Financial Performance - For the six months ended June 30, 2024, revenue was RMB 2,665.0 million, a decrease of 3.5% year-on-year[4] - Gross profit for the same period was RMB 608.9 million, an increase of 5.3%, with a gross margin of 22.8%, up from 20.9% in the previous year[4] - Net profit for the six months ended June 30, 2024, was RMB 85.5 million, a decrease of 26.7% year-on-year[4] - Core operating profit (non-IFRS measure) was RMB 124.9 million, an increase of 4.9% year-on-year[4] - Revenue for the six months ended June 30, 2024, was RMB 2,664,999 thousand, a decrease from RMB 2,760,906 thousand for the same period in 2023, representing a decline of approximately 3.5%[23] - Gross profit increased to RMB 608,920 thousand for the six months ended June 30, 2024, compared to RMB 578,144 thousand in 2023, reflecting a growth of about 5.3%[23] - The company achieved a net profit of RMB 85,508 thousand for the six months ended June 30, 2024, down from RMB 116,570 thousand in 2023, indicating a decrease of approximately 26.7%[23] - Profit before tax decreased by approximately 28.6% from RMB 162.2 million to RMB 115.8 million[32] - Net profit declined by approximately 26.7% from RMB 116.6 million to RMB 85.5 million, with net profit margin decreasing from 4.2% to 3.2%[35] - Adjusted net profit for the six months ended June 30, 2024, was RMB 85.5 million, compared to RMB 133.5 million in the prior period, with adjusted net profit margin at 3.2%[39] Sales and Revenue Sources - Sales to franchisees contributed RMB 2,338.2 million, accounting for 90.4% of total sales, while other sales channels contributed RMB 248.99 million, or 9.6%[9] - Revenue from home meal products accounted for 97.1% of total revenue in the six months ended June 30, 2024, down from 97.3% in the prior period, with a decrease in sales from RMB 2,686.3 million to RMB 2,587.2 million, a decline of about 3.7%[27] - Revenue from home meal delivery and other food-related products was RMB 2,587,178 thousand, down 3.7% from RMB 2,686,319 thousand in the previous year[81] Store and Membership Growth - The total number of retail stores as of June 30, 2024, was 9,660, covering 31 provinces, autonomous regions, and municipalities[7] - As of June 30, 2024, the registered member count reached approximately 30.9 million, enhancing consumer loyalty[12] - Prepaid card deposits amounted to approximately RMB 430 million, an increase of 57.8% year-on-year[12] Product Development and Marketing - The company launched 248 new SKUs of hot pot and barbecue products during the reporting period to meet changing consumer preferences[13] - The "99 Yuan Free Hot Pot Set" launched in late May 2024 generated over RMB 130 million in sales through Douyin in June, representing a 24.9% increase compared to the total sales of all products on Douyin in the same period last year[12] - The company intends to strengthen its R&D capabilities to diversify product offerings and maintain competitive advantages in core products[20] - The company aims to enhance its brand image and marketing efforts to increase consumer reach and loyalty through various advertising channels[22] Cost Management and Expenses - Selling and distribution expenses increased by 14.0% from RMB 265.0 million to RMB 302.0 million, driven by increased investment in brand building and new sales channels[30] - Administrative expenses slightly increased by 2.2% from RMB 216.3 million to RMB 221.0 million[31] - Other income and net gains decreased by 60.1% from RMB 78.7 million to RMB 31.4 million, primarily due to unrealized losses on non-listed convertible redeemable preferred shares[29] Financial Position and Assets - Cash and bank deposits as of June 30, 2024, amounted to RMB 2,053.0 million, a 6.1% increase from RMB 1,935.7 million as of December 31, 2023[43] - Interest-bearing bank and other borrowings decreased by 13.8% to RMB 69.2 million from RMB 80.3 million as of December 31, 2023[43] - Inventory decreased by 39.6% to RMB 434.3 million from RMB 719.5 million as of December 31, 2023, with inventory turnover days improving from 68.0 days to 51.2 days[48] - Trade receivables decreased to RMB 48.6 million from RMB 54.3 million, with turnover days improving from 6.0 days to 3.5 days[49] - Trade payables decreased to RMB 314.8 million from RMB 457.3 million, with turnover days slightly decreasing from 39.8 days to 34.3 days[51] - The company's net asset value as of June 30, 2024, was RMB 3,238.4 million, down from RMB 3,378.8 million as of December 31, 2023[46] - The