1H26 Preview: Resilient Third‑party Growth, Upgrade to Buy

研报英文原文证据摘录

1H26 Preview: Resilient Third‑party Growth, Upgrade to Buy

China (PRC) | Consumer Staples

Yihai EquityJulyResearch5, 2026

RATING | TARGET | ESTIMATE CHANGE1H26 Preview: Resilient Third-party Growth,

RATING BUY (HOLD)Upgrade to Buy

PRICE HK$13.11^

We forecast 11% net profit growth on 7.9% sales growth in 1H26E. Third-

HK$17.80 (HK$17.40) |

party channels remain resilient, driven by overseas expansion, domestic PRICE TARGET | % TO PT +36%

2B client penetration, and strong direct sales to malls/supermarkets, while 52W HIGH-LOW HK$17.33 - HK$11.76

related-party (Haidilao) stays largely stable. We expect gross margin and FLOAT (%) | ADV MM (USD) 49.5% | 5.07

SG&A ratio improvement on effective cost control. Upgrade to Buy with a MARKET CAP HK$13.6B | $1.7B

new PT of HK$17.8. TICKER 1579 HK

^Prior trading day's closing price unless otherwise

We forecast 11% net profit growth on 7.9% sales growth in 1H26E. In detail: noted.

Sales are expected to be driven by a 10.7% increase in third-party channels, while related-• FY (Dec) CHANGE TO JEFe JEF vs CONS

party channels grow 1.1%. For third-party: We estimate 7.2%/ 19.8% growth for hot

pot condiment/ Chinese-style compound condiment, supported by continued overseas 2026 2027 2026 2027

growth, domestic 2B clients penetration, and strong growth in direct sales to malls/ REV NM NM NM NM

supermarkets (including customization); we estimate convenient food sales to be largely EPS +1% +4% NM +2%

flat (+0.4%).

Gross margin is estimated to improve by 2.2ppt, driven by higher sales mix from third- 2026 (RMB) 1Half 2Half FY•

party channels (with higher GPM). By channel, we expect +2.3/ +0.7 ppt expansion in third- EPS -- -- 0.99

party/ related party channels as most raw materials were locked in at lower prices in 2H25. PREV 0.98