Revenue Growth - Total revenue for 2023 increased by 49.4% to RMB 5,985.9 million compared to RMB 4,005.7 million in 2022[6] - Revenue from the "Tai Er" brand grew by 44.0% from RMB 3,108.3 million in 2022 to RMB 4,476.9 million in 2023, driven by restaurant network expansion and increased turnover rate[18] - Revenue from the "Song Hotpot" brand surged by 210.4% from RMB 259.8 million in 2022 to RMB 806.5 million in 2023, due to restaurant network expansion and higher turnover rate[18] - Restaurant operation revenue increased by 58.2% from RMB 3,203.2 million in 2022 to RMB 5,066.5 million in 2023, accounting for 84.6% of total revenue[22] - Takeaway business revenue grew by 14.5% from RMB 787.1 million in 2022 to RMB 901.2 million in 2023, but its share of total revenue decreased from 19.7% to 15.1%[23] - Tai Er's revenue increased by 44.3% to RMB 4,469,217 thousand in 2023, compared to RMB 3,098,041 thousand in 2022[9] - Song Hotpot's revenue surged by 210.4% to RMB 805,206 thousand in 2023, up from RMB 259,402 thousand in 2022[9] - Lai Mei Li Grilled Fish's revenue grew by 272.3% to RMB 47,647 thousand in 2023, compared to RMB 12,799 thousand in 2022[9] - Revenue for 2023 increased to RMB 5,985,850 thousand, up 49.4% from RMB 4,005,722 thousand in 2022[79] - Revenue from restaurant operations increased to RMB 5,066,466 thousand in 2023, up from RMB 3,203,210 thousand in 2022, representing a significant growth[89] - Revenue from delivery services rose to RMB 901,219 thousand in 2023, compared to RMB 787,114 thousand in 2022[89] - Total revenue from customer contracts under IFRS 15 reached RMB 5,985,850 thousand in 2023, up from RMB 4,005,722 thousand in 2022[89] - Tai Er's revenue increased to 4,476,906 thousand RMB in 2023, up from 3,108,328 thousand RMB in 2022, representing a significant growth[94] - Song Hotpot's revenue surged to 806,512 thousand RMB in 2023, compared to 259,814 thousand RMB in 2022, indicating a strong performance[94] - Total revenue for the company reached 5,985,850 thousand RMB in 2023, up from 4,005,722 thousand RMB in 2022, showing overall growth[94] Profitability - Net profit for 2023 surged by 763.3% to RMB 480.0 million from RMB 55.6 million in 2022[6] - Annual profit surged by 763.3% from RMB 55.6 million in 2022 to RMB 480.0 million in 2023, reflecting strong operational performance[37] - Adjusted net profit increased to RMB 501.2 million in 2023, up from RMB 69.3 million in 2022, with an adjusted net profit margin of 8.4% compared to 1.7% in the previous year[43] - Net profit for 2023 surged to RMB 479,998 thousand, a significant increase from RMB 55,610 thousand in 2022[79] - Basic earnings per share (EPS) for 2023 rose to RMB 0.31, compared to RMB 0.03 in 2022[79] - Total comprehensive income for 2023 reached RMB 504,335 thousand, up from RMB 142,461 thousand in 2022[80] - Basic earnings per share increased to RMB 0.312 in 2023 from RMB 0.034 in 2022, representing an 817.6% increase[105] - Non-GAAP operating profit for Tai Er rose to 865,833 thousand RMB in 2023, from 444,893 thousand RMB in 2022, reflecting improved profitability[94] - Song Hotpot turned a profit of 98,749 thousand RMB in 2023, recovering from a loss of 5,064 thousand RMB in 2022[94] - Total non-GAAP operating profit for the company increased to 1,076,967 thousand RMB in 2023, up from 516,578 thousand RMB in 2022[94] Restaurant Expansion - The company opened 180 new restaurants in 2023, including 134 Tai Er restaurants and 35 Song Hotpot restaurants[6] - The number of restaurants increased from 556 in 2022 to 726 in 2023[5] - The company plans to open 80-100 new Tai Er restaurants and 35-40 new Song Hotpot restaurants in mainland China in 2024[13] - The company aims to open 15-20 new Tai Er restaurants outside mainland China in 2024[13] - The company expanded its restaurant network from 556 in 2022 to 726 in 2023, supporting revenue growth across brands[22] - The company is constructing a supply chain center in South China and a production facility for hotpot base and compound seasonings in Southwest China to support future expansion[14] - The company is expanding globally, currently operating "Tai Er" restaurants in Canada, Malaysia, Singapore, Thailand, and the US, and a "Lai Mei Li" grilled fish restaurant