全聚德(002186) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The company's board, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility, with no profit distribution planned - Company management guarantees the truthfulness, accuracy, and completeness of the report and assumes corresponding legal responsibilities[2] - The company plans no cash dividends, bonus shares, or capital increase from provident funds for this half-year period[3] Definitions This section defines key terms used in the report, including abbreviations for the company, controlling shareholder, regulatory bodies, and major subsidiaries, clarifying the reporting period from January 1 to June 30, 2024 - The reporting period is defined as January 1, 2024, to June 30, 2024[6] - Key entities such as the company, controlling shareholder (Shou Lv Group), and major subsidiaries (e.g., Quanjude Fangshan Food Company, Quanjude Sanyuan Jinxing Food Company) are clearly defined by their abbreviations[6] Company Profile and Key Financial Indicators Company Profile This section provides basic company information, including stock code (002186), listing exchange (Shenzhen Stock Exchange), full Chinese and English names, and legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | Quanjude | | Stock Code | 002186 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | China Quanjude (Group) Co., Ltd. | Key Accounting Data and Financial Indicators In H1 2024, the company achieved operating revenue of 687.1 million yuan, up 2.87%, and net profit attributable to shareholders of 29.34 million yuan, up 5.08%, despite a 31.72% decrease in net cash flow from operating activities Key Financial Data for H1 2024 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 687,104,013.26 | 667,946,014.39 | 2.87% | | Net Profit Attributable to Shareholders | 29,335,636.14 | 27,916,682.04 | 5.08% | | Net Cash Flow from Operating Activities | 52,318,402.44 | 76,627,864.48 | -31.72% | | Basic Earnings Per Share (Yuan/share) | 0.0956 | 0.0910 | 5.05% | | Weighted Average Return on Net Assets | 3.58% | 3.66% | -0.08% | | Indicator | Current Period End (Yuan) | Prior Year End (Yuan) | YoY Change | | Total Assets | 1,513,260,677.95 | 1,517,703,752.72 | -0.29% | | Net Assets Attributable to Shareholders | 834,045,145.13 | 804,793,733.92 | 3.63% | Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 3.96 million yuan, primarily from government subsidies of 3.644 million yuan recognized in current profit or loss Non-recurring Gains and Losses for H1 2024 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -397,645.72 | | Government Subsidies Recognized in Current Profit or Loss | 3,643,526.78 | | Gains/Losses from Changes in Fair Value of Financial Assets/Liabilities | 303,533.73 | | Other Non-operating Income and Expenses | -290,591.26 | | Other Items Meeting the Definition of Non-recurring Gains and Losses | 747,432.03 | | Total | 3,959,713.40 | Management Discussion and Analysis Principal Business Activities During the Reporting Period The company's core business includes catering services and food processing/sales, operating 101 restaurants and two food production bases under brands like Quanjude, Fangshan, Fengzeyuan, and Sichuan Restaurant, with a focus on direct and franchised operations and group meal expansion - The company's main business is catering services and food processing and sales, with four core brands: Quanjude, Fangshan, Fengzeyuan, and Sichuan Restaurant[16] - As of the end of the reporting period, the company operated 101 catering outlets, including 86 Quanjude brand stores (39 directly operated, 47 franchised)[16] - The company's strategic focus is to create a new "product + service + scenario" paradigm and promote the "foodification of catering products"[16] Analysis of Core Competencies The company's core competitiveness stems from its strong "time-honored brand" matrix, valuable national intangible cultural heritage techniques, deep century-old cultural heritage, and industry-leading management and technical service teams - Possesses a "time-honored brand" matrix comprising four renowned catering brands: Quanjude, Fangshan, Fengzeyuan, and Sichuan Restaurant[17] - Holds two national intangible cultural heritage techniques: "Quanjude Hung-Oven Roasted Duck Technique" and "Fangshan (Imperial Cuisine) Preparation Technique"[19] - The company boasts 160 years of historical accumulation, fostering a profound corporate culture, and a technical team composed of culinary masters, renowned chefs, and service experts[21][22] Discussion and Analysis of Operations In H1 2024, the company achieved year-over-year growth in revenue and profit by focusing on "commercialization of catering operations" and "foodification of catering products," leveraging holiday consumption, food innovation, and brand activities, while also boosting online delivery and membership systems Operating Performance for H1 2024 | Indicator | Amount (Yuan) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 687,000,000 | 2.87% | | Total Profit | 31,840,000 | 15.81% | | Net Profit