Financial Performance - The company reported a revenue of approximately $XX million for the six months ended June 30, 2023, representing a growth of YY% compared to the same period last year[8]. - The company recorded total revenue of US$323.9 million for the six months ended June 30, 2023, representing a 31.8% increase from US$245.8 million for the same period in 2022[20]. - The net profit for the period was US$3.4 million, an increase of 106.1% compared to the net loss of US$55.7 million for the same period in 2022[21]. - Profit before tax for the period was USD 7.320 million, compared to a loss of USD 51.705 million in the prior year[174]. - Total comprehensive income for the period was USD 14.960 million, compared to a total comprehensive loss of USD 38.805 million in the same period last year[174]. - Basic and diluted earnings per share improved to USD 0.01 from a loss of USD 0.10 per share in the prior year[174]. User Engagement and Market Expansion - User data indicated an increase in active users by ZZ%, reaching a total of AA million users as of June 30, 2023[8]. - The company provided a positive outlook for the second half of 2023, projecting a revenue growth of BB% driven by new product launches and market expansion strategies[8]. - Market expansion efforts are underway in the Asia-Pacific region, with plans to enter new markets by the end of 2023[8]. - The company plans to continue expanding its restaurant network, targeting new markets such as the Philippines, Cambodia, and various European countries[29]. Product Development and Innovation - Investment in research and development increased by CC%, focusing on innovative technologies and new product offerings[8]. - The company has launched a new product line that is expected to contribute an additional $DD million in revenue over the next fiscal year[8]. - Over 300 new products were launched worldwide, covering categories such as soup base, dishes, snacks, and beverages, tailored to local tastes[26]. - A themed marketing campaign titled "Say Hi to Souper Tasty Adventure" was organized, launching 10 new products with click-through rates exceeding 10% for three highlighted items in Singapore, Malaysia, and Thailand[26]. Operational Efficiency - The gross profit margin improved to EE%, reflecting better cost management and operational efficiencies[8]. - The operating profit margin at the restaurant level was 8.3%, an increase of 6.8% compared to the same period last year[22]. - Restaurant level operating margin improved from 1.5% in 2022 to 8.3% in 2023, indicating enhanced operational efficiency[41]. - Average daily revenue per restaurant increased from $14.2 thousand in 2022 to $15.6 thousand in 2023[41]. Financial Health and Capital Management - Cash and cash equivalents increased by 26.6% from US$93.9 million as of December 31, 2022, to US$118.9 million as of June 30, 2023, mainly due to enhancements in business operations[91]. - The current ratio improved to 1.5 as of June 30, 2023, compared to 1.3 as of December 31, 2022, indicating better short-term financial health[103]. - The gearing ratio remained stable at 0.4 as of both June 30, 2023, and December 31, 2022, reflecting consistent leverage levels[103]. - The Group's capital management aims to maintain stability and growth while maximizing shareholder value through optimizing debt and equity balances[89]. Corporate Governance - The Company has adopted the Corporate Governance Code and separated the roles of chairman and chief executive officer on March 30, 2023[147]. - The Audit Committee consists of three independent non-executive Directors, with Mr. TEO Ser Luck as the chairman[154]. - The Company has complied with all applicable principles and code provisions as set out in the Corporate Governance Code during the Reporting Period[148]. - The Company has made specific inquiries to all Directors regarding compliance with the Model Code, with no incidents of non-compliance noted[142]. Strategic Acquisitions and Investments - The company is exploring potential acquisitions to enhance its market position and expand its product portfolio[8]. - The Group plans to continue identifying potential strategic investment opportunities and seeks to acquire high-quality target businesses and assets that create synergies[101]. - The company is exploring additional brands and businesses through incubation and strategic acquisitions to enrich its business and customer base[29]. Challenges and Risks - The company recorded a net foreign exchange loss of USD 8,741,000 in the first half of 2023, compared to a loss of USD 27,565,000 in the same period of 2022[189]. - The Group does not currently have a foreign exchange hedging policy but monitors foreign exchange exposure closely[106]. - As of June 30, 2023, the Group did not have any material contingent liabilities or significant litigations that could adversely affect its business[107].

