Investment Rating - The report maintains a "Buy" rating for Haidilao [1] Core Views - Haidilao is adopting a franchise model to enhance operational efficiency and expand its market presence while maintaining service quality [3] - The company is expected to have significant growth potential in the hot pot market, which is projected to reach approximately 500 billion yuan in 2022, with low brand and chain penetration [3] - The shift to a franchise model allows Haidilao to reduce operational costs and improve financial metrics, with a focus on revenue sharing from franchisees [3] - For 2024, the report anticipates stable turnover rates and the opening of 70-80 new stores, alongside a potential increase in dividend payouts [3] Financial Projections - Total revenue is projected to grow from 31,039 million yuan in 2022 to 52,826 million yuan by 2025, reflecting a compound annual growth rate (CAGR) of approximately 9.3% [2] - Net profit is expected to increase from 1,638 million yuan in 2023 to 5,736 million yuan in 2025, with year-on-year growth rates of 168.66% and 11.50% respectively [2] - The report forecasts earnings per share (EPS) to rise from 0.29 yuan in 2023 to 1.03 yuan in 2025, indicating a positive trend in profitability [2] Market Data - The closing price of Haidilao is 13.98 HKD, with a market capitalization of approximately 77,924.52 million HKD [6] - The price-to-earnings (P/E) ratio is projected to decrease from 43 in 2022 to 12 in 2025, suggesting improved valuation metrics as earnings grow [2][6] Operational Insights - The franchise model is expected to leverage local resources, enhancing brand penetration and operational consistency across new outlets [3] - The company aims to diversify its brand portfolio with new concepts like "Hi Lao" and "Miao Shixiong Stir-fried Chicken," which will contribute to long-term growth [3]

Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company is transitioning to a franchise model, focusing on moderate expansion while balancing efficiency and scale [6]. - The company expects revenue for 2023 to be no less than 41.4 billion CNY, with a year-on-year growth of over 33.3%, and a net profit of no less than 4.4 billion CNY [6]. - The target price has been adjusted to 18.54 CNY, reflecting a 24% decrease, with a corresponding price-to-earnings ratio (PE) of 20x, which is above the industry average of 14x [6]. Financial Summary - Revenue projections for the company are as follows: - 2023E: 41,233 million CNY - 2024E: 48,202 million CNY - 2025E: 53,941 million CNY - Net profit projections are: - 2023E: 4,454 million CNY - 2024E: 5,167 million CNY - 2025E: 5,808 million CNY - The PE ratios are projected to be: - 2023E: 14.84 - 2024E: 12.80 - 2025E: 11.38 [7].

港股公司报告 | 公司点评 海底捞（06862） 证券研究报告 2024年02月27日 投资评级 23全年业绩不低于44亿符合预期，期待翻台稳健修复下的开店重启 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 公司发布正面盈利预告：23 年持续经营业务收入预计将不低于人民币 当前价格 14.34港元 414.0 亿元/yoy+33%，持续经营业务净利润不低于人民币 44.0 亿元 目标价格 港元 /yoy+169%，实现净利率10.6%、超19年全年水平（10.3%）。 基本数据 港股总股本(百万股) 5,574.00 公司收入及业绩的增长主要由于防疫政策优化及经济复苏，海底捞餐厅客 港股总市值(百万港元) 79,931.16 流量增加，公司经营表现好转，海底捞餐厅翻台率提升及营运效率改善。 每股净资产(港元) 1.81 资产负债率(%) 59.72 单23H2来看：23H2预计实现营收不低于225.1亿元/yoy+58%，净利 一 年内最高/最低(港元) 23.95/11.94 润不低于21.4亿元/yoy+12%，净利率9.5%。公司23H1若剔除汇兑收 作者 益，经营性业绩 20.7 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao, with a target price of 14.06 HKD [3]. Core Views - Haidilao's 2023 revenue is expected to be no less than 41.4 billion RMB, representing a year-on-year growth of at least 33.3%, driven by increased customer flow and improved operational performance due to reduced pandemic disruptions [1]. - The net profit attributable to shareholders is projected to be no less than 4.4 billion RMB, reflecting a year-on-year increase of at least 168.79%, primarily due to improved table turnover rates and operational efficiency [1]. - The company is focusing on optimizing its existing store operations rather than aggressive expansion, with only 12 new stores opened in 2023 compared to 28 in 2022 [2]. - Haidilao is exploring new business avenues through sub-brands and personalized stores, such as the budget-friendly "Hailao" and high-end bistro "Youjishan," as well as specialized hotpot stores targeting specific consumer scenarios [2]. - The report suggests that Haidilao's internal reforms and post-pandemic recovery in dine-in traffic could lead to a gradual return to stable operations, enhancing performance elasticity [2]. Financial Summary - Expected revenue for 2023 is 41,569 million RMB, with a growth rate of 33.9% [3]. - Projected net profit for 2023 is 4,421 million RMB, with a growth rate of 169.8% [3]. - Earnings per share (EPS) is forecasted to be 0.79 RMB for 2023, with a PE ratio of 16 [3]. - The company anticipates achieving net profits of 5,370 million RMB and 6,093 million RMB for 2024 and 2025, respectively, with corresponding PE ratios of 13 and 12 [3].

