该集团在渠道建设中始终坚持精细化与规范化的管理策略，通过深入市场调研和区域化布局，不断优化 渠道结构，积极适应市场变化，在巩固传统成熟渠道的同时，进一步探索新兴渠道，以拓展更广泛的消 费场景和触达更多消费者。同时，根据不同渠道和区域的差异性，实施渠道细分化管理，并持续优 化"合伙人"考核制度，采用以"增量"为核心的激励机制，进一步激发合伙人的创造协作能力。其中电商 渠道实现收入人民币3.987亿元，同比增长30.9%。 颐海国际(01579)公布2024年业绩 拥有人应占溢利约 7.39亿元 同比减少13.28% 2024年，该集团在第三方业务方面实现营收人民币45.66亿元，同比增长 10.4%，主要得益于精细化的 渠道管理，及进一步完善的产品研发机制与不断优化的供应链体系。 该集团在产品研发上以"产品项目制"为核心驱动力，一方面紧密追踪消费者口味趋势变化，快速响应和 满足消费者多样性的需求;另一方面注重提升产品品质、性价比及使用场景的延伸，有效满足不同地域 消费者多样化的需求。在该策略下，第三方各品类中均有良好表现，如火锅底料中牛油火锅底料及番茄 火锅底料增长较快，其中牛油火锅底料实现收入人民币5.84亿 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 YIHAI INTERNATIONAL HOLDING LTD. 頤海國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1579） 截至2024年12月31日止年度 年度業績公告 頤海國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至2024年12月31日止年度（「報告期」）的經審核 綜合業績，連同2023年同期的比較數字。 本集團財務摘要 1 • 2024年的收入為人民幣6,539.6百萬元，較2023年的人民幣6,147.6百萬元增 加6.4%。 • 2024年的毛利為人民幣2,045.8百萬元，較2023年的人民幣1,941.3百萬元增 加5.4%。 • 2024年的淨利潤為人民幣799.5百萬元，較2023年的人民幣907.0百萬元減 少11.9%。 • 2024年的全面收益總額為人民幣804.6百萬元，其中本公司擁有人應 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 16.71 to 17.69 HKD, indicating a potential upside of 9% to 20% from the current price of 14.56 HKD [6]. Core Insights - Yihai International is a leading player in the compound seasoning market in China, originating from the supply chain of Haidilao and has shown rapid revenue growth with a compound annual growth rate (CAGR) of 50% from 2015 to 2019 [1][4]. - The company achieved a revenue of 6.148 billion CNY in 2023, with a slight year-on-year growth of 0.01%, and a net profit of 853 million CNY, reflecting a 14.92% increase [1][19]. - The compound seasoning market in China is still in a growth phase, with a penetration rate of approximately 26% and a per capita consumption of about 9 USD, which is lower compared to countries like the US and Japan [2][44]. Company Overview - Yihai International specializes in hot pot base, Chinese compound seasonings, and convenience foods, with a sales network covering most regions in China and expanding into Southeast Asia, North America, and Europe [14]. - The company has undergone several phases of development, starting from supplying Haidilao to establishing its own brand and expanding its product lines [14]. - The company has reduced its reliance on related parties, with third-party customer revenue increasing significantly, accounting for 67.3% of total revenue in 2023 [28][54]. Industry Analysis - The compound seasoning industry is experiencing robust growth, driven by the increasing complexity of flavor profiles and the demand for convenience in cooking [38][39]. - The market for compound seasonings is projected to grow, with the industry size reaching approximately 203.2 billion CNY in 2023, reflecting a CAGR of about 14% from 2011 to 2023 [41][42]. - The B-end market is expected to grow through chain operations, cost reduction, and scene expansion, while the C-end focuses on meeting convenience needs [48][49]. Financial Forecast and Valuation - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.63 billion CNY, 7.26 billion CNY, and 7.91 billion CNY, respectively, with year-on-year growth rates of 7.8%, 9.5%, and 9.0% [5][4]. - The net profit for the same years is expected to be 779 million CNY, 889 million CNY, and 998 million CNY, with corresponding year-on-year changes of -8.6%, 14.1%, and 12.3% [5][4]. - The company's earnings per share (EPS) are projected to be 0.75 CNY, 0.86 CNY, and 0.96 CNY for 2024, 2025, and 2026, respectively [5][4].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses a company in the food industry, specifically focusing on the hot pot and condiment segments, including products like hot pot base and sauces. Key Points and Arguments 1. **Growth Expectations**: The company anticipates double-digit growth in the third-party segment for the upcoming year, aligning with previous expectations and product performance indicators [1][2][3]. 2. **International Expansion**: The company plans to enhance its overseas operations, expecting faster growth in international markets compared to domestic ones, as regulatory processes are expected to be completed soon [2][3]. 3. **Product Development**: The company is focusing on various product categories, including hot pot bases and vegetarian options, with an emphasis on continuous innovation to meet consumer preferences [3][4]. 4. **Market Trends**: There is a noted shift in consumer preferences towards healthier options, with the company introducing new products that cater to this trend, such as low-fat and clean-label items [7][8]. 