点评：中渝置地上半年转盈为亏，反映出公司投资布局受市场波动影响大，后续需优化投资结构，提升 抗风险能力。 ｜2025年8月7日 星期四｜ NO.17月底香港证券市场市价总值同比增长44% 8月6日，百福控股（HK01488，股价0.92港元）公告称，已出售广州遇见小面餐饮股份有限公司（以下 简称"遇见小面")1.71%股权，总价为4800万元。交易完成后，百福控股持有遇见小面股权由约17.16%降 至约15.46%。2024年，百福控股营收同比下降24.4%，净亏损扩大59.5%。遇见小面于今年4月15日向港 交所递交招股书，拟于香港主板上市，招银国际为其独家保荐人。 8月6日，港交所披露最新市场数据，截至2025年7月底，香港证券市场市价总值升至44.9万亿港元，较 去年同期的31.1万亿港元增加13.8万亿港元，同比增幅达44%。 点评：百福控股出售遇见小面部分股权，或因自身业绩不佳，急需回笼资金。百福控股减持后仍为遇见 小面的重要股东，其后续的战略支持及自身新投资方向，备受关注。 8月6日，中渝置地（HK01224，股价1.20港元）公告称，预计今年上半年录得约4000万港元的股东应占 亏损，而去年同期 ...

智通财经APP讯，百福控股(01488)发布公告，卖方奇昕控股有限公司(公司的全资附属公司)与买方(即杜 鸣先生、顾东生先生及魏传发先生)订立日期为2025年7月31日的协议，据此，卖方同意出售而买方同意 购买销售股权(相当于目标公司广州遇见小面餐饮股份有限公司1.71%股权)，总代价为人民币4800万 元。完成发生于2025年8月5日。完成前，集团持有目标公司约17.16%股权。完成后，集团持有目标公 司约15.46%股权，而目标公司继续作为集团的联营公司入账。 目标公司是一家领先且快速发展的现代中式面馆运营商，于2014年在广州成立，旗下运营"遇见小面"品 牌，专注于川渝风味面食，业务遍布中国大陆及中国香港地区。于本公告日期，淮安市创韬企业管理合 伙企业(有限合伙)(由宋奇先生及苏旭翔先生分别持有66.67%及33.33%权益)持有约49.04%权益、卖方持 有17.16%权益、CGVCAP1及CGVCAP2合共持有9.06%权益、买方B持有7.73%权益，而其他股东则各 自持有3.01%至6.50%不等的权益。 目标公司是一家在中国大陆及中国香港地区经营川渝风味连锁面馆的餐饮企业。据弗若斯特沙利文报告 ...

格隆汇8月6日丨百福控股(01488.HK)发布公告，卖方(公司的全资附属公司)与买方(即杜鸣先生、顾东生 先生及魏传发先生)订立日期为2025年7月31日的协议，据此，卖方同意出售而买方同意购买销售股权 (相当于目标公司1.71%股权)，总代价为人民币4800万元。完成发生于2025年8月5日。完成前，集团持 有目标公司约17.16%股权。完成后，集团持有目标公司约15.46%股权，而目标公司继续作为集团的联 营公司入账。 目标公司(即广州遇见小面餐饮股份有限公司)是一家领先且快速发展的现代中式面馆运营商，于2014年 在广州成立，旗下运营"遇见小面"品牌，专注于川渝风味面食，业务遍布中国大陆及中国香港地区。于 本公告日期，淮安市创韬企业管理合伙企业(有限合伙)(由宋奇先生及苏旭翔先生分别持有66.67%及 33.33%权益)持有约49.04%权益、卖方持有17.16%权益、CGVCAP1及CGVCAP2合共持有9.06%权益、 买方B持有7.73%权益，而其他股东则各自持有3.01%至6.50%不等的权益。 目标公司是一家在中国大陆及中国香港地区经营川渝风味连锁面馆的餐饮企业。据弗若斯特沙利文报告 显示， ...

