | Same-Store Turnover | 229,239.53 | 279,116.30 | | Same-Store Turnover Growth Rate (%) | -17.9 | - | | Same-Store Average Daily Turnover | 1,274.40 | 1,546.22 | | Same-Store Average Daily Turnover Growth Rate (%) | -17.6 | - | | Same-Store Average Daily Turnover per Store | 9.0 | 10.9 | | Same-Store Average Daily Turnover per Store Growth Rate (%) | -17.6 | - | - In the first half of 2025, same-store average daily sales decreased, but the second quarter's same-store operating profit margin at the store level improved year-on-year due to measures such as increasing product gross margin, reducing rent costs, and improving labor efficiency[26] - The company is actively implementing measures to restore same-store performance, including deepening performance incentives, optimizing operational management, refining the product matrix, and strengthening marketing system construction[26] Contribution Gross Profit of Signature Products Under scientific supply chain management and brand effects from scale expansion, the contribution gross profit margins for both self-owned and third-party brand alcoholic beverages in self-operated taverns significantly increased year-on-year Contribution Gross Profit of Signature Products in Self-operated Taverns | Product Type | Metric | 2025 (RMB thousands/%) | 2024 (RMB thousands/%) | | :--- | :--- | :--- | :--- | | All Helen's Self-owned Alcoholic Beverages | Contribution Gross Profit | 73,777 | 124,458 | | | Contribution Gross Profit Margin | 80.2% | 78.3% | | All Third-party Brand Alcoholic Beverages | Contribution Gross Profit | 28,014 | 42,773 | | | Contribution Gross Profit Margin | 57.8% | 53.7% | - The contribution gross profit margin for self-owned alcoholic beverages increased from 78.3% to 80.2%, and for third-party brand alcoholic beverages from 53.7% to 57.8%, primarily due to enhanced supply chain management capabilities and increased scale[28][29] Management Discussion and Analysis This chapter provides an in-depth analysis of the company's financial performance, balance sheet position, and future development strategies for the first half of 2025 Performance Review and Outlook In H1 2025, revenue decreased to RMB 291.1 million due to fewer existing stores and lower same-store daily sales, yet the company achieved a healthy profit of RMB 50.3 million; it continues to expand the "Helen's Partner" network, restart self-operated store plans, and optimize supply chain management and gross margins to counter market weakness, with future plans to stabilize the self-operated network, develop franchise models, and explore new concepts like "third spaces" - Revenue for the first half of 2025 was RMB 291.1 million, a decrease from RMB 441.3 million in the first half of 2024, primarily due to a reduction in the number of existing stores and lower same-store daily sales[30] - Despite a weak catering consumer market, profit for the period attributable to owners of the Company still reached RMB 50.3 million in the first half of 2025[30] - The contribution gross profit margin for self-operated taverns increased from 70% in H1 2024 to 74% in H1 2025, and for self-owned alcoholic beverages from 78.3% to 80.2%, benefiting from supply chain management and brand effects[31] - Looking ahead, the company will stabilize and expand its self-operated store network, develop its franchise network through continuously optimized "Helen's Partner" store models, strengthen integrated supply chain management and space environment creation capabilities, and explore new models such as "third spaces"[32] Revenue For the six months ended June 30, 2025, the company's revenue decreased by 34.0% year-on-year to RMB 291.1 million, primarily due to fewer existing stores and lower same-store daily sales, with self-operated business revenue accounting for 62.9% and franchise business revenue for 37.1% of total revenue - Revenue decreased by 34.0% from RMB 441.3 million in the first half of 2024 to RMB 291.1 million in the first half of 2025[34] - The decrease in revenue was primarily due to a reduction in the number of existing stores (self-operated taverns and franchise taverns) and lower same-store daily sales[34] Revenue Breakdown by Segment and Service | Item | 2025 Revenue (RMB thousands) | 2025 % of Total Revenue | 2024 Revenue (RMB thousands) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Helen's Self-owned Products | 128,264 | 44.1 | 222,568 | 50.4 | | Third-party Brand Alcoholic Beverages | 48,462 | 16.6 | 79,692 | 18.1 | | Other Products and Revenue | 6,400 | 2.2 | 8,674 | 2.0 | | Subtotal Self-operated Business Revenue | 183,126 | 62.9 | 310,934 | 70.5 | | Franchise Business Revenue | 108,019 | 37.1 | 130,360 | 29.5 | | Total | 291,145 | 100 | 441,294 | 100 | Other Income For the six months ended June 30, 2025, other income increased by 250.0% year-on-year to RMB 0.7 million, primarily due to rental income from office assets used for leasing - Other income increased by 250.0% from RMB 0.2 million in the first half of 2024 to RMB 0.7 million in the first half of 2025[38] - The increase was primarily due to rental income generated from leasing out a portion of office building assets[38] Cost of Raw Materials and Consumables Used For the six months ended June 30, 2025, the cost of raw materials and consumables used decreased by 27.1% year-on-year to RMB 116.1 million, primarily due to reduced revenue and quantity of raw materials required - The