| 送交者: icemessenger[♂☆★★★SuperMod★★★☆♂] 于 2024-03-17 1:01 已读 3498 次 | icemessenger的个人频道 |
Bar chain Helens tastes profits again after reboot
港股“小酒馆第一股”海伦司，去年下半年恢复加盟模式，成功扭亏为盈。
“夜市千灯照碧云，高楼红袖客纷纷”，是描写唐朝时期江苏扬州夜生活的着名诗句。据称中国最早的夜市，就出现在唐朝中晚期。夜经济的勃兴，自古以来顺应了人们对美好生活的向往，也是社会经济繁荣昌盛的象征。 6park.com 6park.comThe lights are clearly back on in the country’s bars and the drinks are flowing more freely there, judging from the latest annual earnings guidance from Helens International Holdings Co. Ltd (9869.HK), a hospitality chain popular with a young clientele. The company expects to land back in the black for 2023, citing a gradual recovery in custom after the pandemic as well as business efficiencies, although annual revenues are set to shrink. Certainly, customers have been rediscovering a party atmosphere in China’s taverns and bars since Covid controls were lifted early last year, including tourists checking out the night life. A study published last October by China’s tourism agency found that the volume of nighttime tourism in the eight months to August had exceeded the level in the same period of 2019, the year before the pandemic struck. Tourists made 3.27 nighttime outings per month on average, and 95% of those surveyed expressed a willingness to sample what the leisure and dining sectors had to offer after dark. The report found that 70% of the visitors spent more money on evening entertainments than they did in 2019, pushing China’s nighttime tourism market to 1.57 trillion yuan ($220 billion) in 2023. 6park.com自去年初解除疫情管控措施以来，中国夜游经济得到了很好的复苏。据去年10月中国旅游研究院公布的《2023中国夜间经济发展报告》，去年1至8月重点监测的363座城市夜间游客规模，平均恢复到2019年的110%；游客月均夜间出游频次为3.27次，夜间出游意愿达95%。民众有意愿夜游，自然有意愿消费。报告指出，去年1至8月超七成游客夜间消费支出较2019年有所增加。2023年全国夜游市场规模1.57万亿元(2,200亿美元)。在全国各地经营小酒馆生意的海伦司国际控股有限公司(9869.HK)近日发布盈喜，也验证了中国夜经济的复苏。 6park.com 6park.comHelens has experienced the ups and downs of the hospitality industry since it was launched in 2009 as a hangout for students and other young patrons who were attracted by beer priced at 10 yuan a bottle. The company grew to encompass hundreds of outlets, becoming the first bar chain to list on the Hong Kong stock market in 2021. But Helens decided to downsize its franchise network to focus on directly managed bars, aiming to strengthen control of supply chains, staff, products and services. 6park.com海伦司主营连锁小酒馆，第一家酒馆于2009年在北京开业，凭借“10元一瓶啤酒”的低价策略，在年轻人特别是大学生群体中广受欢迎。2021年在港股上市，成为“港股小酒馆第一股”，随即快速拓展直营门店，相反陆续缩减加盟店数量，目的是要确保对产品、运营、服务、供应链及人才培养等，能达致更有效的监督。 6park.com 6park.comThe pandemic delivered a heavy blow, pushing the bar operator from profit into deep losses. A return to the black is now on the cards, as the company predicted profit attributable to shareholders would range from 160 million yuan to 210 million yuan in 2023, a big turnaround from a loss of more than 1.6 billion yuan the year before. But the revenue situation was not a source of good cheer. The company’s projected revenue of between 1.17 billion yuan and 1.22 billion yuan for last year would mark a year-on-year decline of 21.8% to 25%, a prospect that dampened the spirits of investors. In the three trading days after the earnings alert, the Helens share price fell about 7% to hover around HK$3.01. 6park.com受到疫情冲击，海伦司上市后转盈为亏，直到去年。海伦司公布，2023年预计实现营收11.7亿元至12.2亿元，同比下跌21.8%至25%，股东应占溢利预计为1.6亿元至2.1亿元，而上一年度则亏损超16亿元，公司大幅扭亏为盈。然而盈利表现虽亮眼，营收下滑却也影响公司股价表现，盈喜公布后三个交易日股价累跌约7%，在3.01港元附近徘徊。 6park.com 6park.com
A leading Chinese bar chain that struggled during the dark days of Covid is toasting a return to profit, in a sign of renewed life in the nighttime economy. In China, crowds of evening revelers have traditionally been viewed as a symbol of economic prosperity, celebrated in a famous poem from the Tang Dynasty that describes the myriad lights of a bustling night market. 6park.comReverting to slimmer franchise mode 恢复加盟 积极减肥 6park.com 6park.comWhile the company has undoubtedly benefited from a post-Covid recovery, the renewed profit is also down to a makeover of its business model. Before 2023 the hospitality chain rapidly expanded its network of directly owned bars, adding 451 in 2021 alone. In an ambitious grab for market share, the number of self-operated outlets was pushed to a peak of 846 by June 2022. 6park.com海伦司成功扭亏，除了归因于疫情解封、门店客流回升外，改变自身经营模式或是脱胎换骨的关键。2023年之前，海伦司小酒馆直营门店数量高速增长，光是2021年就新增了451家直营店，至2022年6月，公司直营店数量已达到846家，快速抢占市场份额的企图心明显。 