Core Insights - Zhou Hei Ya reported a decline in sales, a net reduction of nearly 800 stores, and a decrease in both revenue and net profit for the year 2024 [1][2] Financial Performance - Revenue for 2024 decreased by 10.66% to RMB 2.451 billion from RMB 2.744 billion in 2023 [2] - Net profit fell by 15.03% to RMB 98.204 million compared to RMB 115.576 million in the previous year [2] - The overall sales volume dropped by 16.83% to 26,159 tons from 31,453 tons in 2023 [4] Store Operations - The total number of retail stores decreased to 3,031 from 3,816, marking a net reduction of 785 stores, the first negative growth since the company went public [4][5] - The company closed underperforming stores, focusing on enhancing the profitability of existing locations [5] - The number of stores in key markets like Central China saw the largest reduction, with a net decrease of 291 stores [5] Pricing Strategy - Zhou Hei Ya expanded its product range to include lower-priced items, with products priced between RMB 9.9 and RMB 14.9 accounting for about 15% of monthly sales [3] - The average transaction value decreased from RMB 56.90 to RMB 54.39, but this price reduction did not lead to an increase in overall sales [3][4] Profitability Metrics - Despite the decline in revenue, the gross profit margin improved from 52.4% in 2023 to 56.8% in 2024, attributed to significant supply chain integration improvements [7] Management Changes - In June of the previous year, Zhou Hei Ya underwent a management change with the resignation of former CEO Zhang Yucheng and the appointment of founder Zhou Fuyu as the new CEO [8] - The company is in a critical strategic transformation phase, aiming to enhance operational efficiency and long-term strategic implementation [8]
门店净减少近800家，销量下跌，周黑鸭去年营收净利双降