Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, the Company is writing to inform you that the Company has adopted electronic dissemination of corporate communications (the "Corporate Communications"), which mean any documents issued or to be issued by the Company for the information or action of ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢閣下之股票經紀、銀行經理、律 師、專業會計師或其他專業顧問。 閣下如已將名下之味千（中國）控股有限公司股份全部出售或轉讓，應立即將本文件送交買主或 承讓人，或經手買賣之銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本文件全部或任何部份內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 除文義另有所指外，本封面所用詞彙與本通函所界定者具有相同涵義。 味千（中國）控股有限公司（「本公司」）謹訂於二零二四年十二月三十一日上午十時三十分假座香 港九龍油塘四山街24-26號味千集團大廈B座6樓舉行股東特別大會，大會通告載於本通函第51 頁至第52頁。隨函附奉股東特別大會適用之代表委任表格。有關代表委任表格亦於香港聯合交 易所有限公司之網站(www.hkexnews.hk)及本公司之網站(www.ajisen.com.hk)上發佈。無論閣 下能否出席大會，均務請按代表委任表格所印列之指示將代表委任表格填妥，並 ...

股東特別大會通告 茲通告味千（中國）控股有限公司（「本公司」）謹訂於二零二四年十二月三十一日上午十時 三十分假座香港九龍油塘四山街24-26號味千集團大廈B座6樓舉行股東特別大會，以考慮 以下事項： 普通決議案 承董事會命 味千（中國）控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Ajisen (China) Holdings Limited 538 1. 「動議： (i) 批准特許權協議及持續關連交易供應協議（定義見本公司日期為二零二四年十二 月十六日的通函）於截至二零二四年、二零二五年及二零二六年十二月三十一日 止年度的經修訂年度上限（定義見本公司日期為二零二四年十二月十六日的通 函）以及該等協議項下擬進行的交易；及 (ii) 授權任何一名董事代表本公司簽立一切其他相關文件、文據及協議以及採取一 切必要及權宜步驟，以實施及╱或落實特許權協議及持續關連交易供應協議的 經修訂年度上限。 註冊辦事處： Windward 3, Regat ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Ajisen (China) Holdings Limited 538 香港，二零二四年十二月十一日 於本公告日期，董事會成員包括執行董事潘慰女士、潘嘉聞先生及伍美娜女士；非執行 董事重光克昭先生及姚逸安先生；以及獨立非執行董事路嘉星先生、任錫文先生及何百 全先生。 茲提述本公司日期為二零二四年十一月十五日有關更新持續關連交易年度上限之公告 （「公告」）。除另有定義外，本公告所用詞彙應與公告所界定者具有相同涵義。 本公司董事（「董事」）會（「董事會」）宣佈，釐定本公司持有人是否符合資格出席即將舉行 之股東特別大會並投票之記錄日期將為二零二四年十二月二十七日營業時間結束（「股份 記錄日期」），所有過戶文件連同相關股份證書必須不遲於二零二四年十二月二十七日下 午四時三十分送達本公司之股份過戶登記分處香港中央證券登記有限公司，位址為香港 灣仔皇后大道東183號合和中心17樓1712-1716號舖。所有於股份記 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Ajisen (China) Holdings Limited 538 修訂持續關連交易之年度上限 茲提述(i)本公司日期為二零一五年五月十五日及二零一五年五月二十一日之公告，內 容有關二零二一年持續關連交易協議項下之持續關連交易；及(ii)日期分別為二零二四 年五月十四日及二零二四年五月二十日之公告及補充公告，內容有關（其中包括）本集 團與其關連人士訂立之現有持續關連交易及截至二零二四年、二零二五年及二零二六 年十二月三十一日止三個年度之現有年度上限。 修訂現有年度上限 鑑於本集團之實際業務需要及特許業務擴展，董事會預計與重光產業及西蓋米之特許 權協議、續訂福彩銷售協議及持續關連交易供應協議項下之交易將超過先前預測，而 且現有年度上限將不足以滿足本集團截至二零二四年、二零二五年及二零二六年十二 月三十一日止三個年度之要求。因此，鑑於預期重大市場變動，董事會建議修訂現有 年度上限以應對其預期業務需求。除修 ...

