Financial Performance - The company reported a revenue of RMB 24,828.9 million for the year ended December 31, 2024, representing a 22.3% increase from RMB 20,302.5 million in 2023[4] - Gross profit increased by 34.4% to RMB 8,060.2 million in 2024, up from RMB 5,999.0 million in 2023, driven by improved gross margins in product sales[7] - Net profit for the year rose by 39.8% to RMB 4,454.2 million, compared to RMB 3,186.6 million in 2023[14] - Revenue from product and equipment sales increased by 21.7% to RMB 24,208.8 million, while franchise and related services revenue surged by 52.8% to RMB 620.1 million[5] - Basic and diluted earnings per share for the year were both RMB 12.32, an increase from RMB 8.71 in the previous year[55] - The group's profit attributable to equity holders for 2024 was RMB 4,436,504,000, an increase of 41.4% compared to RMB 3,137,341,000 in 2023[85] - Basic earnings per share for 2024 was RMB 12.32, up 41.4% from RMB 8.71 in 2023[85] - Total revenue for 2024 was RMB 15,558,470,000, compared to RMB 13,502,499,000 in 2023, reflecting a growth of 15.2%[73] Store Network Expansion - The company expanded its store network to over 46,000 locations across China and 11 other countries by the end of 2024[26] - The total number of stores in mainland China increased from 33,234 in 2023 to 41,584 in 2024, representing a growth of 25.1%[31] - The number of franchise stores rose significantly from 37,516 at the end of 2023 to 46,462 by the end of 2024, with a net increase of 8,946 stores[35] - The company operates a network of over 46,000 stores, covering all provincial-level cities in mainland China and approximately 4,900 stores outside mainland China as of December 31, 2024[29] Financial Position - Cash and cash equivalents, including restricted cash and financial assets, increased by 63.8% to RMB 11,109.5 million as of December 31, 2024, compared to RMB 6,783.6 million in 2023[15] - The total assets as of December 31, 2024, amounted to RMB 15,266,484 thousand, compared to RMB 10,859,253 thousand in 2023, showing a significant growth in asset base[57] - Non-current assets increased to RMB 7,887,271 thousand from RMB 5,445,381 thousand in 2023, indicating a strong investment in long-term assets[57] - The company's leverage ratio decreased to 23.9% as of December 31, 2024, down from 27.4% in 2023[21] Research and Development - Research and development expenses rose by 23.4% to RMB 104.9 million, maintaining a steady 0.4% of total revenue[11] - The company’s R&D efforts led to the development of a fresh milk base in 2024, aimed at enhancing product taste while meeting health demands[36] - The company aims to enhance its end-to-end supply chain and invest in new technologies and materials for R&D innovation to support its global strategy[43] Strategic Partnerships and Supply Chain - The company has established a strategic partnership with Junlebao to jointly build the "Xuewang Ranch," enhancing supply chain capabilities and product quality[36] - The logistics network includes 27 warehouses in mainland China and localized storage systems in four overseas countries, supporting extensive store coverage[36] - The company maintains rigorous quality control standards to ensure consistent high-quality output across its supply chain[37] Brand and Marketing - The "Snow King" IP has become the only super IP in China's fresh beverage industry, enhancing brand differentiation since its launch in 2018[38] - The "蜜雪冰城" topic on Douyin has achieved over 43.5 billion views as of December 31, 2024, showcasing the brand's strong online presence[39] - The company will continue to deepen its brand IP, "Snow King," by producing diverse high-quality content, including animations and collaborations with leading brands[44] Financial Management - The company did not declare any annual dividend for the year ended December 31, 2024[54] - The company raised approximately HKD 3,313 million from its global offering, which will be used for purposes outlined in the prospectus[51] - The company plans to utilize the net proceeds from the offering as short-term deposits in licensed banks or financial institutions if not used timely for the intended purposes[51] Other Financial Metrics - Selling and distribution expenses increased by 21.3% to RMB 1,599.5 million, accounting for 6.4% of total revenue, consistent with the previous year[9] - Other income and net gains decreased by 11.3% to RMB 219.5 million, primarily due to reduced government subsidies[8] - Government grants received decreased to RMB 32,784,000 from RMB 115,821,000, a decline of 71.7% year-over-year[72] - Interest income rose significantly to RMB 107,015,000, up 98.5% from RMB 53,801,000 in 2023[72] - The expected revenue to be recognized within one year from unfulfilled performance obligations is RMB 359,636,000, compared to RMB 259,271,000 in 2023, reflecting a 38.7% increase[71] - The total amount of unfulfilled performance obligations as of December 31, 2024, was RMB 367,458,000, an increase from RMB 284,246,000 in 2023[71] - The company has no sales to a single customer accounting for 10% or more of total revenue for the years ended December 31, 2024, and 2023[65] - The majority of the company's revenue and operating profit is derived from mainland China[64]
蜜雪冰城股份有限公司(02097) - 2024 - 年度业绩