Share Incentive and Option Plans - The company's 2020 Share Incentive Plan was approved and adopted on May 15, 2020[5] - The 2020 Share Option Plan was also approved and adopted on May 15, 2020[5] - The Equity Incentive Plans include the 2020 Share Option Plan and the 2020 Share Incentive Plan[6] - The Group adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to reward employees, directors, and senior management[107] Annual General Meeting and Corporate Governance - The Annual General Meeting (AGM) is proposed to be held on June 28, 2024[5] - The company's shares are listed and traded on the Stock Exchange[6] - The company's listing date on the Hong Kong Stock Exchange was June 30, 2021[7] - The company's shares were listed on the Stock Exchange on June 30, 2021, and it operates Nayuki teahouses, a leading premium modern teahouse chain in China[155] - The company's executive directors have service agreements with an initial term of three years, while non-executive and independent non-executive directors have service contracts/letters of appointment with the same initial term[168] - Independent non-executive directors receive an annual remuneration of HK120,000[168] Subsidiaries and Investments - Beijing Tiantu Xingbei Investment Center was established on June 26, 2015[5] - Chengdu Tiantu Tiantou Dongfeng Equity Investment Fund Center was established on November 17, 2016[5] - The company was incorporated in the Cayman Islands on September 5, 2019[6] - Shenzhen Fucheng Technology Co., Ltd. is a connected person of the company[6] - Linxin Group Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Holdings Limited, another controlling shareholder, was incorporated in the BVI on September 5, 2019[7] - Linxin International Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Trust, an irrevocable discretionary trust, was established in Guernsey on December 30, 2020, with Linxin Holdings as the beneficiary[7] - Shenzhen Pindao Group Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on December 17, 2019[8] - Shenzhen Pindao Food & Beverage Management Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on May 12, 2014[8] - Tiantu Dongfeng, a limited partnership, was established under the laws of the PRC on July 25, 2017[9] - Tiantu Xingpeng, a limited partnership, was established under the laws of the PRC on December 29, 2017[9] - The Group invested in Shanghai Chatian, the operator of the "LELECHA" brand, to enhance brand diversity and reduce store expansion and operation costs[105] - The Group received approval from the State Administration for Market Regulation for the Shanghai Chatian investment, with all completion conditions satisfied by June 2, 2023[105] Financial Performance and Metrics - Revenue for 2023 increased to RMB 5,164,056 thousand, up 20.3% from RMB 4,291,586 thousand in 2022[14] - Adjusted net profit for 2023 was RMB 20,912 thousand, compared to an adjusted net loss of RMB 461,331 thousand in 2022[14] - Cost of materials in 2023 was RMB 1,699,442 thousand, a 20% increase from RMB 1,416,094 thousand in 2022[14] - Staff costs in 2023 were RMB 1,403,868 thousand, a 3.1% increase from RMB 1,362,115 thousand in 2022[14] - Delivery service fees in 2023 were RMB 392,638 thousand, a 3.2% increase from RMB 380,520 thousand in 2022[14] - Advertising and promotion expenses in 2023 were RMB 165,804 thousand, a 16% increase from RMB 142,933 thousand in 2022[14] - Logistics and storage fees in 2023 were RMB 140,833 thousand, a 14.4% increase from RMB 123,112 thousand in 2022[14] - Utilities expenses in 2023 were RMB 143,899 thousand, a 26.7% increase from RMB 113,556 thousand in 2022[14] - Other income in 2023 was RMB 186,490 thousand, a 49.2% increase from RMB 124,950 thousand in 2022[14] - Adjusted net profit margin for 2023 was 0.4%, compared to an adjusted net loss margin of 10.7% in 2022[14] - Revenue increased by 20.3% from RMB4,291.6 million in 2022 to RMB5,164.1 million in 2023[24] - Adjusted net profit changed from a loss of RMB461.3 million in 2022 to a profit of RMB20.9 million in 2023[24] - Store-level operating profit for Nayuki self-operated stores increased by 76.3% to RMB828.7 million in 2023[24] - Store-level operating profit margin for Nayuki self-operated stores increased by 5.9 percentage points to 17.7% in 2023[24] - Net cash generated from operating activities increased by 170.2% from RMB306.6 million in 2022 to RMB828.5 million in 2023[24] - Nayuki self-operated stores revenue increased to RMB 4,691,501 thousand in 2023, up from RMB 3,969,306 thousand in 2022, representing a growth of 18.2%[28] - Ready-to-drink beverage revenue grew significantly to RMB 266,619 thousand in 2023, a 69.8% increase from RMB 157,031 thousand in 2022[28] - Store-level operating profit margin for Nayuki self-operated stores improved to 17.7% in 2023, compared to 11.8% in 2022[28] - Average sales value