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，並明確表示概不會就因本公告全部或任何部分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。 BEST FOOD HOLDING COMPANY LIMITED 百 福 控 股 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：01488） 須予披露交易 出售目標公司股權 出售事項 賣 方（ 本公 司 的 全資 附 屬 公司 ）與 買 方 訂 立日 期 為 2025 年 7 月 31 日 的 協 議， 據 此 ， 賣方 同 意 出 售 而 買 方 同 意 購 買 銷 售 股 權（ 相 當 於 目 標 公 司 1.71% 股 權 ）， 總 代 價 為 人 民 幣 48,000,000元。完成發生於2025年8月5日。 完成前，本集團持有目標公司約17.16%股權。完成後，本集團持有目標公司約15.46%股 權，而目標公司繼續作為本集團的聯營公司入賬。 上市規則的涵義 由於出售事項的最高適用百分比率（ 定義見上市規則第14.07條）超過5 %但低於25%，出售 事項構成本公司的須予披露 ...

（ 於開曼群島註冊成立之有限公司） （股份代號：01488） 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，並明確表示概不會就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。 BEST FOOD HOLDING COMPANY LIMITED 百 福 控 股 有 限 公 司 * 百福控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將於二零 二五年八月二十日（ 星期三 ）舉行，藉以（ 其中包括 ）批准本公司及其附屬公司截至二零二五 年六月三十日止六個月之中期業績及其發佈，以及考慮派付中期股息（ 如有）。 承董事會命 百福控股有限公司 主席 趙令歡 董事會會議通告 香港，二零二五年八月四日 於本公告日期，董事會包括三名執行董事，為趙令歡先生、王小龍先生及景慎先生；以及三名獨立非執行董 事，為梁貴基先生、羅維仁先生及卓平女士。 ...

Industry Competition and Market Trends - The catering industry faced intensified competition in 2024, requiring companies to have a profound understanding of industry development patterns to achieve solid returns[19]. - The intense competition in the catering industry has led to a decline in same-store sales and profit margins, increasing corporate losses[34]. - The Group aims to stabilize existing business and explore new growth opportunities despite intense competition in the catering sector[98]. Business Development and Strategy - Best Food Group has seen positive results from its business development model focused on investment and operational empowerment, particularly through franchise operations and digital user engagement[20]. - The Group aims to consolidate existing restaurant operations while expanding its franchise network to adapt to regional dining demands across China[21]. - Best Food is exploring new growth opportunities by leveraging industry resources to establish a closed-loop business model, driving corporate innovation and performance[22]. - The Group's commitment to its business development model emphasizes investment and operational empowerment as key to future success[23]. - Best Food's strategic focus includes both consolidating existing operations and exploring new business avenues to drive growth[22]. Financial Performance - The annual report was presented for the year ended December 31, 2024, highlighting the Group's strategic directions and operational achievements[18]. - The Group's total system sales for 2024 reached RMB3,526 million, a 6.1% increase compared to 2023[33]. - Revenue for 2024 decreased by 22.3% to RMB474 million from RMB610.6 million in 2023[41]. - Revenue from restaurant operations fell by 33.6% to RMB213.2 million, while delivery business revenue decreased by 21.0% to RMB168.6 million[41]. - The Group recorded a loss attributable to equity holders of approximately RMB 241.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB 151.7 million for the year ended December 31, 2023[59]. - The adjusted loss for the year was RMB 76.5 million for 2024, compared to RMB 51.5 million for 2023[67]. Cost Management - Raw material costs decreased by 14.4% to RMB199.3 million, with raw material costs as a percentage of revenue increasing from 38.1% to 42.0%[42]. - Employee benefit expenses decreased by 17.5% to RMB144.1 million, with expenses as a percentage of revenue rising from 28.6% to 30.4%[47]. - Online platform service charges and delivery fees decreased by 14.3% to RMB33.6 million, while their percentage of delivery revenue increased from 18.4% to 19.9%[46]. - Depreciation of right-of-use assets decreased from RMB 70.6 million for the year ended December 31, 2023, to RMB 55.7 million for the corresponding period of 2024, a