2024年2月21日 公司研究 翻台率持续改善，24 年或重启开店计划 ——海底捞（6862.HK）2023 年业绩预告点评 要点 买入（维持） 当 前价：14.06港元 事件：公司发布2023年业绩预告，预计2023年持续经营业务收入不低于414 亿元，同比增长不低于33.3%；预计持续经营业务净利润不低于44亿元，同比 增长不低于168.3%。其中，公司预计23H2持续经营业务收入不低于225亿元， 作者 同比增长不低于41.7%；预计持续经营业务净利润不低于21.4亿元，同比增长 分析师：陈彦彤 不低于36.8%。 执业证书编号：S0930518070002 021-52523689 23H2客流改善带动收入增长提速。公司预计23H2持续经营业务收入不低于225 chenyt@ebscn.com 亿元，同比增长不低于41.7%，收入增速环比改善，主要系随着针对新冠疫情 分析师：汪航宇 的管控措施优化及经济复苏，海底捞餐厅客流量增加，经营表现好转。23H2公 执业证书编号：S0930523070002 司整体表现出客单价下降、客流回升的趋势。23H2公司翻台率持续好转，23Q4 021-52523174 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 海底捞（06862.HK） 2023 年业绩预告点评：盈利符合预期，期待 2024 年 02月 22日 扩张新周期 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2021A 2022A 2023E 2024E 2025E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 39,097 31,039 41,410 48,332 52,826 liyzh@dwzq.com.cn 同比 36.63% -20.61% 33.41% 16.72% 9.30% 归母净利润（百万元） -3,250 1,638 4,402 5,144 5,736 股价走势 同比 -1150.80% 150.42% 168.66% 16.86% 11.50% 海底捞 恒生指数 EPS-最新摊薄（元/股） -0.58 0.29 0.79 0.92 1.03 24% P/E（现价&最新摊薄） -22 43 16 14 12 18% 12% 6% [关Ta ...

证券研究报告 | 2024年02月22日 海底捞（06862.HK） 买入 经营延续稳健表现，关注新业态孵化与开店积极信号 核心观点 公司研究·财报点评 2023年预计实现净利润超44亿元，符合我们预期。2023年，公司预计实 社会服务·酒店餐饮 现持续经营业务收入超414.0亿元，同比增长超33.3%；预计实现持续 证券分析师：曾光 证券分析师：钟潇 经营业务净利润44.0亿元，同比增长超168.5%，经营表现与我们前期 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 预测（净利润为45.5亿元）大致符合我们预测。2023H2，公司预计实 S0980511040003 S0980513100003 现持续经营业务收入不低于224.4亿元，同比增超57.7%；预计实现持 证券分析师：张鲁 续经营业务净利润21.4亿元，同比增长超12.5%。 010-88005377 zhanglu5@guosen.com.cn 2023下半年净利率边际略有走低，预计系翻人工成本占比提升所致。2023H2 S09805211 ...