debt-to-asset ratio improved from 3.3% as of December 31, 2023, to 3.0% as of June 30, 2024[46] Governance and Compliance - The company has complied with all applicable corporate governance codes during the reporting period, except for a specific deviation noted[99] - The roles of the chairman and the CEO are held by the same individual, which the board believes enhances leadership and strategic decision-making efficiency[100] - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2024, confirming compliance with applicable accounting principles[106] - The company has adhered to all relevant Chinese laws and regulations that significantly impact its operations[104] Other Information - The company did not declare an interim dividend for the six months ended June 30, 2024[69] - The company reported a basic and diluted earnings per share of RMB 3.13 for the six months ended June 30, 2024, compared to RMB 4.03 for the same period in 2023[70] - The company has not reported any sales to a single customer accounting for 10% or more of total revenue during the reporting period[80] - The group has received several government subsidies related to production facility investments, which will be recognized in the income statement over the useful life of the related assets[24]

Company Overview - Guoquan Food is a leading and rapidly growing home meal products brand in China, focusing on ready-to-eat, ready-to-heat, and ready-to-cook products, particularly hotpot and barbecue items[5]. - The product portfolio includes eight categories: hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines, and snacks[5]. - The company has established a store network primarily comprising franchised stores, deriving substantially all revenue from product sales to franchisees, without charging franchise fees[5]. Financial Performance - Guoquan Food (Shanghai) Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year ended December 31, 2023, representing a year-over-year increase of 15%[15]. - The company achieved a net profit of RMB 150 million, which is a 20% increase compared to the previous year[15]. - The annual report indicates a commitment to expanding both online and offline shopping options to maximize consumer engagement[7]. - The Group recorded revenue of RMB 6,094.1 million, representing a decrease of approximately 15.0% compared to the corresponding period of 2022[22]. - The Group achieved a gross profit of RMB 1,350.9 million and a gross profit margin of 22.2%, an increase of 4.8 percentage points from 17.4% over the corresponding period of 2022[22]. - The net profit for the year was RMB 263.4 million, representing an increase of approximately 9.3% over the corresponding period of 2022[22]. - The adjusted net profit (Non-IFRS measure) for the year was RMB 318.0 million, reflecting a year-on-year increase of 23.8%[22]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces in China by the end of 2024[15]. - Guoquan Food is investing RMB 200 million in R&D for new product development, focusing on plant-based hotpot ingredients[15]. - The Group aims to enhance its online sales channels, targeting a 30% increase in e-commerce revenue by the end of 2024[15]. - The Group's strategy focuses on digital empowerment of the supply chain and franchisees to improve market responsiveness[29]. - The Group aims to consolidate market leadership by focusing on brand, product, and channel development[27]. Product Development and Innovation - A total of 339 new SKUs were launched in 2023 to cater to evolving consumer demands and preferences[21]. - The management highlighted the successful launch of a new hotpot soup base product, which contributed to a 10% increase in sales in Q4 2023[15]. - The Group plans to enhance its R&D capabilities and optimize existing products based on consumer feedback to meet local preferences[52]. Supply Chain and Operational Efficiency - The company emphasizes operational efficiency through a robust supply chain and digitalized management system, ensuring product quality and safety[7]. - The Group achieved next day delivery for most orders through a streamlined supply chain, optimizing costs and enhancing product affordability for franchisees and consumers[40]. - The Group's supply chain system ensures high quality and safety of products while maintaining cost advantages through stable relationships with upstream suppliers[45]. - The Group's digital supply chain allows for real-time monitoring of supply and demand dynamics, improving overall efficiency[48]. Online