周黑鸭国际控股有限公司成立于2002年，是中国领先的休闲卤制品品牌，主要经营卤鸭及鸭副产品、素 食、卤制红肉等产品。截至2023年6月，公司在全国拥有3706家门店，其中直营门店占比约16%。2016 年11月在香港联交所主板上市（股票代码：01458.HK），2022年实现营收23.4亿元。公司以"锁鲜装"技 术为核心竞争力，主打中高端市场，但面临绝味食品、煌上煌等品牌的激烈竞争。2023年中期财报显 示，公司通过开放特许经营加速扩张，但原材料成本上涨导致毛利率同比下降2.2个百分点至52.1%。 本文源自：市场资讯 作者：公告君 周黑鸭近期回购情况 回购日期回购均价回购股数回购金额本年累计回购股数2025-12-161.67510.15万17.00万9234.35万2025- 12-121.67912.65万21.24万9224.20万2025-12-111.66514.75万24.56万9211.55万2025-12-101.66716.05万 26.75万9196.80万2025-12-091.61423.50万37.94万9180.75万2025-12-081.61544.50万71.85万9157 ...

Core Viewpoint - Wuchan Group has emerged as the new "profit king" in the snack industry, while the traditional giant Zhou Hei Ya continues to experience revenue decline despite the return of founder Zhou Fuyou [1] Financial Performance - Zhou Hei Ya reported a revenue of approximately 1.2226 billion yuan for the first half of 2025, a year-on-year decline of 2.9% [1] - The company's gross profit slightly increased by 2.7% to 716.6 million yuan, while net profit attributable to shareholders surged by 228% to approximately 108 million yuan [1] - The increase in profit is attributed to improvements in store operations, channel expansion, brand building, and supply chain optimization [1] Store Operations - Zhou Hei Ya closed 592 stores in the first half of the year, a 17.13% decrease from the previous year, leaving a total of 2,864 stores [2] - This marks the first time in recent years that the number of stores has fallen below 3,000 [2] - The company's financial costs decreased by 11.8% due to the optimization of store structure and closure of inefficient stores [3] Employee Management - The number of employees decreased by 12.6% to 3,756, with a reduction of 293 employees compared to the beginning of the year [4] - Employee and labor costs for the first half of the year were 233.1 million yuan, with an average cost per employee of 62,000 yuan, down from 67,000 yuan in the same period last year [5] Sales Performance - Total sales volume declined by 1.61% to 14,380 tons, with core products like duck and duck by-products seeing a revenue drop of 0.7% to 989 million yuan [7] - Online channel revenue also fell by 3.95% to 170 million yuan compared to 177 million yuan in the previous year [7] - The average order value decreased by 3.62% to 535.6 yuan, down from 555.7 yuan in the same period last year [8] Market Dynamics - Despite rising prices for duck neck snacks, consumer spending has become more cautious, leading to a decline in average order values [8] - The growth of the takeaway market has provided some revenue increase, with takeaway sales reaching 380 million yuan, accounting for 23% of self-operated store revenue [8]