per order at Nayuki self-operated stores decreased to RMB 29.6 in 2023 from RMB 34.3 in 2022[32] - Average orders per teahouse per day slightly declined to 344.3 in 2023 from 348.2 in 2022[32] - Freshly-made tea drinks accounted for 73.1% of total revenue in 2023, with a revenue of RMB 3,776,943 thousand[37] - Baked goods revenue decreased to RMB 707,662 thousand in 2023, down 8.8% from RMB 775,672 thousand in 2022[37] - Pickup orders revenue increased to RMB 2,044,667 thousand in 2023, a 49.0% rise from RMB 1,372,624 thousand in 2022[42] - Delivery orders revenue grew to RMB 1,966,639 thousand in 2023, up 7.1% from RMB 1,836,938 thousand in 2022[42] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] - In 2023, 35.5% of the company's direct-operated store revenue came from third-party delivery platforms, while 6.4% came from the company's own delivery platform[45] - The average daily sales per teahouse in Tier 1 cities was RMB 12,700, with a store-level operating profit margin of 19.6%[56] - In Shenzhen, the company's self-operated stores achieved an average daily sales of RMB 14,600 and a store-level operating profit margin of 23.2%[55] - The company's self-operated stores in Xi'an had the highest store-level operating profit margin at 24.7%[55] - The company's same-store sales in Shenzhen increased from RMB 16,000 in 2022 to RMB 17,400 in 2023[59] - The store-level operating profit margin for same-stores in Xi'an rose from 18.4% in 2022 to 25.0% in 2023[59] - Number of Type-I Teahouses reached 1,105 with an average daily sales per store of RMB 11,100 and a store-level operating profit margin of 18.3%[65] - Number of Type-II Teahouses reached 288 with an average daily sales per store of RMB 8,500 and a store-level operating profit margin of 20.4%[65] - Labour cost ratio decreased from 23.5% in 2022 to 20.3% in 2023, while rent cost ratio decreased from 15.5% to 14.5%[71] - Delivery order fee ratio decreased from 9.4% in 2022 to 8.2% in 2023[71] - Store-level operating profit margin increased from 11.9% in 2022 to 17.7% in 2023[71] - Revenue for 2023 increased by 20.3% to RMB 5,164.1 million compared to RMB 4,291.6 million in 2022[75] - Other income increased to RMB 186.5 million in 2023 from RMB 125.0 million in 2022, primarily due to higher interest income from term deposits[75] - The company held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings[75] - Material costs increased by 20.0% to RMB1,699.4 million, representing 32.9% of total revenue[77] - Staff costs decreased to 27.2% of total revenue, amounting to RMB1,403.9 million, due to improved HR efficiency[77] - Depreciation of right-of-use assets decreased to 8.0% of total revenue, amounting to RMB411.6 million, due to lower rental unit prices and reduced leased area for new stores[78] - Other rentals and related expenses increased to 5.9% of total revenue, amounting to RMB306.3 million, due to more variable lease payments in new contracts[78] - Advertising and promotion expenses amounted to RMB165.8 million, representing 3.2% of total revenue[80] - Delivery service fees decreased to 7.6% of total revenue, amounting to RMB392.6 million, due to a lower proportion of delivery orders post-COVID-19[81] - Utilities expenses increased to 2.8% of total revenue, amounting to RMB143.9 million[82] - Logistic and storage fees amounted to RMB140.8 million, representing 2.7% of total revenue[83] - Logistics and storage fees for the Group amounted to RMB 140.8 million, accounting for 2.7% of the Group's total revenue during the Reporting Period (2022: RMB 123.1 million, 2.9% of revenue)[87] - Finance costs of the Group amounted to RMB 65.9 million, representing 1.3% of the Group's total revenue during the Reporting Period (2022: RMB 80.3 million, 1.8% of revenue)[88][89] - Interest on lease liabilities accounted for RMB 64.8 million (1.3% of revenue) in 2023, compared to RMB 79.2 million (1.8% of revenue) in 2022[90] - Other expenses of the Group amounted to RMB 261.3 million, representing 5.1% of the Group's total revenue during the Reporting Period (2022: RMB 249.6 million, 5.8% of revenue)[91][92] - Administrative expenses increased to RMB 150.6 million (2.9% of revenue) in 2023 from RMB 142.0 million (3.3% of revenue) in 2022[94] - Travelling and business development expenses rose to RMB 49.8 million (1.0% of revenue) in 2023 from RMB 40.8 million (1.0% of revenue) in 2022[94] - The Group's income tax benefits amounted to RMB 5.1 million for the Reporting Period, significantly lower than the RMB 40.7 million in 2022[95][97] - The Group reported a net profit of RMB 11.2 million for 2023, compared to a net loss of RMB 475.8 million in 2022[98] - Adjusted net profit (non-IFRS measure) for 2023 was RMB 20.9 million, with an adjusted net profit margin of 0.4% (2022: RMB -461.3 million, -10.7% margin)[98] - Total cash and cash equivalents decreased