Company Overview - Jiumaojiu International Holdings Limited was incorporated in the Cayman Islands on February 1, 2019[4]. - The company operates through its subsidiary, Guangzhou Jiumaojiu Catering Chain Co., Ltd., established in the PRC on August 30, 2005[4]. - The company is listed under stock code 9922[1]. - The company is listed on the Main Board of the Stock Exchange since January 15, 2020, enhancing its market visibility and access to capital[5]. - The registered office is located in Grand Cayman, while the headquarters is in Guangzhou, PRC[18]. - The company has undergone a reorganization in preparation for its listing, as detailed in the prospectus[17]. - The company operates multiple brands including Song, Tai Er, and Uncle Chef, focusing on cold pot skewers and Chongqing hot pot[8][12][14]. Financial Performance - Revenue for the year ended December 31, 2020, was RMB 2,714,830,000, representing an increase from RMB 2,687,287,000 in 2019[27]. - Profit for the year was RMB 138,006,000, compared to RMB 185,770,000 in 2019, reflecting a decline of about 25.7%[27]. - Total comprehensive income for the year was RMB 5,858,000, significantly lower than RMB 185,479,000 in 2019[27]. - Operating profit for 2020 was RMB 348,165,000, down from RMB 481,599,000 in 2019, a decrease of approximately 27.7%[27]. - Adjusted net profit for the year was RMB 116,141,000, compared to RMB 216,600,000 in 2019, a decline of about 46.3%[27]. - Total assets as of December 31, 2020, were RMB 4,806,451,000, an increase from RMB 1,654,351,000 in 2019[33]. - Total equity attributable to the owners of the Company rose to RMB 3,016,555,000 in 2020 from RMB 133,088,000 in 2019, a significant increase[33]. - Total liabilities decreased to RMB 1,746,049,000 in 2020 from RMB 1,483,675,000 in 2019, indicating a reduction of about 17.7%[33]. Market Strategy and Expansion - The company aims to expand its market presence through strategic initiatives and product offerings[2]. - The company has a strategic focus on expanding its restaurant operations, particularly in the PRC market[5]. - The company plans to expand its restaurant network, particularly for Tai Er, while adopting a moderate approach for other brands due to the pandemic[63]. - Future expansion will focus on regions with high Chinese populations, including Hong Kong, Macau, Singapore, the United States, and Canada[63]. - The company aims to strengthen its supply chain by establishing a new warehouse and food processing center near its central kitchen in Foshan[71]. - The multi-brand and multi-concept strategy is intended to capture more market opportunities and increase market share[63]. Corporate Governance - The company is audited by KPMG[3]. - The corporate governance report is included in the annual report[2]. - The company has established a nomination committee to oversee the nomination process for directors, ensuring governance standards are met[6]. - The company is committed to adhering to the Listing Rules, ensuring compliance with regulatory requirements[6]. - The Board composition includes 4 executive directors, 1 non-executive director, and 3 independent non-executive directors, ensuring a strong independence element[152]. - The Company has complied with all applicable code provisions of the CG Code during the reporting period, except for deviations from code provision A.2.1[149]. Operational Challenges - The pandemic led to a temporary suspension of restaurant operations in the first half of 2020, adversely affecting overall performance[41]. - The company incurred expenses of approximately RMB3.1 million on COVID-19 prevention and control measures to safeguard health and safety[44]. - The overall decline in revenue was primarily due to the temporary suspension of restaurant operations and reduced customer traffic amid the Pandemic[55]. Shareholder Communication - The Company emphasizes the importance of effective communication with shareholders to enhance investor relations and understanding of business performance[188]. - The Company maintains a website for public access to information and updates on business operations and financial information[188]. - A Shareholders' Communication Policy is in place to ensure that shareholders' views and concerns are appropriately addressed[190]. Future Outlook - The Group aims to replicate its success through further expansion in the year ending December 31, 2021[199]. - The Company plans to pursue a multi-brand and multi-concept strategy to expand into more market segments[199]. - Strengthening supply and support capabilities is a key focus for the Group in the upcoming year[199]. - The Group intends to expand into global markets to gain international presence[199].
九毛九(09922) - 2020 - 年度财报