Financial Performance - The company's revenue decreased by 15.9% from RMB 2,846.1 million in the first half of 2023 to RMB 2,394.5 million in the reporting period[3]. - The pre-tax loss for the reporting period was RMB 267.0 million, compared to a pre-tax profit of RMB 7.0 million for the same period in 2023[3]. - The total net loss for the period was RMB 273.7 million, primarily due to a weak overall market environment and increased competition in the dining sector[3]. - The total net revenue for the first half of 2024 was RMB 1,254,525,000, a decrease of 11.7% compared to RMB 1,420,948,000 in the same period of 2023[10]. - The total same-store sales for the group decreased by 43.0% to RMB 750.8 million compared to RMB 1,317.8 million in the same period of 2023[17]. - The group reported a consolidated loss before tax of RMB 267,000 thousand for the six months ended June 30, 2024, compared to a profit in the previous period[59]. - The group reported a total revenue of RMB 2,394.5 million for the six months ended June 30, 2024, a decrease of approximately 15.8% compared to RMB 2,846.1 million for the same period in 2023[47]. Restaurant Operations - The company opened 41 new Xiabuxiabu restaurants in mainland China during the first half of 2024, bringing the total to 821 restaurants in 21 provinces and 3 municipalities[3]. - The company closed a total of 48 Xiabuxiabu restaurants and 23 Coucou restaurants during the reporting period due to business reasons[5]. - The company plans to expand its store presence in first-tier and new second-tier cities, leveraging a proven high turnover rate model[20]. - The company is set to open its first store in Taiwan on June 25, 2024, as part of its strategy to enhance international brand exposure[20]. Sales and Customer Engagement - The sales of Xiabuxiabu decreased by 4.6% to RMB 1,313.1 million, while Coucou sales dropped by 28.3% to RMB 1,004.5 million[3]. - Same-store sales in first-tier cities decreased by 12.9%, with revenue of RMB 410.0 million compared to RMB 573.6 million in the previous year[12]. - The average customer spending in first-tier cities increased to RMB 60.0, up from RMB 58.8 in the previous year[10]. - The average customer spending in other markets was RMB 123.4, down from RMB 143.4 in the previous year[10]. - The company implemented various marketing strategies, including promotions for small portion dishes and online marketing activities, to attract customers amid declining consumer spending[16]. Cost Management and Efficiency - The cost of raw materials and consumables as a percentage of total revenue decreased from 37.4% in the first half of 2023 to 34.6% in the reporting period, reflecting effective cost management[27]. - Employee costs decreased by 12.5% from RMB 929.9 million to RMB 814.1 million due to store closures, with a net reduction of 22 stores compared to the previous year[28]. - Property rental and related expenses increased by 15.1% from RMB 138.8 million to RMB 159.7 million, accounting for 6.7% of total revenue, up from 4.9% in the previous year[29]. - Utility expenses decreased by 8.7% from RMB 98.6 million to RMB 90.1 million, representing 3.8% of total revenue[30]. - The company is focusing on optimizing its business model by closing underperforming restaurants to achieve profitability across all stores by the second half of 2024[18]. Membership and Loyalty Programs - In 2024, the company aims to enhance brand loyalty through a four-pronged membership strategy, focusing on paid membership promotion, new member development, existing member engagement, and platform operations[18]. - The company achieved over RMB 1.4 billion in paid membership card sales in the first half of 2024, with daily card sales increasing from 2.9 to 5.2 cards, a rise of 1.8 times[19]. - The average consumption per paid member reached RMB 432, with a frequency of 4.9 visits, which is 2.7 times higher than that of regular members[19]. Financial Position and Liabilities - As of June 30, 2024, cash and cash equivalents totaled RMB 310.0 million, up from RMB 129.4 million at the end of 2023[38]. - The group’s total liabilities as of June 30, 2024, were RMB 1,747.1 million, compared to RMB 1,884.8 million at the end of 2023[48]. - The group had short-term borrowings of RMB 378.7 million as of June 30, 2024, an increase from RMB 248.6 million as of December 31, 2023[41]. - The net asset value of the group decreased to RMB 967.9 million as of June 30, 2024, down from RMB 1,269.9 million at the end of 2023[48]. Corporate Governance - The board of directors consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring strong independence[100]. - The company has established an audit committee in accordance with corporate governance codes, comprising two independent non-executive directors and one non-executive director[102]. - The company will continue to review and monitor its corporate governance practices to maintain high standards[100].