Sales and Marketing - Guoquan Food is developing online sales channels, including its Guoquan APP and partnerships with third-party food delivery platforms like Meituan and Ele.me, enhancing consumer reach[7]. - The Group achieved over six billion exposures through livestreaming and short-form videos on Douyin in 2023, enhancing consumer interaction[36]. - The Group's marketing efforts on social media platforms, including Douyin, resulted in over 6 billion exposures in 2023[38]. Governance and Management - The company has a diverse board with members experienced in finance, law, and the catering industry, which supports comprehensive decision-making[130][132]. - The company emphasizes independent judgment in its board operations, enhancing its governance framework[130][131]. - The Group is committed to maintaining high standards of financial management and internal control, as emphasized by the roles of its financial officers[136]. Employee and Community Relations - As of December 31, 2023, the Group had a total of 2,045 employees, with total employee benefit expenses amounting to RMB 463.4 million for the year[169]. - The Group is committed to integrating ESG criteria into its business activities, focusing on product quality, consumer service, and environmental protection[169]. - The Group's charitable donations for the year ended December 31, 2023 amounted to approximately RMB 3.5 million[199]. Future Plans and Use of Proceeds - The company plans to utilize the proceeds for construction, investment, and acquisition of plants, with a total allocation of 25% or HK$112.1 million expected to be fully utilized by December 31, 2027[189]. - The company allocated 40% or HK$179.5 million of the proceeds for opening and operating self-operated stores, also expected to be fully utilized by December 31, 2027[189]. - The company has plans for future utilization of the remaining proceeds as disclosed in the "Future Plans and Use of Proceeds" section of the Prospectus[190].

智通财经APP讯，锅圈(02517)发布截至2023年12月31日止年度业绩，该集团期内取得收入60.94亿元(人民币，下同);股东应占溢利2.4亿元，同比增加4.23%;每股基本盈利8.94分;拟派发末期股息每股0.0521元。 公告称，毛利由2022年度的12.49亿元增长8.2%至期内的13.51亿元，毛利率由2022年度的17.4%改善至期内的22.2%，主要是由于规模优势所带来的更好的成本控制能力，伴随新产品的开发及原有产品的升级，以及收购工厂后自产比例的提升所产生的额外毛利。 尽管2023年的经济环境充满挑战和不确定性，集团的零售门店网络仍然持续扩张。于2023年12月31日，集团在全国31个省、自治区及直辖市共有10307家零售门店。 ...

Financial Performance - For the year ended December 31, 2023, the revenue was RMB 6,094.1 million, a decrease of 15.0% year-on-year[1] - The gross profit for the same period was RMB 1,350.9 million, an increase of 8.2%, with a gross margin of 22.2% compared to 17.4% in the previous year[1] - The net profit for the year was RMB 263.4 million, reflecting a year-on-year increase of 9.3%[1] - Adjusted net profit (non-IFRS measure) was RMB 318.0 million, up 23.8% year-on-year[1] - Total revenue decreased by approximately 15.0% from RMB 7,173.5 million in 2022 to RMB 6,094.1 million in 2023[16] - Revenue from home meal products accounted for 97.5% of total revenue in 2023, down from 98.4% in 2022, with a decrease of about 15.8% from RMB 7,058.8 million to RMB 5,940.5 million[16] - Service revenue increased by approximately 33.9% from RMB 114.7 million in 2022 to RMB 153.6 million in 2023, driven by an increase in franchise store numbers[16] - Gross profit increased by 8.2% from RMB 1,249.0 million in 2022 to RMB 1,350.9 million in 2023, with gross margin improving from 17.4% to 22.2%[18] - Operating profit before tax increased by approximately 9.5% from RMB 332.0 million in 2022 to RMB 363.4 million in 2023[22] - Net profit increased by approximately 9.3% from RMB 241.0 million in 2022 to RMB 263.4 million in 2023, with net profit margin improving from 3.4% to 4.3%[24] Store and Membership Growth - The total number of retail stores reached 10,307, with 10,300 being franchise stores, marking an increase from 9,221 stores in the previous year[4] - The registered membership reached approximately 27.9 million, with prepaid card deposits increasing by 18% to about RMB 720 million[6] Product Development and Sales Strategy - The company launched 339 new SKUs in the fiscal year 2023 to meet changing consumer preferences[7] - The company continues to expand its online sales channels, achieving over 6 billion exposures through Douyin for product promotions[5] - The company plans to expand its store network to new regions and enhance market penetration in existing areas to increase direct consumer reach[10] - The company aims to develop its online sales platforms, including third-party