海底捞(06862) - 2024 - 中期财报

Financial Performance - Revenue for the first half of 2024 reached RMB 21,490.9 million, a 13.8% increase compared to the same period in 2023[15] - Core operating profit (non-IFRS measure) for the first half of 2024 was RMB 2,798.9 million, a 13.0% increase compared to the same period in 2023[15] - Profit for the first half of 2024 was RMB 2,033.1 million, a 10.0% decrease compared to the same period in 2023, primarily due to changes in net foreign exchange gain and loss and the termination of the additional VAT deduction preferential policy in mainland China[15] - Revenue for the first half of 2024 reached RMB 21,490.9 million, a 13.8% year-on-year increase[16] - Core operating profit (non-IFRS) for the first half of 2024 was RMB 2,798.9 million, up 13.0% year-on-year[16] - Revenue increased by 13.8% from RMB18,885.9 million in H1 2023 to RMB21,490.9 million in H1 2024[27][28] - Haidilao restaurant operation revenue grew by 13.8% to RMB20,414.0 million, accounting for 95.0% of total revenue[29][31] - Delivery business revenue rose by 23.3% to RMB581.2 million, driven by single-serving high-quality fast food offerings[31] - Sales of condiment products and food ingredients decreased by 19.2% to RMB299.2 million in H1 2024[29] - Other restaurant operation revenue increased by 74.3% to RMB182.4 million in H1 2024[29] - Revenue for the six months ended June 30, 2024, increased to RMB 21,490,903 thousand, up from RMB 18,885,854 thousand in the same period in 2023, representing a growth of approximately 13.8%[158] - Profit for the period decreased to RMB 2,033,103 thousand in 2024 from RMB 2,258,886 thousand in 2023, a decline of approximately 10%[158] - Total comprehensive income for the period was RMB 2,083,229 thousand in 2024, compared to RMB 2,381,598 thousand in 2023, a decrease of approximately 12.5%[158] - Basic earnings per share (EPS) for the period were RMB 0.38 in 2024, down from RMB 0.42 in 2023[160] - Profit for the period was RMB 2,038,125 thousand for the six months ended June 30, 2024[168] - Other comprehensive income for the period was RMB 50,126 thousand for the six months ended June 30, 2024[168] - Dividends recognized as distribution amounted to RMB 4,061,454 thousand for the six months ended June 30, 2024[168] - Retained profits increased to RMB 7,250,439 thousand as of June 30, 2024, from RMB 5,433,184 thousand as of January 1, 2024[168] - Non-controlling interests decreased to RMB (14,264) thousand as of June 30, 2024, from RMB (9,690) thousand as of January 1, 2024[168] - Statutory reserve increased to RMB 1,362,905 thousand as of June 30, 2024, from RMB 1,142,035 thousand as of January 1, 2024[168] - Share premium decreased to RMB 1,045,420 thousand as of June 30, 2024, from RMB 5,106,874 thousand as of January 1, 2024[168] - Operating cash flows before movements in working capital increased to RMB 4,169,242 thousand in 2024, compared to RMB 4,148,245 thousand in 2023[170] - Net cash from operating activities decreased to RMB 3,671,759 thousand in 2024 from RMB 4,934,371 thousand in 2023[170] - Net cash used in investing activities decreased to RMB 769,676 thousand in 2024 from RMB 1,482,728 thousand in 2023[172] - Net cash used in financing activities decreased to RMB 920,439 thousand in 2024 from RMB 2,002,462 thousand in 2023[173] - Cash and cash equivalents at the end of the period increased to RMB 8,424,923 thousand in 2024 from RMB 7,908,774 thousand in 2023[173] - Profit before tax increased to RMB 2,888,060 thousand in 2024 from RMB 2,813,816 thousand in 2023[170] - Finance costs decreased to RMB 140,504 thousand in 2024 from RMB 183,021 thousand in 2023[170] - Interest income increased to RMB 244,761 thousand in 2024 from RMB 133,122 thousand in 2023[170] - Depreciation of property, plant and equipment decreased to RMB 961,723 thousand in 2024 from RMB 1,125,318 thousand in 2023[170] - Depreciation of right-of-use assets increased slightly to RMB 364,492 thousand in 2024 from RMB 362,147 thousand in 2023[170] - Revenue for the six months ended June 30, 2024, reached RMB 21,490,903 thousand, compared to RMB 18,885,854 thousand in the same period in 2023, representing a 13.8% year-over-year increase[185] - Restaurant operation revenue increased to RMB 20,596,386 thousand in H1 2024, up 14.2% from RMB 18,040,008 thousand in H1 2023[185] - Delivery business revenue grew to RMB 581,228 thousand in H1 2024, a 23.3% increase from RMB 471,351 thousand in H1 2023[185] - Sales of condiment products and food ingredients decreased to RMB 299,208 thousand in H1 2024, down 19.2% from RMB 370,229 thousand in