decline of 21.1%[53]. - Other asset depreciation and amortization decreased from RMB 22.6 million for the year ended December 31, 2023, to RMB 16.8 million for the corresponding period of 2024, a decline of 25.7%[54]. - Property rental and related expenses decreased from RMB 18.3 million for the year ended December 31, 2023, to RMB 14.7 million for the corresponding period of 2024, a decline of 19.7%[55]. - Other expenses decreased by 12.7% from RMB 59.0 million for the year ended December 31, 2023, to RMB 51.5 million for the corresponding period of 2024[56]. Asset Management and Impairment - As of December 31, 2024, the Group recognized right-of-use assets amounting to RMB 95.3 million, down from RMB 149.0 million as of December 31, 2023, mainly due to restaurant closures[71]. - The impairment loss on investments in associates for the year ended December 31, 2024, was approximately RMB 71 million, significantly higher than RMB 1.9 million in the corresponding period of 2023, representing a substantial increase[74][79]. - The net book amount of the Group's trademarks decreased by 25.1% from RMB 373.0 million as of December 31, 2023, to RMB 279.5 million as of December 31, 2024, due to an impairment loss of RMB 93.5 million recognized in 2024[76][80]. - An impairment loss of RMB 93.5 million on trademarks was recorded for the year ended December 31, 2024, based on the higher of fair value less costs of disposal and value in use assessments[84]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[145]. - The Board comprises three executive directors and three independent non-executive directors, with independent directors representing more than one-third of the Board[148]. - The Company has a share award scheme in place to incentivize employees and recognize their contributions since November 11, 2019[140]. - The Board is collectively responsible for promoting the Company's success through strategic decisions and oversight of performance[162][167]. - Independent non-executive Directors play a crucial role in ensuring effective corporate governance[170][175]. Employee and Operational Insights - The Group had a workforce of approximately 1,582 employees as of December 31, 2024, a decrease from about 1,779 employees in 2023[139]. - The Company has established food safety risk assessment and control mechanisms across various operations, including procurement and restaurant operations[136]. - The Company plans to adopt a more prudent restaurant opening strategy and introduce meal sets to enhance value for customers in response to potential declines in sales[138]. Financial Position and Ratios - The Group's total deficit as of December 31, 2024, was RMB 220.2 million, compared to total equity of RMB 46.8 million as of December 31, 2023[99]. - The current ratio was 0.17 as of December 31, 2024, down from 0.68 as of December 31, 2023[102]. - The Group's gearing ratio increased to 152% as of December 31, 2024, compared to 92% as of December 31, 2023[129]. - The net cash to equity ratio as of December 31, 2024, was -0.002, a significant decrease from 0.53 as of December 31, 2023[109]. - The Group's debt-to-equity ratio was 152%, up from 92% on December 31, 2023[133]. Investments and Market Position - The Group's significant investments include a 17.16% stake in Yujian Xiaomian valued at RMB 56.7 million and a 25.03% stake in Tianshuilai valued at RMB 54.3 million as of December 31, 2024[116]. - Yujian Xiaomian has expanded to over 300 stores nationwide, focusing on first-tier and new first-tier cities[117]. - Tianshuilai operates over 200 stores, primarily in first-tier and new first-tier cities, with a focus on premium dining experiences[118]. - The Group has established a multi-brand investment matrix to enhance value and investment returns across diverse catering categories[119].