delivery services and its own apps, to create a hybrid retail model[10] - The company intends to strengthen its R&D capabilities and product variety to maintain its competitive edge in the market[12] - The company is exploring new consumer scenarios, such as camping, to expand its product offerings and market share[11] - The company plans to enhance its brand image and marketing efforts to increase consumer engagement and loyalty[13] Financial Position and Assets - As of December 31, 2023, the group's net asset value was RMB 3,378.8 million, an increase from RMB 2,689.6 million as of December 31, 2022[29] - The group's capital debt ratio decreased from 4.9% as of December 31, 2022, to 3.3% as of December 31, 2023[29] - The group's inventory decreased by 31.3% from RMB 1,047.4 million as of December 31, 2022, to RMB 719.5 million as of December 31, 2023[34] - Trade receivables decreased from RMB 134.3 million as of December 31, 2022, to RMB 54.3 million as of December 31, 2023[35] - Trade payables decreased from RMB 577.5 million as of December 31, 2022, to RMB 457.3 million as of December 31, 2023[36] - Non-current assets totaled RMB 1,776,353 thousand, an increase of 6.3% from RMB 1,671,642 thousand in the previous year[45] - Current assets rose to RMB 2,875,293 thousand, up 19.4% from RMB 2,409,028 thousand in 2022[45] - Current liabilities decreased to RMB 1,167,888 thousand, down 10.4% from RMB 1,303,017 thousand in the previous year[45] - Total equity attributable to shareholders increased to RMB 3,378,783 thousand, up from RMB 2,689,551 thousand in 2022[48] Dividend and Shareholder Information - The board declared a final dividend of RMB 0.0521 per share for the year, compared to no dividend in the previous year[1] - The proposed final dividend for the year ended December 31, 2023, is RMB 0.0521 per share, subject to shareholder approval at the annual general meeting[80] - The company does not have a predetermined dividend payout ratio, and future dividends will depend on operational performance and financial conditions[81] - The annual general meeting is scheduled for June 27, 2024, where the proposed dividend will be discussed[82] - The company will suspend shareholder registration from June 24, 2024, to June 27, 2024, to determine eligibility for attending the annual general meeting and voting[83] - To qualify for the proposed final dividend, the company will suspend shareholder registration from July 4, 2024, to July 9, 2024[83] Audit and Compliance - The independent auditor, Ernst & Young, confirmed that the financial statements for the year ended December 31, 2023, are consistent with the audited financial reports[86] - The audit committee, composed of three independent non-executive directors, reviewed the consolidated annual performance for the year ended December 31, 2023[85] - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules to enhance accountability and shareholder value[87] - The company has complied with the standards of the securities trading code from the date of listing until December 31, 2023[89] - The annual report for the year ended December 31, 2023, will be published on the company's website and the Stock Exchange website[89] Other Financial Metrics - Cash generated from operating activities increased significantly from RMB 285.3 million in 2022 to RMB 678.3 million in 2023[28] - Cash and bank deposits increased from RMB 1,263.3 million in 2022 to RMB 1,935.7 million in 2023[28] - Administrative expenses increased by 23.2% from RMB 403.7 million in 2022 to RMB 497.2 million in 2023, mainly due to increased listing expenses and administrative costs from acquired factories[21] - Sales and distribution expenses decreased by 7.3% from RMB 624.6 million in 2022 to RMB 578.8 million in 2023, primarily due to reduced revenue[20] - The company reported a foreign exchange loss of RMB 201 thousand related to the translation of overseas operations[43] - The company recorded a foreign exchange gain of RMB 7,210,000 in 2023, compared to a gain of RMB 77,000 in 2022, reflecting a substantial increase[66] - The financial costs for 2023 totaled RMB 5,432,000, significantly higher than RMB 2,564,000 in 2022, indicating an increase of over 111%[68] - Research and development expenses for 2023 amounted to RMB 8,537,000, a slight decrease from RMB 9,981,000 in 2022[66] - The company received government grants related to production facilities, which will be recognized in the income statement over the useful life of the related assets[64]