5. **Sales Performance**: The company reported a nearly 30% growth in its sauce segment, indicating strong consumer demand and brand recognition across different regions [10][11]. 6. **Competitive Landscape**: The company is adapting to competitive pressures, with competitors also shifting their product offerings. The company is focusing on maintaining its unique flavor profiles while expanding its product range [5][6]. 7. **Pricing Strategy**: The company has adjusted its pricing strategy to remain competitive, with a focus on maintaining reasonable price points for consumers while ensuring profitability [27][28]. 8. **Consumer Feedback**: The company emphasizes the importance of consumer feedback in product development, particularly for new launches, which are expected to gain traction in their second year [16][17]. 9. **Supply Chain Management**: The company has improved its supply chain capabilities, which has allowed for better pricing and product availability, contributing to overall growth [13][14]. 10. **Future Outlook**: The company is optimistic about maintaining growth momentum, with expectations for continued expansion in both domestic and international markets, driven by new product introductions and enhanced marketing strategies [24][25]. Other Important but Possibly Overlooked Content 1. **Regional Preferences**: The company acknowledges the differences in taste preferences between northern and southern regions of China, which influences product development and marketing strategies [12][14]. 2. **Consumer Education**: There is a need for consumer education regarding new products, especially when introducing innovative flavors or health-oriented options [22][23]. 3. **Market Dynamics**: The company is aware of the fluctuating market dynamics and is prepared to adjust its strategies accordingly, particularly in response to raw material cost changes [30][31]. 4. **Investment in Marketing**: The company plans to increase its marketing investments to enhance brand visibility and consumer engagement, particularly in online channels [29][32]. This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's growth prospects and market strategies in the food industry.

Investment Rating - The report assigns an "Accumulate" rating to Yihai International [5] Core Viewpoints - Yihai International has successfully reduced its reliance on related party revenue, with third-party revenue accounting for 66% in H1 2024, indicating a shift towards independent growth [1][29] - The company is expanding its product lines, leveraging the Haidilao brand for hot pot base and developing sub-brands for diversified offerings, achieving a CAGR of 20% for hot pot seasonings and 68% for convenience foods from 2017 to 2023 [2][20] - Organizational reforms and market penetration strategies are enhancing operational efficiency and driving overseas market growth, with a CAGR of 37.4% in overseas business from 2017 to 2023 [3] Summary by Sections 1. Traditional Hot Pot Seasoning Leader, Expanding into Compound and Convenience Foods - Yihai International, established in 2005, is the largest supplier of mid-to-high-end hot pot seasonings in China, originally a supplier for Haidilao [12] - The company has diversified its product offerings, with hot pot seasonings, compound seasonings, and convenience foods contributing to stable revenue growth [20] - The revenue structure is stabilizing, with hot pot seasonings, compound seasonings, and convenience foods accounting for 67%, 10%, and 23% of total revenue in 2023, respectively [20] 2. Low Barriers and Intensifying Competition in the Market - The hot pot seasoning market is experiencing a compound annual growth rate (CAGR) of 12% from 2019 to 2023, driven by the popularity of hot pot dining [35] - The market is characterized by low technical barriers and intense competition, leading to a long-tail distribution of brands and significant product homogeneity [35] 3. Yihai's Advantages: Leveraging Haidilao Brand and Operational Efficiency - The company benefits from a concentrated shareholding structure, with key stakeholders having extensive experience in the food industry, enhancing management stability [30][32] - Yihai International is utilizing the operational expertise gained from Haidilao to improve its own management and operational efficiency [32] 4. Profit Forecast and Valuation - The projected revenue for Yihai International for 2024, 2025, and 2026 is estimated at 67.79 billion, 76.63 billion, and 85.65 billion RMB, respectively, with corresponding net profits of 8.25 billion, 9.64 billion, and 10.89 billion RMB [4]

