Financial Performance - The Group reported an interim revenue of $50 million for the six months ended June 30, 2024, representing a 20% increase compared to the same period last year[8]. - The company has provided a performance guidance of $100 million in revenue for the full year 2024, indicating a projected growth of 25%[8]. - Revenue for the six months ended June 30, 2024, increased to US$370,930,000, up from US$323,931,000 in the same period of 2023, representing a growth of 14.5%[13]. - Revenue from Haidilao restaurant operations reached US$356,488,000, compared to US$312,718,000 in the prior year, marking an increase of 13.9%[13]. - The Group reported a loss for the period of US$4,649,000, a decline from a profit of US$3,394,000 in the same period of 2023[13]. - Total comprehensive income for the period was $8,603,000, down from $14,960,000 in the same period last year[79]. - The company reported a loss attributable to owners of the Company of $4,583,000, compared to a profit of $3,541,000 in the prior year[79]. User Engagement and Market Expansion - User data showed a growth in active users to 1.2 million, up 15% year-over-year[8]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next year[8]. - Total guest visits to Haidilao restaurants reached 14.5 million, an increase of 17.9% from 12.3 million in the same period of 2023[14]. - The company opened 8 new restaurants in the first half of 2024, including 5 in Southeast Asia, 2 in North America, and 1 in East Asia[19]. Operational Efficiency - Gross profit margin improved to 40%, up from 35% in the previous year[8]. - Average daily revenue per restaurant was US$17,200, up from US$15,600, indicating a growth of 10.3%[14]. - The average table turnover rate improved to 3.8 times per day, an increase of 15.2% compared to 3.3 times per day in 2023[14]. - The restaurant level operating margin increased to 8.7%, compared to 8.3% in the same period last year, showing an improvement of 0.4 percentage points[14]. Research and Development - Research and development expenses increased by 10% to $5 million, focusing on innovative technologies[8]. - In the first half of 2024, the Group launched over 500 new products globally, enhancing customer satisfaction and brand influence[17]. Financial Management - Cash flow from operations was reported at $15 million, reflecting a 50% increase compared to the prior period[8]. - The Group's finance costs remained stable at US$4.3 million for the six months ended June 30, 2023, and US$3.9 million for the same period in 2024[39]. - The Group's inventories decreased by 10.7% to US$26.6 million as of June 30, 2024, from US$29.8 million as of December 31, 2023[40]. - The current ratio as of June 30, 2024, improved to 2.3 from 1.7 as of December 31, 2023, indicating better short-term financial health[43]. Staffing and Costs - Staff costs amounted to US$126.3 million for the six months ended June 30, 2024, representing a 17.3% increase from US$107.7 million for the same period in 2023[35]. - The number of Haidilao restaurants grew to 122, up from 115 in the previous year, reflecting a 6.1% increase[14]. - The average spending per guest decreased to US$24.6, down US$0.9 from US$25.5 in the same period last year, primarily due to exchange rate fluctuations[20]. Strategic Initiatives - The company is exploring potential acquisitions to enhance its product offerings and market reach[8]. - The Group aims to enhance customer dining experiences, expand the restaurant network, improve operational performance, and explore new business forms[21]. - The Group completed a dual-listing on NASDAQ in May 2024, focusing on customer satisfaction and employee effort as core missions[21]. Challenges and Risks - The increase in net foreign exchange loss was US$8.8 million, reaching US$19.5 million, impacting the net profit during the reporting period[21]. - Government grants decreased by US$1.4 million compared to the same period last year due to the cancellation of COVID-19-related restaurant subsidies in some countries[20]. - The Group's financial performance reflects significant fluctuations compared to the previous year, indicating potential challenges in revenue generation[123]. Shareholder Information - As of June 30, 2024, the company had 650,299,000 issued shares[55]. - Ms. Shu Ping holds a 51.69% interest in the company, representing 336,167,124 shares[54]. - The Group issued 3,096,600 ADSs at a price of US$19.56 per ADS in May 2024, raising total gross proceeds of US$60.57 million before expenses[41].
特海国际(09658) - 2024 - 中期财报