Zhou Hei Ya International (1458) H2 2025 earnings summary

Executive summary

• Revenue grew 3.5% year-over-year to RMB2,536.2 million, driven by channel expansion and improved store efficiency.

• Net profit surged 59.6% to RMB156.7 million, with net profit margin rising to 6.2% from 4.0% last year.

• Store network stabilized at 3,019 locations, with a strategic shift from scale expansion to quality deepening.

• Dual-engine growth model (store + channel) and omni-channel expansion enhanced operational quality and brand influence.

Financial highlights

• Gross profit increased 4.9% to RMB1,459.5 million; gross margin improved to 57.5%.

• Profit before tax rose 58.1% to RMB235.6 million.

• Basic and diluted EPS doubled to RMB0.08.

• Final dividend proposed at HK$0.09 per share, representing 107.2% of net profit.

Outlook and guidance

• Focus for 2026 is on dual-engine growth, refined store management, product innovation, and overseas expansion.

• Continued investment in supply chain optimization and organizational innovation to drive long-term, high-quality growth.