Financial Performance - Yihai International Holding Ltd. reported a revenue of HK$1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[2]. - The company achieved a net profit of HK$300 million, which is a 20% increase year-over-year[2]. - Revenue for the first half of 2024 reached RMB 2,926,925, an increase of 11.9% compared to RMB 2,616,226 in the same period of 2023[11]. - Gross profit for the period was RMB 877,508, reflecting a 9.9% increase from RMB 798,589 in the previous year[12]. - Operating profit decreased by 16.9% to RMB 414,006, down from RMB 498,429 in the first half of 2023[12]. - Profit for the period was RMB 334,143, a decline of 11.4% compared to RMB 376,960 in the same period last year[12]. - Basic earnings per share attributable to equity holders decreased by 13.1% to 31.78 RMB cents from 36.59 RMB cents[14]. - Total revenue for the six months ended June 30, 2024, was RMB 2,926.9 million, compared to RMB 2,616.2 million in the same period of 2023, reflecting a significant growth[34]. - The Group's net profit decreased by 11.4% from RMB377.0 million for the six months ended 30 June 2023 to RMB334.1 million for the corresponding period in 2024[59]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025[2]. - The company aims to expand its presence in both business-end and overseas markets while promoting a multi-brand approach[17]. - The Group's strategy includes enhancing product acceptance in overseas markets by aligning with local taste trends and consumption habits[30]. - The Group will continue to implement a multi-brand strategy to enhance consumer interaction and brand awareness[78]. - The Group plans to explore culinary cultures in foreign markets to better align products with local preferences[75]. Product Development and Sales - New product launches contributed to a 30% increase in sales volume in the hot pot segment[2]. - The Group launched over 50 new products in the first half of 2024, including zero-additives series and various convenient ready-to-eat food options[31]. - Revenue from hot pot condiments rose by 5.6% to RMB1,747.5 million, accounting for 59.7% of total revenue in the same period[39]. - Revenue from compound condiments increased by 24.4% to RMB454.4 million, representing 15.5% of total revenue[41]. - Revenue from convenient ready-to-eat food products grew by 22.2% to RMB700.5 million, making up 23.9% of total revenue[43]. Online Sales and E-commerce - The company reported a significant increase in online sales, which accounted for 40% of total sales, up from 30% last year[2]. - E-commerce sales revenue for the six months ended June 30, 2024, reached RMB 175.3 million, marking a year-on-year increase of 12.4%[25]. - The Group operates 9 flagship stores on major e-commerce platforms such as Tmall.com, JD.com, and Pinduoduo.com as of June 30, 2024[25]. Financial Position and Assets - Total assets as of June 30, 2024, were RMB 5,290,745, down 12.6% from RMB 6,054,438 at the end of 2023[15]. - Current assets decreased by 20.3% to RMB 2,540,285 from RMB 3,187,426 at the end of 2023[15]. - Total equity decreased by 9.9% to RMB 4,584,291 from RMB 5,089,410 at the end of 2023[15]. - As of June 30, 2024, the Group's cash and cash equivalents amounted to approximately RMB1,864.6 million, down from RMB2,309.4 million as of 31 December 2023[59]. Cost Management and Profitability - The gross margin improved to 35%, up from 32% in the previous year, due to better cost management[2]. - The Group's cost of sales rose by 12.8% to RMB2,049.4 million for the first half of 2024, up from RMB1,817.6 million in the same period of 2023[50]. - Distribution expenses surged by 46.9% to RMB352.3 million, increasing as a percentage of revenue from 9.2% to 12.0%[56]. - The increase in sales volume was the primary driver for the rise in cost of sales and distribution expenses[50][56]. Research and Development - Yihai International is investing HK$100 million in R&D for new technology in food safety and supply chain management[2]. - The Group's product development is guided by a project-based system, focusing on consumer demand and diversifying product flavors and forms[19]. Corporate Governance and Compliance - The Audit Committee reviewed the unaudited condensed consolidated interim financial results for the six months ended June 30, 2024, confirming compliance with relevant accounting standards[107]. - The external auditor, PricewaterhouseCoopers, found no issues with the interim financial information prepared in accordance with International Accounting Standard 34[108]. - The Company complied with the Corporate Governance Code during the six months ended June 30, 2024[105]. Shareholder Information - As of June 30, 2024, Mr. Sean Shi holds 130,592,992 ordinary shares, representing approximately 12.60% of the total issued share capital[83]. - Ms. Shu Ping and Mr. Zhang Yong each hold 325,896,021 ordinary shares, representing approximately 31.44% of the total issued share capital[83]. - The Company declared an interim dividend of RMB0.2825 per Share, totaling approximately RMB292,867,750, to be paid on or before September 27, 2024[111].