销售与管理视频号开通啦 欢迎关注并留下您睿智犀利的评论吧 ----------------------------------------- - - 作者： 智先生 来源：智先生（ID：zhixs10） 要说2024年有什么天坑行业排行的话，餐饮业估计能名列前茅。 很多地区的"排队王"都陷入了摆烂的局面，客流量肉眼可见变得稀疏起来，预订率下降，导致营业额也大幅缩水。 有餐饮人在网上自嘲， "开店时身上有二十多万，关店时能去到四十多万，可惜是负债"。 数据是最直观的。 哪怕它们纾尊降贵，推出298、398的"平民套餐"，也依然挡不住大规模关停潮来袭，因为老百姓对米其林评价已经祛魅。 当行业环境不济时，大部分企业首先会考虑加入红海战场，开卷价格大战，虽然"以价换量"不是什么新鲜把戏了，但胜在有用。 一部分餐饮头部借此实现了逆增长，比如像海底捞，萨莉亚、瑞幸咖啡、百胜中国等佼佼者。 不过仔细翻看各上市公司的财报，可以发现一点，能实现同比增长的寥寥无几， 与其说逆增长，不如说维持营收平衡更贴切 。 根据国家统计局数据，今年1-8月份，餐饮收入34998亿元，同比增长6.6%，从大盘来看，还算可以，最起码像房地产、家装 ...

Company Overview [Company Profile](index=2&type=section&id=Company%20Profile) Ajisen (China) is a leading fast-casual restaurant chain in China and Hong Kong, operating 575 restaurants as of June 30, 2024, and listed on the HKEX in 2007 - Ajisen (China) is a leading fast-casual restaurant chain operator in China and Hong Kong, combining elements of fast-food and traditional full-service restaurants[3](index=3&type=chunk) - As of June 30, 2024, the Group operates 575 restaurants across over 129 cities in 29 provinces and municipalities in China, with 23 in Hong Kong and 2 in Europe[3](index=3&type=chunk) - The Group listed on the Main Board of the Hong Kong Stock Exchange on March 30, 2007, becoming the first domestic catering chain to list overseas[3](index=3&type=chunk) Company Information [Company Information](index=3&type=section&id=Company%20Information) This section details the company's fundamental information, including its board of directors, committees, and key professional advisors - Ms. Pan Wei serves as the Company's Chairwoman and Chief Executive Officer[7](index=7&type=chunk) - The Company's auditor is Deloitte Touche Tohmatsu[8](index=8&type=chunk)[9](index=9&type=chunk) Financial Highlights [Financial Highlights](index=5&type=section&id=Financial%20Highlights) For H1 2024, turnover decreased by 6.6% to RMB 827 million, resulting in a net loss of RMB 7.2 million attributable to shareholders, a reversal from prior year's profit Metric (For the six months ended June 30) | Metric (For the six months ended June 30) | 2024 (RMB Million) | 2023 (RMB Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Turnover | 826.8 | 884.8 | (6.6) | | Gross Profit | 636.3 | 665.0 | (4.3) | | (Loss) Profit Before Tax | (15.6) | 181.3 | Not Applicable | | (Loss) Profit Attributable to Company Shareholders | (7.2) | 133.1 | Not Applicable | | (Loss) Earnings Per Share - Basic (RMB) | (0.01) | 0.12 | Not Applicable | Management Discussion and Analysis [Industry Review](index=6&type=section&id=Industry%20Review) In H1 2024, China's catering industry saw intense competition and 7.9% revenue growth, driven by digitalization and online-offline integration - In H1 2024, China's catering industry faced intense competition, with national catering revenue growing by **7.9%**, exceeding the **3.7%** growth of total retail sales of consumer goods[14](index=14&type=chunk) - Digital transformation and online-offline integration are key trends in the catering industry, helping companies expand channels, reduce costs, foster innovation, and enhance food safety[14](index=14&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) Group turnover declined 6.6% to RMB 827 million due to economic slowdown, yet the company expanded its restaurant network to 575 outlets and optimized operations - Turnover for the period decreased by **6.6%** to approximately **RMB 827 million**, impacted by an unsustainable post-pandemic economic recovery and consumption downgrade[16](index=16&type=chunk) - The Group implemented measures such as store upgrades, launching new retail packaged products, and optimizing the supply chain to adapt to market changes[16](index=16&type=chunk) Number of Restaurants | Number of Restaurants | June 30, 2024 | June 30, 2023 | Net Change | | :--- | :--- | :--- | :--- | | Total | 575 | 569 | +6 | [Retail Chain Restaurant Business](index=8&type=section&id=Retail%20Chain%20Restaurant%20Business) Retail chain restaurants, the core business, generated RMB 792 million, a 6.0% decrease, while the total restaurant count increased to 575, with regional shifts Revenue by Business Segment | Business Segment | Revenue (RMB) | % of Total Revenue | | :--- | :--- | :--- | | Restaurant Business (2024 H1) | 792,194,000 | 95.8% | | Restaurant Business (2023 H1) | 842,594,000 | 95.2% | Restaurant Count by Region | Region | June 30, 2024 | June 30, 2023 | Net Change | | :--- | :--- | :--- | :--- | | North China | 96 | 105 | -9 | | East China | 245 | 242 | +3 | | South China | 152 | 141 | +11 | | Central China | 80 | 79 | +1 | | Europe | 2 | 2 | – | | **Total** | **575** | **569** | **+6** | [Financial Review](index=9&type=section&id=Financial%20Review) Despite a 6.6% turnover decrease and improved gross margin to 77.0%, significant losses from investment and asset revaluations led to a pre-tax loss of RMB 15.57 million - Turnover decreased by **6.6%** to **RMB 827 million**, primarily due to reduced store traffic[20](index=20&type=chunk) - Gross margin increased from **75.1%** in the prior period to **77.0%**, mainly due to enhanced supply chain management and optimized production processes[21](index=21&type=chunk)[22](index=22&type=chunk) - Other income and losses recorded a net loss of approximately **RMB 61.76 million** (compared to a net gain of RMB 70.08 million in the prior period), primarily due to unfavorable economic conditions leading to a decline in investment property and financial asset valuations[28](index=28&type=chunk) - The Group shifted from a pre-tax profit of **RMB 181 million** in the prior period to a pre-tax loss of **RMB 15.57 million** this period[30](index=30&type=chunk) [Key Operating Expenses](index=10&type=section&id=Key%20Operating%20Expenses) Staff costs rose to 27.2% of turnover, while other operating expenses increased by 15.1% to RMB 244 million, driven by higher utilities and delivery fees - Staff costs as a percentage of turnover increased from **25.7%** to **27.2%**, mainly due to a decrease in average revenue per store[23](index=23&type=chunk) Key Operating Expenses (RMB Million) | Key Operating Expenses | 2024 H1 (RMB Million) | 2023 H1 (RMB Million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Utilities | 43.0 | 36.7 | +17.2% | | Food Delivery Platform Service Fees | 28.4 | 24.4 | +16.4% | | Store and Factory Management Fees | 28.2 | 25.4 | +11.0% | | Consulting Fees | 9.3 | 0.5 | +1,760% | | Advertising and Promotion | 7.6 | 4.9 | +55.1% | [Other Income/Losses and Finance Costs](index=11&type=section&id=Other%20Income%2FLosses%20and%20Finance%20Costs) Other income decreased by 15.0%, while other income and losses shifted to a net loss of RMB 61.76 million, primarily due to investment property and financial asset revaluations - Other income and losses recorded a net loss of **RMB 61.76 million**, primarily due to a **RMB 36.79 million** decrease in investment property valuation and a **RMB 12.40 million** decrease in fair value through profit or loss investments[28](index=28&type=chunk) - Finance costs increased by **11.6%** year-on-year to **RMB 10.68 million**, mainly due to increased interest on lease liabilities from a higher number of restaurants[29](index=29&type=chunk) [Risk Management and Liquidity](index=12&type=section&id=Risk%20Management%20and%20Liquidity) The Group maintains a robust financial position with RMB 1.666 billion in cash, a 3.6 current ratio, and low gearing, while generating RMB 192 million in operating cash flow Liquidity Metrics | Liquidity Metrics | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Bank Balances and Cash (RMB) | 1.666 billion | 1.608 billion | | Current Ratio | 3.6 | 4.1 | | Gearing Ratio | 0.009 | 0.009 | - The Group's exposure to currency, interest rate, and credit risks remains low, with no hedging policies in place[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - Net cash inflow from operating activities was **RMB 192 million**. Capital expenditure was approximately **RMB 47.55 million**, a **69.6%** year-on-year increase, primarily for expanding the restaurant network under controllable risks[40](index=40&type=chunk)[41](index=41&type=chunk) - Post-balance sheet event: On July 12, 2024, the Company granted a total of **1,000,000** share options[42](index=42&type=chunk)[141](index=141&type=chunk) Condensed Consolidated Financial Statements [Review Report on Financial Statements](index=14&type=section&id=Review%20Report%20on%20Financial%20Statements) Deloitte Touche Tohmatsu reviewed the H1 2024 condensed consolidated financial statements, concluding no material non-compliance with HKAS 34 - The auditor, Deloitte Touche Tohmatsu, issued a review conclusion stating that nothing came to their attention indicating the condensed consolidated financial statements were not prepared in material respects according to Hong Kong Accounting Standard 34[44](index=44&type=chunk) [Consolidated Statement of Profit or Loss](index=15&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2024, revenue decreased 6.6% to RMB 827 million, resulting in a net loss of RMB 4.26 million, with a basic loss per share of RMB 0.01 Item (RMB Thousand) | Item (RMB Thousand) | 2024 H1 (Unaudited) | 2023 H1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 826,790 | 884,847 | | Operating Profit | 11,121 | 65,251 | | (Loss) Profit Before Tax | (15,566) | 181,256 | | (Loss) Profit for the Period | (4,261) | 139,596 | | (Loss) Profit Attributable to Company Shareholders | (7,157) | 133,095 | | (Loss) Earnings Per Share (RMB) | (0.01) | 0.12 | [Consolidated Statement of Financial Position](index=17&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets were RMB 3.986 billion, with net assets at RMB 2.968 billion, and bank balances and cash comprising RMB 1.666 billion Item (RMB Thousand) | Item (RMB Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Total Assets** | **3,986,334** | **3,961,511** | | Non-current Assets | 2,066,322 | 2,059,582 | | Current Assets | 1,920,012 | 1,901,929 | | **Total Liabilities** | **1,018,125** | **903,585** | | Current