也提到了就是我们现在可能把这种渠道作为一个补充另外的话也是就是布局那种非热门的时段然后像我知道之前像比如说凑凑在比较早之前就已经会去做一些下午茶的这样的一些场景然后想问说我们现在可能除了晚餐以外虾布和凑凑他的那个午餐以及说像下午茶这些场景的话大概能占到一天的这个销售比例有多少以及说跟之前大概是 这个我们没有去专门的去做一个具体的披露主要也是说如果你一个业态或者是某一项服务它一般可能要占到总的收入10%以上 那教育所会对你进行一个披露的一个要求但目前来讲这一类主要都还是我们的一个补充的数字来源确实也没有这个数字立刻在手上 那从我自己的观察来看的话呢处处可能还是晚市居多吧因为它毕竟是这个商务宴请约会为主的那下午来讲的话分饭的会比较多一些正常的午餐晚餐吧应该都是比较频繁的 了解了解但总的来说我们可能在这个多场景一些非热门时段还是有比以前更大力度的去做你也不能说更大力度吧其实之前比较巧妙的 因为我们自己现在看来的状况来讲,首先国会会员他的课单消费是普通的消费者的两倍以上 其次的就是他在一年度里面他其实回来的这个复购是可以达到六到八次的所以不论是说他的这个经济能力还是说他对这个品牌的忠诚度都非常的高那你要想留住这群人的 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 15% year-over-year growth[3]. - Revenue for the year ended December 31, 2023, was RMB 5,917,962,000, representing an increase of 25.3% compared to RMB 4,724,834,000 in 2022[16]. - The Group's revenue for the year ended December 31, 2023, increased by more than 25% compared to the previous year, and the loss has narrowed compared to the previous year[27]. - The total net revenue for the Group in 2023 was RMB 3,081,423 thousand, a significant increase from RMB 2,253,777 thousand in 2022, representing a growth of approximately 36.6%[70]. - The revenue from Xiabuxiabu increased by 32.3% from RMB2,285.8 million in 2022 to RMB3,023.9 million in 2023[148]. - Coucou's revenue increased by 20.2% from RMB2,205.8 million in 2022 to RMB2,651.9 million in 2023[148]. Loss and Improvement - Loss before tax for 2023 was RMB (124,375,000), a significant improvement from a loss of RMB (350,935,000) in 2022[16]. - Loss attributable to owners of the Company for 2023 was RMB (199,466,000), compared to a loss of RMB (353,052,000) in the previous year, indicating a reduction of 43.5%[16]. - The loss attributable to owners of the Company decreased from RMB353.1 million in 2022 to RMB199.5 million in 2023[169][175]. Market Expansion and Strategy - The company is expanding its market presence with plans to open 50 new locations across major cities in China within the next year[3]. - The Group plans to continue its investment in new product development and technology to drive future growth[14]. - The Group aims to enhance brand loyalty through clearer campaign planning and diversified promotional strategies[30]. - The Group's strategy includes optimizing talent training and enhancing personnel skills to improve operational efficiency[41]. - The Group aims to strengthen its global brand effect through overseas expansion, particularly in Hong Kong, Taiwan, and Singapore[54]. Product Development and Offerings - New product launches included a range of premium condiment products aimed at mid-to-high-end customers, expected to drive additional sales[12]. - The Group plans to accelerate the launch of new dishes and establish a dish library to respond to market demand[30]. - The Group is focusing on expanding product lines, including afternoon tea and late-night snacks, to enhance customer experience and increase visit frequency[71]. - The Group plans to upgrade its afternoon tea and nighttime snack services in 2024, introducing new product offerings to cater to various consumer scenarios[110]. Operational Efficiency - The management highlighted a focus on improving operational efficiency, aiming for a 5% reduction in costs through streamlined processes[3]. - The Group effectively reduced the average purchase price and labor costs through supply chain optimization and efficient scheduling[27]. - The seat turnover rate improved from 2.0x in 2022 to 2.6x in 2023, indicating enhanced operational efficiency[71]. Sustainability and Social Responsibility - The company emphasized its commitment to sustainability, with plans to implement eco-friendly practices in all new restaurant openings[3]. - The Group donated RMB 1,000,000 and allocated 100 tonnes of lamb to support disaster relief efforts during the 2023 Beijing-Tianjin-Hebei flood[35]. Membership and Customer Engagement - The total number of members of the Group has exceeded 35,000,000, with nearly one million units of the super membership card sold in the first half of 2023[34]. - The Group's membership system saw a 62% year-on-year increase in new members, with member consumption frequency rising to 2.79 times, totaling nearly 9.4 million member transactions, both up 1.4 times year-on-year[104]. - The all-you-can-eat card for premium members launched in 2023 generated over RMB 150 million in sales, with consumption frequency for these members increasing by 2.1 times compared to ordinary members, and per capita repurchase spending reaching RMB 542, a 2.3 times increase[104]. Financial Management - The Group's cash and cash equivalents amounted to RMB 129.4 million, a decrease of approximately RMB 171.3 million from RMB 300.7 million on December 31, 2022[181]. - The Group held financial assets measured at fair value through profit or loss totaling RMB 654.0 million, with expected annual returns ranging from 2.60% to 5.25%[182]. - The gearing ratio as of December 31, 2023, was 19.6%, calculated by dividing bank and other borrowings by total equity[192]. Challenges and Competition - The catering industry in China faced intense competition, with a GDP growth rate of 5.2% in 2023[54]. - The average spending per customer in Tier 1 cities decreased from RMB 67.9 in 2022 to RMB 63.4 in 2023, while the average spending in other markets was RMB 131.4[70]. - Same-store sales in Tier 1 cities decreased by 11.7% in 2023 compared to 2022, while Tier 2 cities saw a decrease of 11.9%[80].