Financial Performance - Revenue for the fiscal year 2024 decreased to RMB 474.2 million, down 22.3% from RMB 610.6 million in 2023[9]. - Restaurant operating revenue fell by 33.6% to RMB 213.2 million, while takeaway business revenue decreased by 21.0% to RMB 168.6 million[9]. - The adjusted loss for the year was RMB 76.5 million, compared to RMB 51.5 million in the previous year[3]. - The company recorded a loss attributable to equity holders of approximately RMB 241.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB 151.7 million for the same period in 2023[19]. - The company's revenue for the year ended December 31, 2024, was RMB 474.2 million, a decrease of 22.3% compared to RMB 610.6 million for the year ended December 31, 2023[37]. - The group reported a total deficit of RMB 220.2 million as of December 31, 2024, compared to total equity of RMB 46.8 million as of December 31, 2023[97]. - The company reported a net loss attributable to equity holders of RMB 241.8 million for the year ended December 31, 2024, compared to a net loss of RMB 151.7 million for the year ended December 31, 2023[37]. - Basic and diluted loss per share attributable to equity holders was RMB 15.32 for the year ended December 31, 2024, compared to RMB 9.61 for the year ended December 31, 2023[38]. Operational Metrics - The total system sales for the fiscal year 2024 reached RMB 3,526 million, representing a 6.1% increase compared to the previous year[5]. - The number of stores reached 1,171 as of December 31, 2024, with over 110 new stores opened during the year[5]. - The inventory turnover days increased from 37 days to 43 days due to a decrease in revenue during the reporting period[30]. - The group reported a significant increase in convertible bonds from RMB 16,602,000 in 2023 to RMB 647,780,000 in 2024, reflecting a strategic shift in financing[40]. - The company aims to stabilize existing operations and strive for profitability while exploring new business growth opportunities[36]. Expenses and Costs - Employee benefits expenses decreased to RMB 144.1 million, down 17.5%, but as a percentage of revenue, it increased to 30.4%[12]. - The depreciation of right-of-use assets decreased to RMB 55.7 million, down 21.1%, with its percentage of revenue slightly increasing to 11.7%[13]. - Online platform service fees and delivery costs decreased to RMB 33.6 million, down 14.3%, while their percentage of takeaway revenue increased to 19.9%[11]. - Property rental and related expenses decreased from RMB 18.3 million for the year ended December 31, 2023, to RMB 14.7 million for the same period in 2024, a decline of 19.7%[15]. - Other expenses decreased from RMB 59.0 million for the year ended December 31, 2023, to RMB 51.5 million for the same period in 2024, a decline of 12.7%[16]. Assets and Liabilities - Total assets decreased from RMB 1,108,361,000 in 2023 to RMB 801,682,000 in 2024, a decline of approximately 27.6%[39]. - The company reported a total liability of RMB 1,021,859,000 in 2024, compared to RMB 1,061,608,000 in 2023, indicating a decrease of about 3.7%[40]. - Non-current assets decreased from RMB 906,779,000 in 2023 to RMB 648,936,000 in 2024, a reduction of approximately 28.4%[39]. - Cash and cash equivalents fell from RMB 35,636,000 in 2023 to RMB 21,325,000 in 2024, a decrease of about 40.2%[39]. - The current ratio decreased significantly to 0.17 as of December 31, 2024, down from 0.68 as of December 31, 2023, indicating a decline in short-term financial health[97]. Impairments and Provisions - The carrying amount of trademarks decreased from RMB 373.0 million as of December 31, 2023, to RMB 279.5 million as of December 31, 2024, a decline of 25.1%[26]. - The impairment loss on trademarks for the year ended December 31, 2024, was RMB 93.5 million, compared to RMB 95.3 million in 2023[26]. - The company recognized an impairment loss on investments in associates of approximately RMB 71.4 million for the year ended December 31, 2024, significantly up from RMB 1.9 million in 2023[24]. - The expected credit loss provision for trade receivables increased to RMB 1,694 thousand in 2024 from RMB 959 thousand in 2023[76]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year[112]. - The audit committee reviewed the audited annual results for the year ended December 31, 2024, and confirmed alignment with the financial statements[114]. - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[94]. - The company has adopted a share incentive plan since November 11, 2019, to reward employees for their contributions[109]. Market Focus and Strategy - The group has a significant focus on the Chinese market, with overseas sales contributing less than 10% to total revenue[54]. - The group has established a multi-brand investment matrix across regions and industries, focusing on enhancing investment returns and value creation[102]. - The company aims to enhance operational performance in the chain restaurant business while controlling costs and expenses to generate operating cash inflows[47].