Liabilities | 537,426 | 467,202 | | Non-current Liabilities | 480,699 | 436,383 | | **Net Assets** | **2,968,209** | **3,057,926** | | **Total Equity Attributable to Owners of the Company** | **2,968,209** | **3,057,926** | [Consolidated Statement of Cash Flows](index=20&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For H1 2024, operating cash flow was RMB 192 million, while investing activities used RMB 354 million, resulting in period-end cash and equivalents of RMB 857 million Item (RMB Thousand) | Item (RMB Thousand) | 2024 H1 (Unaudited) | 2023 H1 (Unaudited) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 191,809 | 276,892 | | Net Cash Used in Investing Activities | (353,993) | (33,029) | | Net Cash Used in Financing Activities | (115,380) | (145,100) | | Net (Decrease) Increase in Cash and Cash Equivalents | (277,564) | 98,763 | | Total Cash and Cash Equivalents at End of Period | 857,336 | 1,578,250 | Notes to the Condensed Consolidated Financial Statements [Segment Information](index=23&type=section&id=Segment%20Information) The Group operates in restaurant operations, ramen production, and investment holding, with restaurant operations shifting to a loss and investment holding recording the largest loss 2024 H1 Segment Results (RMB Thousand) | 2024 H1 Segment Results (RMB Thousand) | Restaurant Operations | Production and Sales of Ramen and Related Products | Investment Holding | Total Segments | | :--- | :--- | :--- | :--- | :--- | | External Sales | 792,194 | 34,596 | – | 826,790 | | Segment Profit (Loss) | 4,984 | 292 | (17,905) | (12,629) | 2023 H1 Segment Results (RMB Thousand) | 2023 H1 Segment Results (RMB Thousand) | Restaurant Operations | Production and Sales of Ramen and Related Products | Investment Holding | Total Segments | | :--- | :--- | :--- | :--- | :--- | | External Sales | 842,594 | 42,253 | – | 884,847 | | Segment Profit | 97,032 | 419 | 86,950 | 184,401 | [Dividends](index=28&type=section&id=Dividends) A 2023 final dividend of RMB 0.08 per share, totaling RMB 87.32 million, was recognized, but no interim dividend was declared for H1 2024 - During the period, the distribution of the 2023 final dividend of **RMB 0.08 per share**, totaling **RMB 87,323,000**, was recognized[90](index=90&type=chunk) - The Board resolved not to declare an interim dividend for 2024[173](index=173&type=chunk) [Asset Impairment and Fair Value Changes](index=30&type=section&id=Asset%20Impairment%20and%20Fair%20Value%20Changes) The Group recognized impairment losses of RMB 3.39 million for property, plant, and equipment and RMB 10.64 million for right-of-use assets, alongside a RMB 36.79 million fair value loss on investment properties - Due to underperforming restaurants, the Group recognized impairment losses of **RMB 3,391,000** for property, plant, and equipment, and **RMB 10,642,000** for right-of-use assets[98](index=98&type=chunk) - Investment properties recorded a fair value loss of approximately **RMB 36,792,000** during the period, compared to a gain of RMB 37,070,000 in the prior period[96](index=96&type=chunk) [Related Party Transactions](index=43&type=section&id=Related%20Party%20Transactions) The Group conducted various related party transactions, including RMB 13.33 million in purchases and RMB 9.90 million in franchise fees from Shigemitsu Sangyo Co., Ltd - Purchases of food, raw materials, and supplies from Shigemitsu Sangyo Co., Ltd. totaled **RMB 13,331,000**, and franchise fees paid totaled **RMB 9,897,000**[138](index=138&type=chunk) - Total remuneration for directors and other key management personnel was **RMB 3,277,000**, largely consistent with **RMB 3,221,000** in the prior period[140](index=140&type=chunk) Other Information [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The Company generally complied with the Corporate Governance Code, with a noted deviation where Ms. Pan Wei holds both Chairman and CEO roles - The Company deviated from the Corporate Governance Code's provision on the separation of Chairman and Chief Executive Officer roles, with Ms. Pan Wei holding both positions[143](index=143&type=chunk) - The Company's Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2024[146](index=146&type=chunk) [Directors' and Major Shareholders' Interests](index=46&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) As of June 30, 2024, Chairwoman Pan Wei held approximately 47.55% of shares, with Favor Choice Group Limited, controlled by her trust, holding 43.99% - Chairwoman Ms. Pan Wei, through a discretionary trust and personal beneficial ownership, collectively holds approximately **47.55%** of the Company's equity[148](index=148&type=chunk) - Major shareholder Favor Choice Group Limited holds **480,123,041** shares, representing **43.99%** of the issued share capital, and is ultimately controlled by a trust established by Ms. Pan Wei[155](index=155&type=chunk)[156](index=156&type=chunk) [Share Option Scheme](index=48&type=section&id=Share%20Option%20Scheme) As of June 