Store quality improvement and channel expansion advance simultaneously, enabling Zhou Hei Ya to achieve strong performance growth in 2025 with both revenue and net profit doubling.

On March 26, 2026, Zhou Hei Ya released its performance announcement for the year 2025. The announcement showed that in 2025, the company achieved operating revenue of 2.526 billion yuan, a year-on-year increase of 3.5%; net profit of 157 million yuan, a year-on-year increase of nearly 60%, achieving double growth in revenue and net profit. While experiencing strong performance growth, the company announced the launch of a new share repurchase plan and intends to distribute a final dividend of 0.09 HKD per share, totaling approximately 168 million yuan, with a payout ratio of 107.2%, continuously returning value to shareholders through excess dividends and the new round of repurchases.

Facing multiple challenges such as structural adjustments in the domestic consumer market and intensified industry competition, Zhou Hei Ya insists on the core strategy of “stores + channels” as a dual driving force, achieving systematic progress in improving store operations, deepening the layout of all channels, and breaking through innovative businesses, continuously solidifying its internal growth capabilities and steadily enhancing overall operational quality.

“Stores + Channels” Dual Driving Force, Building a Foundation for High-Quality Growth

In 2025, Zhou Hei Ya clearly established the “stores + channels” dual driving force as its core strategy, transforming the store business from scale expansion to quality cultivation. Collaborative efforts were made from three dimensions: operating scenarios, personnel empowerment, and store layout, to activate growth momentum.

In terms of operating scenarios, Zhou Hei Ya deepened cooperation with supermarkets to broaden access scenarios, promoting staff live streaming to achieve bidirectional empowerment online and offline; at the same time, the membership operation system continued to be upgraded, with over 5 million new members added throughout the year, and membership sales steadily increasing in offline proportions. In terms of personnel empowerment, the company fully activated frontline employee momentum through regional horizontal competition and the annual 360° PK mechanism, and improved team professionalism and cohesion through concentrated training for elite talents and special incentives. Regarding store layout, Zhou Hei Ya focused on developing high-potential directly-operated stores, prioritizing core areas, strictly controlling store standards, and enhancing overall operational quality.

As a result of a series of measures, the total number of stores in the second half of the year achieved a net growth recovery. As of December 31, 2025, the number of Zhou Hei Ya stores was 3,019, with average monthly sales per store increasing by 13.6% year-on-year, and the efficiency and operational quality of individual stores continuously improving.

On the channel side, Zhou Hei Ya successfully opened up diversified channel access, including membership stores, hypermarkets, and convenience stores, achieving a comprehensive start for new businesses. During the year, the company entered over 80 key system channels such as Sam’s Club, Pang Dong Lai, and Yonghui, covering nearly 40,000 terminal sales points, completing large-scale layout in key incremental markets. Meanwhile, during the reporting period, the company focused on interest e-commerce, and the overall online e-commerce business achieved positive growth. To meet the diverse needs of different channels and customer groups, Zhou Hei Ya constructed a diversified product matrix consisting of long-lasting products, medium-lasting products, customized products, and gift box products, achieving precise penetration and effectively enhancing channel operational efficiency and consumer conversion rates.

Relying on the all-channel layout, Zhou Hei Ya successfully built a growth system that integrates online and offline collaboration, achieving comprehensive coverage of consumer scenarios and precise reach to customer segments, forming a virtuous cycle of scenario complementarity, traffic guidance, and marketing communication. This 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 promotes continuous optimization of revenue structure, providing stronger resilience and momentum for steady growth, fully activating the growth potential across all channels.

Innovative Business Forward-Looking Breakthroughs, Opening Up New Space for Long-Term Growth

While deeply cultivating its core business, Zhou Hei Ya has made forward-looking layouts to create a long-term growth curve, achieving key breakthroughs in two innovative sectors: overseas business and dual-flavor categories, while exploring the incubation of new table-side flavor scenes to accumulate momentum for future expansion of flavor maps and consumer scenarios.