Financial Performance - For the first half of 2024, the Group's total system sales amounted to RMB1,715 million, representing a 10% increase compared to the same period in 2023[12]. - Group revenue for the first half of 2024 was RMB244 million, a decline of 20.1% compared to the corresponding period in 2023[12]. - Total system sales for the Group's owned and franchised restaurants were RMB325 million, reflecting an 11% decrease from the same period in 2023[12]. - Revenue of the Group decreased by 20.1% from RMB305.2 million for the six months ended 30 June 2023 to RMB244.0 million for the corresponding period of 2024[16]. - Revenue from restaurant operations decreased by 31.2% from RMB168.8 million for the six months ended 30 June 2023 to RMB116.2 million for the corresponding period of 2024[16]. - Revenue from delivery business decreased by 18.8% from RMB104.5 million for the six months ended 30 June 2023 to RMB84.9 million for the corresponding period of 2024[16]. - Other income for the period was RMB10,290,000, down from RMB12,716,000 in the previous year, a decline of approximately 19.00%[82]. - The Group recorded a loss of approximately RMB46.6 million for the six months ended 30 June 2024, compared to a loss of RMB5.7 million for the same period in 2023[21]. - Adjusted loss for the period was RMB26.7 million, compared to an adjusted profit of RMB12.7 million for the corresponding period of 2023[23]. - The total comprehensive loss amounted to RMB49,764,000, compared to a loss of RMB15,100,000 for the same period in 2023, representing an increase of 229.5%[83]. Operational Metrics - The number of stores under all brands reached 1,131, with a net increase of nearly 71 stores since December 31, 2023[12]. - The "Yujian Xiaomian" brand expanded to over 300 stores, maintaining sound profitability in its tenth year[13]. - "King of Clay Pot" has over 200 stores and is recognized as a leading brand in the claypot rice segment, primarily in East China[13]. - The number of self-operating stores decreased while that of franchise stores increased, contributing to the changes in revenue composition[18]. - The workforce decreased to approximately 1,618 employees as of June 30, 2024, from about 1,779 employees as of December 31, 2023[43]. Revenue Composition - Revenue from sale of food ingredients increased by 34.1% from RMB32.0 million for the six months ended 30 June 2023 to RMB42.9 million for the corresponding period of 2024[16]. - Franchise income increased to RMB7,703,000, up 46.8% from RMB5,249,000 in 2023[117]. - Total other expenses amounted to RMB22,464,000, a decrease of 9.5% from RMB24,820,000 in 2023[120]. - Daily maintenance expenses were RMB7,419,000, a slight decrease from RMB7,795,000 in 2023[120]. Expenses and Cost Management - Employee benefit expense decreased by 12.0% from RMB86.6 million for the six months ended 30 June 2023 to RMB76.2 million for the corresponding period of 2024, with the percentage of revenue increasing from 28.4% to 31.2%[20]. - Depreciation of right-of-use assets decreased by 15.1% from RMB35.8 million to RMB30.4 million, while the percentage of revenue increased from 11.7% to 12.5%[20]. - Depreciation and amortisation of other assets decreased by 19.8% from RMB11.1 million to RMB8.9 million, remaining stable at 3.6% of revenue[20]. - Property rentals and other related expenses decreased by 13.7% from RMB9.5 million to RMB8.2 million, with the percentage of revenue increasing from 3.1% to 3.4%[20]. - Other expenses decreased by 9.3% from RMB24.8 million to RMB22.5 million, while the percentage of revenue increased from 8.1% to 9.2%[20]. Financial Position - As of June 30, 2024, the Group recognized right-of-use assets amounting to RMB125.2 million, a decrease from RMB149.0 million as of December 31, 2023[26][31]. - Current assets decreased to RMB169.9 million as of June 30, 2024, from RMB201.6 million as of December 31, 2023, while current liabilities decreased to RMB284.3 million from RMB298.0 million[38]. - The current ratio was 0.60 as of June 30, 2024, compared to 0.68 as of December 31, 2023[38]. - The Group's outstanding bank borrowings increased to RMB12.6 million as of June 30, 2024, from RMB11.0 million as of December 31, 2023[38]. - The gearing ratio increased to 101% as of June 30, 2024, from 92% as of December 31, 2023[40]. - The Group had no capital expenditure contracted for as of June 30, 2024, and no significant investments during the six months ended June 30, 2024[39]. Shareholder Information - As of June 30, 2024, the company has a total of 1,578,664,000 shares issued[47]. - Mr. Zhao John Huan holds a long position in 1,183,998,000 shares and 517,522,440 underlying shares, representing approximately 107.78% interest in the company[46]. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[36]. - The total number of shares held by directors and chief executives indicates a concentrated ownership structure[46]. - The company continues to comply with the Securities and Futures Ordinance and the Listing Rules regarding the disclosure of interests[45]. Debt and Financing - Bank borrowings increased to RMB12.6 million as of June 30, 2024, from RMB11.0 million as of December 31, 2023[30][35]. - Convertible bonds and related interests totaled RMB618.6 million as of June 30, 2024, an increase of RMB24.2 million from RMB594.4 million as of December 31, 2023[36]. - The company’s total borrowings, including bank borrowings and convertible bonds, indicate a growing reliance on debt financing to support operations and growth[165][166]. - The company is actively managing its debt structure, as evidenced by the adjustments in interest rates and the classification of liabilities[164][166]. - Interest on convertible bonds amounted to RMB19,869,000, an increase from RMB18,360,000 in the same period of 2023[82]. Compliance and Governance - The Company complied with the Corporate Governance Code throughout the six months ended June 30, 2024[73]. - The Company adopted the Model Code for securities transactions by Directors and confirmed compliance by all Directors during the reporting period[74]. - The management discussion emphasizes the importance of transparency in shareholding and compliance with regulatory requirements[48]. - The Group's financial risk management information is not fully included in the condensed consolidated interim financial information and should be read in conjunction with the annual financial statements[99]. Future Outlook - The Group plans to enhance brand value and explore diverse investment models to create shareholder value despite intense competition in the catering sector[36]. - The Group has been exploring appropriate business development through acquisitions and/or expansion of existing business, with plans to evaluate financial position and resources for potential further fundraising[81]. - The Group's operational focus remains on chain restaurant management, with ongoing assessments of financial performance and liquidity[92].

Financial Performance - The group's revenue decreased by 20.1% to RMB 244 million in the first half of 2024, down from RMB 305.2 million in the same period of 2023[5] - The company's revenue for the six months ended June 30, 2024, was RMB 243,952,000, a decrease of 20.1% compared to RMB 305,248,000 for the same period in 2023[27] - The group reported a total revenue of RMB 116,163 thousand for the six months ended June 30, 2024, compared to RMB 168,760 thousand for the same period in 2023, representing a decrease of approximately 31%[37] - Other income for the six months ended June 30, 2024, was RMB 10,290 thousand, down from RMB 12,716 thousand in 2023, indicating a decline of about 19%[38] - The group incurred total expenses of RMB 22,464 thousand for the six months ended June 30, 2024, compared to RMB 24,820 thousand in 2023, reflecting a decrease of approximately 9%[39] - The group reported a net loss of RMB 39,313 thousand for the six months ended June 30, 2024, down from RMB 46,862 thousand in 2023, showing an improvement of about 16%[46] - The net loss for the period was RMB 46,569,000, compared to a net loss of RMB 5,692,000 in the same period last year, representing an increase in losses[28] - The total comprehensive loss for the period was RMB 49,764,000, compared to a total comprehensive loss of RMB 15,100,000 in the previous year[28] Operational Metrics - The total system sales for the first half of 2024 reached RMB 1,715 million, representing a 10% increase compared to RMB 1,564 million in the same period of 2023[3] - The number of stores under the group and its joint ventures reached 1,131 as of June 30, 2024, with a net increase of 71 stores since December 31, 2023[3] - Inventory turnover days increased from 37 days to 42 days, primarily due to a decrease in revenue during the reporting period[20] - Trade and other receivables decreased to RMB 66.7 million as of June 30, 2024, down from RMB 80.1 million as of December 31, 2023[21] - Trade receivables amounted to RMB 