Financial Performance - The company reported total revenue of $323.9 million for the six months ended June 30, 2023, representing a 31.8% increase from $245.8 million in the same period of 2022[2]. - The company achieved a net profit of $3.4 million, a significant turnaround from a net loss of $55.7 million in the prior year, marking a 106.1% improvement[4]. - Total revenue for the first half of 2023 reached $312.7 million, a 30.5% increase from $239.8 million in the same period of 2022[9]. - The company reported a profit attributable to shareholders of $3,541,000 for the six months ended June 30, 2023, a significant recovery from a loss of $55,723,000 in the same period of 2022[64]. - The company reported a net loss of $9,962 thousand for the six months ended June 30, 2023, compared to a net loss of $41,221 thousand in the same period of 2022[59]. Revenue Growth - Restaurant operating revenue increased by 30.4% to $312.7 million, up from $239.8 million year-over-year, driven by improved performance and increased customer traffic post-COVID[8]. - The increase in revenue was primarily attributed to a $72.9 million rise in restaurant operating income[7]. - The Southeast Asia region contributed $185,996 thousand in revenue, representing an 11.0% increase from $167,222 thousand in the prior year[55]. - Revenue from other business segments, including hot pot condiments and ingredients, surged to $6.9 million from $1.9 million, a growth of 263.2%[18]. Customer Traffic and Spending - The total number of restaurants increased to 115, up from 103 in the previous year, with a total customer traffic of 12.3 million, compared to 9.3 million in 2022[3]. - Total customer traffic increased to 12.3 million visits, a significant rise from 9.3 million visits in the previous year, marking a growth of 32.3%[11]. - Customer average spending in North America decreased to $49.1, down from $51.7, a decline of 5.0%[11]. Operational Efficiency - The average daily revenue per restaurant was $15.6 thousand, an increase from $14.2 thousand in the same period last year[3]. - The restaurant-level operating profit margin improved to 8.3%, up 6.8 percentage points from the previous year[3]. - The average table turnover rate improved to 3.3 times per day, compared to 3.0 times in the previous year, reflecting operational efficiency[11]. Cost Management - The cost of raw materials and consumables rose by 26.1% to $109.3 million, but the percentage of revenue decreased from 35.3% to 33.7%[20]. - Employee costs increased by 19.0% from $90.5 million for the six months ended June 30, 2022, to $107.7 million for the same period in 2023, while the percentage of employee costs to revenue decreased from 36.8% to 33.3%[21]. - Rental and related expenses rose by 12.5% from $5.6 million to $6.3 million, primarily due to increased property management fees associated with restaurant network expansion[22]. - Utility expenses surged by 41.6% from $8.9 million to $12.6 million, attributed to the increase in the number of restaurants and higher utility rates in certain jurisdictions[23]. Expansion and Strategic Plans - Future expansion plans include entering new markets such as the Philippines, Cambodia, and various European countries, while optimizing management structures for new store openings[6]. - The company aims to enhance customer satisfaction and operational efficiency through continuous staff training and service improvements[6]. - The company plans to continue seeking strategic investment opportunities that can provide synergistic benefits[37]. Financial Position and Liabilities - Cash and cash equivalents increased by 26.6% from $93.9 million as of December 31, 2022, to $118.9 million as of June 30, 2023, primarily due to enhanced business operations[36]. - Non-current liabilities decreased from $266,380 thousand as of December 31, 2022, to $242,916 thousand as of June 30, 2023, representing a reduction of approximately 8.8%[45]. - Total liabilities as of June 30, 2023, were $28,070,000, a decrease from $31,663,000 at the end of 2022[73]. - The company has no significant contingent liabilities or major lawsuits that could adversely affect its business as of June 30, 2023[40]. Governance and Compliance - The group has adopted the Corporate Governance Code and has complied with all applicable principles and provisions during the reporting period[83]. - The group has successfully separated the roles of Chairman and CEO as of March 30, 2023, aligning with corporate governance best practices[83]. - The group did not declare an interim dividend for the six months ended June 30, 2023, maintaining a conservative cash position[86].

