Core Viewpoint - The company reported stable performance in 1H25 with revenue of 2.927 billion yuan, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 309 million yuan, up 0.39% year-on-year, reflecting overall resilience in both revenue and profit [1] Financial Performance - The company declared a dividend of 0.3107 HKD per share (approximately 0.2836 RMB), with a payout ratio of 95%, indicating generous shareholder returns [1] - The third-party business revenue reached 2.064 billion yuan, a year-on-year increase of 6.5%, accounting for 70.5% of total revenue, up 4.3 percentage points year-on-year [1] - The company’s gross profit margins for hot pot seasoning, compound seasoning, and instant food were 31.2%, 33.6%, and 24.0% respectively, showing slight declines compared to the previous year [2] Product and Market Development - The company is enhancing its product development capabilities and channel management, which has led to a 2.1% year-on-year increase in revenue from third-party distributors [1] - The company’s Southeast Asia factory has been completed, and production capacity is expected to gradually increase, with plans to expand overseas B-end market share [2] - The sales revenue from third-party B-end reached 156 million yuan, a year-on-year increase of 131.7%, indicating strong growth potential in overseas markets [2] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 down by 8%, 9%, and 11% to 783 million, 860 million, and 959 million yuan respectively, with corresponding EPS of 0.76, 0.83, and 0.92 yuan [3] - The company is assigned a valuation of 22 times PE for 2025, reflecting a discount compared to comparable companies, with a target price adjustment to 18.17 HKD [3]
颐海国际(1579.HK)：第三方经营稳健 期待海外和B端新增量