cost of raw materials and consumables used decreased by 27.1% from RMB 159.3 million in the first half of 2024 to RMB 116.1 million in the first half of 2025[39] - The decrease was primarily due to reduced revenue and a lower quantity of raw materials and consumables required[39] Employee Benefits and Human Resources Service Expenses For the six months ended June 30, 2025, employee benefits and human resources service expenses decreased by 36.2% year-on-year to RMB 61.6 million, primarily due to a reduction in the number of employees - Employee benefits and human resources service expenses decreased by 36.2% from RMB 96.5 million in the first half of 2024 to RMB 61.6 million in the first half of 2025[40] - The decrease was primarily due to a reduction in the number of employees, leading to a corresponding decrease in employee wages and benefits[40] Depreciation of Right-of-Use Assets For the six months ended June 30, 2025, depreciation of right-of-use assets decreased by 47.3% year-on-year to RMB 16.7 million, primarily due to the termination of lease contracts for certain self-operated taverns under the company's strategic transformation - Depreciation of right-of-use assets decreased by 47.3% from RMB 31.7 million in the first half of 2024 to RMB 16.7 million in the first half of 2025[41] - The decrease was primarily due to the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[41] Depreciation of Property, Plant and Equipment For the six months ended June 30, 2025, depreciation of property, plant and equipment decreased by 50.6% year-on-year to RMB 15.9 million, primarily due to a reduction in related assets as the number of self-operated taverns declined - Depreciation of property, plant and equipment decreased by 50.6% from RMB 32.2 million in the first half of 2024 to RMB 15.9 million in the first half of 2025[42] - The decrease was primarily due to a reduction in property, plant and equipment for self-operated taverns as the number of taverns declined[42] Depreciation of Investment Properties For the six months ended June 30, 2025, the company incurred RMB 1.7 million in depreciation of investment properties, primarily due to the reclassification of certain office building assets for rental purposes - Depreciation of investment properties was RMB 1.7 million in the first half of 2025 (first half of 2024: nil)[43] - This was primarily due to the reclassification of certain office building assets for rental purposes into investment properties, subsequently incurring depreciation[43] Short-term Leases and Other Related Expenses For the six months ended June 30, 2025, short-term leases and other related expenses decreased by 47.6% year-on-year to RMB 9.7 million, primarily due to reduced short-term staff dormitory leases resulting from tavern network optimization and a decrease in self-operated tavern employees - Short-term leases and other related expenses decreased by 47.6% from RMB 18.5 million in the first half of 2024 to RMB 9.7 million in the first half of 2025[44] - The decrease was primarily due to tavern network optimization adjustments and a reduction in the number of self-operated tavern employees, leading to fewer short-term staff dormitory leases[44] Energy Consumption Expenses For the six months ended June 30, 2025, energy consumption expenses decreased by 50.5% year-on-year to RMB 4.8 million, primarily due to a corresponding reduction in electricity, network, and dormitory utility costs as the number of taverns decreased - Energy consumption expenses decreased by 50.5% from RMB 9.7 million in the first half of 2024 to RMB 4.8 million in the first half of 2025[45] - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in electricity, network energy, and dormitory utility costs[45] Travel and Related Expenses For the six months ended June 30, 2025, travel and related expenses decreased by 50.0% year-on-year to RMB 2.4 million, primarily due to the company's implementation of refined management and cost-saving measures - Travel and related expenses decreased by 50.0% from RMB 4.8 million in the first half of 2024 to RMB 2.4 million in the first half of 2025[47] - The decrease was primarily due to the company's implementation of refined management and cost-saving measures[47] Secondary Listing Expenses For the six months ended June 30, 2025, the company incurred no secondary listing expenses, compared to RMB 12.2 million in the same period last year - There were no secondary listing expenses in the first half of 2025, compared to RMB 12.2 million in the first half of 2024[48] Advertising and Promotion Expenses For the six months ended June 30, 2025, advertising and promotion expenses decreased by 72.8% year-on-year to RMB 2.2 million, primarily due to refined management of online promotions - Advertising and promotion expenses decreased by 72.8% from RMB 8.1 million in the first half of 2024 to RMB 2.2 million in the first half of 2025[49] - The decrease was primarily due to refined management of online promotions[49] Net Reversal/(Provision) for Impairment Loss on Trade Receivables For the six months ended June 30, 2025, the company recorded a net reversal of impairment loss on trade receivables of RMB 19,000, compared to an impairment loss of RMB 0.4 million in the same period last year - The net reversal of impairment loss on trade receivables was RMB 19,000 in the first half of 2025, compared to an impairment loss of RMB 0.4 million in