Core Viewpoint - Helen's (09869.HK) reported a revenue of approximately RMB 539 million for the fiscal year ending December 31, 2025, representing a year-on-year decrease of 28.34% [1] - The company achieved a profit attributable to owners of approximately RMB 33.95 million, compared to a loss of approximately RMB 77.98 million in the previous year [1] - Adjusted net profit was approximately RMB 67.69 million, reflecting a year-on-year growth of 3.52% [1] Revenue Performance - The decline in revenue was primarily due to a reduction in the number of directly operated stores in 2025 compared to the full year of 2024, along with a decrease in same-store performance influenced by market fluctuations [1] - The revenue contribution from the franchise business increased from 25.9% in 2024 to 34.0% in 2025 as the company continued to develop its "Hi Beer Partner" tavern network [1] Gross Profit Margin - The gross profit margin at the store level for the fiscal year 2025 was 73.77%, further improving from 2024 [2] - The gross profit margin for Helen's proprietary beverages increased from 76.6% in 2024 to 79.8% in 2025, benefiting from enhanced supply chain capabilities and the popularity of new products [2] - The revenue contribution from Helen's proprietary products rose to 72.4% in 2025, up from 70.5% in 2024 [2] Store Network Expansion - The total number of stores increased from 560 at the end of 2024 to 576 by the end of 2025, with further growth to 578 as of March 19, 2026, maintaining a leading position in the industry [2] - The company plans to continue solidifying and expanding its directly operated store network while optimizing the "Hi Beer Partner" franchise model [2] Future Outlook - The company aims to strengthen supply chain integration management and enhance the creation of spatial environments, exploring new models such as "third space" to continuously create new value for consumers [2]
海伦司(09869.HK)年度扭亏为盈至3395.4万元 特许经营业务收入占比34.0%