Company Incorporation and Structure - SUPER HI INTERNATIONAL HOLDING LTD. was incorporated in the Cayman Islands with limited liability on May 6, 2022[5] - Haidilao International Holding Ltd. was incorporated in the Cayman Islands on July 14, 2015, and listed on the Main Board of the Stock Exchange (stock code: 6862)[14] - Haidilao Singapore, a wholly owned subsidiary of Haidilao International, was incorporated in Singapore on February 28, 2013[14] - Newpai Ltd., a wholly owned subsidiary of Haidilao International, was incorporated in the BVI on July 15, 2015[15] Employee Share Ownership Plan (ESOP) - The company's ESOP Platform I is managed by Futu Trustee Limited and holds shares for grantees other than Directors or connected persons[13] - The company's ESOP Platform II is also managed by Futu Trustee Limited and holds shares for Directors or other connected persons[13] - The ESOP Trust I and ESOP Trust II were established for the benefit of grantees under the Share Award Scheme, with Futu Trustee Limited acting as the trustee[13] - The share award scheme was adopted by the company on June 24, 2022[16] Financial Performance - Revenue for 2022 was USD 558.225 million, showing a significant increase compared to USD 312.373 million in 2021[22] - Loss before tax for 2022 was USD 32.230 million, a notable improvement from USD 149.592 million in 2021[22] - Loss for the year in 2022 was USD 41.263 million, compared to USD 150.752 million in 2021[22] - Loss per share (basic and diluted) for 2022 was USD 0.07, improving from USD 0.27 in 2021[22] - Revenue for the year ended December 31, 2022, was $558.2 million, a 78.7% increase compared to $312.4 million in 2021[25][27] - Net loss for 2022 was $41.3 million, significantly reduced from $150.8 million in 2021[25][27] - Annual loss decreased from $150.8 million in 2021 to $41.3 million in 2022, showing improved financial performance[67][71] Restaurant Operations and Expansion - The overall average table turnover rate for Haidilao restaurants in 2022 was 3.3 times per day, up from 2.1 times per day in 2021[26][27] - The same-store turnover rate for Haidilao restaurants in 2022 was 3.4 times per day, compared to 2.2 times per day in 2021[26][27] - The company opened 17 new Haidilao restaurants and resumed operations of 4 previously closed restaurants in 2022, with no further closures[26][27] - As of December 31, 2022, the company operated 111 Haidilao restaurants in international markets outside mainland China, Hong Kong, Macau, and Taiwan[26][27] - Over 21 million customers visited the company's restaurants in 2022, with cumulative registered members exceeding 4 million[30][32] - The company launched 233 new products in 2022, achieving success in product localization[30][32] - The company had over 10,000 employees by the end of 2022, with restaurant staff mainly hired and trained locally in various countries[31][32] - Revenue increased significantly by 78.7% from $312.4 million in 2021 to $558.2 million in 2022, driven by a $249.5 million increase in restaurant operation revenue[34][36] - Restaurant operation revenue grew by 84.3% from $296.1 million in 2021 to $545.6 million in 2022, due to lifted dine-in restrictions and restaurant network expansion[35][37] - The restaurant network expanded to 111 restaurants across 11 countries as of December 31, 2022, with Southeast Asia contributing 61.3% of total restaurants and 59.7% of restaurant revenue[39][40] - Average revenue per restaurant increased to $4,915,000 in 2022 from $3,150,000 in 2021, with North America having the highest average revenue per restaurant at $6,299,000[40][41] - Total guest visits increased to 21.7 million in 2022 from 9.8 million in 2021, with Southeast Asia accounting for 16.1 million visits[43] - Average spending per guest decreased to $25.2 in 2022 from $30.3 in 2021, with North America having the highest average spending at $52.0[43] - Table turnover rate improved to 3.3 times/day in 2022 from 2.1 times/day in 2021, with Southeast Asia leading at 3.4 times/day[43] - Average daily revenue per restaurant increased to $15,400 in 2022 from $10,000 in 2021, with Others (Australia and the UK) having the highest average daily revenue at $20,500[43] - The company plans to continue expanding its restaurant network, entering new markets, and enhancing internal management to improve operational quality[33] - The company aims to develop additional brands and businesses through incubation, exploration, and strategic acquisitions