近日，呷哺呷哺发布了最新业绩公告，公司全年营收达到59亿元，同比增长25.3%，远超行业平均增 速，表现抢眼。其中，湊湊业务作为公司的重要增长引擎之一，其业绩表现颇为亮眼。 据业绩公告显示，湊湊业务收入在报告期内实现了20.2%的稳健增长，达到26.5亿元，占公司总营收的 近一半，成为公司盈利的重要支柱之一。这一成绩不仅反映了湊湊品牌在市场中的强大竞争力和广泛认 可度，更彰显了其持续创新和发展的能力。 在门店扩张方面，湊湊同样取得了显著进展。期内，公司新开了48间湊湊餐厅，进一步扩大了品牌的市 场覆盖面和影响力。湊湊品牌不仅在国内市场稳扎稳打，更在海外市场展现出强大的增长潜力。虽然中 国大陆以外湊湊餐厅数量仅占公司全部湊湊餐厅的5.5%，但却实现了高达11.89%的净收入占比，达到 3.11亿元，较2022年大幅增长36.5%。这一数据充分证明了湊湊品牌在海外市场的受欢迎程度和增长潜 力。 此外，湊湊业务在提升运营效率方面也取得了显著成效。湊湊品牌在提升顾客体验和运营效率方面的持 续发力，通过优化服务流程、提升菜品品质以及加强品牌营销等措施，成功吸引了更多消费者的关注和 喜爱。 综上所述，湊湊业务在呷哺呷哺的 ...

Financial Performance - The company's revenue increased by 25.3% from RMB 4,724.8 million in 2022 to RMB 5,917.962 million in 2023[4]. - The company reported a total loss of RMB 194.445 million for the year, an improvement from a loss of RMB 331.188 million in the previous year[2]. - The total net income for the group in 2023 was RMB 2,617.8 million, an increase from RMB 2,259.5 million in 2022[16]. - The pre-tax loss decreased significantly by 64.6% from RMB 350.9 million in 2022 to RMB 124.4 million in 2023[36]. - The company recorded a net loss of RMB 135.2 million in 2023, compared to a net loss of RMB 16.5 million in 2022, primarily due to impairment losses on non-current assets[45]. - The loss attributable to the company's owners narrowed from RMB 353.1 million in 2022 to RMB 199.5 million in 2023[48]. - The company reported a total revenue of RMB 5,917.96 million for 2023, compared to RMB 4,724.83 million in 2022, reflecting a year-over-year increase[57]. - The net loss for the year ended December 31, 2023, was RMB 194.45 million, a decrease from a net loss of RMB 331.19 million in 2022[56]. Restaurant Operations - The total number of restaurants operated by the company reached 1,098, with 186 new openings and 114 closures in 2023[6]. - The company operates 833 Xiabuxiabu restaurants, with 38.1% located in first-tier cities, up from 37.6% in 2022[7]. - The total number of Coucou restaurants increased to 257, with a significant presence in second-tier cities[9]. - The company closed 99 Xiabuxiabu restaurants due to losses, primarily in areas not aligned with the brand's value proposition[4]. - In 2023, the company successfully opened 131 new restaurants under the "Xiaobai Xiaobai" brand, with a remarkable table turnover rate exceeding 10 times in southern cities like Shanghai[21]. - For 2024, the company plans to open no less than 100 new "Xiaobai Xiaobai" restaurants, targeting a turnover rate of at least 3 times in new locations[21]. - "Cou Cou" brand opened 45 new restaurants in mainland China in 2023, despite a challenging consumption environment, and plans to open 26 new hot pot restaurants in 2024[21]. Customer Engagement and Membership - The membership program saw a 62% increase in new member recruitment in 2023, with member spending frequency rising to 2.79 times[25]. - The paid membership program "Chang Chi Card" generated over 150 million yuan in sales in 2023, with consumption frequency for cardholders increasing 2.1 times compared to regular members[25]. - In 2024, "Cou Cou" will focus on new product development and member plans, with over 70% of menu items offering exclusive discounts for "Chang Chi Card" members[24]. - The company aims to enhance customer engagement through its membership system and cross-brand collaborations with banks and airlines[33]. Financial Management and Costs - Employee costs increased by 19.9% from RMB 1,553.5 million in 