H1 2023[185] - Revenue from Mainland China operations accounted for RMB 20,760,551 thousand in H1 2024, representing 96.6% of total revenue[190] - Interest income from bank deposits increased to RMB 217.96 million in 2024, up from RMB 125.21 million in 2023, representing a 74.1% increase[193] - Government grants decreased to RMB 22.96 million in 2024 from RMB 33.58 million in 2023, a decline of 31.6%[193] - Business development expenses surged to RMB 196.01 million in 2024, more than doubling from RMB 83.84 million in 2023, a 133.8% increase[197] - Net foreign exchange loss amounted to RMB 25.85 million in 2024, compared to a gain of RMB 192.55 million in 2023[200] - Total other expenses rose to RMB 881.09 million in 2024, up 28.9% from RMB 683.64 million in 2023[197] - Compensation claim income increased to RMB 23.31 million in 2024, up 175.8% from RMB 8.45 million in 2023[193] - Net impairment loss reversed for property, plant and equipment was RMB 14.34 million in 2024, compared to a gain of RMB 6.80 million in 2023[200] - Gain from redemption of long-term bonds was RMB 4.41 million in 2024, up 459.0% from RMB 0.79 million in 2023[200] - Total other income decreased to RMB 370.13 million in 2024, down 6.8% from RMB 396.98 million in 2023[193] - Additional tax deduction, which was RMB 158.66 million in 2023, was terminated as of December 31, 2023[194] Restaurant Operations - The overall table turnover rate of Haidilao restaurants was 4.2 times per day in the first half of 2024[15] - Total number of customers served across all restaurants exceeded 209.9 million in the first half of 2024[15] - The company operated a total of 1,343 Haidilao restaurants as of June 30, 2024, with 1,320 in mainland China and 23 in Hong Kong, Macau, and Taiwan[17] - The company opened 11 new restaurants and closed 43 underperforming restaurants in the first half of 2024[17] - The company plans to significantly increase the number of new restaurant openings in the second half of 2024 compared to the first half[17] - The company implemented a multi-restaurant management model, allowing managers to oversee multiple outlets, including Haidilao and other group brands[20] - The company launched a franchise model to attract business partners and expand into lower-tier markets[21] - The company initiated the "Pomegranate Plan" to incubate new catering brands and promote innovation in catering services[23] - The company developed new dining consumption patterns, including camping hot pot, campus hot pot, and corporate hot pot restaurants[24] - The company's single-serving delivery business continued to generate additional revenue and profit[24] - Average table turnover rate for Haidilao restaurants increased to 4.2 times per day in H1 2024[31] - Average spending per guest decreased from RMB102.9 in H1 2023 to RMB97.4 in H1 2024 due to changes in dish consumption structure and increased discounts[31] - The company launched the "Pomegranate Plan" to incubate and develop new catering brands, with 5 innovation projects in operation in H1 2024[25][26] - New brands like "YEAH QING BBQ" and "XIAOHAI HUOGUO" were introduced, targeting different price segments and consumer groups[26] - The company expanded into new dining formats such as camping hot pot, campus hot pot, and corporate hot pot to diversify customer experiences[25] - Average spending per guest decreased in all regions: Tier 1 cities from RMB 110.3 to RMB 104.1, Tier 2 cities from RMB 101.8 to RMB 96.8, and Tier 3 cities and below from RMB 96.1 to RMB 91.4[33] - Overall table turnover rate increased from 3.3 times/day in 2023 to 4.2 times/day in 2024, with Tier 2 cities showing the highest increase from 3.5 to 4.3 times/day[33] - Same store sales increased overall from RMB 17,007,646 thousand in 2023 to RMB 19,605,740 thousand in 2024, with Tier 3 cities and below showing the highest growth from RMB 6,533,187 thousand to RMB 7,836,184 thousand[36] - Average same store sales per day increased from RMB 75.2 thousand in 2023 to RMB 86.1 thousand in 2024, with Hong Kong, Macau, and Taiwan regions maintaining the highest daily sales at RMB 167.5 thousand[36] - Gross revenue from restaurant operations in mainland China increased from RMB 17,298,795 thousand in 2023 to RMB 19,746,580 thousand in 2024, with Tier 3 cities and below contributing the largest share at 39.9%[41] Costs and Expenses - Raw materials and consumables costs increased by 9.1% from RMB 7,685.0 million in 2023 to RMB 8,387.2 million in 2024, but decreased as a percentage of revenue from 40.7% to 39.0%[42] - Staff costs increased by 24.0% from RMB 5,769.3 million