国盛证券发布研报称，海伦司(09869)坚定进行平台化战略转型，存量门店持续优化，合伙人门店快速 扩张，社区空间复合模型开始验证，自身供应链能力较强，后续消费环境改善及新商业模式跑通后有望 支持业绩快速释放。由于当前消费环境下，门店日销承压，预计2025-2027年公司营业收入分别为 6.5/7.9/9.5亿元，归母净利润分别为1.0/1.3/1.6亿元，维持"增持"评级。 直营日销回暖，合伙人门店承压，成本优化保障盈利能力 1)日销方面：2025H1，直营及特许合作酒馆整体单店日销回升至8.3千元/同比+10.7%，其中一线/二线/ 三线及以下城市日销分别为9.0/8.8/7.7千元，分别同比+3.4%/+18.9%/+6.9%。嗨啤合伙人酒馆整体日销 为4.2千元/同比-22.2%，有所承压。2)同店方面：同店单店日均营业额同比-17.6%至9.0千元。3)盈利能 力方面：尽管收入和同店承压，公司盈利能力展现韧性。直营酒馆贡献毛利率由去年同期的70%提升至 74%，自有酒饮和第三方酒饮毛利率分别提升至80.2%和57.8%，体现供应链管理能力的提升。同时，由 于公司主动降低租金成本、提高人效，雇员福利及人 ...

Core Viewpoint - Helen's (09869) shares increased by nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit but improvements in profit margins and store network expansion [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] - The gross profit margin showed significant improvement, with direct-operated taverns' gross profit margin increasing from 70% to 74%, and the gross profit margin for proprietary beverages rising from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences, while reducing costs such as rent and labor [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Core Viewpoint - Helen's (09869) shares increased nearly 11%, reaching HKD 1.42 with a trading volume of HKD 3.5245 million following the release of its mid-term results for 2025, which showed a significant decline in revenue and profit [1] Financial Performance - The company reported a revenue of CNY 291 million, a year-on-year decrease of 34.02% [1] - Shareholder profit was CNY 50.331 million, down 27.77% year-on-year [1] - The proposed interim dividend is CNY 0.1051 per share [1] - The net profit margin improved from 15.7% in the same period last year to 17.8% [1] - Earnings before tax were CNY 51.9 million [1] Gross Margin Improvement - The company's gross margin showed significant improvement, with the direct-operated tavern gross profit margin increasing from 70% to 74% [1] - The gross profit margin for self-owned beverages rose from 78.3% to 80.2% [1] Store Network Expansion - The total number of stores increased from 560 at the beginning of the year to 580, and further to 583 as of August 26, 2025 [1] - The existing store network, including direct-operated and franchised taverns, has stabilized, while the Hi Beer partner store network continues to expand [1] Future Plans - In May 2025, the company restarted its direct-operated store plan, focusing on opening new stores in new markets and iterating existing markets to enhance store environments and experiences [1] - The company aims to reduce costs related to rent and labor, ultimately improving store operational performance [1] - Currently, 10 new stores have opened or are set to open soon, with expectations for gradual expansion of the direct-operated network in the future [1]

Core Viewpoint - Helen's performance in 2024 showed a decline in revenue due to a weak consumer market, but the company successfully expanded its franchise business and maintained profitability through strategic adjustments [2][3]. Financial Performance - The company reported revenue of RMB 752 million in 2024, a decrease from RMB 1,209 million in 2023, primarily due to a decline in direct sales revenue as a result of market conditions [2]. - Despite the revenue drop, adjusted net profit for 2024 was RMB 100.6 million, indicating effective cost management and operational efficiency [3]. Business Strategy - Helen's franchise business, "Hi Beer Partner," saw significant growth, with revenue increasing by 85.7% from RMB 105 million in 2023 to RMB 195 million in 2024 [3]. - The company is focusing on platform-based development and expanding its bar network, increasing the total number of stores from 479 at the end of 2023 to 560 by the end of 2024 [3]. Profitability Metrics - The gross profit margin for the store level remained stable at 69%, with the proprietary beverage gross profit margin increasing from 75.7% in 2023 to 76.6% in 2024 [3]. - The proportion of high-margin beverage alcohol in proprietary beverage revenue rose from 79.8% in 2023 to 82.4% in 2024, reflecting consumer preference for new product offerings [3]. Future Outlook - The company plans to continue expanding its bar network through the "Hi Beer Partner" program and enhance supply chain management and environmental design capabilities [3].