Financial Performance - For the six months ended June 30, 2021, the company's revenue was RMB 1,012.5 million, representing a 46.4% increase compared to RMB 691.8 million in the same period of 2020[15] - Gross profit for the same period was RMB 738.0 million, up 51.0% from RMB 488.6 million year-on-year[15] - The company reported a profit before tax of RMB 86.2 million, a significant recovery from a loss of RMB 149.8 million in the previous year[15] - Net profit attributable to shareholders was RMB 49.7 million, compared to a loss of RMB 109.4 million in the prior year[15] - The group's revenue for the six months ended June 30, 2021, was approximately RMB 1,013 million, an increase of about 46.4% compared to RMB 692 million in the same period of 2020[21] - The gross profit for the same period was approximately RMB 738 million, representing a year-on-year increase of about 51.0%[21] - The group recorded a profit attributable to shareholders of approximately RMB 49.7 million, compared to a loss of RMB 109.4 million in the same period of 2020[21] - The operating profit for the six months ended June 30, 2021, was RMB 40,180,000, a significant improvement from a loss of RMB 123,421,000 in the same period of 2020[69] - The total comprehensive income for the six months ended June 30, 2021, was RMB 40,339,000, recovering from a loss of RMB 109,653,000 in the same period of 2020[72] Restaurant Operations - The company operated 707 restaurants as of June 30, 2021, with a presence in over 167 cities across 30 provinces and municipalities in China[4] - The restaurant business revenue was approximately RMB 951 million, accounting for about 93.9% of the total revenue, an increase of approximately 49.1% year-on-year[27] - Comparable store sales growth for the first half of 2021 was +30.7%, a recovery from -29.7% in the first half of 2020[62] - The company reported a daily table turnover of 3.87 in Hong Kong and 3.2 in Mainland China for the first half of 2021[62] - The segment profit for restaurant operations in mainland China was RMB 39,724,000, while the total segment profit across all divisions was RMB 78,227,000[104] Economic Environment - The overall economic environment in China showed a GDP growth of 12.7% for the first half of 2021, recovering from a decline of 1.6% in the same period of 2020[17] - The average disposable income of residents in China increased by 12.0% year-on-year to RMB 17,642 during the reporting period[17] Strategic Initiatives - The company aims to become the leading fast-casual restaurant chain in China[6] - The company is focused on developing new products and enhancing its menu to cater to local tastes[4] - The group plans to continue optimizing its membership system to enhance repurchase rates and accelerate digital transformation[19] - The group aims to strategically expand its restaurant network while closely monitoring market conditions and controlling operational costs[23] - The company plans to continue expanding its restaurant operations and product offerings in both mainland China and Hong Kong to drive future growth[104] Financial Position - As of June 30, 2021, the group maintained a strong liquidity position with a bank balance of RMB 1,724,963,000 and a current ratio of 2.7[49] - The company's cash and cash equivalents stood at RMB 1,724,963 thousand, down from RMB 1,738,380 thousand, indicating a decrease of approximately 0.8%[74] - Total liabilities decreased to RMB 743,905 thousand from RMB 739,575 thousand, showing a slight increase of about 0.3%[78] - The net assets of the company were reported at RMB 3,174,201 thousand, down from RMB 3,228,854 thousand, reflecting a decrease of approximately 1.7%[78] - The total equity attributable to shareholders was RMB 3,111,139 thousand, down from RMB 3,157,768 thousand, indicating a decrease of approximately 1.5%[78] Cost Management - The inventory consumption cost accounted for approximately 27.1% of revenue, a decrease of about 2.3 percentage points from 29.4% in the same period of 2020[32] - Employee costs for the six months ended June 30, 2021, were approximately RMB 265,160,000, up about 24.4% from approximately RMB 213,202,000 in the same period of 2020, while the proportion of employee costs to revenue decreased from 30.8% to 26.2%[35] - Other operating expenses amounted to approximately RMB 236,939,000, an increase of about 38.9% from approximately RMB 170,571,000 in the same period of 2020, maintaining a stable proportion of 23.4% of revenue[39] Cash Flow - The net cash inflow from operating activities for the six months ended June 30, 2021, was approximately RMB 212,225,000[57] - The net cash used in investing activities was RMB (41,775,000), a decrease from RMB 44,907,000 in 2020, indicating improved cash flow management[87] - The net cash used in financing activities was RMB (174,940,000), compared to RMB (108,363,000) in the previous year, showing an increase in financing outflows[87] Shareholder Information - The company declared an interim dividend of RMB 0.02 per share, totaling RMB 86,286,000, compared to RMB 53,485,000 for the previous year, representing an increase of about 61%[127] - The total number of issued and fully paid shares as of June 30, 2021, was 1,091,538,820, unchanged from December 31, 2020[163] - The company recognized an expense of approximately RMB 294,000 for stock options granted under the plan for the six months ended June 30, 2021, compared to RMB 498,000 for the same period in 2020[172] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for a deviation regarding the separation of roles of the Chairman and CEO[190] - As of June 30, 2021, the Chairman and CEO roles are held by the same individual, which the board believes provides stable leadership[190] - The audit committee has reviewed the company's accounting policies and practices for the six months ended June 30, 2021[193]
味千(中国)(00538) - 2021 - 中期财报