30, 2024, 29,805,000 share options remained outstanding under the Company's scheme, with RMB 0.55 million in related expenses recognized - As of June 30, 2024, a total of **29,805,000** share options remained unexercised[124](index=124&type=chunk) - During the period, **1,736,000** share options lapsed due to unfulfilled conditions[124](index=124&type=chunk)[168](index=168&type=chunk) - For the six months ended June 30, 2024, the Group recognized an expense of approximately **RMB 548,000** related to the share option scheme[126](index=126&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 826,790, a decrease of 6.6% compared to RMB 884,847 in the same period of 2023[1] - Restaurant business sales decreased by 6.0% to RMB 792,194 from RMB 842,594 year-on-year[1] - Gross profit for the period was RMB 636,261, down 4.3% from RMB 664,952 in the previous year[1] - Operating profit significantly dropped to RMB 11,121 from RMB 65,251, indicating a substantial decline in profitability[2] - The company reported a loss attributable to shareholders of RMB 7,157, compared to a profit of RMB 133,095 in the same period last year[3] - The segment profit for restaurant operations was RMB 4,984,000, down from RMB 97,032,000 in the previous year, indicating a significant decrease in profitability[11] - The company reported a loss before tax of RMB 15,566,000 for the six months ended June 30, 2024, compared to a profit before tax of RMB 181,256,000 in the same period of 2023[11] - The company reported a net loss of RMB 4,261,000 for the period, a significant decline from a profit of RMB 139,596,000 in the same period of 2023[11] - The group recorded a net loss of approximately RMB 61,755,000 in other gains and losses, compared to a net gain of RMB 70,077,000 in the same period of 2023, primarily due to a decline in asset valuations[39] - The group reported a pre-tax loss of approximately RMB 15,566,000 for the six months ending June 30, 2024, compared to a profit of RMB 181,256,000 in the same period of 2023[41] - The loss attributable to shareholders for the same period was approximately RMB 7,157,000, down from a profit of RMB 133,095,000 in 2023[42] Assets and Liabilities - Non-current assets totaled RMB 2,066,322, slightly up from RMB 2,059,582 at the end of 2023[4] - Current assets net amount decreased to RMB 1,382,586 from RMB 1,434,727[5] - Total liabilities increased to RMB 537,426 from RMB 467,202, reflecting a rise in financial obligations[4] - The company’s equity attributable to shareholders decreased to RMB 2,909,655 from RMB 3,000,391[5] - Non-current assets as of June 30, 2024, totaled RMB 1,827,644,000, a slight decrease from RMB 1,832,628,000 as of December 31, 2023[12] - Trade receivables from third parties as of June 30, 2024, amounted to RMB 28,932, down from RMB 32,989 as of December 31, 2023[23] - Total trade and other payables as of June 30, 2024, were RMB 214,276, a decrease from RMB 249,488 as of December 31, 2023[26] - The company’s non-listed equity investments and fund investments were valued at RMB 113,463 as of June 30, 2024, down from RMB 125,867 at the end of 2023[22] Revenue Breakdown - Revenue from external customers in mainland China was RMB 728,813,000, down from RMB 781,701,000 in the previous year, while revenue from Hong Kong was RMB 97,977,000, down from RMB 103,146,000[12] - For the six months ended June 30, 2024, the company's revenue was approximately RMB 826.8 million, a decrease of about 6.6% compared to RMB 884.8 million in the same period of 2023[29] - The company's restaurant business revenue recorded approximately RMB 792.2 million, accounting for about 95.8% of total revenue, which is a decrease of approximately 6.0% from RMB 842.6 million in the same period of 2023[30] Expenses and Costs - The cost of inventory for the six months ended June 30, 2024, was approximately RMB 190.5 million, a decrease of about 13.4% from RMB 219.9 million in the same period of 2023, with the inventory cost ratio to revenue at approximately 23.0%, down from 24.9%[33] - Other operating expenses for the same period were approximately RMB 243,710,000, an increase of about 15.1% from RMB 211,704,000 in 2023, primarily due to the recovery of revenue[36] - Financing costs increased by approximately 11.6% to RMB 10,682,000 from RMB 9,570,000 in 2023, driven by an increase in lease liabilities due to the growth in the number of restaurants[40] Taxation - Hong Kong profits tax for the six months ended June 30, 2024, was RMB 1,378, a decrease from RMB 2,283 in the same period of 2023[18] - The corporate income tax in mainland China for the same period was RMB 4,654, down from RMB 6,684 in 2023, reflecting a reduction of approximately 30%[18] - The deferred tax expense for the six months ended June 30, 2024, was RMB 4,777, compared to RMB 6,667 in the previous year, indicating a significant decrease[18] Dividends and Shareholder Information - The declared final dividend for 2023 was RMB 0.08 per share, totaling RMB 87,323, an increase from