Helens International Holdings (SEHK:9869) Same Store Sales Slump Tests Bullish Growth Narratives

How Helens International Holdings' Latest Numbers Stack Up

Helens International Holdings (SEHK:9869) has just posted FY 2025 first half results with revenue of C¥291.8 million and basic EPS of C¥0.040, alongside trailing twelve month revenue of C¥540.5 million and EPS of C¥0.027 as the share price sits at HK$0.84. Over recent periods, the company has seen reported revenue move from C¥441.5 million in 1H 2024 to C¥291.8 million in 1H 2025, while net income shifted from C¥69.7 million to C¥50.3 million, with trailing twelve month net income at C¥34.0 million. This sets up a picture of profitability that puts the focus squarely on how sustainable margins look from here.

See our full analysis for Helens International Holdings.

With the headline figures in place, the next step is to see how these results line up against the dominant narratives around Helens, and where the numbers start to challenge what many investors currently believe.

Curious how numbers become stories that shape markets? Explore Community Narratives

Same-Store Sales Slide 17.9%

• Same restaurant sales in 1H 2025 showed a 17.9% decline, alongside revenue of C¥291.8 million from 580 restaurants, compared with C¥441.5 million from 537 restaurants in 1H 2024.
• What stands out for a more cautious, bearish view is that revenue fell even as store count rose, which fits concerns about demand softness:
  • Bears point to the 17.9% same-store sales decline as a sign that existing venues are doing less business despite a larger network.
  • They may also highlight that trailing twelve month revenue of C¥540.5 million sits below the C¥753.2 million reported in 2H 2024, reinforcing the idea that growth is not just pausing but under pressure.

Profitability Swings Around Recent Losses

• Net income in 1H 2025 came in at C¥50.3 million, compared with a loss of C¥147.7 million in 2H 2024 and profit of C¥69.7 million in 1H 2024, while trailing twelve month net income sits at C¥34.0 million.
• Supporters of a more bullish angle focus on the move back into profit, but the recent loss period keeps the debate alive:
  • The bullish story that the company has become profitable over the last year and grown earnings at 15.5% per year over five years is consistent with trailing twelve month EPS of C¥0.027, which is positive after prior half-year losses.
  • At the same time, critics can point to the C¥147.7 million loss in 2H 2024 as evidence that profitability has been uneven, so the latest C¥50.3 million profit will be watched closely to see if it is part of a steadier pattern or another swing.

Valuation Stands Out Versus DCF Fair Value

• At a share price of HK$0.84, the trailing P/E of 26.2x sits above the Hong Kong hospitality average of 15.9x, while a stated DCF fair value of about HK$2.84 is well above the current price.
• This mix of metrics creates a clear tension that bullish and bearish investors interpret differently:
  • Bulls argue the company’s profitability return and forecast revenue growth of 22.7% per year, together with forecast earnings growth of 67.4% per year, help justify a higher P/E and align with a DCF fair value that is roughly 3.4x the current HK$0.84 price.
  • Bears instead point out that paying 26.2x trailing earnings still implies a premium versus sector peers, and they may flag the unstable dividend record as a sign that cash returns have not been consistent even as expectations around future growth are high.

To see how other investors are connecting these earnings swings, growth forecasts, and valuation signals into a bigger story, Curious how numbers become stories that shape markets? Explore Community Narratives.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Helens International Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Mixed signals or a clear message? The only way to be confident is to move fast, review the figures for yourself, and weigh up the 3 key rewards and 1 important warning sign 3 key rewards and 1 important warning sign

See What Else Is Out There

Helens is facing a 17.9% same-store sales drop, uneven profitability, and a premium 26.2x P/E against sector peers, which raises questions about resilience.

If those pressure points make you want stronger quality signals around value and balance sheets, check out the solid balance sheet and fundamentals stocks screener (383 results) to quickly compare alternatives built for staying power.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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