12,178,000 as of June 30, 2024, an increase from RMB 11,327,000 as of December 31, 2023, representing a growth of approximately 7.5%[49] - Total trade and other receivables decreased to RMB 96,820,000 from RMB 110,130,000, reflecting a decline of about 12%[49] - Net trade and other receivables stood at RMB 66,725,000, down from RMB 80,070,000, indicating a reduction of approximately 16.6%[50] - Trade payables were reported at RMB 42,246,000 as of June 30, 2024, down from RMB 48,817,000, showing a decrease of about 13.1%[51] Cost Management - The operating income from restaurant operations fell by 31.2% to RMB 116.2 million in the first half of 2024, compared to RMB 168.8 million in the same period of 2023[5] - The revenue from takeaway services decreased by 18.8% to RMB 84.9 million in the first half of 2024, down from RMB 104.5 million in the same period of 2023[5] - The cost of raw materials and inventory changes decreased by 12.0% to RMB 99.8 million in the first half of 2024, compared to RMB 113.4 million in the same period of 2023[6] - Employee benefits expenses decreased by 12.0% to RMB 76.2 million in the first half of 2024, down from RMB 86.6 million in the same period of 2023[8] - Property rental and related expenses decreased from RMB 9.5 million for the six months ended June 30, 2023, to RMB 8.2 million for the same period in 2024, a decrease of 13.7%[11] - Other expenses decreased from RMB 24.8 million for the six months ended June 30, 2023, to RMB 22.5 million for the same period in 2024, a reduction of 9.3%[12] - The group's operating expenses for advertising and marketing decreased to RMB 2,952 thousand in 2024 from RMB 4,837 thousand in 2023, a reduction of approximately 39%[39] - The group's depreciation and amortization expenses totaled RMB 39,313 thousand for the six months ended June 30, 2024, compared to RMB 46,862 thousand in 2023, indicating a decrease of about 16%[46] Financial Position - The company's total assets decreased to RMB 1,043,656,000 as of June 30, 2024, down from RMB 1,108,361,000 as of December 31, 2023[29] - Current liabilities exceeded current assets by RMB 114,486,000, indicating potential liquidity concerns[31] - The company's cash and cash equivalents decreased to RMB 32,602,000 from RMB 35,636,000 as of December 31, 2023[29] - The company’s non-current liabilities included convertible bonds amounting to RMB 601,876,000 as of June 30, 2024, compared to RMB 577,788,000 at the end of 2023[30] - The current ratio as of June 30, 2024, was 0.60, a decline from 0.68 as of December 31, 2023[57] - The net cash to equity ratio as of June 30, 2024, was -4.64, compared to 0.53 as of December 31, 2023[57] - The debt-to-equity ratio increased to 101% as of June 30, 2024, from 92% as of December 31, 2023[62] Strategic Initiatives - The group is actively adapting to market conditions by launching new products and enhancing online traffic through various marketing strategies[3] - The "Co-Creation Camp" project was launched to optimize and strengthen the ecosystem, aiming to connect and integrate diverse industry resources for new business growth[4] - The company aims to enhance brand value, explore diverse investment models, and identify new business growth points despite the competitive landscape in 2024[26] - The group expects that newly issued and amended accounting standards will not have a significant impact on its financial performance in the current or foreseeable future reporting periods[34] Employee Metrics - The number of employees decreased to approximately 1,618 as of June 30, 2024, from approximately 1,779 as of December 31, 2023[64] - The company’s employee benefits expenses decreased to RMB 16,079,000 from RMB 17,999,000 year-on-year[27] Other Information - The group has not declared an interim dividend for the six months ended June 30, 2024, consistent with the previous year[47] - The group’s primary market is in China, with overseas sales contributing less than 10% to total revenue[38] - The group has no significant transactions with any single external customer contributing 10% or more to total revenue[38] - The group had no significant investments or acquisitions during the six months ended June 30, 2024[60] - The group has sufficient cash and available credit facilities to meet its operational needs and obligations for the next 12 months[57] - There were no significant contingent liabilities as of June 30, 2024[61] - The company has not reported any significant events affecting the group from June 30, 2024, until the date of the earnings announcement[56]