Financial Performance - Haidilao reported a revenue of HK$3.2 billion for the first half of 2023, representing a year-on-year increase of 15%[4]. - The company achieved a net profit of HK$500 million, a significant increase of 25% compared to the same period last year[4]. - Future guidance estimates a revenue growth of 20% for the full year 2023, driven by increased customer traffic and new store openings[4]. - For the six months ended June 30, 2023, the Group recorded revenue from continuing operations of RMB 18,885.9 million, representing an increase of 24.6% compared to RMB 15,155.5 million for the same period in 2022[21]. - The Group achieved a net profit of RMB 2,258.9 million for the six months ended June 30, 2023, a significant increase compared to RMB 72.3 million for the same period in 2022[21]. - Total revenue for the six months ended June 30, 2023, was RMB 18,885.9 million, a 24.1% increase from RMB 15,155.5 million in the same period of 2022[34]. - Revenue from Haidilao restaurant operations accounted for 95.0% of total revenue, increasing by 25.4% from RMB 14,305.7 million in 2022 to RMB 17,935.4 million in 2023[35]. Customer Engagement - User data indicated that the number of active customers reached 12 million, up 10% from the previous year[4]. - Haidilao restaurants served a total of 174.6 million customers in the first half of 2023, with a table turnover rate of 3.3 times per day[22]. - The same store table turnover rate was 3.5 times per day during the same period[22]. - The membership base exceeded 10 million, allowing for more precise promotional content and improved customer repurchase rates[28][29]. - Same store sales for Haidilao restaurants reached RMB 12,286.7 million for the six months ended June 30, 2023, up from RMB 10,591.3 million in 2022[42]. Expansion and Innovation - Haidilao plans to open 50 new restaurants in 2023, expanding its footprint in both domestic and international markets[4]. - The company is investing HK$200 million in new technology to enhance customer experience and operational efficiency[4]. - Haidilao is focusing on menu innovation, with plans to introduce 10 new dishes by the end of 2023[4]. - The company launched 9 nationwide spring and summer limited products and 143 regional featured new products in the first half of 2023[25][26]. - The Group opened five new Haidilao restaurants, reopened 24 previously suspended restaurants, and closed 18 under-performing restaurants in the first half of 2023[22]. Financial Health - Haidilao's cash flow from operations improved by 30%, indicating better financial health and sustainability[4]. - Total assets increased to RMB 23,123.3 million as of June 30, 2023, compared to RMB 21,439.2 million as of December 31, 2022[20]. - Equity attributable to owners of the Company rose to RMB 9,300.7 million as of June 30, 2023, from RMB 7,443.2 million as of December 31, 2022[20]. - Total liabilities decreased slightly to RMB 13,808.5 million as of June 30, 2023, from RMB 13,983.1 million as of December 31, 2022[20]. - The Group's profit before tax for the six months ended June 30, 2023, was RMB 2,813.8 million, compared to RMB 202.1 million for the same period in 2022[21]. Cost Management - The company implemented effective cost control measures to enhance restaurant profitability while maintaining service quality and employee benefits[29][30]. - Raw materials and consumables used increased by 18.7% to RMB 7,685.0 million, but as a percentage of revenue, it decreased from 42.7% to 40.7%[48]. - Staff costs rose by 8.6% to RMB 5,769.3 million, while the percentage of revenue decreased from 35.0% to 30.5%[50]. - Rentals and related expenses increased by 18.4% to RMB 200.4 million, maintaining a stable percentage of revenue at 1.1%[51]. - Utilities expenses increased by 20.5% to RMB 605.4 million, with a slight decrease in percentage of revenue from 3.3% to 3.2%[52]. Shareholding and Governance - As of June 30, 2023, Mr. Zhang Yong held approximately 60.35% of the total issued share capital, amounting to 3,363,658,743 ordinary shares[101]. - The Group has no significant contingent liabilities or pending litigation that could adversely affect its business or financial condition as of June 30, 2023[89]. - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2023[130]. - No incidents of non-compliance with the Model Code were noted among employees during the six months ended June 30, 2023[129]. - The shareholding structure indicates a significant concentration of ownership, with UBS Trustees (B.V.I.) Limited being a key stakeholder[121]. Future Outlook - The Group plans to continue identifying potential strategic investment opportunities and seek acquisitions of high-quality target businesses and assets to create synergies[94]. - Future initiatives include enhancing the dining experience, improving service capabilities, and investing in innovation and new technology[99]. - The company is focused on expanding its market presence and enhancing its product offerings, as indicated by ongoing investments in new technologies and product development[167].