in Singapore[14] - The company plans to introduce franchise and partnership models for regional and international expansion, targeting areas like Xinjiang, Tibet, Taiwan, and Australia/New Zealand[14] Operational Metrics - Same-store sales growth for Tai Er, Song Hotpot, and Jiumaojiu were 18.3%, 10.6%, and 7.4% respectively[5] - The company's customer traffic per seat per day for Tai Er increased to 3.0 in 2023 from 2.6 in 2022[5] - The company's customer traffic per seat per day for Song Hotpot increased to 2.8 in 2023 from 2.5 in 2022[5] - The company's customer traffic per seat per day for Jiumaojiu increased to 2.9 in 2023 from 2.4 in 2022[5] - Tai Er's table turnover rate in mainland China increased to 4.1 in 2023 from 3.5 in 2022[9] - Song Hotpot's table turnover rate rose to 3.8 in 2023 from 3.6 in 2022[9] - Tai Er's same-store sales growth in mainland China was 18.3% in 2023, compared to a decline of 22.3% in 2022[11] - Lai Mei Li Grilled Fish's same-store sales growth was 42.3% in 2023[11] Costs and Expenses - Raw material and consumable costs increased by 48.0% from RMB 1,447.1 million in 2022 to RMB 2,142.2 million in 2023, maintaining a stable ratio of 35.8% to total revenue[25] - Employee costs increased by 36.2% from RMB 1,133.9 million in 2022 to RMB 1,544.1 million in 2023, primarily due to the expansion of the restaurant network[26] - Depreciation of right-of-use assets rose by 20.4% from RMB 403.0 million in 2022 to RMB 485.3 million in 2023, driven by the increase in the number of restaurants[27] - Other rental and related expenses surged by 66.8% from RMB 83.2 million in 2022 to RMB 138.8 million in 2023, mainly due to increased variable rental payments[28] - Depreciation and amortization of other assets grew by 23.8% from RMB 190.3 million in 2022 to RMB 235.6 million in 2023, attributed to restaurant network expansion[29] - Utility expenses increased by 47.3% from RMB 148.7 million in 2022 to RMB 219.0 million in 2023, reflecting the expansion of the restaurant network[30] - Travel and related expenses rose by 52.2% from RMB 25.5 million in 2022 to RMB 38.8 million in 2023, due to increased business trips for operational needs[31] - Advertising and promotion expenses increased by 52.3% from RMB 55.5 million in 2022 to RMB 84.5 million in 2023, driven by higher advertising spending[32] - Employee costs for 2023 were RMB 1,544.1 million, up from RMB 1,133.9 million in 2022, reflecting an increase in workforce and related expenses[66] - Total other expenses increased to RMB 438,588 thousand in 2023 from RMB 316,124 thousand in 2022, representing a 38.7% increase[100] - Depreciation and amortization expenses rose to RMB 711,561 thousand in 2023 from RMB 587,363 thousand in 2022, a 21.1% increase[100] - Tax expenses increased significantly to RMB 156,386 thousand in 2023 from RMB 38,721 thousand in 2022, a 303.8% rise[103] - Professional service fees increased to RMB 82,922 thousand in 2023 from RMB 66,599 thousand in 2022, a 24.5% rise[100] - New restaurant opening expenses rose to RMB 76,643 thousand in 2023 from RMB 44,922 thousand in 2022, a 70.6% increase[100] - Transportation and related expenses increased to RMB 156,122 thousand in 2023 from RMB 125,158 thousand in 2022, a 24.7% rise[100] - R&D expenses grew to RMB 3,956 thousand in 2023 from RMB 3,082 thousand in 2022, a 28.4% increase[100] Financial Position - The company's store-level operating profit increased to RMB 1,076.967 million in 2023 from RMB 516.578 million in 2022[2] - Store-level operating profit for the Tai Er brand reached RMB 865.8 million in 2023, with a profit margin of 19.3%, up from 14.3% in 2022[41] - Store-level operating profit for the Jiu Mao Jiu brand increased to RMB 110.8 million in 2023, with a profit margin of 17.6%, up from 12.9% in 2022[41] - Inventory increased by 11.9% to RMB 132.1 million in 2023 from RMB 118.1 million in 2022, driven by the expansion of the restaurant network[45] - Inventory turnover days decreased from 23.8 days in 2022 to 21.3 days in 2023, reflecting faster consumption of ingredients as restaurants recovered from the pandemic[45] - Right-of-use assets increased by 27.8% to RMB 2,007.9 million in 2023 from RMB 1,571.0 million in 2022, primarily due to the expansion of Tai Er