Hong Kong – Zhou Hei Ya reported revenue of RMB 1.46 billion for the six months ended 30 June 2026, a 19.5 % increase year on year, driven by rapid expansion of online and offline channel sales. Gross profit rose 11.6 % to RMB 799.87 million, although gross margin narrowed to 54.7 % (H1 2025: 58.6 %) as lower-margin channel business and higher raw-material costs offset volume gains.

\n\nProfit before tax declined 9.0 % to RMB 132.95 million, while profit attributable to shareholders fell 15.2 % to RMB 91.50 million. Net profit margin therefore eased to 6.3 % from 8.8 % a year earlier.

\n\nChannel diversification was a core growth driver. Online revenue advanced 37.4 % to RMB 234.08 million and offline third-party channel sales surged 207.2 % to RMB 177.87 million, lifting the combined channel business by 80.4 %. In contrast, revenue from franchisees slipped 11.6 % to RMB 235.83 million amid the Group’s pivot toward efficiency-led store operations. Self-operated store sales increased 12.1 % to RMB 798.94 million.

\n\nThe retail network expanded to 2,972 outlets (H1 2025: 2,864), comprising 1,860 self-operated and 1,112 franchised stores across 221 Chinese cities. Omnichannel sales volume reached 19,450 tons, up 35.3 %. Average ticket size at storefronts edged up to RMB 53.90.

\n\nBy product, ducks and duck parts contributed 82.1 % of total revenue at RMB 1.20 billion, up 21.4 %. Other braised items added RMB 254.33 million, while franchise fees declined to RMB 7.66 million.

\n\nOperating expenses reflected strategic investments. Selling and distribution costs rose 24.9 % to RMB 589.24 million, linked to promotional spending and logistics for the enlarged channel footprint. Administrative expenses fell 9.3 % to RMB 105.19 million on tighter cost controls.

\n\nCash and bank balances stood at RMB 681.50 million at 30 June 2026 (31 December 2025: RMB 775.30 million). Net operating cash inflow amounted to RMB 176.28 million, while net investing cash inflow reached RMB 83.81 million, supported by redemption of structured deposits. Net cash used in financing was RMB 292.87 million, reflecting a RMB 162.71 million final 2025 dividend and HK$59.82 million spent on repurchasing 40.62 million shares.

\n\nTotal assets decreased to RMB 4.42 billion, with net assets at RMB 3.40 billion. The gearing ratio (total liabilities/total assets) inched up to 23.0 % (31 December 2025: 22.9 %). Capital expenditure during the period was RMB 47.50 million, primarily for store refurbishments and production upgrades.

\n\nManagement reaffirmed focus on “quality scale growth and stable profitability”, targeting deeper channel penetration, continued product and brand innovation, and further cost-efficiency measures in the second half of 2026.