to RMB444.3 million as of December 31, 2023, from RMB1,387.5 million as of December 31, 2022[99] - Total term deposits and certificates of deposit increased to RMB2,539.1 million as of December 31, 2023, from RMB2,088.8 million as of December 31, 2022[99] - Right-of-use assets increased to RMB1,609.2 million as of December 31, 2023, from RMB1,273.3 million as of December 31, 2022, in line with store growth[99] - Property and equipment increased to RMB1,419.2 million as of December 31, 2023, from RMB1,024.1 million as of December 31, 2022, due to store expansion[101] - Inventories turnover days decreased from 38.7 days in 2022 to 29.4 days in the reporting period[101] - Trade and other receivables decreased to RMB250.4 million as of December 31, 2023, from RMB376.5 million as of December 31, 2022[101] - Trade and other payables increased to RMB635.8 million as of December 31, 2023, from RMB478.5 million as of December 31, 2022, due to higher raw material and property-related payables[101] - Gearing ratio increased to 36.0% as of December 31, 2023, from 31.3% as of December 31, 2022[102] - Current ratio decreased to 2.27 times as of December 31, 2023, from 3.30 times as of December 31, 2022[102] - Capital expenditures for the reporting period amounted to approximately RMB 540.9 million, primarily for equipment purchases and leasehold improvements[104] - The company's distributable reserves as of December 31, 2023, amounted to RMB 5,986,012,000, compared to RMB 5,757,296,000 as of December 31, 2022[163] - The company did not recommend the payment of any final dividend for the year ended December 31, 2023[158][159] Store Expansion and Operations - The company opened 506 new Nayuki self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[20][22] - The company launched its franchise business in July 2023, with approximately 200 franchise stores opened by February 2024[24] - The company opened its first store in Thailand at the end of 2023 and plans to expand further in overseas markets[24] - The company added a net increase of 506 self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[49] - The number of Type-I teahouses in Tier 1 cities increased from 309 in 2022 to 398 in 2023[50] - The number of Type-II teahouses in Tier 1 cities grew from 64 in 2022 to 144 in 2023[51] - The company plans to optimize franchisee requirements with more flexible store types and lower initial investment costs in 2024[69] - The company expects to further optimize middle and back-office labor costs to improve efficiency and profitability in 2024[70] Membership and Customer Engagement - Nayuki Membership Program reached 80.5 million registered members by December 31, 2023, with 4.7 million monthly active members and a 23.9% monthly repurchase rate[44] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] Environmental, Social, and Governance (ESG) - The company's environmental policies and performance are outlined in the 2023 Environmental, Social, and Governance (ESG) Report, which will be published on the company's website and the HKEXnews website[160] - The company made charitable donations totaling approximately RMB 3.4 million during the reporting period[198] Legal and Compliance - The company was not involved in any material legal proceedings during the reporting period[198] - The company has disclosed significant related party transactions in the comprehensive financial statements, Note 30 of the annual report[199] - The company has complied with the disclosure requirements of Chapter 14A of the Listing Rules and disclosed related party transactions in the annual report[199] - No management or administrative contracts were signed or existed for the entire business or any part of it during the reporting period[200] Employee Management and Training - The Group had 7,199 full-time employees as of December 31, 2023, with 1,662 working in headquarters and regional offices, and the remainder as in-store staff[107] - The Group launched an employee retention initiative, incorporating retention rate as a key performance metric for teahouses[107] - The Group offers competitive remuneration and benefits, including social security plans and financial rewards, to motivate employees[107] - The Group emphasizes employee training, including a one-month in-store training for new operational staff and a vanguard program to develop future teahouse managers[108] - The company participates in a defined contribution basic pension insurance in China's social insurance system, with contributions based on government-stipulated benchmarks and rates[173] - The company operates a Mandatory Provident Fund Scheme in Hong Kong, with contributions vesting immediately and no forfeited contributions[174] Capital and Funding - The company raised approximately HK4,842.4 million from its global offering, with 70% (HK$3,389.8
奈雪的茶(02150) - 2023 - 年度财报