RMB 65,493 for the previous year's dividend of RMB 0.06 per share[20] - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[57] Employee and Corporate Governance - As of June 30, 2024, the total employee compensation was approximately RMB 224,511,000, a slight decrease from RMB 227,664,000 as of June 30, 2023[56] - The group had 7,790 employees as of June 30, 2024, an increase from 7,746 employees as of June 30, 2023[56] - The audit committee reviewed the company's accounting standards and practices for the six months ended June 30, 2024[54] - The company complied with all applicable provisions of the Corporate Governance Code, except for a deviation regarding the separation of roles between the Chairman and CEO[52] - The company has adopted a code of conduct for directors' securities transactions, which complies with the standards set out in the Listing Rules[53] - The board believes that having the same person serve as both Chairman and CEO provides stable and consistent leadership at this stage of the company's development[52] Strategic Initiatives - The company plans to continue optimizing its marketing strategies and promoting digital transformation to enhance product quality and ensure food safety[28] - The company is focusing on enhancing customer experience by upgrading store designs and introducing new retail packaging products to meet diverse market demands[29] - The company has five production bases in mainland China, ensuring food quality, safety, and stable supply[29] - The competitive landscape in the restaurant industry remains challenging, with a need for balanced development in both online and offline channels to maintain brand influence and market competitiveness[28] - The company aims to respond swiftly to market changes and seek new opportunities for stable and sustainable operations[29] Cash Flow and Capital Expenditures - As of June 30, 2024, the group's cash and bank balances were approximately RMB 1,665,650,000, with a current ratio of 3.6, down from 4.1 at the end of 2023[43] - The group generated a net cash inflow from operating activities of approximately RMB 191,809,000, despite recording a pre-tax loss of RMB 15,566,000, mainly due to non-cash items[49] - Capital expenditures for the six months ending June 30, 2024, were approximately RMB 47,554,000, an increase from RMB 28,034,000 in 2023, as the group plans to expand its restaurant network[50] Stock Options - The company granted a total of 1,000,000 stock options at an exercise price of HKD 1.010, with a vesting period from July 12, 2024, to July 11, 2034[51] Reporting and Future Plans - The company plans to issue its interim report for the six months ended June 30, 2024, to all shareholders in due course[58]

Corporate Governance - The company has established a whistleblowing policy updated on March 27, 2024, to provide employees a channel for reporting concerns while protecting them from retaliation[3]. - The internal control system has been confirmed to provide reasonable assurance against significant financial misstatements or losses as of December 31, 2023[4]. - The board acknowledges its responsibility to ensure that financial statements are prepared in accordance with the Hong Kong Companies Ordinance, reflecting the group's affairs and profitability accurately[5]. - The audit committee regularly reviews arrangements for reporting misconduct related to financial reporting and internal controls[2]. - The board has accepted recommendations from the audit committee to enhance the internal audit function[1]. - The company has a zero-tolerance policy for bribery and corruption, ensuring compliance with ethical standards and legal regulations[67]. - The company has established specific policies regarding potential conflicts of interest, anti-money laundering measures, and procurement management to ensure compliance with relevant laws[140]. - The independent non-executive directors confirmed their independence as per the listing rules[176]. Shareholder Communication - The company emphasizes the importance of maintaining effective communication with shareholders through its shareholder communication policy[9]. - The company has two websites to facilitate effective communication and provide the latest operational and financial information to the public[9]. Financial Performance - The company has adopted a dividend policy that aims to provide reasonable returns to shareholders, even during financial downturns caused by the COVID-19 pandemic[15]. - Proposed final dividend per share for 2023 is RMB 0.08, up from RMB 0.06 in 2022, indicating a 33.3% increase[122]. - The company reported a significant increase in revenue over the past five fiscal years, with detailed performance metrics available on page 188 of the annual report[127]. - The company's available reserves as of December 31, 2023, amounted to RMB 156,552,000, a decrease from RMB 223,643,000 in 2022[146]. Environmental, Social, and Governance (ESG) Practices - The company is committed to environmental, social, and