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].
上半年营收缩水至2.91亿，逐渐“消失”的海伦司，与越来越多的“喝酒根据地”