2022 to RMB 1,862.9 million in 2023, while the employee count rose from 27,059 to 28,665[40]. - Property rental and related expenses rose by 23.5% from RMB 251.8 million in 2022 to RMB 311.1 million in 2023, maintaining a consistent percentage of 5.3% of total revenue[41]. - Utility expenses increased by 27.3% from RMB 177.5 million in 2022 to RMB 225.9 million in 2023, with the percentage of total revenue remaining stable at 3.8%[42]. - The cost of raw materials and consumables increased by 23.1% to RMB 2,214.4 million, but the percentage of these costs relative to total revenue decreased from 38.1% to 37.4%[39]. - The company recognized a total tax expense of RMB 70,070,000 in 2023, compared to a tax benefit of RMB 19,747,000 in 2022, marking a significant shift in tax position[86]. Strategic Plans and Market Focus - The company plans to continue its overseas expansion strategy, focusing on markets such as Hong Kong, Taiwan, and Singapore[5]. - The group plans to focus on ensuring high-quality and safe ingredients, improving dining experiences, and enhancing brand recognition in a competitive market[20]. - The company plans to upgrade 150 outdated restaurant locations to create a more appealing dining environment[23]. - The company will continue to target the "new middle class" and university student market segments with tailored dining experiences[24]. - The company plans to continue leveraging its supply chain advantages to diversify product offerings and meet the diverse needs of consumers, particularly young consumers[26]. Product Development and Innovation - The company plans to add 5-8 new SKUs in the affordable hot pot base and home cooking seasoning categories in 2024[34]. - The company will optimize its afternoon tea and late-night snack offerings in 2024, introducing a flexible combination model to cater to different consumer scenarios[26]. - In September 2023, the company launched the "Sauerkraut Pork Hot Pot," which received positive consumer feedback, and plans to introduce new flavored hot pot bases in 2024[27]. - The company is focusing on developing camping meal packages to meet the growing interest in outdoor dining experiences[34]. - In 2024, the company will launch new products inspired by traditional Taiwanese cuisine, including various hot pot bases and snacks, to enhance consumer choice[26]. Governance and Compliance - The company has adopted a corporate governance code to ensure high standards of accountability and transparency, with a focus on maintaining a balanced power structure within the board[108]. - The audit committee, consisting of independent non-executive directors, reviewed the annual performance for the year ending December 31, 2023[112]. - The company's financial statements for the year ending December 31, 2023, were approved by Deloitte, confirming consistency with the preliminary announcement[113]. - The board proposes a special resolution to amend the company's articles of association at the annual general meeting[115].

智通财经APP获悉，餐饮股早盘继续走高，截至发稿，呷哺呷哺(00520)涨8%，报1.89港元；奈雪的茶 (02150)涨5.21%，报3.43港元；海底捞(06862)涨3.47%，报17.3港元；九毛九(09922)涨3.02%，报6.15港 元。 上海证券指出，2023年以来，伴随餐饮市场的强势回暖，头部餐饮企业开放加盟趋势愈加明显，不少品 牌选择开放加盟扩充市场。餐饮行业回暖趋势强劲，连锁化进程不断加快。海底捞顺应餐饮市场加盟 潮，扩大品牌影响力，有助于其增强营运能力，引入更多优质资源，提升营运效率，助力未来持续下沉 扩张。建议关注海底捞、九毛九。 华福证券指出，餐饮业充分复苏，整体势头强劲；餐饮行业下沉市场增长潜力显现，或成业绩新增长 点；高质价比产品、刚需品类仍然是餐饮消费主流；扩大门店规模仍然是主旋律，餐饮连锁化程度进一 步提升。推荐深耕下沉餐饮渠道的呷哺呷哺，建议关注海底捞、广州酒家、九毛九、同庆楼。 ...

