天眼查App显示，近日，景洪卤伙记卤味坊（个体工商户）成立，法定代表人为甘建辉，注册资本15万 人民币，经营范围为许可项目：餐饮服务；食品销售。（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食品销售（仅销售预包 装食品）；外卖递送服务；互联网销售（除销售需要许可的商品）；新鲜水果零售；农副产品销售；食 用农产品批发；食用农产品零售；个人互联网直播服务；日用百货销售；办公用品销售。（除依法须经 批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，江北新区何哈卤味店（个体工商户）成立，法定代表人为周浩，注册资本50万 人民币，经营范围为许可项目：餐饮服务；食品销售（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以审批结果为准）一般项目：食品销售（仅销售预包装食品）（除依法须经 批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - A fresh pork company established in 2021 has achieved a sales revenue of approximately 350 million yuan in 2024, with stores located in Changsha, Xiangtan, and Zhuzhou [1] - The company faced challenges such as reliance on a single payment code and increased financial pressure for store expansion due to its light asset operation model [1] - Postal Savings Bank of China (PSBC) provided integrated payment solutions and a customized financial plan, including a 2 million yuan "express loan" based on the store's operating revenue, facilitating the opening of 50 new stores this year [1] Group 2 - A seasoned food company, founded in 2018, has expanded to nearly 600 specialized stores across Hunan Province and other regions, supported by financial services from PSBC [2] - PSBC has implemented a comprehensive support system for the food company, addressing issues like multiple stores and single payment codes through innovative software services and customized payment solutions [2] - The bank's proactive approach in providing financial services has allowed the food company to focus on its core business without the need for frequent bank visits [2] Group 3 - PSBC has been actively enhancing financial service accessibility and satisfaction, serving over 25,200 micro and small enterprises and disbursing 33.73 billion yuan in inclusive loans by April 2025 [3]

Summary of Key Points Core Viewpoint - The company, Zhou Hei Ya, has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Details - On June 11, the company repurchased 1.1875 million shares at a price range of HKD 2.570 to HKD 2.590, totaling HKD 3.0586 million [2]. - Since May 29, the company has conducted share buybacks for 10 consecutive days, acquiring a total of 9.972 million shares for a cumulative amount of HKD 25.8931 million, during which the stock price fell by 3.02% [2]. - Year-to-date, the company has executed 66 buybacks, totaling 78.1255 million shares and an aggregate amount of HKD 158 million [3]. Historical Buyback Data - A detailed table of buyback activities shows daily repurchase volumes, highest and lowest prices, and total amounts spent, reflecting a consistent buyback strategy [3][4][5]. - The highest recorded buyback price was HKD 2.690 on May 21, while the lowest was HKD 1.620 on January 17 [4][5]. Market Performance - The stock closed at HKD 2.570 on June 11, down 0.77% for the day, with a total trading volume of HKD 8.0818 million [2]. - Cumulatively, the stock has experienced a decline of 3.02% during the recent buyback period [2].

Summary of Key Points Core Viewpoint - The company, Zhou Hei Ya, has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Share Buyback Details - On May 22, Zhou Hei Ya repurchased 1.2605 million shares at a price range of HKD 2.580 to HKD 2.630, totaling HKD 3.2727 million [2]. - The stock closed at HKD 2.580 on the same day, reflecting a decline of 4.09%, with a total trading volume of HKD 20.286 million [2]. - Since May 21, the company has conducted buybacks for two consecutive days, accumulating a total of 2.3705 million shares and a total expenditure of HKD 6.2519 million, during which the stock price fell by 5.84% [2]. Year-to-Date Buyback Activity - Year-to-date, Zhou Hei Ya has executed 53 buyback transactions, acquiring a total of 65.4565 million shares for a cumulative amount of HKD 12.5 million [3]. - The detailed buyback transactions include various dates, share quantities, and price ranges, showcasing a consistent effort to stabilize the stock price [3][4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 2.451 billion yuan in 2024, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98.2 million yuan, down 15.0% year-on-year [1][2] - The company is actively optimizing its store structure, closing underperforming stores, resulting in a total of 3,031 stores by the end of 2024, with a net closure of 785 stores [2] - The average single-store revenue for self-operated and franchised stores in 2024 was 840,000 yuan and 346,000 yuan respectively, indicating a significant decline due to weak consumer spending and intensified competition [2] - The gross profit margin improved by 4.4 percentage points to 56.8% in 2024, driven by cost reductions and lean management [2] - The company is focusing on enhancing single-store efficiency and optimizing product structure to improve competitiveness and brand strength [3] Financial Summary - In 2024, the company achieved total revenue of 2,451 million yuan, with a year-on-year growth rate of -10.88% [4] - The net profit attributable to shareholders for 2024 was 98.2 million yuan, with a year-on-year growth rate of -15.03% [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.07 yuan, 0.08 yuan, and 0.10 yuan respectively [3][4] - The company’s net profit margin for 2024 was 4.01%, slightly down from the previous year [2][6] - The operating cash flow for 2024 was 420 million yuan, reflecting a year-on-year increase of 15.3% [2] Industry Insights - The prepared food industry is facing challenges such as intensified competition from other snack categories and a shift in consumer spending patterns [2] - The recovery of single-store performance is seen as a key signal for a new round of development in the industry [2] - The company is leveraging its unique flavor appeal to enhance its product offerings in new distribution channels, including partnerships with major retailers like Costco [3]