周黑鸭2025中期报告

Contents 2Corporate Information 5Business Overview and Outlook 11Management Discussion and Analysis 23Other Information 35Interim Condensed Consolidated Statement of Profit or Loss and OtherComprehensive Income 36Interim Condensed Consolidated Statement of Financial Position 38Interim Condensed Consolidated Statement of Changes in Equity 40Interim Condensed Consolidated Statement of Cash Flows 43Notes to the Interim Condensed Consolidated Financial Statements Corporate Information BOARD OF DIRECTORSExecutive Directors Mr. ZHOU Fuyu(Chairman and Chief Executive Officer)Mr. LYU HanbinMs. WANG Yali Independent Non-executive Directors Mr. CHAN Kam Ching, PaulMr. LU WeidongMr. CHEN Chen AUDIT COMMITTEE Mr. CHEN Chen(Chairman)Mr. CHAN Kam Ching, PaulMr. LU Weidong NOMINATION COMMITTEE Mr. ZHOU Fuyu(ceased to be the Chairman with effect fromJune 24, 2025)Mr. CHEN Chen(Chairman) (re-designated as the Chairman with effectfrom June 24, 2025)Ms. WANG Yali(appointed as a member with effect from June 24, 2025)Mr. LU Weidong REMUNERATION COMMITTEE Mr. CHEN Chen(Chairman)Mr. ZHOU FuyuMr. LU Weidong Corporate Information (Continued)() STRATEGIC DEVELOPMENT COMMITTEE Mr. ZHOU Fuyu(Chairman)Mr. LYU HanbinMs. WANG Yali COMPANY SECRETARY Ms. TAM Pak Yu Vivien(ACG, HKACG) (appointed as the companysecretary with effect from August 28, 2025)Mr. CHEUNG Kai Cheong Willie(FCPA, FCCA) (resigned as the companysecretary with effect from August 28, 2025) (ACG, HKACG)(FCPA, FCCA) AUTHORIZED REPRESENTATIVES Mr. ZHOU FuyuMs. TAM Pak Yu Vivien(appointed as an authorized representative witheffect from August 28, 2025)Mr. CHEUNG Kai Cheong Willie(resigned as an authorized representativewith effect from August 28, 2025) AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public InterestEntity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong www.zhouheiya.cn COMPANY’S WEBSITEwww.zhouheiya.cn 1458 STOCK CODE1458 Corporate Information (Continued)() H E A D Q U A R T E R SA N D P R I N C I P A L P L A C E O FBUSINESS IN THE PRC 8-1430040 No. 8-1 Huitong Road ZoumalingDongxihu DistrictWuhan City, Hubei Province, PRCPostal code: 430040 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICE Intertrust Corporate Services (Cayman) LimitedOne Nexus WayCamana BayGrand CaymanKY1-9005Cayman Islands Intertrust Corporate Services (Cayman) LimitedOne Nexus WayCamana BayGrand CaymanKY1-9005Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road East, WanchaiHong Kong 183171712-1716 REGISTERED OFFICE IN CAYMAN ISLANDS One Nexus WayCamana BayGrand CaymanKY1-9005Cayman Islands One Nexus WayCamana BayGrand CaymanKY1-9005Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong 24840 PRINCIPAL BANKS Industrial and Commercial Bank of China Limited(Wuhan Xibeihu Sub-Branch)Bank of Communications Co., Ltd. (Xinshijie Sub-Branch)Bank of Communications Co., Ltd. (Offshore Finance Division)China Merchants Bank (Wuhan Dongxihu Sub-Branch) Business Overview and Outlook OVERALL BUSINESS AND FINANCIAL PERFORMANCE 2,8641,5731,29128292 As of June 30, 2025, the Group had a total of 2,864 retail stores,including 1,573 self-operated retail stores and 1,291 franchised retailstores, covering 292 cities in 28 provinces, autonomous regions andmunicipalities in China. The table below sets forth a breakdown of the number of self-operatedand franchised retail stores and the revenue contribution by geographiclocation for the periods indicated: Business Overview and Outlook (Continued)() BUSINESS REVIEW AND OUTLOOK The first half of 2025 witnessed a moderate recovery in domesticconsumption. While the braised food industry maintains solid demandfundamentals, it concurrently faces challenges including diversion byemerging channels, intensifying competition, product homogenization,and insufficient consumer value perception. Consumer preferences havebecome more rational, with greater emphasis placed on the experientialvalue of products and services. Against this backdrop, the Groupprioritized enhancing operational quality and restoring performancegrowth as its core objectives, driving the refined implementation ofreform initiatives. During the first half of the year, the Group madepositive progress across various areas including store operationalefficiency increase, channel expansion, brand building, and supply chainoptimization. These advancements signify the initial effectiveness of thestrategic transformation and lay a solid foundation for achieving the full-year strategic targets. 380+802,864 In terms of store strategy, we focused on enhancing store operationalquality as the core objective, comprehensively upgrading service qualityand customer experience. In terms of increasing store efficiency, wefocused on deepening initia