to enrich its business and customer base[33] - Same-store sales for Haidilao restaurants in Southeast Asia increased to $175.5 million in 2022 from $118.8 million in 2021, representing a 47.7% growth[47] - Average same-store sales per day in North America rose to $18.8 thousand in 2022, up from $12.2 thousand in 2021, a 54.1% increase[47] - Overall same-store table turnover rate improved to 3.4 times per day in 2022 compared to 2.2 times per day in 2021, a 54.5% increase[47] - Delivery business revenue decreased by 44.1% from $11.8 million in 2021 to $6.6 million in 2022 due to eased COVID-19 restrictions[49] - Revenue from sales of hot pot condiment products and food ingredients increased by 33.3% from $4.5 million in 2021 to $6.0 million in 2022[49] - Total same-store sales across all regions grew by 54.0% from $228.4 million in 2021 to $351.8 million in 2022[47] - Average same-store sales per day in East Asia increased by 65.3% from $7.2 thousand in 2021 to $11.9 thousand in 2022[47] - Same-store sales in the "Others" category (Australia and UK) rose by 70.9% from $20.7 million in 2021 to $35.3 million in 2022[47] - The number of same stores in Southeast Asia remained stable at 29, while East Asia had 12 same stores and North America had 13 same stores in 2022[47] - Overall average same-store sales per day increased by 50.5% from $11.1 thousand in 2021 to $16.7 thousand in 2022[47] Costs and Expenses - Raw materials and consumables used increased by 72.8% to $196.6 million in 2022, driven by an $80.2 million rise in food ingredient costs due to business recovery and restaurant network expansion[50] - Staff costs increased by 31.8% to $188.9 million in 2022, reflecting higher employee numbers and piece rate wages as the company recovered from the pandemic[50] - Rentals and related expenses surged by 97.0% to $13.0 million in 2022, aligning with the expansion of the restaurant network[51] - Utilities expenses rose by 79.1% to $19.7 million in 2022, consistent with the growth in the restaurant network[52] - Depreciation and amortization increased by 4.4% to $73.0 million in 2022, mainly due to higher depreciation of property, plant, and equipment and right-of-use assets[53] - Travelling and communication expenses grew by 77.8% to $4.8 million in 2022, driven by increased international business travel as travel restrictions eased[54] - Listing expenses amounted to $6.3 million in 2022 related to the company's introduction on the Stock Exchange[59] - Other expenses increased by 33.1% to $55.5 million in 2022, reflecting higher administrative, bank, and outsourcing service fees[60] - Other losses decreased to $26.8 million in 2022 from $73.3 million in 2021, primarily due to reduced impairment losses as COVID-19 impacts eased[61] - Listing expenses for 2022 amounted to $6.3 million due to the company's introduction to the Hong Kong Stock Exchange[62] - Other expenses increased by 33.1% to $55.5 million in 2022, driven by administrative costs, banking fees, and business expansion-related expenses[62] - Other losses decreased to $26.8 million in 2022 from $73.3 million in 2021, primarily due to reduced impairment losses on property, plant, and equipment[63] - Finance costs decreased by 34.9% to $12.5 million in 2022, mainly due to the settlement of loans from related parties and reduced lease liabilities[65][69] - Income tax expenses increased significantly from $1.2 million in 2021 to $9.0 million in 2022, reflecting higher taxable profits[66][70] Financial Position and Cash Flow - Inventories increased from $16.7 million in 2021 to $26.0 million in 2022, reflecting stock for new restaurants and operational recovery[68][71] - Trade receivables increased from $6.3 million in 2021 to $9.5 million in 2022, aligning with revenue growth, with a turnover of 5.1 days[72] - Trade payables increased from $26.5 million in 2021 to $32.3 million in 2022, driven by higher raw material purchases, with turnover days decreasing from 77.2 to 53.9 days[72] - Cash and cash equivalents increased from $89.5 million as of December 31, 2021 to $93.9 million as of December 31, 2022, mainly due to the increase in the number of restaurants and business recovery[76][79] - Capital expenditure for the year ended December 31, 2022 amounted to $63.7 million, in line with the growth in the number of restaurants[80][84] - The Group had guaranteed and unsecured bank borrowings of $0.6 million as of December 31, 2022[75][79] - The Group charged bank deposits of $3.7 million