Financial Performance - Revenue from continuing operations for the first half of 2023 reached RMB 18,885.9 million, a 24.6% increase from RMB 15,155.5 million in the same period of 2022[4] - The net profit for the first half of 2023 was RMB 2,258.9 million, significantly up from RMB 72.3 million in the same period of 2022[2] - The basic earnings per share for the first half of 2023 was RMB 0.42, compared to RMB 0.01 in the same period of 2022[2] - The profit from continuing operations for the period was RMB 2,258,886 thousand, compared to RMB 72,265 thousand in the prior year, indicating a significant increase[40] - The company reported a profit of RMB 2,258,052,000 for the six months ended June 30, 2023, compared to a loss of RMB 266,258,000 for the same period in 2022[60] Revenue Breakdown - Restaurant operations accounted for 95.0% of total revenue, with income from restaurant operations rising by 25.4% to RMB 17,935.4 million[9] - The company reported revenue of RMB 18,885,854 thousand for the six months ended June 30, 2023, an increase from RMB 15,155,472 thousand in the same period of 2022, representing a growth of approximately 24.1%[40] - The restaurant business generated RMB 18,040,008 in revenue, up from RMB 14,373,446, reflecting a growth of 25.5%[52] - The company's revenue for the six months ended June 30, 2023, includes income from restaurant operations, takeout services, condiment and ingredient sales, and other businesses, net of discounts and sales-related taxes[51] Customer Engagement - The number of customers served reached 174.6 million in the first half of 2023, indicating a strong recovery in customer traffic[4] - The private user base exceeded 10 million, allowing for more targeted marketing and improved customer repurchase rates[6] - The average table turnover rate improved to 3.3 times per day, compared to 2.9 times per day in the same period of 2022[3] Operational Efficiency - The company has implemented a digital management system (HiHi System) that has reached version 3.0, improving data collection accuracy and operational efficiency[6] - Cost control measures have been enhanced, focusing on optimizing labor costs and increasing the use of intelligent systems to improve store efficiency[6] - Employee costs rose by 8.6% to RMB 5,769.3 million, but as a percentage of revenue, it decreased from 35.0% to 30.5%[17] Expansion and Development - The total number of Haidilao restaurants increased to 1,382, with 5 new openings and 24 previously closed restaurants resuming operations[4] - The company plans to continue expanding its restaurant network and enhancing delivery services to capture more market share[12] - The company aims to enhance the dining experience by improving service capabilities and product innovation, as well as optimizing restaurant operations[39] Financial Position - Cash and cash equivalents increased from RMB 6,300.8 million as of December 31, 2022, to RMB 7,908.8 million as of June 30, 2023, primarily due to increased cash generated from operating activities[28] - Total assets as of June 30, 2023, were RMB 13,162,266 thousand, up from RMB 10,506,590 thousand at the end of 2022, reflecting a growth of approximately 25.8%[42] - The company’s net asset value increased to RMB 9,314,770 thousand as of June 30, 2023, compared to RMB 7,456,092 thousand at the end of 2022, representing a growth of about 24.9%[43] Cost Management - The cost of raw materials and consumables increased by 18.7% to RMB 7,685.0 million, but as a percentage of revenue, it decreased from 42.7% to 40.7%[16] - Rental and related expenses increased by 18.4% to RMB 200.4 million, maintaining a stable percentage of 1.1% of revenue[18] - Water and electricity expenses increased by 20.5% from RMB 502.4 million for the six months ended June 30, 2022, to RMB 605.4 million for the same period in 2023, maintaining a stable percentage of revenue at 3.3% and 3.2% respectively[19] Technology and Innovation - The company plans to continue investing in new technologies, including the development of business management systems and smart restaurant technologies[39] - As of June 30, 2023, the company has used HKD 846.8 million for the development and application of new technologies, which is 58.0% of the allocated HKD 1,459.9 million[72] Compliance and Governance - The audit committee has reviewed the interim financial performance for the six months ended June 30, 2023, and confirmed compliance with relevant accounting standards[70] - The company has applied new and revised International Financial Reporting Standards (IFRS) effective from January 1, 2023, which did not have a significant impact on the financial position and performance for the current and prior periods[46]