in 2023 to RMB 7,155.7 million in 2024, rising as a percentage of revenue from 30.5% to 33.3% due to increased salary and benefit levels[44] - Rentals and related expenses increased by 5.3% from RMB200.4 million in H1 2023 to RMB210.9 million in H1 2024, maintaining a stable percentage of revenue at 1.1% and 1.0% respectively[45][49] - Utilities expenses rose by 19.2% from RMB605.4 million in H1 2023 to RMB721.7 million in H1 2024, with revenue percentage stable at 3.2% and 3.4% respectively[46][50] - Travelling and communication expenses increased by 20.5% from RMB78.7 million in H1 2023 to RMB94.8 million in H1 2024, maintaining a stable revenue percentage of 0.4%[47][51] - Employee costs surged by 24.0% from RMB5,769.3 million in H1 2023 to RMB7,155.7 million in H1 2024, with revenue percentage rising from 30.5% to 33.3%[48] - Depreciation and amortization decreased by 11.1% from RMB1,506.4 million in H1 2023 to RMB1,339.1 million in H1 2024, with revenue percentage dropping from 8.0% to 6.2%[52][56] - Other expenses increased by 28.9% from RMB683.6 million in H1 2023 to RMB881.1 million in H1 2024, with revenue percentage rising from 3.6% to 4.1%[53][57] - Share of results of associates and a joint venture increased from RMB15.6 million in H1 2023 to RMB24.7 million in H1 2024[54][58] - Other gains and losses shifted from a gain of RMB227.2 million in H1 2023 to a loss of RMB66.7 million in H1 2024, primarily due to foreign exchange rate changes[55][59] - Finance costs decreased by 23.2% from RMB183.0 million in H1 2023 to RMB140.5 million in H1 2024[60][61] - Income tax expense increased by 54.1% from RMB554.9 million in H1 2023 to RMB855.0 million in H1 2024[62] - Core operating profit (non-IFRS measure) increased to RMB2,798,866,000 in H1 2024, up from RMB2,476,446,000 in H1 2023[68] - Net foreign exchange loss of RMB25,854,000 in H1 2024, compared to a gain of RMB192,546,000 in H1 2023[68] - Interest income increased to RMB244,761,000 in H1 2024 from RMB133,122,000 in H1 2023[68] - Profit for the period decreased to RMB2,033,103,000 in H1 2024 from RMB2,258,886,000 in H1 2023[68] - Finance costs decreased to RMB140,504,000 in H1 2024 from RMB183,021,000 in H1 2023[68] - Trade payables decreased from RMB1,859.4 million as of December 31, 2023 to RMB1,470.7 million as of June 30, 2024, with turnover days increasing from 34.3 days to 35.9 days[79][84] - Bank borrowings as of June 30, 2024, amounted to RMB294.4 million, with new loans of RMB50.0 million obtained and RMB379.7 million repaid during the six months ended June 30, 2024[80][85] - Trade receivables decreased from RMB412.0 million as of December 31, 2023 to RMB278.6 million as of June 30, 2024, with turnover days decreasing from 3.2 days to 2.9 days[83] - The Group's debt-to-equity ratio as of June 30, 2024, was 24.6%[88][93] - The Group had a total of 143,034 employees as of June 30, 2024, with total staff costs of RMB7,155.7 million for the six months ended June 30, 2024[90][95] - The Group has no specific plans for material investments or acquisition of capital assets as of June 30, 2024, but will continue to explore strategic investment opportunities[98][99] - The Group's pledged/restricted bank deposits amounted to RMB8.2 million as of June 30, 2024, with no fixed assets charged[87][93] - The Group has not hedged its foreign currency exchange risks but will monitor and manage exposure as necessary[89][94] - The Group had no material acquisitions or disposals during the reporting period[91][96] - The Group's future development initiatives include refining restaurant management, exploring diversified business strategies, and pursuing strategic acquisitions[99][100] Shareholder Information - Mr. Li Peng holds 397,500 ordinary shares, representing 0.01% of the total issued share capital[105] - Ms. Song Qing holds 795,000 ordinary shares, representing 0.01% of the total issued share capital[105] - Ms. Gao Jie holds 1,987,500 ordinary shares, representing 0.04% of the total issued share capital[105] - Mr. Zhou Zhaocheng holds 2,087,500 ordinary shares, representing 0.04% of the total issued share capital[105] - NP United Holding Ltd. is owned 51.778% by ZY NP Ltd. and 16.074% each by SP NP Ltd., SYH NP Ltd., and LHY NP Ltd.[107] - The total number of issued shares as of June 30, 2024, is 5,574,000,000[107] - Fuhai is held 40% by Shanghai Xinpai and 60% by Yihai (Shanghai) Food Co., Ltd., making it an associated corporation of the company[110] - Yihai is held approximately 31.39% by ZYSP YIHAI Ltd. and SP YIHAI Ltd.[110] - Mr. Zhang Yong is deemed to be interested in the shares of Fuhai (