Revenue and Sales Performance - Total revenue for the six months ended June 30, 2023, was RMB 305,248,000, an increase of 13.8% from RMB 268,104,000 in the same period of 2022[2]. - Restaurant operations generated revenue of RMB 168,760,000, up from RMB 158,979,000, reflecting a growth of 6.3%[2]. - The delivery business revenue increased by 17.2% to RMB 104,458,000 from RMB 89,113,000[2]. - Sales of food ingredients rose significantly by 60.0% to RMB 32,030,000 compared to RMB 20,012,000 in the previous year[2]. - The total system sales for the first half of 2023 reached RMB 1,770 million, representing a 44% increase compared to the same period in 2022[104]. - Revenue from restaurant operations rose by 6.2% from RMB159.0 million to RMB168.8 million, while revenue from delivery business increased by 17.3% from RMB89.1 million to RMB104.5 million, attributed to improved customer flow post-COVID-19 control measures[148]. Financial Position and Liabilities - Trade and other receivables net amount as of June 30, 2023, was RMB 91,923,000, an increase from RMB 90,337,000 as of December 31, 2022[22]. - The total liabilities as of June 30, 2023, were RMB 160,925,000, compared to RMB 167,980,000 as of December 31, 2022, representing a decrease of approximately 4.2%[44]. - As of June 30, 2023, bank borrowings amounted to RMB 2,000,000, an increase from RMB 1,000,000 as of December 31, 2022, with a decrease in the average interest rate from 4.01% to 3.50%[34][35]. - The current portion of convertible bonds as of June 30, 2023, amounted to HK$18,320,000 (approximately RMB 16,891,000), with a coupon rate of 3% per annum[93]. - Convertible bonds and related interests increased to RMB585.2 million as of June 30, 2023, from RMB548.4 million as of December 31, 2022, an increase of RMB36.8 million[197]. - Total lease liabilities amounted to RMB160.9 million as of June 30, 2023, representing a decrease of 26.3% from RMB218.2 million as of December 31, 2022[197]. Profitability and Loss - The Group recorded a loss for the period of approximately RMB5.7 million for the six months ended 30 June 2023, a significant improvement from a loss of RMB107.3 million for the same period in 2022[161]. - Adjusted profit for the period was RMB12.7 million for the six months ended June 30, 2023, compared to an adjusted loss of RMB67.7 million for the same period in 2022[165]. - Share of profits of associates amounted to RMB4.2 million for the six months ended June 30, 2023, recovering from a loss of RMB14.1 million for the corresponding period of 2022[183]. Assets and Inventory - As of June 30, 2023, the Group recognized right-of-use assets amounting to RMB149.6 million, down from RMB188.4 million as of December 31, 2022[193]. - Inventories increased from RMB24.2 million as of December 31, 2022, to RMB25.8 million as of June 30, 2023, with inventory turnover days decreasing from 52 days to 40 days[194]. - Trade and other receivables remained stable at RMB91.9 million as of June 30, 2023, compared to RMB90.3 million as of December 31, 2022[197]. Operational Efficiency and Cost Management - Total depreciation and amortization for the first half of 2023 was RMB 46,862, down from RMB 61,771 in the same period of 2022, reflecting a decrease of approximately 24%[1]. - Depreciation of right-of-use assets decreased by 25.9% from RMB48.3 million to RMB35.8 million, with the percentage of revenue dropping from 18.0% to 11.7%[152]. - Other expenses increased by 4.6% from RMB23.7 million for the six months ended June 30, 2022, to RMB24.8 million for the corresponding period of 2023, which was 8.1% of revenue[155]. Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[11]. - The total shareholders' equity of the Group as at 30 June 2023 was RMB196.3 million, down from RMB210.6 million as at 31 December 2022[178]. - The Group maintained cash and cash equivalents of RMB36.3 million as at 30 June 2023, compared to RMB34.1 million as at 31 December 2022[178]. Strategic Initiatives and Market Outlook - The Group aims to expand its franchise network and enhance digital development and operational capabilities[200]. - The consumption market showed signs of recovery in the first half of 2023, although industry competition intensified[198]. - The long-term growth potential of the food and beverage industry remains unchanged, with leading brands expected to maintain competitive advantages[198].
百福控股(01488) - 2023 - 中期财报