Company Incorporation and Subsidiaries - Haidilao International Holding Ltd. was incorporated in the Cayman Islands with limited liability on July 14, 2015[4] - Haidilao Singapore, a wholly-owned subsidiary, was incorporated in Singapore on February 28, 2013[5] - Jarud Qi Haidilao Food Co., Ltd. was wholly owned by Sichuan Haidilao as of the Latest Practicable Date[6] - Shanghai Haiyue Investment Management Co., Ltd. was a wholly-owned subsidiary of Leda Haisheng as of the Latest Practicable Date[8] - Shanghai Kiwa Internet Technology Co., Ltd. was established in the PRC on August 20, 2018[8] - Shanghai Xinpai Catering Management Co., Ltd. was established on May 12, 2013, as a wholly-owned subsidiary of the company[9] - Sichuan Haidilao Catering Co., Ltd. was incorporated on April 16, 2001, with Jingyuan Investment owning 50.00%, Mr. Zhang Yong owning 25.50%, and other shareholders owning the remaining 24.50% as of the Latest Practicable Date[10] - Sichuan Xinpai Catering Management Co., Ltd. was established on September 28, 2016, as a wholly-owned subsidiary of the company[10] - Super Hi International Holding Ltd. was incorporated on May 6, 2022, and ceased to be a subsidiary of the company upon the completion of the spin-off on December 30, 2022[10] - Wei Hai International Holding Ltd. was incorporated on January 15, 2020, with ZY WH LTD holding 35.10%, SP WH LTD holding 12.35%, and SYH WH LTD holding 18.90% as of the Latest Practicable Date[11] - Yihai International Holding Ltd. was incorporated on October 18, 2013, and is listed on the Main Board of the Stock Exchange (stock code: 1579)[11] - Yihai (Shanghai) Food Co., Ltd. is a wholly-owned subsidiary of Yihai as of the Latest Practicable Date[12] Financial Performance - Revenue for 2022 decreased by 15.5% to RMB34,741.0 million compared to RMB41,111.6 million in 2021[19] - Revenue from continuing operations in 2022 was RMB31,038.6 million, a decrease of 20.6% compared to 2021[21] - Profit for the year from continuing operations in 2022 was RMB1,637.3 million, compared to a loss of RMB3,247.8 million in 2021[21] - Group revenue from continuing and discontinued operations decreased by 15.5% to RMB 34,741.0 million in 2022 compared to RMB 41,111.6 million in 2021[23] - Revenue from continuing operations decreased by 20.6% to RMB 31,038.6 million in 2022, with a profit of RMB 1,637.3 million compared to a loss of RMB 3,247.8 million in 2021[23] - Group revenue from continuing operations decreased by 20.6% from RMB39,096.7 million in 2021 to RMB31,038.6 million in 2022[47] - Haidilao restaurant operation revenue decreased by 22.9% from RMB37,547.0 million in 2021 to RMB28,942.6 million in 2022, accounting for 93.3% of total revenue[50] - Delivery business revenue increased by 103.3% from RMB629.8 million in 2021 to RMB1,280.1 million in 2022[51] - Average spending per guest increased from RMB102.3 in 2021 to RMB104.9 in 2022[50] - Revenue from Tier 1 cities increased to RMB114.2 per guest in 2022 from RMB111.8 in 2021[53] - Revenue from Tier 2 cities increased to RMB104.3 per guest in 2022 from RMB101.7 in 2021[53] - Revenue from Tier 3 cities and below increased to RMB97.9 per guest in 2022 from RMB95.7 in 2021[53] - Same store sales in Tier 1 cities decreased from RMB 3,691,338 thousand in 2021 to RMB 2,905,807 thousand in 2022[57] - Overall same store sales dropped from RMB 22,391,585 thousand in 2021 to RMB 19,159,499 thousand in 2022[57] - Average same store sales per day in Tier 1 cities fell from RMB 90.5 thousand in 2021 to RMB 79.1 thousand in 2022[57] - Revenue from Tier 1 cities in mainland China decreased from RMB 7,728,253 thousand in 2021 to RMB 5,153,936 thousand in 