Attributable to Parent | 29,340,000 | 5.08% | | Basic Earnings Per Share | 0.0956 | 5.05% | - During the five short holidays including New Year's Day and Chinese New Year, national catering outlets' revenue increased by 21% year-over-year, recovering to 102% of the same period in 2019[24] - Multiple innovative food products were launched through brand collaborations and shareholder feedback, such as roasted duck rolls and pizzas co-developed with "Zhenzhai," and 8 new products in partnership with the "Wo Shi Bu Bai Chi" IP[24] - Successfully held a 160th-anniversary celebration events, including restoring classic dishes, restaging the play "The First Restaurant in the World," and organizing cultural experience tours, significantly boosting brand visibility[25] Analysis of Main Business During the reporting period, the company's main business revenue reached 687 million yuan, up 2.87%, with catering accounting for 77.35% and product sales for 20.73%; North China remained the primary revenue source at 73.97%, while East China, Northwest, and Northeast regions saw declines Key Financial Data YoY Changes | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 687,104,013.26 | 667,946,014.39 | 2.87% | | Operating Cost | 558,007,343.14 | 541,204,696.81 | 3.10% | | Selling Expenses | 30,130,975.53 | 23,509,563.48 | 28.16% | | R&D Investment | 2,157,295.29 | 1,388,384.06 | 55.38% | | Net Cash Flow from Operating Activities | 52,318,402.44 | 76,627,864.48 | -31.72% | | Net Cash Flow from Investing Activities | -12,607,103.64 | 768,588.06 | -1,740.29% | Operating Revenue Composition (by Industry) | By Industry | Current Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Catering | 531,517,263.67 | 77.35% | 1.74% | | Product Sales | 142,412,523.35 | 20.73% | 6.58% | | Leasing | 13,174,226.24 | 1.92% | 10.58% | Operating Revenue Composition (by Region) | By Region | Current Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | North China | 508,254,653.11 | 73.97% | 7.45% | | East China | 89,206,757.11 | 12.98% | -6.69% | | Northwest | 33,062,755.71 | 4.81% | -22.77% | | Northeast | 15,485,942.16 | 2.25% | -20.15% | Analysis of Assets and Liabilities As of the reporting period end, total assets were 1.513 billion yuan, a slight decrease of 0.29% from year-end, with no significant changes in asset composition, though taxes payable increased by 60.75% due to higher VAT, and some bank deposits are restricted - Taxes payable increased by 60.75% compared to the end of the prior year, primarily due to an increase in the company's value-added tax during the reporting period[34] - As of the end of the reporting period, 12.54 million yuan of the company's monetary funds were restricted due to single-purpose commercial prepaid card custody and various deposits[36][208] Analysis of Investment Status During the reporting period, the company's investment amounted to 0.3 million yuan, a 100% increase, with the "Quanjude Daxing Jiugong Town Dilapidated Building Reconstruction Project" as the ongoing major non-equity investment, totaling 6.315 million yuan in cumulative investment, and no securities or derivative investments - The ongoing significant non-equity investment during the reporting period is the "Quanjude Daxing Jiugong Town Dilapidated Building Reconstruction Project," with a cumulative investment of 6.315 million yuan[38] Analysis of Major Holding and Associate Companies During the reporting period, the performance of major subsidiaries diverged, with Quanjude Fangshan Food Company's net profit decreasing by 2.2376 million yuan, while Quanjude Sanyuan Jinxing Food Company's net profit significantly increased by 5.481 million yuan Operating Performance of Major Subsidiaries and Associate Companies | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Quanjude Fangshan Food Company | Subsidiary | 189,430,929.85 | 6,821,801.41 | | Quanjude Sanyuan Jinxing Food Company | Subsidiary | 109,468,477.25 | 546,345.78 | | Jude Huatian | Associate Company | 231,369,525.34 | 30,464,865.85 | | Shou Lv Group Finance Company | Associate Company | 69,327,135.00 | 44,310,874.87 | - Quanjude Fangshan Food Company's net profit decreased by 2.2376 million yuan year-over-year; Quanjude Sanyuan Jinxing Food Company's net profit increased by 5.481 million yuan year-over-year[42] Risks Faced by the Company and Countermeasures The company faces key risks including food safety, operational and investment challenges, and talent shortages, addressed by strengthening food safety management, optimizing business models to reduce costs, and implementing market-based talent acquisition and incentive mechanisms - Key risks include: - Food Safety Risk: Addressed by establishing management systems, strengthening training and inspections, and developing emergency plans - Operational and Investment Risk: Managed by optimizing business models, enhancing market research, and standardizing management in response to rising costs and intensified market competition - Talent Shortage Risk: Countered by market-based recruitment, talent development, and