to banks to secure rental payments as of December 31, 2022[81][85] - The Group had a total of 10,217 employees as of December 31, 2022, with staff costs of $188.9 million during the Reporting Period[93][95] - The current ratio improved from 0.3 in 2021 to 1.3 in 2022, while the gearing ratio decreased from 1.2 in 2021 to 0.4 in 2022[86] - The Group plans to finance future capital expenditures through cash generated from operations, cash and cash equivalents, and bank borrowings[80][84] - The Group will continue to identify strategic investment opportunities and seek to acquire high-quality target businesses and assets that create synergies[82][85] - The Group does not use derivative contracts to hedge against currency risks but monitors foreign exchange exposure closely[88][91] Corporate Governance and Leadership - The company's ESOP Platform I is managed by Futu Trustee Limited and holds shares for grantees other than Directors or connected persons[13] - The company's ESOP Platform II is also managed by Futu Trustee Limited and holds shares for Directors or other connected persons[13] - The ESOP Trust I and ESOP Trust II were established for the benefit of grantees under the Share Award Scheme, with Futu Trustee Limited acting as the trustee[13] - The share award scheme was adopted by the company on June 24, 2022[16] - The company's remuneration policy is determined by regional salary levels, employee rank, performance, and market conditions[94][95] - Mr. ZHOU joined Haidilao International Holding Ltd. as the chief strategy officer in April 2018 and was re-designated as a non-executive director on December 30, 2022, responsible for providing strategic advice and overseeing management and strategic development[97] - Mr. ZHOU served as an executive director and joint company secretary of Haidilao International Holding Ltd. from April 2020 to December 2022, assisting the CEO in developing growth strategy[97] - Mr. ZHOU currently holds director positions in 34 subsidiaries of the Haidilao Group, focusing on internationalization and globalization strategies[99] - Mr. LI Yu was appointed as the chief executive officer of Haidilao International on March 30, 2023, responsible for implementing development strategies and improving restaurant operations[100] - Mr. LI Yu has over 15 years of experience at Haidilao International, previously managing operations in Japan, Korea, Thailand, and Taiwan, and serving as the chief operating officer for mainland China from March 2022 to October 2022[100] - Mr. WANG Jinping was appointed as the chief operating officer of the Group on March 1, 2022, overseeing operations in Hong Kong, Macau, Taiwan, and overseas markets[101] - Mr. WANG Jinping has over 15 years of experience in the catering service sector, with expertise in administrative management, corporate management, and marketing[101] - Ms. LIU Li was appointed as the product director of the Group on March 25, 2022, responsible for overseeing product development and strategic development[101] - Ms. LIU Li has over 10 years of experience in the catering service sector and led a snack and dessert development project for Haidilao International in mainland China[101] - Mr. TAN Kang Uei, Anthony, was appointed as an independent non-executive Director on December 12, 2022, bringing extensive experience in strategy, budgeting, and government relations[102][103] - Mr. TAN Kang Uei has over 15 years of experience in the Singapore public sector, including roles in the Ministry of Finance and Ministry of Home Affairs[104] - The Group's overseas business expansion is supported by senior management with significant international experience, particularly in Singapore, Malaysia, Australia, and New Zealand[101] - The Group's leadership team includes individuals with advanced degrees, such as Mr. WANG Jinping's MBA from the National University of Singapore and Ms. LIU Li's bachelor's degree in business administration from West Coast University[101] - Mr. TAN Koon Wee has extensive experience in both public and private sectors, including roles at the Ministry of Health, Singapore, and Singapore Press Holdings Limited, where he served as Deputy CEO from July 2016 to December 2021[105] - Mr. TEO Ser Luck was appointed as an independent non-executive Director on December 12, 2022, and has a background in Singapore's government, including roles as Minister of State for Trade and Industry and Mayor of the North East District[106][107] - Mr. TEO currently holds directorships