2022[61] - Revenue from Tier 2 cities in mainland China decreased from RMB 14,903,891 thousand in 2021 to RMB 11,338,523 thousand in 2022[61] - Revenue from Tier 3 cities and below in mainland China decreased from RMB 14,230,285 thousand in 2021 to RMB 11,465,959 thousand in 2022[61] - Revenue from Hong Kong, Macau, and Taiwan regions increased from RMB 805,111 thousand in 2021 to RMB 1,032,421 thousand in 2022[61] - Profit for the year improved significantly from a loss of RMB 3,247.8 million in 2021 to a profit of RMB 1,637.3 million in 2022[82][85] Operational Performance - Overall table turnover rate for Haidilao restaurants in Greater China was 3.0 times per day in 2022, same as 2021[22] - Same-store turnover rate for Haidilao restaurants in Greater China was 3.1 times per day in 2022, down from 3.4 times per day in 2021[22] - Company opened 24 new Haidilao restaurants and resumed operations of 48 suspended restaurants in 2022[22] - Company closed 50 restaurants with poor operation performance in 2022[22] - As of December 31, 2022, Company operated 1,349 Haidilao restaurants in mainland China and 22 in Hong Kong, Macau, and Taiwan[22] - Haidilao's overall table turnover rate in Greater China was 3.0 times/day in 2022, with a same-store turnover rate of 3.1 times/day[23] - Company opened 24 new Haidilao restaurants, reopened 48 previously closed restaurants, and closed 50 underperforming restaurants in 2022[23] - As of December 31, 2022, company operated 1,349 Haidilao restaurants in mainland China and 22 in Hong Kong, Macau, and Taiwan[23] - Average table turnover rate in 2022 was 3.0 times per day[50] - Table turnover rate in Hong Kong, Macau, and Taiwan regions increased to 3.5 times per day in 2022 from 3.0 in 2021[53] - Newly-opened restaurants had a table turnover rate of 2.3 times per day in 2022, down from 2.4 in 2021[53] Product Development and Marketing - Haidilao Customized Products include hot pot soup flavoring and Chinese-style compound condiment products supplied by Yihai Group[5] - Company launched 12 newly developed products and relaunched 16 optimized existing products in 2022[28] - 127 regional products were launched for more than three months in 2022, with optimization of 60 national and 45 regional existing products[28] - Marketing projects achieved a total broadcasting and click-through volume of 3.77 billion times in 2022[30] - Traffic diversion from "Haidilao" App to "Haidilao Hot Pot Delivery" WeChat Mini Program increased by more than 23.5% in 2022[31] - The company executed 10 marketing projects in 2022, achieving a total of 3.77 billion views and clicks, with 1.65 billion views and clicks during the FIFA World Cup period[32] - The company optimized data governance and private domain traffic utilization, increasing the traffic share from the "Haidilao" WeChat mini-program to the "Haidilao Hotpot Delivery" mini-program by over 23.5%[32] - The number of takeaway stores providing community operation increased from less than 450 at the beginning of 2022 to over 1,400 by the end of the year, covering more than 300 cities[33] - Haidilao restaurants in Greater China served over 276.3 million customers in 2022, with registered members exceeding 116.0 million[36] - The company launched over 1,000 products in the Haidilao mall, including mooncakes, fresh food, and Miffy co-branded products, and organized tasting parties in over 100 restaurants across 20 cities, attracting over 30,000 tables of customers[37] Future Plans and Strategies - The company plans to continue enhancing the dining experience, improving service, product innovation, and offering more value-added and community operation services[41] - The company will invest in innovation and new technology, including optimizing the business management system and intelligent restaurant technology[41] - The company aims to strategically pursue acquisitions of high-quality assets to diversify restaurant business patterns and customer base[41] - The company will continue to seek potential strategic investment opportunities and acquire high-quality target businesses and assets that can bring synergistic effects[113] Corporate Governance and Board Structure - The company's annual general