governance (ESG) practices, as highlighted in its 2023 ESG report[17]. - The group plans to regularly measure and disclose environmental performance to identify opportunities for improvement and gradually set environmental goals for sustainable development[23]. - The group has identified 21 significant environmental, social, and governance issues relevant to its operations through independent consultants[23]. - The group is committed to promoting a green low-carbon philosophy and exploring more environmental protection policies and measures[53]. - The group will develop climate change-related policies and conduct risk assessments to identify and respond to significant climate-related risks and opportunities[54]. - The company is committed to sustainable and environmentally friendly practices as part of its corporate social responsibility[142]. - The company has implemented policies to manage environmental and social risks within its supply chain, with details on page 44-45[133]. Employee Engagement and Training - The group encourages employees to participate in external training and provides educational funding and government training subsidies to enhance their skills[38]. - A total of 310 employees received training during the reporting period, accounting for 4.20% of the total workforce, with an average training duration of 0.85 hours per employee[63]. - The group has implemented a performance management system to regularly evaluate employee capabilities and performance, using results for promotions and salary adjustments[32]. - The number of training hours per employee dropped from 1.39 hours in 2022 to 0.81 hours in 2023, reflecting a decrease in training engagement[79]. - The number of employees receiving training decreased from 956 in 2022 to 310 in 2023, a decline of approximately 68%[79]. Health and Safety - The group emphasizes the importance of occupational safety and health, providing training and insurance to ensure employee well-being[37]. - During the reporting period, there were 110 work-related injury cases, resulting in an injury rate of 0.11 per 1,000 employees and a total of 97 lost workdays[37]. - The injury rate decreased dramatically from 1.53 per 1,000 employees in 2022 to 0.11 in 2023, indicating improved workplace safety[79]. - The company reported zero fatalities due to work-related incidents in both 2022 and 2023, maintaining a safety record[79]. Environmental Impact - The total water consumption of the group during the reporting period was 131,992.80 cubic meters, with a water consumption density of 17.89 cubic meters per employee[52]. - The group emitted a total of 14,631.83 tons of carbon dioxide equivalent greenhouse gases, with a greenhouse gas emission density of 1.98 tons per employee[50]. - Total greenhouse gas emissions increased to 14,631.83 tons of CO2 equivalent in 2023, up from 7,968.90 tons in 2022, representing an 83.6% increase[98]. - The total amount of hazardous waste decreased to 0.00 tons in 2023 from 0.86 tons in 2022, indicating a 100% reduction[98]. - The total energy consumption was 17,564.94 MWh in 2023, compared to 15,469.51 MWh in 2022, which is a 13.5% increase[98]. - The total packaging material consumption was 1,548.00 tons in 2023, down from 1,692.00 tons in 2022, reflecting an 8.5% decrease[100]. Community Engagement - The group aims to strengthen community engagement and explore social investment opportunities to contribute positively to society[71]. - The company invested HKD 19,200 in community support initiatives during the reporting period, demonstrating commitment to corporate social responsibility[96]. Supplier Management - The group emphasizes the importance of supplier management to ensure the provision of quality and safe products and services[63]. - The group requires suppliers to sign a food quality safety commitment and comply with relevant standards to ensure raw materials meet safety requirements[43]. - The group encourages suppliers to adopt environmentally friendly practices and materials, promoting green procurement initiatives[64]. Employee Demographics - The total number of employees increased to 7,380 in 2023, up from 6,542 in 2022, representing a growth of 12.8%[75]. - The percentage of female employees is 63.06% in 2023, slightly down from 64.81% in 2022[75]. - The number of employees aged 24 or below increased from 5,280 in 2022 to 5,572 in 2023, showing a growth of about 5.5%[77]. - The proportion of new hires aged 41-59 increased from 66.49% in 2022 to 79.19% in 2023, indicating a shift in the age demographic of new employees[77]. Stock and Shareholder Information - The company did not issue any debt securities during the year, consistent with 2022[147]. - The company has no stock-linked agreements that would lead to the issuance of shares as of December 31, 2023[148]. - The total number of shares available for issuance under the 2017 share option scheme is 94,145,882, which is approximately 8.63% of the issued shares as of the report date[198].