Financial Performance - Xiabuxiabu reported a revenue increase of 15% year-over-year for the first half of 2023, reaching HK$1.2 billion[1]. - The company achieved a net profit margin of 10%, translating to a net profit of HK$120 million for the same period[1]. - The Group's revenue increased by 32.0% from RMB2,156.4 million in the first half of 2022 to RMB2,846.1 million for the Reporting Period[22]. - Sales from Xiabuxiabu increased by 29.5% from RMB1,063.5 million in the first half of 2022 to RMB1,377.0 million for the Reporting Period[22]. - Sales generated from Coucou increased by 36.8% from RMB1,024.3 million in the first half of 2022 to RMB1,401.5 million for the Reporting Period[22]. - The Group's profit turned around from a loss of RMB278.2 million in the first half of 2022 to a profit of RMB2.1 million for the Reporting Period[22]. - Total net revenue for the first half of 2023 reached RMB 1,420,948 thousand, a significant increase from RMB 1,049,136 thousand in 2022, representing a growth of approximately 35.4%[34]. - The Group's profit for the period was RMB2,120 thousand, a significant recovery from a loss of RMB278,151 thousand in the same period last year[64]. - Total comprehensive income attributable to owners was RMB 2,406 thousand, compared to a loss of RMB 279,535 thousand in H1 2022[64]. - Basic earnings per share for the period was RMB 0.23, compared to a loss of RMB 26.12 per share in the same period last year[141]. Customer Engagement and Market Expansion - User data indicated a growth in customer visits by 20%, with an average spend per customer increasing to HK$45[1]. - The company plans to open 50 new locations across China in the next fiscal year, expanding its market presence significantly[1]. - The Group opened 89 new Xiabuxiabu restaurants and 27 new Coucou restaurants in the first half of 2023[21]. - The total number of restaurants in operation increased from 1,008 as of June 30, 2022, to 1,094 as of June 30, 2023[22]. - The Group plans to expand its restaurant network to the southern region by opening new small-scale restaurants[23]. - The company is exploring potential acquisitions to enhance its market share in the fast-casual dining segment[1]. - The company plans to continue expanding its restaurant network and enhancing customer loyalty through paid membership initiatives[24]. - The membership base was rapidly expanded through targeted marketing and promotional activities, including an all-you-can-eat card launched on May 20, 2023[51]. Operational Efficiency and Cost Management - A strategic partnership with local suppliers is expected to reduce food costs by 5%, improving overall profitability[1]. - The Group's operational strategy includes opening cost-effective new restaurant models and enhancing digital processes to support rapid business growth[24]. - The Group intends to finance its expansion and business operations through organic growth and bank financing[82]. - The Group plans to implement cost control measures by upgrading logistics, procurement, and quality control processes to maintain competitiveness[55]. - The cost of raw materials and consumables as a percentage of revenue decreased from 37.6% in the first half of 2022 to 37.4% during the Reporting Period[68]. Digital Transformation and Marketing Strategies - Xiabuxiabu's digital transformation initiatives have led to a 30% increase in online orders, reflecting changing consumer behavior[1]. - The company implemented aggressive marketing strategies in early 2023, contributing to the recovery of customer traffic and overall market consumption[37]. - The company is focusing on a "full + more" model to increase customer visits and enhance product offerings, including afternoon tea and late-night snacks[49]. Financial Position and Investments - As of June 30, 2023, the Group had cash and cash equivalents of RMB175.7 million, down from RMB300.7 million as of December 31, 2022[83]. - The Group held short-term investments amounting to RMB530.4 million as of June 30, 2023, which are financial products with expected annual return rates ranging from 2.8% to 5.0%[84]. - The Group's gearing ratio as of June 30, 2023, was 13.9%, calculated by dividing bank and other borrowings by total equity[92]. - Capital expenditures during the reporting period amounted to RMB 264.9 million, primarily for new restaurant openings and renovations, compared to RMB 140.7 million for the same period in 2022[92]. - The Group's total liabilities as of June 30, 2023, were RMB 1,907,303, an increase from RMB 1,774,550 at the end of 2022[143]. Governance and Compliance - The Company complied with the Corporate Governance Code, except for a deviation regarding the separation of roles of chairman and chief executive officer[122]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring a strong independence element[123]. - The Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2023[130]. - The independent auditor, Deloitte Touche Tohmatsu, conducted a review of the interim financial information in accordance with relevant standards[137].