As a long-term growth driver for the company, 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, initially establishing a global distribution network; the first brand directly-operated store in Port Klang, Malaysia, has successfully opened, becoming an important milestone in international exploration.

At the same time, Zhou Hei Ya, relying on its core black duck flavor assets, has reached a strategic cooperation with Sichuan Shentang Industrial Group to innovate categories and models around flavor extension. The dual-flavor product series “Ga Ga Xiang” has launched 29 SKUs, including marinated seasoning packs, spicy hot pot bases, Zhou Hei Ya flavor noodle sauces, and turkey noodle sauces, initially establishing a product matrix covering marinated seasonings and sauces, extending the black duck flavor from the leisure snack scene to home cooking and convenient fast food, covering a broader range of consumer scenarios and further expanding the boundaries of consumption and the brand.

The accelerated landing of overseas business and the innovative breakthroughs in dual-flavor categories together inject new momentum into the company’s long-term development. In the context of increasingly diverse consumer scenarios and continuously segmented user demands, Zhou Hei Ya’s forward-looking layout, linked by flavor, 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 wider new spaces for long-term high-quality development.

Focusing on Dual Driving Forces, Cultivating New Growth Poles, Achieving Long-Term High-Quality Development

2025 is a critical year for Zhou Hei Ya’s strategic transformation and deepening. The “stores + channels” dual driving force strategy achieved effective connection from top-level design to implementation execution during the year, with the store business achieving simultaneous improvements in individual store efficiency and scale quality through refined operations, while the channel business successfully opened up incremental space through diversified channel layouts, collectively forming a more robust and resilient business structure. At the same time, substantial breakthroughs have been achieved in the two innovative sectors of overseas business and dual-flavor categories, injecting fresh momentum into the company’s medium to long-term development. The achievement of this series of results fully validates 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 “stores + channels” dual driving force, further deepening refined operational capabilities on the basis of consolidating existing achievements. Accelerate product innovation and channel expansion, deepen strategic cooperation with key system channels, and promote the continuous release of growth momentum across all channels. At the same time, the company will steadily advance the large-scale development of dual-flavor businesses, accelerate its layout in overseas markets, and strive to cultivate new growth poles, steadily moving toward long-term high-quality development.

Meanwhile, Zhou Hei Ya always pays attention to shareholder returns. According to the announcement, Zhou Hei Ya announced the launch of a new round of share repurchase plan, starting from March 27, 2026, until the 2027 shareholders’ meeting, the company will periodically repurchase its shares, with the number of shares not exceeding 10% of the total issued shares. In addition, the company’s board of directors recommends distributing a final dividend of 0.09 HKD per share for the year 2025, totaling approximately 168 million yuan, with a payout ratio of 107.2%. It is worth mentioning that this is the company’s third consecutive year of maintaining a high dividend payout ratio, fully reflecting the company’s strong cash flow capability and the management’s confidence in future operations, further solidifying the company’s long-term investment value.

Chinese food industry analyst Zhu Danpeng pointed out that Zhou Hei Ya’s 2025 annual report fully confirms the success of its strategic adjustments. In the context of overall industry pressure, the company achieved double growth in revenue and net profit, especially the nearly 60% significant increase in profit, becoming the biggest highlight. He believes that Zhou Hei Ya, through the “stores + channels” dual driving force, has not only solidified its basic plate but also firmly promoted its overseas layout, laying a solid foundation for sustainable development and injecting strong confidence into the marinated product industry.

Zhu Danpeng further stated that Zhou Hei Ya has built a comprehensive advantage that synergizes brand, scale, fan effect, and supply chain integrity, and the steady advancement of overseas business further demonstrates the strong resilience of corporate development. Overall, Zhou Hei Ya transforms external uncertainties into internal growth certainties, which is key to the high value and investment worth of its annual report.

(Editor: Wang Can)

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