and Song Hotpot restaurants[46] - Trade receivables increased by 82.5% to RMB 37.6 million in 2023 from RMB 20.6 million in 2022, mainly due to the expansion of the restaurant network[47] - Trade payables increased by 11.2% to RMB 209.3 million in 2023 from RMB 188.2 million in 2022, with turnover days decreasing from 41.5 days in 2022 to 33.9 days in 2023[48] - Total assets increased to RMB 6,520.9 million in 2023 from RMB 5,407.1 million in 2022, while total liabilities rose to RMB 3,163.9 million from RMB 2,207.9 million, resulting in a debt-to-asset ratio increase from 40.8% to 48.5%[51] - Cash and cash equivalents increased by 20.7% to RMB 1,326.9 million in 2023 from RMB 1,098.9 million in 2022, primarily due to cash inflows from restaurant operations[52] - Capital expenditures increased by 55.7% to RMB 576.2 million in 2023 from RMB 370.1 million in 2022, driven by new restaurant openings and supply chain construction[53] - Total revenue for 2023 increased to RMB 244,162 thousand from RMB 30,000 thousand in 2022, representing a significant growth[54] - Bank loans with floating interest rates amounted to RMB 184.2 million as of December 31, 2023, compared to none in 2022[54] - Lease liabilities increased by 26.3% to RMB 2,084.5 million in 2023, driven by the expansion of the Tai Er and Song Hotpot restaurant networks[55] - The company has no significant contingent liabilities, guarantees, or pending litigations that could materially affect its business or financial performance as of December 31, 2023[56] - Bank deposits pledged as collateral for a currency forward contract and bank loans amounted to RMB 10.7 million and RMB 220.8 million, respectively, as of December 31, 2023[57] - The company proposed a final dividend of HKD 0.15 per share for 2023, a significant increase from HKD 0.01 per share in 2022[61] - The company has fully utilized the proceeds from its global offering, with 77.4% allocated to expanding its restaurant network[68] - The net proceeds from the subscription will be allocated as follows: 55% (HKD 456.5 million) for investment in major raw material suppliers, 30% (HKD 249.0 million) for general working capital, and 15% (HKD 124.5 million) for investment in other companies in the catering industry[70] - As of March 10, 2024, 57.3% of the funds allocated for investment in major raw material suppliers have been utilized, with 42.7% remaining unused[70] - 100% of the funds allocated for general working capital have been utilized as of March 10, 2024[70] - 69.5% of the funds allocated for investment in other companies in the catering industry have been utilized, with 30.5% remaining unused as of March 10, 2024[70] - The total unutilized balance of the subscription proceeds is 28.1% (HKD 233.2 million) as of March 10, 2024[70] - All unvested restricted share units (RSUs) totaling 7,053,710 units were fully vested by December 31, 2023[71] - The weighted average market price per share for the RSUs vested in 2023 was HKD 13.90[73] - The share option plan, adopted on December 6, 2019, has a remaining term of approximately 5 years and 11 months as of December 31, 2023[74] - The number of shares available for further grant under the share option plan as of December 31, 2023, was 118,167,100 shares, representing 8.23% of the total issued shares on that date[77] - The number of shares subject to share options granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, accounting for 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares[76] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - Property, plant, and equipment increased to RMB 1,129,483 thousand in 2023 from RMB 736,623 thousand in 2022[81] - Cash and cash equivalents grew to RMB 1,326,902 thousand in 2023, up from RMB 1,098,872 thousand in 2022[82] - Trade and other receivables increased to RMB 643,844 thousand in 2023 from RMB 505,456 thousand in 2022[82] - Total assets rose to RMB 3,714,972 thousand in 2023, compared to RMB 2,821,841 thousand in 2022[81] - Total equity attributable to the company's shareholders increased to RMB 3,335,535 thousand in 2023 from RMB 3,174,282 thousand in 2022[84] - Non-current liabilities increased to RMB 1,761,287 thousand in 2023 from RMB 1,252,982 thousand in 2022[83] -
九毛九(09922) - 2023 - 年度业绩