Financial Performance - Revenue for the six months ended June 30, 2023, increased by 32.0% to RMB 2,846.1 million compared to RMB 2,156.4 million in the same period of 2022[2]. - The net profit for the period was RMB 2.1 million, a turnaround from a loss of RMB 278.2 million in the same period of 2022[4]. - The group reported a profit attributable to owners of the company of RMB 2.4 million, recovering from a loss of RMB 279.5 million in the previous period[37]. - The group achieved a profit before tax of RMB 7.0 million, a turnaround from a loss of RMB 303.0 million in the previous period[35]. - The group reported a total comprehensive income of RMB 2,406,000 for the six months ended June 30, 2023, compared to a loss of RMB 279,535,000 in the same period of 2022, marking a significant turnaround[52]. - The group’s basic earnings per share for the period was RMB 0.23, compared to a loss per share of RMB 26.12 in the previous year[50]. Revenue Growth - The sales revenue for Xiabuxiabu increased by 29.5% to RMB 1,377.0 million, while Coucou's sales revenue grew by 36.8% to RMB 1,401.5 million[4]. - Net revenue for the first half of 2023 reached RMB 1,420,948, a significant increase of 35.4% compared to RMB 1,049,136 in the same period of 2022[11]. - Total same-store sales for the first half of 2023 amounted to RMB 1,268.1 million, compared to RMB 563.3 million in 2022, reflecting a growth of 125.5%[13]. - The total revenue for the first half of 2023 reached RMB 2,846,121 thousand, an increase from RMB 2,156,438 thousand in the same period of 2022, representing a growth of approximately 32%[66]. Restaurant Operations - The total number of restaurants operated globally reached 1,094, with 1,080 located in mainland China, as of June 30, 2023[4]. - The company opened 89 new Xiabuxiabu restaurants and 27 new Coucou restaurants in mainland China during the first half of 2023[4]. - The company closed a total of 49 Xiabuxiabu restaurants and 3 Coucou restaurants during the first half of 2023 due to business reasons[6]. - The number of restaurants in second-tier cities increased to 140, up from 108, marking a growth of 29.6%[9]. - The company plans to expand its restaurant network in southern regions and enhance digital integration for order management and supply chain systems[19]. Customer Engagement - Membership base increased by over 3 million, a 2.1 times year-on-year growth, with member spending frequency rising by 17.4% to 1.73 times[20]. - The average customer spending in first-tier cities decreased to RMB 58.8 from RMB 67.2, indicating a drop of 12.6%[11]. - The average customer spending in other markets reached RMB 143.4, with no previous year data available for comparison[11]. Cost Management - The cost of raw materials and consumables as a percentage of total revenue decreased from 37.6% in the first half of 2022 to 37.4% in the first half of 2023[28]. - Employee costs rose by 23.3% from RMB 754.1 million to RMB 929.9 million, with the workforce increasing from 25,355 to 29,258 employees[29]. - Employee costs as a percentage of total revenue decreased from 35.0% to 32.7% due to increased customer traffic and improved labor efficiency[29]. - Property rental and related expenses increased by 3.8% from RMB 133.7 million to RMB 138.8 million, with the percentage of these expenses to total revenue decreasing from 6.2% to 4.9%[30]. Strategic Initiatives - The company plans to continue expanding its restaurant network and enhancing digital processes to support business growth[5]. - The company implemented aggressive marketing strategies, contributing to the recovery of customer traffic post-pandemic[17]. - The introduction of cost-effective new store models and strategic supplier partnerships aims to reduce average procurement costs and enhance supply chain advantages[19]. - The company plans to continue expanding its restaurant network and enhancing marketing efforts to drive future growth[17]. Economic Environment - The Chinese economy grew by 5.5% in the first half of 2023, with government policies expected to further boost consumer spending in the restaurant sector[22]. - The company is optimistic about business improvement following the Chinese government's announcement to restore and expand consumption measures in July 2023[5]. Financial Position - As of June 30, 2023, the group had cash and cash equivalents of RMB 175.7 million, down from RMB 300.7 million at the end of 2022[39]. - The group held short-term investments totaling RMB 530.4 million, with expected annual returns between 2.8% and 5.0%[40]. - The group's leverage ratio was 13.9%, calculated as total bank and other borrowings divided by total equity[43]. - The total liabilities for the reporting segments as of June 30, 2023, were RMB 2,328,871 thousand, down from RMB 2,594,262 thousand at the end of 2022[68]. Corporate Governance - The company has adopted the corporate governance code and has established an audit committee consisting of two independent non-executive directors and one non-executive director[110]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring strong independence[110]. - The company will continue to review and monitor its corporate governance practices to maintain high standards[110].