in five listed companies, including United Engineers Limited and MindChamps Preschool Limited, and has been a lead independent director in several of these roles[108] - Mr. TEO has confirmed that he will have sufficient time to fulfill his duties as an independent non-executive Director despite his multiple directorships, and the company will schedule meetings in advance to accommodate his commitments[109] - Mr. LI Yu was appointed as the CEO of the Group on March 30, 2023[112] - Mr. WANG Jinping was appointed as the COO of the Group on March 1, 2022[112] - Ms. LIU Li was appointed as the Product Director of the Group on March 25, 2022[112] - Mr. ZHOU Shaohua, aged 36, was appointed as the Vice President and Regional Manager of the Group on March 25, 2022, with over 12 years of experience in the catering service sector[112] - Ms. LI Lu, aged 34, was appointed as the Financial Director of the Group on March 25, 2022, with approximately 10 years of experience in financial management and control[113][114] - Ms. QU Cong was appointed as one of the Joint Company Secretaries on December 30, 2022, with extensive experience in international capital markets and corporate governance[117][118] - Mr. LIEN Jown Jing Vincent, aged 61, was appointed as an Independent Non-Executive Director on December 12, 2022, with over 20 years of experience in the banking industry[110][111] - Ms. SO Shuk Yi Betty was appointed as one of the joint company secretaries on December 30, 2022, bringing extensive experience in corporate secretarial field[121] - Ms. SO currently serves as the company secretary/joint company secretary for 16 listed companies on the Stock Exchange, including Haidilao International and China Bohai Bank[122] - The company has separated the roles of chairman and chief executive officer, with Mr. ZHOU Zhaocheng remaining as chairman and Mr. LI Yu appointed as the new CEO effective March 30, 2023[127] - The Board is responsible for making all major decisions, including approval of major policies, overall strategies, internal control systems, and significant financial matters[130] - The company has established Board committees with delegated responsibilities, and all Directors have full access to relevant information and professional advice[130] - The company's corporate governance practices are based on the principles and code provisions set out in the Corporate Governance Code[126] - The company has 10,217 employees as of December 31, 2022, with 4,998 male employees (48.9%) and 5,219 female employees (51.1%)[131] - The Board consists of 7 Directors, including 1 female Director, achieving gender diversity[131] - The company has maintained a stable overall headcount[131] - The Board met the Listing Rules requirements for having at least three independent non-executive Directors, representing at least one-third of the Board[132] - Each independent non-executive Director provided written annual confirmation of their independence in accordance with the Listing Rules[132] - Executive Directors have service contracts with the company, subject to

Financial Performance - For the fiscal year ended December 31, 2022, the company's revenue reached $558.2 million, a significant increase of 78.7% compared to $312.4 million for the fiscal year ended December 31, 2021[3]. - The net loss for the year was $41.3 million, a substantial decrease from a net loss of $150.8 million in the previous year[3]. - Total revenue for 2022 reached $545.6 million, a 59.7% increase from $325.6 million in 2021[9]. - The company reported total revenue of $558.225 million for the year ended December 31, 2022, compared to $312.373 million in 2021, representing an increase of approximately 78.8%[42]. - The group reported a net loss attributable to shareholders of $41,248,000 for 2022, compared to a loss of $150,752,000 in 2021[62]. - The group reported a net loss of $26.793 million in 2022, a decrease from a loss of $73.270 million in 2021, indicating improved financial performance[57]. Revenue and Operations - Revenue from restaurant operations rose to $545.6 million, an increase of 84.3% from $296.1 million in the previous year, primarily due to the lifting of dining restrictions in many countries[8]. - The Southeast Asia region generated $331.632 million in revenue, up from $173.674 million in 2021, marking a 91.0% increase[53]. - Revenue from restaurant operations was $545.612 million, while takeaway business and other operations contributed $6.572 million and $6.041 million