meeting (AGM) is scheduled for June 7, 2023, at the DoubleTree by Hilton Hotel Beijing[3] - Jingyuan Investment Co., Ltd. was owned 52.00% by Mr. Zhang Yong, 16.00% by Ms. Shu Ping, 16.00% by Mr. Sean Shi, and 16.00% by Ms. Hailey Lee as of the Latest Practicable Date[6] - Leda Haisheng Enterprise Management Co., Ltd. was held 62.70% by Beijing Yihan Consulting Management Co., Ltd. and 14.85% by Mr. Sean Shi as of the Latest Practicable Date[7] - Shuhai (Beijing) Supply Chain Management Co., Ltd. was established on June 3, 2014, with Leda Haisheng holding 42.72% and Jinghai Investment holding 26.17% as of the Latest Practicable Date[9] - The company separated the roles of Chairman and CEO on March 1, 2022, with Ms. June Yang Lijuan designated as the new CEO, ensuring compliance with corporate governance code C.2.1[157][158] - The Board currently consists of 11 Directors, including three female Directors, achieving gender diversity[165][167] - The Board met seven times in 2022, including reviewing and approving the audited annual results for 2021 and unaudited interim results for the first half of 2022[181] - The company held two general meetings on June 9, 2022, and August 22, 2022, with all proposed shareholders' resolutions passed by poll vote[182] - The Board currently has three female directors, achieving gender diversity[169] - All independent non-executive directors provided written annual confirmation of their independence in accordance with the Listing Rules[170] - The initial term for non-executive and independent non-executive directors' appointment letters is three years, subject to re-election[175] - Each newly appointed director receives formal, comprehensive, and tailored induction to understand the company's business and operations[176] - Directors attended training sessions on continuing obligations of listed companies, disclosure requirements, and updates on the Listing Rules in 2022[177] - The chairman of the Board held a meeting with non-executive directors (including independent non-executive directors) once in 2022 without the presence of other executive directors[181] - Mr. Zhang Yong attended all 7 Board meetings and 2 General Meetings in 2022[185] - Ms. June Yang Lijuan attended 5 out of 7 Board meetings and both General Meetings in 2022[185] - Dr. Ma Weihua attended 5 out of 7 Board meetings and 1 out of 2 General Meetings in 2022[185] - Regular Board meeting notices are sent to Directors at least 14 days in advance[186] - Board papers are distributed to Directors at least 3 days before each meeting[186] - The company separated the roles of Chairman and CEO on March 1, 2022, with Ms. June Yang Lijuan becoming CEO[192] - The Audit Committee consists of 3 independent non-executive Directors: Mr. Qi Daqing, Mr. Hee Theng Fong, and Dr. Chua Sin Bin[198] - The Audit Committee is responsible for reviewing financial reporting, risk management, and internal control systems[198] - The Audit Committee proposes the appointment, re-appointment, or replacement of external audit institutions[198] - The Audit Committee reviews the independence and effectiveness of external audit institutions[198] - The Audit Committee consists of three directors, including independent non-executive directors Mr. Qi Daqing, Mr. Xu Tingfang, and Dr. Cai Xinmin[199] - The Audit Committee is responsible for reviewing and supervising the company's financial reporting, risk management, and internal control systems[199] - The Audit Committee held three meetings in 2022, focusing on reviewing audited annual results and financial reports for the year ended December 31, 2021[200] - The Audit Committee reviewed unaudited interim results and financial reports for the six months ended June 30, 2022[200] - The Audit Committee reviewed the company's financial reporting and compliance procedures[200] - The Audit Committee reviewed policies and practices on corporate governance[200] - The Audit Committee reviewed compliance with the Corporate Governance Code and disclosure requirements in the corporate governance report[200] Key Personnel and Leadership - Mr. Zhang Yong, aged 52, has over 20 years of experience in restaurant management and is responsible for leading the Board