the first half of 2024[50] Other Expenses For the six months ended June 30, 2025, other expenses decreased by 33.0% year-on-year to RMB 20.1 million, primarily due to a corresponding reduction in daily operating and maintenance expenses as the number of taverns decreased - Other expenses decreased by 33.0% from RMB 30.0 million in the first half of 2024 to RMB 20.1 million in the first half of 2025[51] - The decrease was primarily due to a reduction in the number of taverns, leading to a corresponding decrease in daily operating and maintenance expenses[51] Net Other Losses For the six months ended June 30, 2025, the company recorded net other losses of RMB 4.2 million, primarily comprising gains from tavern optimization adjustments, exchange losses, and fair value changes of financial assets - Net other losses for the first half of 2025 amounted to RMB 4.2 million[52] - This primarily includes RMB 3.5 million in gains from tavern optimization and adjustments (comprising gains on disposal of property, plant and equipment, losses on lease deposits, penalties and compensation for early lease termination, and gains on lease termination), RMB 8.0 million in exchange losses, and approximately RMB 0.3 million in fair value changes of financial assets at fair value through profit or loss[52] Finance Income For the six months ended June 30, 2025, finance income decreased to RMB 19.2 million, primarily due to a reduction in bank deposit amounts - Finance income decreased from RMB 29.8 million in the first half of 2024 to RMB 19.2 million in the first half of 2025[53] - The decrease was primarily due to a reduction in bank deposit amounts[53] Finance Costs For the six months ended June 30, 2025, finance costs decreased by 37.7% year-on-year to RMB 3.8 million, primarily due to reduced lease liabilities and consequently lower interest expenses as the number of taverns decreased - Finance costs decreased by 37.7% from RMB 6.1 million in the first half of 2024 to RMB 3.8 million in the first half of 2025[54] - The decrease was primarily due to reduced lease liabilities resulting from a decrease in the number of taverns, which in turn led to lower related interest expenses[54] Profit Before Income Tax For the six months ended June 30, 2025, profit before income tax was RMB 51.9 million with a profit margin of 17.8%, compared to RMB 69.5 million and a 15.7% profit margin in the same period last year - Profit before income tax for the first half of 2025 was RMB 51.9 million, with a profit margin of 17.8%[55] - Profit before income tax for the first half of 2024 was RMB 69.5 million, with a profit margin of 15.7%[55] Income Tax (Expense)/Credit For the six months ended June 30, 2025, income tax expense was RMB 1.6 million, compared to an income tax credit of RMB 0.2 million in the same period last year, primarily due to the expiry of previously recognized unused tax losses as deferred tax assets - Income tax expense for the first half of 2025 was RMB 1.6 million, compared to an income tax credit of RMB 0.2 million in the first half of 2024[56] - The change was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[56] Property, Plant and Equipment As of June 30, 2025, property, plant and equipment decreased from RMB 217.9 million to RMB 180.0 million, primarily due to depreciation and the reclassification of certain assets as investment properties - Property, plant and equipment decreased from RMB 217.9 million as of December 31, 2024, to RMB 180.0 million as of June 30, 2025[57] - The decrease was primarily due to depreciation and the reclassification of certain property, plant and equipment as investment properties[57] Intangible Assets As of June 30, 2025, intangible assets were RMB 32,000, remaining largely stable compared to RMB 41,000 as of December 31, 2024 - Intangible assets slightly decreased from RMB 41,000 as of December 31, 2024, to RMB 32,000 as of June 30, 2025, remaining largely stable[58] Right-of-Use Assets As of June 30, 2025, right-of-use assets decreased from RMB 95.7 million to RMB 91.7 million, primarily due to depreciation and the termination of lease contracts for certain self-operated taverns - Right-of-use assets decreased from RMB 95.7 million as of December 31, 2024, to RMB 91.7 million as of June 30, 2025[59] - The decrease was due to depreciation and the termination of lease contracts for certain self-operated taverns as part of the company's strategic transformation and optimization adjustments[59] Investment Properties As of June 30, 2025, investment properties increased from RMB 33.0 million to RMB 56.9 million, primarily due to further reclassification of office building assets for rental purposes - Investment properties increased from RMB 33.0 million as of December 31, 2024, to RMB 56.9 million as of June 30, 2025[60] - The increase was primarily due to the further reclassification of a portion of office building assets for rental purposes into investment properties in the first half of 2025[60] Deferred Tax Assets As of June 30, 2025, deferred tax assets slightly decreased to RMB 73.6 million, primarily due to the expiry of previously recognized unused tax losses - Deferred tax assets slightly decreased from RMB 75.2 million as of December 31, 2024, to RMB 73.6 million as of June 30, 2025[61] - The decrease was primarily due to the expiry of unused tax losses previously recognized as deferred tax assets[61] Inventories As of June 30, 2025,