【周黑鸭（1458.HK）】改革成效显现，经营调整向好——25H1业绩预告点评（叶倩瑜/董博文）

Core Viewpoint - The company anticipates a slight decline in revenue for the first half of 2025, while projecting significant profit growth compared to the same period in 2024 [3][4]. Revenue and Profit Forecast - For the first half of 2025, the company expects revenue to be between 1.2 billion to 1.24 billion yuan, representing a year-on-year decline of 1.5% to 4.7%. Profit is projected to be between 90 million to 113 million yuan, a growth of 55.2% to 94.8% compared to 58 million yuan in the first half of 2024 [3]. Operational Adjustments and Reforms - The company has actively adjusted its store structure since 2024, closing underperforming stores, which has led to a stabilization in single-store performance. The revenue decline has narrowed significantly compared to previous periods [4]. - The management has implemented a more flexible organizational structure and clear strategic priorities, which are expected to continue improving operational performance [4]. Specific Reform Actions 1. Store Closures and Employee Incentives: The company has closed low-efficiency stores and improved employee motivation by linking sales growth to staff commissions, resulting in over a thousand stores achieving positive sales growth by July 2024 [4]. 2. Membership System Enhancement: The company has strengthened its membership program to increase average transaction value and repurchase rates, with membership sales showing a significant increase [4]. 3. Brand Youthfulness and Store Format Adjustments: The company is focusing on brand rejuvenation and plans to adjust store layouts in key locations to enhance customer experience and increase transaction values [4]. 4. Capacity Utilization and New Channel Development: To improve operational efficiency, the company has established a special department to develop new products for various retail channels, which is expected to contribute to revenue growth [5].