集团面对低迷的市况环境，消费降级，市场竞争十分激烈。为维持销量及巩固市场份额，集团已对价格 作选择性调整，而小麦及食用油的价格与去年相比亦有所下降，为集团提供了一定缓解。灵活的采购策 略及审慎管理营运开支，对保障利润率及盈利能力亦起了关键作用。同时，集团积极推动各项措施，以 加强人才库、提升数码及研发基础设施，并开拓新产品研发，以支持长远发展。 格隆汇9月16日丨南顺(香港)(00411.HK)公告，截至2025年6月30日止年度业绩，集团录得收入港币48.29 亿元，与去年相比大致保持稳定。毛利率上升2.3个百分点至23.2%，反映有利的原材料成本、优化的销 售组合及生产效率改善。纯利率上升2.2个百分点至6.3%，而集团溢利增加51%至港币3.03亿元。董事将 于应届股东周年常会上建议派发截至2025年6月30日止财政年度末期股息每股港币0.33元(2024年：每股 港币0.27元)。 ...

Core Viewpoint - Huaxi Securities recently published a research report on Huangshanghuang (002695), highlighting a recovery in profit margins and improved operational performance, maintaining a "buy" rating for the company [1] Financial Performance - In 2024, the total operating revenue was 1.739 billion yuan, a decrease of 9% year-on-year, primarily due to increased pressure at the store level. The net profit attributable to shareholders was 40 million yuan, down 43% year-on-year, while the net profit excluding non-recurring items was 41 million yuan, down 16% year-on-year [1] - For Q4 2024, total operating revenue was 287 million yuan, a decrease of 16% year-on-year, with a net loss attributable to shareholders of 38 million yuan compared to a loss of 30 million yuan in the same period of 2023 [1] - In Q1 2025, revenue was 446 million yuan, a decrease of 3% year-on-year, but the net profit attributable to shareholders increased by 36% to 44 million yuan, and the net profit excluding non-recurring items rose by 48% to 39 million yuan [1] Profitability and Cost Management - The gross profit margins for 2024 and Q1 2025 were 32.76% and 35.21%, respectively, with a year-on-year increase of 4 percentage points and a decrease of 0.4 percentage points, attributed to a decline in the procurement prices of duck by-products. The company has made strategic reserves to smooth out raw material costs, leading to a continuous release of gross margin benefits [2] - The selling expense ratio increased by 2 percentage points in 2024 to 16.80% but decreased by 3 percentage points in Q1 2025 to 10.88%. The management expense ratio also saw an increase of 2 percentage points in 2024 to 10.36% and a slight increase of 0.1 percentage points in Q1 2025 to 9.22%, indicating effective cost control [2] - The net profit margin for 2024 was 2.17%, down 1 percentage point year-on-year, while for Q1 2025, it improved by 3 percentage points to 9.81% [2] Business Challenges and Strategic Initiatives - The revenue from the main products, including fresh goods, packaged products, and rice products, faced pressure, with revenues of 1.209 billion yuan, 49 million yuan, and 351 million yuan, respectively, all showing year-on-year declines of 14%, 10%, and 2%. This was influenced by store closures [3] - As of the end of 2024, the company had 3,660 specialty stores, a net decrease of 837 stores from the beginning of the year. The company is facing increased pressure to close stores due to weak external demand and is focusing on brand rejuvenation and digital upgrades to improve operational capabilities [3] Future Outlook - The company experienced a loss of 16.17 million yuan due to a warehouse fire at a subsidiary in 2024, along with a goodwill impairment of 10.75 million yuan affecting net profit. However, the company is stabilizing its store closures and optimizing single-store operations, with expectations for gradual recovery in business performance [4] - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.14 yuan, 0.18 yuan, and 0.21 yuan, respectively, with current stock prices corresponding to price-to-earnings ratios of 71, 57, and 48 times [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's operating margins are recovering, with sequential improvements in operations noted [5] - The company reported a total revenue of 1.739 billion yuan in 2024, a decrease of 9% year-on-year, primarily due to increased pressure at the store level [4] - The gross margin for 2024 and Q1 2025 was 32.76% and 35.21%, respectively, with a year-on-year increase of 4 percentage points for 2024 [5] - The company is facing challenges in its main product revenue, with a net decrease in store count and increased closure pressures [6] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 40 million yuan, down 43% year-on-year, while the net profit for Q1 2025 was 44 million yuan, an increase of 36% year-on-year [4][5] - The company’s revenue for Q1 2025 was 446 million yuan, a decrease of 3% year-on-year [4] Cost Management - The company has optimized raw material costs, leading to a marginal recovery in profitability, with a sales expense ratio of 10.88% in Q1 2025, down 3 percentage points year-on-year [5] - The management expense ratio for Q1 2025 was 9.22%, showing effective cost control [5] Store Operations - As of the end of 2024, the company had 3,660 stores, a net decrease of 837 stores from the beginning of the year, indicating increased closure pressures [6] - The company aims to enhance brand youthfulness and improve store survival rates through digital upgrades [6] Earnings Forecast - The company’s EPS for 2025-2027 is projected to be 0.14, 0.18, and 0.21 yuan, respectively, with corresponding PE ratios of 71, 57, and 48 times [8][10]