6park.com 6park.comOnce Covid spread, the bloated number of bars put pressure on the business. In 2021 and 2022, the company’s losses amounted to 1.83 billion yuan. Therefore, the chain began to slim down, with the aim of reverting to a franchise model as a platform-based company. 6park.com不过，大量直营店自然带来沉重的经营压力，何况是疫情期间。2021、2022两年，公司累计亏损达18.3亿元。海伦司于是开始积极“减肥”，计划重新引入加盟模式，转向平台型公司发展。 6park.com 6park.comThe number of directly owned bars had more than halved to 409 by Sept. 20, 2023. That June, Helens introduced a “HiBeer Partnership” program that has now grown into a franchise network of 180 partner bars in 133 major and smaller cities, with the expansion due to speed up in 2024. 6park.com至2023年9月20日，公司直营店数量由846家大幅下降至409家。同年6月，海伦司重新恢复加盟模式，推出“嗨啤合伙人计划”，截至目前，“嗨啤合伙人”门店已累计开业180余家，覆盖从一线城市至县级城市共133个城市，并将于2024年加速扩张。 6park.com 6park.comThe company is promoting its franchise model as a money-making opportunity for its partners. Originally, Helens charged commission on the gross profit made by its franchisees. But from December last year it let partners keep all their takings and returned previous commissions. The company has also offered renovation subsides and sales incentives to boost business confidence among franchisees. 6park.com让合伙人赚到钱，是公司推广加盟的策略。原本海伦司对合伙人门店毛利分三级抽成，但自去年12月18日起，公司宣布“取消毛利抽成、门店收益100%归合伙人”的政策，已抽的毛利还将全数返还，并提供装修补贴、首次进货福利等措施。大大提升了加盟合伙人的经营信心。 6park.com 6park.comHelens can sacrifice some of the income stream because the alcohol supply chain is the real revenue driver in the pub business. 6park.com对海伦司来说，开酒馆不抽成，不妨碍其真正的生意——酒水供应链。 6park.com 6park.comHeady alcohol margins 自有酒饮毛利率近八成 6park.com 6park.comIn its earnings for the first half of 2023, product revenue amounted to 540 million yuan, more than three quarters of the total turnover of 710 million yuan. Among own-brand products, revenue from alcoholic drinks reached 300 million yuan, rising to just over 42% of the total from 37% in the same period of 2022. Meanwhile, revenue from licensed partnerships was only 390 million yuan, or 5.5% of the total revenue. 6park.com开酒馆赚的本来就是酒水钱，特别是海伦司拥有自有品牌酒水饮料。根据2023年中报，去年上半年海伦司自有产品收入达5.4亿元，占同期总收入7.1亿元的76.3%。自有产品中，“饮料化酒饮”收入达3亿元，占总收入比重由2022年同期的37%上升至42.4%。与之相较，同期特许合作收入仅3,896万元，占比5.5%。 6park.com 6park.comHelens sells own-brand beers in a range of flavors for around 10 yuan a bottle, making the chain popular with young customers. In addition, third-party branded alcoholic drinks are all priced at around 10 yuan to 20 yuan, a more affordable option than the 70 to 80 yuan charged by other bars. 6park.com海伦司自有品牌瓶装啤酒价格大约都在10元左右，多款调味啤酒受到年轻人欢迎，此外，第三方品牌酒品价格也都在10元至20元左右，与其他酒吧动辄70、80元一杯酒相比，自然更加平易近人。 6park.com 6park.comIn the period to June 30 last year, the gross profit from Helens branded alcoholic drinks stood at 320 million yuan, with a lofty gross margin of 79.4%. The company’s overall gross margin rose six percentage points to 72.3% from the same period a year earlier. 6park.com截至去年6月30日，海伦司自有酒饮毛利3.2亿元，毛利率高达79.4%；带动整体毛利率达到72.3%，按年增加六个百分点。 6park.com 6park.comDuring this year’s Spring Festival, more than 150 partner bars generated revenue exceeding 15 million yuan, according to figures released on the Helens WeChat account at the end of February. The bars took more than 210,000 orders and sold 650,000 bottles of beer during the holiday period, the report said. For nearly 37% of the bars, business peaked on the fifth day of the festival, which coincided with Valentine's Day, as they earned over 5.2 million yuan on that day alone. 6park.com据海伦司2月底在微信公众号发布的“春节战报”，今年春节期间，150+家合伙人门店营收超过1,500万元，总订单量超过21万单，喝掉啤酒超过65万瓶。其中，36.6%的合伙人门店营收峰值在大年初五（情人节），当日总营收超过520万元。 6park.com 6park.comThe company shifted to an “asset light” model in the second half of last year to contain costs and boost efficiency. The strategy bolsters profitability but a reduced store network weighs on revenues. Helens is expected to keep focusing on the franchise structure, promoting smaller bars with more efficient use of space to respond to a changing economic environment. Investment bank Guotai Junan maintains a “hold” rating on the company, which would generate earnings of 0.16 per share and a price-to-earnings (P/E) ratio of about 18 times, if its 2023 profit hits the higher end of its projected range at 210 million yuan. 6park.com显然，海伦司自去年下半年起主打“轻资产模式”，努力实现降本增效，追求精细化管理。然而此做法虽提高了盈利，但门店减少却也令收入有所缩水。相信公司会继续深耕加盟市场，主推小型、面积效率更高、成本更低的店型，让门店能够适应更广泛的场景。国泰君安对海伦司维持增持评级，若2023年归母净利达2.1亿，每股盈利为0.16元，市盈率约18倍。
请点这里投票，“赞”助支持！