improved incentive mechanisms to address labor shortages and talent attrition prevalent in the catering industry[43][44] Corporate Governance Information on Annual and Extraordinary General Meetings Held During the Reporting Period During the reporting period, the company held two shareholder meetings, the 2024 First Extraordinary General Meeting and the 2023 Annual General Meeting, with investor participation rates of 44.78% and 46.88% respectively | Meeting Name | Meeting Type | Investor Participation Rate | Meeting Date | | :--- | :--- | :--- | :--- | | 2024 First Extraordinary General Meeting | Extraordinary General Meeting | 44.78% | 2024-01-10 | | 2023 Annual General Meeting | Annual General Meeting | 46.88% | 2024-05-10 | Changes in Company Directors, Supervisors, and Senior Management During the reporting period, Ms. Gao Yuhong resigned as Supervisory Board Chairman due to work changes, Mr. Liu Wensheng was elected as the new Chairman, and Ms. Tang Ying and Mr. Ma Xulun were appointed as Deputy General Managers - Ms. Gao Yuhong resigned from her positions as Supervisor and Chairman of the Supervisory Board, and Mr. Liu Wensheng was elected as the new Chairman of the Supervisory Board[47][49] - The company's Board of Directors appointed Ms. Tang Ying and Mr. Ma Xulun as Deputy General Managers[47] Environmental and Social Responsibility Significant Environmental Issues The subsidiary Beijing Quanjude Sanyuan Jinxing Food Co., Ltd. is listed as a key pollutant-discharging unit, with the company having an emergency plan and ongoing environmental governance, incurring no administrative penalties for environmental issues during the reporting period - The subsidiary "Beijing Quanjude Sanyuan Jinxing Food Co., Ltd." is a key pollutant-discharging unit, with major pollutants including COD and ammonia nitrogen in wastewater[52][53] - The company has formulated an emergency plan for environmental incidents and conducts regular environmental monitoring, with environmental protection tax incurred amounting to 46,067.59 yuan during the reporting period[54][55] Social Responsibility The company actively fulfills social responsibilities by improving corporate governance to protect shareholder rights, establishing sound human resource systems for employee welfare, continuously investing in environmental protection, and fostering mutually beneficial relationships with stakeholders - The company protects shareholder rights, especially those of small and medium shareholders, by improving governance structure and fulfilling information disclosure obligations[56][57] - Adhering to a people-oriented approach, the company has established a comprehensive compensation and benefits system and human resource management policies to protect employee rights[58] Significant Matters Penalties and Rectification During the reporting period, Quanjude Qianmen Store received a 50,000 yuan administrative penalty from the Dongcheng District Fire Rescue Detachment for a non-functional fire hydrant system due to a deactivated fire pump, which has since been fully rectified - Quanjude Qianmen Store was fined 50,000 yuan for fire safety issues, specifically a non-functional fire hydrant system due to a deactivated fire pump[60] - The company has fully rectified the Qianmen Store, including comprehensive self-inspection, rectification of key areas, and assigning responsibilities to specific personnel[60] Significant Related Party Transactions The company's H1 2024 daily related party transactions primarily involved its controlling shareholder, Shou Lv Group, and its affiliates, covering property leasing, product and service transactions, and financial services, including deposit business with Shou Lv Group Finance Company - The company's daily related party transactions with its controlling shareholder, Shou Lv Group, and other related parties primarily involve three types of business: property leasing, product and service transactions, and financial services[67] Deposit Business Transactions with Shou Lv Group Finance Company | Item | Amount (10,000 Yuan) | | :--- | :--- | | Beginning Balance | 5,619.53 | | Total Deposits During the Period | 114,376.69 | | Total Withdrawals During the Period | 113,795.05 | | Ending Balance | 6,201.17 | Significant Matters of Company Subsidiaries During the reporting period, the company opened three new directly operated stores: Quanjude Platform Store, Quanjude Shanghai Xujiahui Road Store, and Sichuan Restaurant Fuxing Road Store, further expanding its business layout - The company opened 3 new directly operated stores in H1 2024: - Quanjude Platform Store (opened January 11) - Quanjude Shanghai Xujiahui Road Store (opened April 12) - Sichuan Restaurant Fuxing Road Store (opened June 28)[73] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital changed due to the cancellation of 1,542,367 repurchased shares, reducing the total share capital from 308,463,955 shares to 306,921,588 shares - On March 5, 2024, the company completed the cancellation of 1,542,367 repurchased shares, accounting