Financial Performance - Revenue for 2022 was RMB 4,724,834, a decrease of 23.1% from RMB 6,147,262 in 2021[25]. - Loss before tax for 2022 was RMB 350,935 compared to a loss of RMB 213,653 in 2021[25]. - Total assets as of December 31, 2022, were RMB 4,310,138, down from RMB 4,951,301 in 2021, representing a decrease of 12.9%[25]. - Total equity decreased to RMB 1,521,421 in 2022 from RMB 2,011,302 in 2021, a decline of 24.3%[25]. - Non-current liabilities were RMB 1,014,167 in 2022, down from RMB 1,172,113 in 2021, a decrease of 13.5%[25]. - Current liabilities increased slightly to RMB 1,774,550 in 2022 from RMB 1,767,886 in 2021[25]. - The company reported a net current liabilities of RMB (242,705) in 2022 compared to RMB 228,499 in 2021[25]. - The total net revenue for the Group in 2022 was RMB 2,253.8 million, down from RMB 3,502.6 million in 2021, representing a decrease of approximately 35.6%[58][60]. - The Group's total revenue for 2022 was RMB 4,724.8 million, a decrease of 23.1% compared to RMB 6,147.3 million in 2021[100]. - Revenue from Xiabuxiabu and Coucou restaurants contributed 95.1% of the Group's total revenue in 2022[61]. Market Expansion and Strategy - The company is focusing on market expansion and new product development strategies to improve future performance[25]. - The company plans to enhance its technology and operational efficiency to drive growth in the coming years[25]. - The Group plans to open approximately 120 Xiabuxiabu, 74 Coucou, and 20 Shaohot restaurants in Mainland China in 2023, alongside international expansion efforts[37]. - The establishment of the Hong Kong, Macau, Taiwan, and International Business Department aims to enhance market presence in these regions[37]. - The Group's strategy includes leveraging big data for location evaluation and rental negotiations to improve the efficiency of new restaurant openings[73]. - The Group aims to expand its market presence and enhance its service offerings in the catering industry[159]. Operational Adjustments - The Group's operational strategy was adjusted to include delivery services, group purchases, and digital management solutions to stabilize operations during the pandemic[33]. - The Group's focus on improving product and service quality aimed to capture a wider spectrum of market opportunities amidst economic challenges[31]. - The Group's strategic adjustments and optimizations were designed to respond to changing market demands and enhance operational efficiency[33]. - The Group's restaurant operations were significantly impacted by the pandemic, leading to a shift towards delivery channels and online platforms to mitigate losses[61]. - The Group adopted a cautious restaurant opening strategy, focusing on locations with sufficient customer traffic to ensure normal profitability levels[181]. Customer Engagement and Experience - The Group launched a new multiple-brand membership system in August 2022, allowing customers to access member-privileged services across all restaurants under the Group in Mainland China[35]. - The Group plans to introduce a premium membership system and a tailored membership system for Hong Kong, Macau, Taiwan, and international markets in 2023 to enhance customer experience and brand loyalty[35]. - The Group's branding strategy focuses on appealing to younger consumers by creating a vibrant and fashionable image for the Xiabuxiabu brand[78]. - The Group aims to refine its membership system and enhance digital marketing to increase customer loyalty and attract new members[78]. - The Group relaunched its "value for money" set menu and introduced bar seating to enhance customer safety and affordability[181]. Challenges and Market Conditions - The pandemic severely impacted the catering sector in major cities like Beijing and Shanghai, prompting the Group to adopt innovative business models[33]. - The second quarter of 2022 saw China's GDP growth plummet to 0.4%, severely affecting the domestic economy and restaurant operations[44]. - The Group's revenue decreased by 23.1% from RMB 6,147.3 million in 2021 to RMB 4,724.8 million in 2022, significantly impacted by pandemic-related restrictions[41]. - The effective pandemic management by the Central Government allowed the Group to gradually reopen restaurants starting December 2022, leading to a gradual business recovery[179]. Employee and Management Initiatives - The management trainee program in 2023 will have 800 participants, aimed at providing a stable supply of talents for future operations and business development[93]. - The Group has implemented a profit-sharing policy for the operations team, with KPIs now including operational profit to encourage leadership and efficiency[94]. - The Group aims to recruit and train 1,000 talents to support operations in newly explored provinces and cities[92]. - The Group's employee remuneration policies include competitive wages and discretionary performance bonuses to manage employee attrition[139]. Financial Management and Investments - The Group's cash and cash equivalents amounted to RMB 300.7 million, a decrease of approximately RMB 619.8 million compared to the previous year-end balance of RMB 920.5 million[126]. - The Group's operating cash flow for the year was RMB 881.6 million, a decrease of approximately RMB 166.9 million from the previous year[126]. - Capital expenditures for 2022 amounted to RMB 343.9 million, primarily for new restaurant openings and refurbishments, compared to RMB 439.0 million in 2021[134]. - The Group's financial products at fair value through profit or loss totaled RMB 390.2 million, with expected annual returns ranging from 3.8% to 4.8%[127]. Product Development and Innovation - The Group aims to enhance its branding strategy by targeting the "new middle class" and promoting "affordable luxury gatherings" to align with consumer preferences[81]. - New product offerings in 2023 include a variety of soup bases and dishes tailored to local tastes, such as "Thai-style tom yum gong" and "Japanese pork" in Singapore[87]. - The Group will introduce afternoon tea and nighttime snack services in mid-2023 to enhance customer experience during non-peak hours[86]. - The new hot pot bases launched in September 2022, such as "White Shell Seafood" and "Thai Tom Yum," quickly became popular, contributing to a significant brand identity for the company[89]. Corporate Governance - The company emphasizes the importance of independent directors with extensive industry experience to enhance governance[152]. - The board composition reflects a diverse range of expertise in finance and management, crucial for strategic decision-making[152]. - The company is committed to maintaining high standards of corporate governance through the appointment of qualified independent directors[152].