and senior management team to guide and supervise the Group's operations and formulate long-term strategies[114][117] - Ms. June Yang Lijuan, aged 44, is responsible for overseeing the management and strategic development of the Group and has extensive experience in the company since 1997[116][117] - Mr. Li Peng, aged 42, is responsible for the finance and budgeting of the Group and has over 20 years of experience in finance and accounting[118][119] - Ms. Song Qing, aged 41, is responsible for the procurement, research, and sales of the Group's products and has held various positions in the company since 2000[120][122] - Ms. Gao Jie, aged 33, is responsible for the innovation business of the Group and has been involved in various operational and managerial roles since 2016[123] - Ms. Gao Jie was appointed as an executive director on August 25, 2020, and has been responsible for the company's digital operations center since August 2020[124] - Mr. Zhou Zhaocheng was appointed as a non-executive director on December 30, 2022, and previously served as the chief strategy officer from April 3, 2018, to December 30, 2022[126] - Mr. Zhou Zhaocheng holds a bachelor's degree in Chinese Studies from Nanjing Normal University, a master's degree in Chinese Studies from the National University of Singapore, and a doctorate from Nanyang Technological University[129] - Dr. Chua Sin Bin was appointed as an independent non-executive director on May 2, 2018, with extensive experience in food safety, food science & technology, agriculture, and zoonoses[130] - Dr. Chua Sin Bin served as a board director at NTUC Fairprice Co-operative Ltd. from 2009 to 2018 and as a principal consultant at Agrifood Technologies Pte Ltd from 2009 to 2019[131] - Mr. Hee Theng Fong was appointed as an independent non-executive Director of the company on May 2, 2018[135] - Mr. Hee Theng Fong has over 30 years of experience as a lawyer in Singapore and is an experienced arbitrator in international arbitration[136] - Mr. Hee Theng Fong served as the chairman of the Citizenship Committee of Inquiry of Immigration and Checkpoints Authority of Singapore from June 2012 to June 2020[136] - Mr. Hee Theng Fong is currently serving as the deputy chairman of Medishield Life Council and an ambassador for Singapore International Mediation Centre[136] - Mr. Hee Theng Fong is an independent director of several companies including Straco Corporation Limited, Yanlord Land Group Limited, and China Aviation Oil (Singapore) Corporation Ltd[136] - Mr. Hee Theng Fong was awarded the Public Service Medal Awards twice by the Ministry of Home Affairs of Singapore in 2008 and 2015[139] - Mr. Qi Daqing was appointed as an independent non-executive Director of the company on May 2, 2018[139] - Mr. Qi Daqing is currently a professor in Accounting at Cheung Kong Graduate School of Business and focuses on financial accounting and financial reporting[140] - Mr. Qi Daqing has served as an independent non-executive director of several listed companies in Hong Kong including Bison Finance Group Limited and Yunfeng Financial Group Limited[141] - Mr. Qi Daqing has also served as an independent director of companies listed on NASDAQ such as Sohu.com Inc. and Momo Inc.[141] - Mr. Qi Daqing was appointed as an independent non-executive director of the company effective from the listing date on May 2, 2018[142] - Dr. Ma Weihua was appointed as an independent non-executive director on August 24, 2021, responsible for supervising and providing independent judgment to the Board[144] - Mr. Wu Xiaoguang was appointed as an independent non-executive director on August 24, 2021, responsible for supervising and providing independent judgment to the Board[148] - Mr. Wu Xiaoguang has extensive experience in product R&D, planning, operation, and marketing of internet business, having served in various senior roles at Tencent Holdings Limited from 1999 to 2015[150] - Mr. Wu Xiaoguang is currently an independent director of China Online Education Group (COE.NYSE) and LexinFintech Holdings Ltd (LX.NASDAQ)[151] - Ms. June Yang Lijuan serves as the executive Director and chief executive officer of the company[152] - Mr. Li Peng serves as the executive