Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 2,041,461 thousand, representing a 48.3% increase from RMB 1,376,370 thousand for the same period in 2023[9]. - The company reported a net profit attributable to owners of RMB 10,907 thousand for the six months ended June 30, 2024, a 24.6% increase from RMB 8,751 thousand in the same period last year[9]. - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 233,387 thousand, an increase of 83.7% compared to RMB 127,022 thousand in 2023[9]. - Store-level operating profit for the same period was RMB 296,155 thousand, up 59.0% from RMB 186,289 thousand in the previous year[9]. - Store-level EBITDA for the six months ended June 30, 2024, was RMB 393,902 thousand, reflecting a 53.0% increase from RMB 257,421 thousand in 2023[9]. - The adjusted EBITDA margin for the six months ended June 30, 2024, improved to 11.4%, up from 9.2% in the previous year[9]. - Basic earnings per share remained stable at RMB 0.08 for both the six months ended June 30, 2024, and June 30, 2023[148]. Store Expansion and Membership - The total number of stores as of June 30, 2024, reached 914, up from 768 as of December 31, 2023, and 672 as of June 30, 2023[14]. - The company expanded its presence in new growth markets, increasing the number of stores to 551 as of June 30, 2024, from 417 as of December 31, 2023[14]. - The number of stores in Beijing and Shanghai increased to 363 as of June 30, 2024, from 351 as of December 31, 2023[14]. - Membership increased to 19.4 million as of June 30, 2024, up from 10.9 million as of June 30, 2023, with membership contributing 63.6% of total revenue[19]. Sales Performance - Same-store sales growth (SSSG) for the six months ended June 30, 2024, was 3.6%, down from 8.8% for the same period in 2023[17]. - Average daily sales per store increased by 10.1% to RMB 13,515 for the six months ended June 30, 2024, from RMB 12,275 for the same period in 2023[25]. Expenses and Costs - Raw materials and consumables cost reached RMB 557.8 million, up RMB 177.4 million or 46.6% from RMB 380.4 million in the same period of 2023, accounting for 27.3% of total revenue[28]. - Employee compensation expenses totaled RMB 711.9 million, an increase of RMB 166.1 million or 30.4% from RMB 545.8 million in 2023, representing 34.9% of total revenue[29]. - Rent expenses amounted to RMB 201.7 million, up RMB 62.3 million or 44.7% from RMB 139.4 million in 2023, with rent costs accounting for 9.9% of total revenue[32]. - Advertising and promotion expenses were RMB 109.3 million, an increase of RMB 28.2 million or 34.8% from RMB 81.1 million in 2023, accounting for 5.4% of total revenue[38]. Financial Position - Total assets as of June 30, 2024, amounted to RMB 4,521,811 thousand, up from RMB 4,145,755 thousand at the end of 2023, representing a 9.1% increase[110]. - The company's equity attributable to equity holders increased to RMB 2,156,184 thousand from RMB 2,099,131 thousand, a rise of 2.7%[112]. - The total liabilities as of June 30, 2024, amounted to RMB 2,328,410 thousand, compared to RMB 1,994,201 thousand as of December 31, 2023, indicating an increase of 16.8%[127]. - The debt-to-equity ratio was approximately 9.3% as of June 30, 2024, a slight decrease from 9.5% as of December 31, 2023[55]. Cash Flow and Investments - The net cash inflow from operating activities for the six months ended June 30, 2024, was RMB 376.8 million, compared to RMB 174.8 million for the same period in 2023[52]. - Cash and bank balances increased by 6.9% to RMB 1,089.3 million as of June 30, 2024, from RMB 1,019.2 million as of December 31, 2023[52]. - The company incurred a cumulative loss of RMB (1,111,342) thousand as of June 30, 2024, compared to RMB (1,086,895) thousand at the end of the previous year[115]. Shareholder Information and Corporate Governance - The company did not declare an interim dividend for the six months ended June 30, 2024[68]. - The company has established a nomination committee and a remuneration committee in addition to the audit and risk committee[71]. - The company’s major shareholders hold a total of 79,009,570 shares, representing 60.6% of the total[81]. - The total number of issued shares as of June 30, 2024, is 130,446,977 shares[84]. Risk Management and Compliance - The group faced various financial risks, including market risk, credit risk, and liquidity risk, with risk management policies remaining unchanged as of June 30, 2024[126]. - The independent auditor found no issues that would lead to a belief that the interim financial information was not prepared in accordance with International Accounting Standard 34[107].
达势股份(01405) - 2024 - 中期财报