for 0.50% of the total share capital before cancellation[75] - Following this cancellation, the company's total share capital changed from 308,463,955 shares to 306,921,588 shares[75] Number of Shareholders and Shareholding Information As of the reporting period end, the company had 35,366 common shareholders, with controlling shareholder Beijing Shou Lv Group Co., Ltd. holding a stable 43.88% stake - The total number of common shareholders at the end of the reporting period was 35,366[78] Shareholding Information of Top Two Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period End | | :--- | :--- | :--- | :--- | | Beijing Shou Lv Group Co., Ltd. | State-owned Legal Person | 43.88% | 134,691,476 | | Pei Hongzhi | Domestic Natural Person | 0.65% | 2,000,000 | Preferred Shares Information Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during this reporting period[85] Bonds Information Bonds Information The company had no bonds during the reporting period - The company had no bonds during this reporting period[86] Financial Report Audit Report The company's 2024 semi-annual financial report was unaudited - This semi-annual financial report is unaudited[87] Financial Statements This section presents the company's consolidated and parent company balance sheets as of June 30, 2024, and the income statements, cash flow statements, and statements of changes in owners' equity for H1 2024 Consolidated Balance Sheet As of June 30, 2024, the company's total assets were 1.513 billion yuan, total liabilities 659 million yuan, and owners' equity attributable to the parent company 834 million yuan, with no significant changes in asset-liability structure compared to the beginning of the period Key Items from Consolidated Balance Sheet (June 30, 2024) | Item | Period-End Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 1,513,260,677.95 | 1,517,703,752.72 | | Monetary Funds | 102,901,043.28 | 101,611,134.91 | | Inventories | 84,585,313.99 | 82,481,689.72 | | Fixed Assets | 306,745,322.59 | 312,017,824.66 | | Long-term Equity Investments | 383,553,513.06 | 378,559,717.08 | | Total Liabilities | 658,897,320.23 | 693,375,391.55 | | Accounts Payable | 158,582,999.18 | 164,716,223.98 | | Contract Liabilities | 75,388,865.46 | 71,936,214.74 | | Total Owners' Equity | 854,363,357.72 | 824,328,361.17 | | Total Owners' Equity Attributable to Parent Company | 834,045,145.13 | 804,793,733.92 | Consolidated Income Statement In H1 2024, the company reported total operating revenue of 687 million yuan, total operating costs of 675 million yuan, total profit of 31.84 million yuan, and net profit attributable to parent company shareholders of 29.34 million yuan Key Items from Consolidated Income Statement (H1 2024) | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 687,104,013.26 | 667,946,014.39 | | Total Operating Cost | 674,889,898.92 | 658,611,085.57 | | Operating Profit | 32,588,140.91 | 27,990,406.30 | | Total Profit | 31,841,153.05 | 27,494,342.78 | | Net Profit | 30,119,221.48 | 26,637,814.63 | | Net Profit Attributable to Parent Company Shareholders | 29,335,636.14 | 27,916,682.04 | Consolidated Cash Flow Statement In H1 2024, net cash flow from operating activities was 52.32 million yuan, a 31.72% decrease year-over-year, with net cash outflow from investing activities of 12.61 million yuan and from financing activities of 38.43 million yuan, resulting in an ending cash and cash equivalents balance of 90.36 million yuan Key Items from Consolidated Cash Flow Statement (H1 2024) | Item | H1 2024 (Yuan) | H1 2023 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 52,318,402.44 | 76,627,864.48 | | Net Cash Flow from Investing Activities | -12,607,103.64 | 768,588.06 | | Net Cash Flow from Financing Activities | -38,434,120.91 | -54,229,252.88 | | Net Increase in Cash and Cash Equivalents | 1,277,177.89 | 23,167,199.66 | | Cash and Cash Equivalents at Period End | 90,358,090.14 | 160,873,241.56 | Notes to Consolidated Financial Statement Items This section provides detailed explanations and supplementary information for key consolidated financial statement items, including restricted monetary funds, aging and bad debt provisions for accounts receivable, inventory classification, and long-term equity investment composition - As of the period end, 12.54 million yuan of the company's monetary funds were restricted assets, primarily for single-purpose commercial prepaid card custody funds and various deposits[208][257] - The book balance of accounts receivable at period end was 64.64 million yuan, with a bad debt provision of 11.86 million yuan, resulting in a book value of 52.78 million yuan, of which approximately 80% are accounts receivable within 1 year of aging[210][211][212] - The book value of inventories at period end was 84.59 million yuan, with finished goods accounting for the largest portion at 66.07 million yuan[227] - The book value of long-term equity investments at period end was 384 million yuan, primarily investments in associate companies Jude Huatian and Shou Lv Finance Company[231]