Revenue and Profitability - For the year ended December 31, 2023, the group's revenue was approximately RMB 1,815,406,000, an increase of about 27.0% compared to approximately RMB 1,429,792,000 for the same period in 2022[24] - The group's restaurant business revenue for the year was approximately RMB 1,734,200,000, accounting for about 95.5% of total revenue, up from 93.7% in 2022[25] - The group recorded a pre-tax profit of approximately RMB 247,875,000 for the year ended December 31, 2023, compared to a loss of approximately RMB 176,765,000 for the year ended December 31, 2022[59] - The group reported a net profit attributable to shareholders of approximately RMB 181,188,000 for the year ended December 31, 2023, compared to a loss of approximately RMB 143,906,000 in the previous year[60] - Gross profit for the same period was approximately RMB 1,373,330,000, representing a 30.2% increase from RMB 1,054,959,000 in the previous year[69] - Operating profit for the year was RMB 126,842,000, compared to a loss of RMB 114,084,000 in 2022[78] Operational Efficiency and Strategy - The group aims to enhance operational efficiency through effective management and strengthened employee training[22] - The group is facing challenges due to economic slowdown and global inflation, prompting adjustments in operational strategies[21] - The group plans to continue expanding its restaurant network and accelerating digital upgrades to capture the recovery opportunities in the industry[20] Expenses and Costs - Employee costs amounted to approximately RMB 475,830,000, an increase of 11.9% from RMB 425,410,000 in 2022, while the proportion of employee costs to revenue decreased by 3.6 percentage points to 26.2%[71] - The group's total expenses for utilities increased by 12.1% to RMB 82.4 million in 2023, compared to RMB 73.5 million in 2022[52] - Other operating expenses increased by approximately 20.7% to RMB 453,966,000, in line with sales growth and increased operational costs post-pandemic[76] Assets and Liabilities - As of December 31, 2023, the group's bank balance was approximately RMB 1,607,635,000, an increase from RMB 1,465,111,000 as of December 31, 2022, with a current ratio of 4.1 compared to 3.2 in the previous year[47] - The group's net current assets increased to RMB 1,434,727,000 in 2023 from RMB 1,186,121,000 in 2022, reflecting a growth of approximately 21%[102] - The group’s total equity increased to RMB 3,057,926,000 in 2023 from RMB 2,921,312,000 in 2022, representing a growth of approximately 5%[103] - The group’s total liabilities decreased to RMB 1,429,792 in 2023 from RMB 1,965,253 in 2022, indicating improved financial stability[113] Investments and Financial Performance - The group confirmed a fair value gain of approximately RMB 23,935,000 on financial assets measured at fair value through profit or loss for the year ended December 31, 2023, compared to a loss of approximately RMB 63,876,000 in the previous year[56] - The group recognized government subsidies amounting to RMB 10,101, received from local authorities for business activities in mainland China[118] - The fair value gain from investment properties was RMB 8,822, a significant improvement from a loss of RMB 29,803 in 2022[120] Restaurant Operations - The total number of restaurants operated by the group was 562, down from 597 in the previous year, indicating a reduction of 35 locations[27] - The total number of chain restaurants owned by the company as of December 31, 2023, was 562, a decrease of 35 from the previous year[167] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.08 per share for the year ending December 31, 2023, totaling RMB 87,323,000, compared to RMB 0.06 per share and RMB 65,492,000 for the previous year[126] - The board proposed a final dividend of RMB 0.08 per ordinary share for the year ended December 31, 2023, compared to RMB 0.06 per share in 2022, pending shareholder approval[162] Future Outlook and Compliance - The group has not early adopted new Hong Kong Financial Reporting Standards that are effective for periods beginning on or after January 1, 2024[95] - The company expects that the application of all amendments to Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[130]