Store improvement and channel expansion will go hand in hand, the performance of ZHOU HEI YA in 2025 is expected to show strong growth with doubled revenue and net profit.

On March 26, 2026, ZHOU HEI YA released its 2025 annual performance announcement. The announcement revealed that in 2025, the company achieved operating income of 2.526 billion yuan, a year-on-year increase of 3.5%; net profit of 157 million yuan, a nearly 60% year-on-year increase, achieving double growth in revenue and net profit. While experiencing strong growth in performance, the company announced the initiation of a new round of share buyback plan and proposed to distribute a final dividend of 0.09 Hong Kong dollars per share, totaling about 168 million yuan, with a dividend payout rate of 107.2%, to further reward shareholders with excess dividends and continued buyback. Facing multiple challenges such as structural adjustments in the domestic consumer market and intensified industry competition, ZHOU HEI YA adheres to the core strategy of store + channel dual-drive, making systematic progress in improving store operations, deepening channel layout, and innovative business breakthroughs, solidifying internal growth capabilities and achieving steady improvement in overall operational quality. The "store + channel" dual-drive strategy lays a solid foundation for high-quality growth In 2025, ZHOU HEI YA clearly established the "store + channel" dual-drive as the core strategy, driving the transition of store business from scale expansion to quality cultivation. By synergizing efforts in operating scenarios, personnel empowerment, and store layout, growth momentum was activated. In terms of operating scenarios, ZHOU HEI YA deepened cooperation with supermarkets to broaden touchpoint scenarios, implemented store staff live broadcasts to achieve mutual empowerment of online and offline communication; meanwhile, continued to upgrade the membership operation system, adding over 5 million new members throughout the year, with member sales offline steadily increasing. In terms of personnel empowerment, by fully activating frontline staff through regional horizontal comparison and a 360 PK mechanism throughout the year, and enhancing team professionalism and cohesion through concentrated training and special incentives for elite talents. In terms of store layout, ZHOU HEI YA focused on developing high-potential direct-operated stores, prioritizing core areas, strictly controlling store standards, and improving overall operational quality. With these series of measures, the total number of stores in the second half of the year achieved net growth. As of December 31, 2025, ZHOU HEI YA had 3,019 stores, with an average monthly sales increase of 13.6% per store, and continued improvement in store efficiency and operational quality. On the channel side, ZHOU HEI YA successfully opened up various channels such as member stores, volume retailers, convenience stores, etc., realizing comprehensive growth in new businesses. During the year, the company entered over 80 key system channels, including Sam's Club, Pinduoduo, and Yonghui, covering nearly 40,000-terminal sales points and completing large-scale layouts in key incremental markets. Additionally, the company focused on boosting interest-based e-commerce. The online e-commerce business overall achieved positive growth. To cater to different channels and customer demands, ZHOU HEI YA built a diversified product matrix consisting of long-lasting products, medium-lasting products, custom products, and gift box products, achieving precise penetration and effectively improving channel operation efficiency and consumer conversion rates. Leveraging the full-channel layout, ZHOU HEI YA successfully established a growth system driven by Wuxi Online Offline Communication Information Technology Co., Ltd., achieving comprehensive coverage of consumer scenarios and accurate reach to segmented customer groups, forming a virtuous cycle of complementary scenarios, traffic guidance, and marketing communication. It not only expands the brand's penetration radius and market coverage but also enhances terminal sales efficiency and risk resistance. At the same time, it continually optimizes revenue structure, providing stronger resilience and more momentum for steady performance growth, fully activating the growth potential of the full-channel. Innovative business foresight breaks through, opening up new space for long-term growth While deepening core businesses, ZHOU HEI YA has made significant breakthroughs in two innovative sectors, overseas business, and multi-category innovative products. Simultaneously, it is exploring and incubating new table braised flavors to accumulate momentum for expanding flavor territories and consumer scenarios in the future. As a long-term growth DRIVE of the company, the overseas business achieved rapid breakthroughs in 2025. Currently, ZHOU HEI YA products have successfully entered mainstream retail channels in 12 countries, including Malaysia, Canada, and France, preliminarily establishing a global distribution network. The first brand's direct-operated store in Port Klang, Malaysia, landed successfully, becoming a significant milestone in international exploration. At the same time, leveraging its core black duck flavor assets, ZHOU HEI YA reached a strategic cooperation with Sichuan Shentang Industrial Group to conduct category and model innovation around flavor extension. The multi-tuned product series "Gaga Xiang" has launched 29 SKUs including braised seasoning packets, spicy braised hotpot base, ZHOU HEI YA flavor sauce, and turkey noodle sauce, initially establishing a matrix of products including braised and sauce products, extending the black duck flavor from leisure snacks to home cooking and convenient fast-food fields, covering a wider range of consumer scenarios, further expanding consumer scenes and brand boundaries. The accelerated landing of overseas business and innovative breakthroughs in multi-category products have injected new momentum into the company's long-term development. Against the backdrop of increasingly diverse consumer scenarios and continuously segmented user needs, ZHOU HEI YA's forward-looking layout centered on flavors not only accumulates sufficient momentum for long-term development but also builds a sustainable differentiation advantage for the brand in a broader market competition, opening up new space for long-term high-quality development. Focusing on the dual-drive, cultivating new growth poles, and achieving long-term, high-quality development 2025 was a key year for ZHOU HEI YA's comprehensive deepening of strategic transformation. The dual-drive strategy of store + channel was effectively connected from top-level design to ground implementation during the year, with store business achieving simultaneous improvement in store efficiency and scale quality through refined operations and channel business successfully opening up incremental space through diversified channel layout, both jointly constructing a more robust and resilient business structure. At the same time, substantial breakthroughs were made in the two innovative sectors of overseas business and multi-category products, injecting new momentum into the company's medium-to-long-term development. The achievement of these series of results fully verifies the correctness of ZHOU HEI YA's strategic direction and the effectiveness of its execution system. Looking ahead to 2026, ZHOU HEI YA will continue to focus on the core strategy of "store + channel" dual-drive, further deepening refined operational capabilities on the basis of consolidating existing achievements. Accelerating product innovation and channel expansion, deepening strategic cooperation with key system channels, and promoting the continuous release of the growth potential of the full-channel. At the same time, the company will steadily promote the scale development of multi-category business, accelerate overseas market layout, focus on nurturing new growth poles, and steadily move towards long-term, high-quality development. Meanwhile, ZHOU HEI YA always values shareholder returns. According to the announcement, ZHOU HEI YA announced the initiation of a new share repurchase plan. Starting from March 27, 2026, until the shareholders' meeting in 2027, the company will repurchase company shares on an irregular basis, with the number of shares not exceeding 10% of the total issued shares of the company. In addition, the board of directors of the company proposed to distribute a final dividend of 0.09 Hong Kong dollars per share for the end of 2025, totaling approximately 168 million yuan, with a dividend payout rate of 107.2%. It is worth mentioning that this is the third consecutive year the company has maintained a high dividend payout ratio, fully reflecting the company's robust cash flow strength and management's sufficient confidence in future operations, further solidifying the company's long-term investment value.