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 10.78 per share, reflecting a potential upside from the current market price [1][5]. Core Insights - The company achieved a revenue of HKD 2.927 billion in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was HKD 308 million, down 13.8% year-on-year. The company announced an interim dividend of HKD 292 million, with a payout ratio of 94.87% [1][2]. - The performance of hot pot base materials remained stable, with significant growth in compound seasonings and instant food segments, driven by new product launches and improved channel management [2]. - The gross margin for H1 2024 was 30.0%, a decrease of 0.5 percentage points year-on-year, primarily due to price reductions on products sold to related parties. The net profit margin fell by 3.2 percentage points to 10.5% [3]. - The company emphasizes its high dividend investment value, supported by strong cash flow and low financial pressure, indicating a commitment to returning value to shareholders [4]. Financial Summary - For the fiscal year 2024, the company is projected to generate total revenue of HKD 6.870 billion, with a year-on-year growth of 11.75%. The net profit is expected to be HKD 815.1 million, reflecting a decline of 4.41% [7][8]. - The earnings per share (EPS) for 2024 is forecasted at HKD 0.79, with a price-to-earnings (PE) ratio of 12.61 based on the closing price of HKD 10.78 [5][8]. - The company’s financial metrics indicate a stable gross margin of around 30.51% to 31.58% over the next few years, with a projected return on equity (ROE) of approximately 18% by 2026 [7][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company reported a revenue of 2.93 billion HKD for the first half of 2024, representing a year-on-year increase of 11.9%, while the net profit attributable to shareholders was 310 million HKD, a decrease of 13.8% year-on-year [3] - The recovery of third-party business has been noted, with significant growth in the Chinese compound seasoning and convenience food segments [3] - The company plans to distribute a dividend of 293 million HKD, achieving a dividend payout ratio of 95%, which is expected to boost investor confidence [3] Summary by Sections Revenue and Profitability - The company achieved a revenue of 2.93 billion HKD in 1H24, up 11.9% year-on-year, with third-party business revenue reaching 1.91 billion HKD, an increase of 12.2% [3] - The gross margin for 1H24 was 30.0%, a slight decrease of 0.5 percentage points year-on-year, primarily due to raw material cost fluctuations [3] - The net profit margin decreased by 3.0 percentage points to 11.4% due to increased sales expenses [3] Business Segments - Hot pot seasoning revenue was 1.75 billion HKD, up 5.6% year-on-year, with sales volume increasing by 21.4% [3] - Chinese compound seasoning revenue reached 450 million HKD, a growth of 24.4%, driven by new product launches [3] - Convenience food revenue was 700 million HKD, up 22.2%, with significant growth from both related and third-party sales [3] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 6.81 billion HKD, 7.64 billion HKD, and 8.40 billion HKD, with growth rates of 10.8%, 12.1%, and 10.0% respectively [4] - Net profit projections for the same period are 829 million HKD, 967 million HKD, and 1.08 billion HKD, with year-on-year changes of -2.9%, +16.6%, and +12.0% [4] - The expected earnings per share (EPS) for 2024-2026 are 0.80 HKD, 0.93 HKD, and 1.04 HKD, with corresponding price-to-earnings (PE) ratios of 13.3X, 11.4X, and 10.2X [4]