respectively[50]. - Same-store sales for Southeast Asia rose to $175.5 million in 2022, a 47.7% increase from $118.8 million in 2021[14]. Customer Engagement and Growth - The total number of restaurants increased to 111, with a total customer traffic of 21.7 million and an average table turnover rate of 3.3 times per day[2]. - The company has over 4 million registered members, reflecting a strong customer engagement strategy[5]. - Total customer traffic increased significantly to 21.7 million in 2022, compared to 9.8 million in 2021, marking a 121.4% growth[11]. - The number of restaurants increased to 111 in 2022, up from 94 in 2021, representing an 18.1% growth[9]. - The company aims to continue expanding its restaurant network in existing countries and explore new markets[6]. Expenses and Costs - Employee costs rose to $188.9 million in 2022, a 31.8% increase from $143.3 million in 2021, while the percentage of revenue decreased from 45.9% to 33.8%[20]. - Material and consumable costs increased to $196.6 million in 2022, a 72.8% rise from $113.8 million in 2021, with costs as a percentage of revenue remaining stable at 35.2%[19]. - Rent and related expenses surged to $13.0 million in 2022, a 97.0% increase from $6.6 million in 2021, driven by restaurant network expansion[21]. - Average customer spending decreased to $25.2 in 2022 from $30.3 in 2021, reflecting changing consumer behavior[11]. - Utility expenses for the year ended December 31, 2022, amounted to $19.7 million, a 79.1% increase from $11.0 million for the year ended December 31, 2021, consistent with restaurant network expansion[22]. - Travel and communication expenses for the year ended December 31, 2022, were $4.8 million, a 77.8% increase from $2.7 million for the year ended December 31, 2021, due to increased international business travel[24]. - Other expenses for the year ended December 31, 2022, totaled $55.5 million, a 33.1% increase from $41.7 million for the year ended December 31, 2021, reflecting various increases related to administrative and consulting services[26]. Assets and Liabilities - Inventory increased from $16.7 million as of December 31, 2021, to $26.0 million as of December 31, 2022, reflecting stock for newly opened restaurants[30]. - Trade receivables increased from $6.3 million as of December 31, 2021, to $9.5 million as of December 31, 2022, consistent with revenue growth during the reporting period[31]. - Cash and cash equivalents increased from $89.5 million as of December 31, 2021, to $93.9 million as of December 31, 2022, primarily due to the increase in the number of restaurants and recovery of business operations[36]. - The total non-current assets as of 2022 were valued at $401.786 million, slightly up from $397.373 million in 2021[53]. - Total current liabilities for trade payables rose to $32,313,000 in 2022 from $26,549,000 in 2021[78]. - Other payables increased to $31,663,000 in 2022 compared to $24,128,000 in 2021[79]. Strategic Initiatives - The company launched 233 new products in 2022, focusing on localization to better meet customer needs[5]. - The company plans to develop other brands and business formats through strategic acquisitions and incubation[6]. - The company plans to continue exploring strategic investment opportunities to achieve synergies with potential high-quality target businesses and assets[38]. - The company plans to continue expanding its restaurant network and enhancing customer experience through new product offerings and technology[9]. Governance and Compliance - The company has adopted the Corporate Governance Code and has made changes to comply with its provisions, including the separation of the roles of Chairman and CEO[84]. - The audit committee reviewed the annual performance of the group for the year ended December 31, 2022, and confirmed that the financial performance complies with relevant accounting standards and regulations[87]. - The company has maintained compliance with its own standard code of conduct for securities trading by directors[85]. Miscellaneous - The company has not engaged in any significant acquisitions or disposals during the reporting period[41]. - The company does not currently have a foreign exchange risk hedging policy but will monitor currency risks closely and consider hedging when necessary[39]. - The company has not declared or proposed any dividends since its incorporation[83]. - The company did not recommend any final dividend for the year ended December 31, 2022[89].