Yihai International: APAC Consumer & Leisure Corporate Day 2026 Takeaways: Continuing third-party strength/related party growth with

研报英文原文证据摘录

Yihai International: APAC Consumer & Leisure Corporate Day 2026 Takeaways: Continuing third-party strength/related party growth with

Equity Research

29 June 2026 | 7:09PM HKT

Yihai International: APAC Consumer & Leisure Corporate Day 2026

Takeaways - Continuing third-party strength/related party growth with

Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Goldman Sachs (Asia) L.L.C.

Christina Liu

+852-2978-6983 | christina.liu@gs.com

Valerie ZhouBottom line: We hosted Yihai IR team on our event. 3rd-party sales momentum has +852-2978-0820 | valerie.zhou@gs.com

sustained a DD% growth pace YTD with all business lines/channels trending stronger Goldman Sachs (Asia) L.L.C.

yoy, including decent growth from KA channels for domestic 2C sales (solid market

share gain/products launch in KAs), c.30%+ growth in overseas markets and

20%~30% large 2B business scaling (small 2B growth much higher on low base).

Compound condiments/hotpot soup/convenience foods all achieved positive growth

with compound leading the growth and convenience foods stabilizing/growing with

new channels. 2Q momentum remained solid despite slowing vs. 1Q growth due

mainly to seasonality while the company noted MoM improvement in April to June.

Related party sales also benefited from some news business by Haidilao with

stabilizing GPM. For profitability, the company continues to target DD% sales

growth in 2026E full year, while profitability should benefit from efficiency gains and

scale effects despite volatility in packaging material costs/non-op income/FX losses.

Management reiterated that 1H26 OPM/GPM should expand YoY on raw material

tailwinds/opex savings and aims for DD% NP growth, while 2H GPM is not seen as a

major concern (lapping high base from 2H25) as packaging material cost pressure