Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 3,064.2 million, an increase of 6.4% compared to RMB 2,879.4 million for the same period in 2023[6]. - The period profit decreased by 71.5% to RMB 68.0 million from RMB 238.4 million in the same period last year[6]. - The adjusted net profit for the six months ended June 30, 2024, was RMB 77.2 million, down from RMB 247.9 million in 2023[2]. - Total comprehensive income for the period was RMB 86,510 thousand, compared to RMB 320,934 thousand in the previous year, reflecting a significant decline[72]. - Basic earnings per share for the period was RMB 0.05, down from RMB 0.15 in the same period last year[71]. Restaurant Operations and Expansion - The company opened 59 new restaurants in the first half of 2024, including 38 Tai Er restaurants and 13 Chong Hot Pot restaurants[7]. - As of June 30, 2024, the company operated 766 self-operated restaurants and 5 franchised/cooperative restaurants across 145 cities in China and several international locations[6]. - The company plans to open 25 new "Sichuan Hot Pot" restaurants and 80 new "Tai Er" restaurants in mainland China in 2024[14]. - The company introduced a new brand, "Shan Wai Mian," in February 2024, and is exploring franchise opportunities in various regions[6]. - The company sold the "Na Mei Da Shu Shi Da Chu" brand in April 2024 and closed 14 restaurants during the first half of 2024[9]. Sales Performance - Same-store sales growth for self-operated restaurants was -15.5%[4]. - The average customer spending for self-operated restaurants decreased to RMB 71 from RMB 75 in the previous year[4]. - Revenue contribution from the brand "Sichuan Hot Pot" increased by 22.5%[11]. - Same-store sales for "Tai Er" decreased by 15.5% to RMB 1,708,563 thousand, compared to RMB 2,021,142 thousand in 2023[12]. - Revenue from Taier increased by 2.7% from RMB 2,188.3 million for the six months ended June 30, 2023, to RMB 2,248.4 million for the same period in 2024, despite a decline in table turnover and customer spending[20]. Financial Position and Assets - The group's inventory increased by 10.9% from RMB 132.1 million as of December 31, 2023, to RMB 146.5 million as of June 30, 2024, primarily due to the expansion of the restaurant network[47]. - Total assets increased slightly from RMB 6,520.9 million as of December 31, 2023, to RMB 6,525.2 million as of June 30, 2024, while total liabilities rose from RMB 3,163.9 million to RMB 3,359.9 million[54]. - Trade receivables increased by 47.1% from RMB 376 million as of December 31, 2023, to RMB 553 million as of June 30, 2024, primarily due to restaurant network expansion and increased sales to third parties[50]. - Non-current assets as of June 30, 2024, totaled RMB 4,066,684 thousand, an increase from RMB 3,714,972 thousand as of December 31, 2023[74]. Costs and Expenses - Employee costs rose by 24.6% from RMB 717.6 million to RMB 894.1 million, with its share of revenue increasing from 24.9% to 29.2%[28]. - Cost of materials and supplies increased by 5.3% from RMB 1,042.4 million to RMB 1,097.2 million, with its proportion of revenue decreasing from 36.2% to 35.8%[27]. - Depreciation of right-of-use assets increased by 26.1% from RMB 227.4 million to RMB 286.7 million, with its proportion of revenue rising from 7.9% to 9.4%[29]. - Financing costs increased by 24.8% from RMB 42.7 million for the six months ended June 30, 2023, to RMB 53.3 million for the same period in 2024, mainly due to increased lease liabilities interest from the expansion of the restaurant network[38]. - Advertising and promotion expenses increased by 46.7% from RMB 32.1 million to RMB 47.1 million, with its share of revenue rising from 1.1% to 1.5%[34]. Shareholder and Corporate Governance - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous period[63]. - The company has maintained compliance with corporate governance codes, with a commitment to high standards of ethics and transparency[109]. - The audit committee consists of three independent non-executive directors, ensuring the integrity and accuracy of the group's financial information[112]. - The board expresses gratitude to shareholders, suppliers, and customers for their continued support and trust[114]. Other Financial Metrics - The group's share of losses from associates decreased by 41.4% from RMB 2.9 million for the six months ended June 30, 2023, to RMB 1.7 million for the same period in 2024, mainly due to reduced losses from invested associates[36]. - Other income surged by 339.5% from RMB 21.0 million to RMB 92.3 million, mainly due to contributions from new product launches and increased sales to third parties[21]. - The net loss from other losses for the six months ended June 30, 2024, was RMB (29,495,000), an improvement from RMB (57,246,000) for the same period in 2023[82]. - The company confirmed share-based payment expenses of RMB 0 for the six months ended June 30, 2024, compared to RMB 491,000 for the same period in 2023[95].
九毛九(09922) - 2024 - 中期业绩