Financial Performance - For the year ended December 31, 2023, the revenue was RMB 6,094.1 million, a decrease of 15.0% year-on-year[1] - The gross profit for the same period was RMB 1,350.9 million, an increase of 8.2%, with a gross margin of 22.2% compared to 17.4% in the previous year[1] - The net profit for the year was RMB 263.4 million, reflecting a year-on-year increase of 9.3%[1] - Adjusted net profit (non-IFRS measure) was RMB 318.0 million, up 23.8% year-on-year[1] - Total revenue decreased by approximately 15.0% from RMB 7,173.5 million in 2022 to RMB 6,094.1 million in 2023[16] - Revenue from home meal products accounted for 97.5% of total revenue in 2023, down from 98.4% in 2022, with a decrease of about 15.8% from RMB 7,058.8 million to RMB 5,940.5 million[16] - Service revenue increased by approximately 33.9% from RMB 114.7 million in 2022 to RMB 153.6 million in 2023, driven by an increase in franchise store numbers[16] - Gross profit increased by 8.2% from RMB 1,249.0 million in 2022 to RMB 1,350.9 million in 2023, with gross margin improving from 17.4% to 22.2%[18] - Operating profit before tax increased by approximately 9.5% from RMB 332.0 million in 2022 to RMB 363.4 million in 2023[22] - Net profit increased by approximately 9.3% from RMB 241.0 million in 2022 to RMB 263.4 million in 2023, with net profit margin improving from 3.4% to 4.3%[24] Store and Membership Growth - The total number of retail stores reached 10,307, with 10,300 being franchise stores, marking an increase from 9,221 stores in the previous year[4] - The registered membership reached approximately 27.9 million, with prepaid card deposits increasing by 18% to about RMB 720 million[6] Product Development and Sales Strategy - The company launched 339 new SKUs in the fiscal year 2023 to meet changing consumer preferences[7] - The company continues to expand its online sales channels, achieving over 6 billion exposures through Douyin for product promotions[5] - The company plans to expand its store network to new regions and enhance market penetration in existing areas to increase direct consumer reach[10] - The company aims to develop its online sales platforms, including third-party delivery services and its own apps, to create a hybrid retail model[10] - The company intends to strengthen its R&D capabilities and product variety to maintain its competitive edge in the market[12] - The company is exploring new consumer scenarios, such as camping, to expand its product offerings and market share[11] - The company plans to enhance its brand image and marketing efforts to increase consumer engagement and loyalty[13] Financial Position and Assets - As of December 31, 2023, the group's net asset value was RMB 3,378.8 million, an increase from RMB 2,689.6 million as of December 31, 2022[29] - The group's capital debt ratio decreased from 4.9% as of December 31, 2022, to 3.3% as of December 31, 2023[29] - The group's inventory decreased by 31.3% from RMB 1,047.4 million as of December 31, 2022, to RMB 719.5 million as of December 31, 2023[34] - Trade receivables decreased from RMB 134.3 million as of December 31, 2022, to RMB 54.3 million as of December 31, 2023[35] - Trade payables decreased from RMB 577.5 million as of December 31, 2022, to RMB 457.3 million as of December 31, 2023[36] - Non-current assets totaled RMB 1,776,353 thousand, an increase of 6.3% from RMB 1,671,642 thousand in the previous year[45] - Current assets rose to RMB 2,875,293 thousand, up 19.4% from RMB 2,409,028 thousand in 2022[45] - Current liabilities decreased to RMB 1,167,888 thousand, down 10.4% from RMB 1,303,017 thousand in the previous year[45] - Total equity attributable to shareholders increased to RMB 3,378,783 thousand, up from RMB 2,689,551 thousand in 2022[48] Dividend and Shareholder Information - The board declared a final dividend of RMB 0.0521 per share for the year, compared to no dividend in the previous year[1] - The proposed final dividend for the year ended December 31, 2023, is RMB 0.0521 per share, subject to shareholder approval at the annual general meeting[80] - The company does not have a predetermined dividend payout ratio, and future dividends will depend on operational performance and financial conditions[81] - The annual general meeting is scheduled for June 27, 2024, where the proposed dividend will be discussed[82] - The company will suspend shareholder registration from June 24, 2024, to June 27, 2024, to determine eligibility for attending the annual general meeting and voting[83] - To qualify for the proposed final dividend, the company will suspend shareholder registration from July 4, 2024, to July 9, 2024[83] Audit and Compliance - The independent auditor, Ernst & Young, confirmed that the financial statements for the year ended December 31, 2023, are consistent with the audited financial reports[86] - The audit committee, composed of three independent non-executive directors, reviewed the consolidated annual performance for the year ended December 31, 2023[85] - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules to enhance accountability and shareholder value[87] - The company has complied with the standards of the securities trading code from the date of listing until December 31, 2023[89] - The annual report for the year ended December 31, 2023, will be published on the company's website and the Stock Exchange website[89] Other Financial Metrics - Cash generated from operating activities increased significantly from RMB 285.3 million in 2022 to RMB 678.3 million in 2023[28] - Cash and bank deposits increased from RMB 1,263.3 million in 2022 to RMB 1,935.7 million in 2023[28] - Administrative expenses increased by 23.2% from RMB 403.7 million in 2022 to RMB 497.2 million in 2023, mainly due to increased listing expenses and administrative costs from acquired factories[21] - Sales and distribution expenses decreased by 7.3% from RMB 624.6 million in 2022 to RMB 578.8 million in 2023, primarily due to reduced revenue[20] - The company reported a foreign exchange loss of RMB 201 thousand related to the translation of overseas operations[43] - The company recorded a foreign exchange gain of RMB 7,210,000 in 2023, compared to a gain of RMB 77,000 in 2022, reflecting a substantial increase[66] - The financial costs for 2023 totaled RMB 5,432,000, significantly higher than RMB 2,564,000 in 2022, indicating an increase of over 111%[68] - Research and development expenses for 2023 amounted to RMB 8,537,000, a slight decrease from RMB 9,981,000 in 2022[66] - The company received government grants related to production facilities, which will be recognized in the income statement over the useful life of the related assets[64]
锅圈(02517) - 2023 - 年度业绩