Financial Performance - The company's revenue decreased by 23.1% from RMB 6,147.3 million in 2021 to RMB 4,724.8 million in 2022[5]. - The total loss for the year amounted to RMB 331.2 million, compared to a loss of RMB 283.1 million in the previous year[2]. - The total net income for the group was RMB 2,259.5 million in 2022, down from RMB 2,359.3 million in 2021[18]. - The company reported a net loss of RMB 331.2 million for the year ended December 31, 2022, compared to a net loss of RMB 283.1 million in 2021[60]. - The company reported a loss attributable to shareholders of RMB 353,052,000 for the year ended December 31, 2022, compared to a loss of RMB 293,212,000 in 2021[91]. - The pre-tax loss increased from RMB 213.7 million in 2021 to RMB 350.9 million in 2022[47]. - The company reported a total loss before tax of RMB 350,935 thousand for the year ended December 31, 2022[75]. Dividend and Shareholder Information - The company recommended a final dividend of RMB 0.028 per share, totaling approximately RMB 30 million[3]. - The board proposed a final dividend of RMB 0.028 per share for the year ended December 31, 2022, subject to shareholder approval[59]. - The total dividends declared for the year were RMB 60,000,000, consistent with the previous year[93]. Restaurant Operations and Expansion - The company opened 86 new restaurants in 2022, including 41 Xiabuxiabu restaurants and 44 Coucou restaurants, while closing 84 restaurants[7]. - The restaurant network totaled 1,026 locations by the end of 2022[7]. - In 2023, the group plans to open no less than 100 new restaurants for the Xiaobai brand, with at least 50% of these located in first-tier cities in southern China, such as Shanghai and Guangzhou[23]. - The group launched a new brand, "Chenshao," in September 2022, with plans to expand into first-tier cities like Shanghai, Beijing, Shenzhen, and Hangzhou in 2023[23]. - The company plans to continue expanding its restaurant operations in mainland China, focusing on enhancing customer experience and operational efficiency[70]. Customer Insights and Trends - The average customer spending in first-tier cities was RMB 67.9, compared to RMB 65.6 in the previous year[12]. - The average customer spending in first-tier cities increased by 7.3% to RMB 150.9 in 2022 from RMB 140.6 in 2021[20]. - The average customer spending in second-tier cities increased to RMB 137.0 in 2022 from RMB 129.7 in 2021[17]. - The company expects a positive outlook for the restaurant industry in 2023 following the end of pandemic restrictions[6]. - The company plans to explore the potential of online business models and delivery services in response to changing consumer habits[6]. Financial Position and Assets - Cash and cash equivalents decreased to RMB 300.7 million by December 31, 2022, down RMB 619.8 million from RMB 920.5 million at the end of the previous year[51]. - The company's net asset value decreased to RMB 1,521,421 thousand in 2022 from RMB 2,011,302 thousand in 2021, a decline of approximately 24.3%[63]. - Non-current assets decreased to RMB 2,778,293 thousand in 2022 from RMB 2,954,916 thousand in 2021, a reduction of about 5.9%[62]. - The company held financial assets measured at fair value through profit or loss totaling RMB 390.2 million as of December 31, 2022, with expected annual returns between 3.8% and 4.8%[52]. Cost Management and Efficiency - Employee costs decreased from RMB 1,829.7 million in 2021 to RMB 1,553.5 million in 2022, a reduction of 15.1%, while the employee count dropped from 28,536 to 27,059[41]. - The cost of raw materials and consumables decreased by 23.2% from RMB 2,341.3 million in 2021 to RMB 1,798.9 million in 2022, maintaining a consistent percentage of 38.1% of total revenue[40]. - Property rental and related expenses fell by 15.5% from RMB 298.1 million in 2021 to RMB 251.8 million in 2022[42]. - The company is focusing on a "high cost-performance" model, with pricing between RMB 50 to 60, aimed at attracting young consumers[30]. Strategic Initiatives and Future Plans - The group plans to focus on high-quality ingredients, improving dining experiences, and enhancing brand recognition in 2023[22]. - The group believes that the integration of its diverse platforms, including Xiaobai Xiaobai, Coucou, and online delivery services, will create strong synergies for business growth[22]. - The company plans to enhance its digital strategy by introducing a barcode scanning system and a simplified app for online ordering and loyalty rewards[33]. - The company is upgrading its internal systems with a new WMS supply chain system to better track ingredient flow and reduce management costs[33]. - The company plans to introduce new product categories in 2023, including "Curry Seafood Hot Pot Base" and seasonal offerings like "Lamb Spine Flavor Hot Pot Base" to enhance customer choices[28]. Governance and Compliance - The board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring strong independence[113]. - The audit committee reviewed the group's annual performance for the year ended December 31, 2022, in collaboration with management and external auditors[117]. - The annual performance announcement is published on the Hong Kong Stock Exchange and the company's website[119].