Financial Performance - The Group recorded a loss attributable to equity holders of approximately RMB151.7 million for the year ended 31 December 2023, a slight improvement from a loss of RMB156.2 million in 2022[30]. - The adjusted loss for the year was RMB 53.4 million, a significant improvement from the adjusted loss of RMB 102.98 million in 2022, reflecting a reduction of approximately 48%[49]. - The Group recognized an impairment loss on trademarks amounting to approximately RMB95.3 million in 2023, compared to nil in 2022[30]. - The impairment of intangible assets amounted to RMB 95.3 million for the year ended December 31, 2023, with a tax impact of RMB 23.8 million[49]. - As of December 31, 2023, the total equity of the Group was RMB 46.8 million, a decrease from RMB 210.6 million as of December 31, 2022[66]. - The Group's current assets amounted to RMB 201.6 million, down from RMB 226.5 million in the previous year, while current liabilities decreased to RMB 298.0 million from RMB 339.6 million[66]. - The Group's debt-to-asset ratio rose to 92% as of December 31, 2023, compared to 72% a year earlier[80]. - As of December 31, 2023, the Group's gearing ratio was 92%, an increase from 72% in the previous year[130]. Revenue and Expenses - Employee benefit expenses increased by 0.9% from RMB173.0 million in 2022 to RMB174.6 million in 2023, while the percentage of revenue decreased from 32.2% to 28.6%[42]. - Depreciation of right-of-use assets decreased by 16.7% from RMB84.7 million in 2022 to RMB70.6 million in 2023, with the percentage of revenue dropping from 15.8% to 11.6%[44]. - Finance expenses net decreased by 9.0% from RMB51.9 million in 2022 to RMB47.2 million in 2023, mainly due to lower interest on convertible bonds and lease liabilities[29]. - Other expenses increased by 7.1% from RMB55.1 million in 2022 to RMB59.0 million in 2023, but as a percentage of revenue, it decreased from 10.3% to 9.7%[46]. - Property rentals and related expenses decreased from RMB18.8 million in 2022 to RMB18.3 million in 2023, with the percentage of revenue declining from 3.5% to 3.0%[45]. - The Group's other expenses as a percentage of revenue decreased from 10.3% in 2022 to 9.7% in 2023, attributed to revenue growth during the reporting period[48]. Strategic Direction and Market Outlook - The Group remains confident in the long-term potential of the Chinese catering market and will continue to focus on franchise and digital operations strategies[12]. - The Group's strategic direction includes enhancing its franchise business to adapt to local market needs across different regions in China[20]. - The Xinladao Group plans to continue focusing on profitable direct-sales stores while expanding its franchised store network, adapting to changes in the consumer market and macro-economy[55]. - The Group expects intense competition in the food and beverage industry to persist in 2024, with continued growth in the franchise business[60]. Governance and Compliance - The Company has established mechanisms to ensure independent views and input are available to the Board, with independent non-executive Directors representing more than one-third of the Board[119]. - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2023[141]. - The Company’s governance structure includes a clear distinction of responsibilities between the Chairman and the CEO[150]. - The Audit Committee regularly reviews the effectiveness and objectivity of the Group's financial reporting, internal control systems, and risk management processes[200]. - The Remuneration Committee's terms of reference were amended in December 2023 to align with relevant code provisions of the CG Code[184]. - The Company ensures that no Director is involved in deciding his own remuneration, maintaining independence in the remuneration process[184]. Risk Management - The Company faces risks related to discretionary spending and increased competition, which may adversely affect its business and financial condition[135]. - The Company has not entered into any forward contracts to hedge its foreign exchange risks for the year ended December 31, 2023[103]. Workforce and Employee Relations - The Group's workforce decreased to approximately 1,779 employees as of December 31, 2023, down from about 2,162 employees in 2022[138]. - The Company has adopted a share award scheme to provide incentives to employees and recognize their contributions[138].