Investment Rating - Buy (Maintained) [2] Core Views - Yihai International achieved revenue of RMB 2.927 billion in H1 2024, a YoY increase of 11.9%, with net profit attributable to shareholders of RMB 308 million, a YoY decrease of 13.8%, and adjusted net profit (excluding exchange gains/losses and government subsidies) of RMB 299 million, a YoY increase of 4.5%, meeting market expectations [2] - The company plans to distribute dividends of RMB 293 million for H1 2024, with a dividend payout ratio of 95.1% [2] - Revenue from third-party customers improved YoY, with significant growth in online and overseas markets expected in 2024 [3] - The company's profitability is expected to improve in H2 2024, driven by better performance in hotpot seasoning and new product launches [4] Revenue Breakdown by Product - Hotpot seasoning revenue reached RMB 1.747 billion, a YoY increase of 5.6%, with third-party and related-party revenue growing by 5.6% and 5.7% respectively [3] - Chinese-style compound seasoning revenue was RMB 454 million, a YoY increase of 24.4%, with third-party and related-party revenue growing by 24.1% and 29.9% respectively [3] - Instant food revenue reached RMB 700 million, a YoY increase of 22.2%, with third-party and related-party revenue growing by 14.5% and 167.7% respectively [3] Revenue Breakdown by Channel - Related-party revenue was RMB 989 million, a YoY increase of 11.5%, while third-party revenue was RMB 1.938 billion, a YoY increase of 12.1% [3] - Within third-party revenue, distributors (including catering and food companies) contributed RMB 1.758 billion, a YoY increase of 12.0%, while e-commerce (flagship stores) contributed RMB 175 million, a YoY increase of 12.4% [3] Profitability and Costs - Gross margin was 30.0% in H1 2024, a YoY decrease of 0.5 percentage points, mainly due to price adjustments for related-party sales [4] - Sales expense ratio was 12.0%, a YoY increase of 2.9 percentage points, driven by increased marketing expenses (advertising expenses increased by 140% YoY) and higher logistics costs [4] - Management expense ratio was 4.8%, a YoY decrease of 0.6 percentage points [4] Future Outlook - The company is expected to see improved performance in hotpot seasoning in H2 2024, with new product launches such as Yunnan wild mushroom base and seafood dipping sauce [4] - Overseas market expansion is a key focus, with the company targeting halal and Middle Eastern markets, supported by production centers in Southeast Asia and a new factory in Thailand [4] - The company has adjusted its "partner" incentive mechanism, which is expected to drive performance in H2 2024 [4] Financial Forecasts - Revenue is expected to grow to RMB 6.841 billion in 2024, RMB 7.702 billion in 2025, and RMB 8.498 billion in 2026, with YoY growth rates of 11.3%, 12.6%, and 10.3% respectively [6] - Net profit attributable to shareholders is forecasted to be RMB 863 million in 2024, RMB 1.007 billion in 2025, and RMB 1.115 billion in 2026 [6] - EPS is expected to be RMB 0.71 in 2024, RMB 0.82 in 2025, and RMB 0.83 in 2026 [6] Valuation - The current stock price implies a 2024 PE ratio of 12x [5] - The company's long-term growth potential is supported by brand building, product matrix expansion, and market and channel development [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a 11.9% year-on-year increase in main business revenue to 2.927 billion yuan for the first half of 2024, while net profit attributable to shareholders decreased by 13.8% to 308 million yuan [3] - The ready-to-eat food segment has shown signs of recovery, with a 22.2% year-on-year increase in revenue, driven by a 39.9% increase in volume [3] - The company has strengthened online marketing efforts to attract younger consumers, resulting in a 2.87 percentage point increase in sales expense ratio to 12.0% [4] - The gross profit margin decreased by 0.54 percentage points to 30.0% due to price adjustments in hot pot base products [3][4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a main business revenue of 2.927 billion yuan, with a year-on-year growth of 11.9% [3] - The net profit attributable to shareholders was 308 million yuan, reflecting a decrease of 13.8% year-on-year [3] - The gross profit margin for the first half of 2024 was 30.0%, down from the previous year [3] Product Performance - Hot pot seasoning revenue increased by 5.6% year-on-year, with volume growth of 21.4% and price decline of 12.9% [3] - Compound seasoning revenue saw a significant increase of 24.4% year-on-year, driven by new product launches [3] - The ready-to-eat food segment's revenue increased by 22.2% year-on-year, with a notable 167.7% increase in revenue from related parties [3] Market Strategy - The company has enhanced its online marketing strategies, including collaborations and promotional events, to engage younger consumers [4] - The sales expense ratio increased due to higher online marketing and transportation costs [4] Earnings Forecast - The company is expected to achieve EPS of 0.83, 0.93, and 1.03 yuan per share for 2024, 2025, and 2026 respectively [5] - Based on comparable company valuations, a P/E ratio of 16-20 times is projected for 2024, corresponding to a reasonable value range of 13.26-16.58 yuan per share [4][5]