Financial Performance - Total revenue for the year ended December 31, 2024, was $778.3 million, an increase of 13.4% compared to $686.4 million in 2023[5] - Net profit for the period was $21.4 million, down from $25.3 million in the previous year, impacted by a foreign exchange loss of $14.7 million[15] - The company's net profit for 2024 was $21.4 million, a decrease of 15.4% from $25.3 million in 2023, mainly driven by increased foreign exchange losses and partially offset by revenue growth from business expansion and improved operational efficiency[39] - Total comprehensive income for the year reached $33.427 million, compared to $29.884 million in 2023, marking an increase of approximately 11.5%[64] - Basic and diluted earnings per share decreased to $0.04 from $0.05 in the previous year, a decline of 20%[64] Revenue Growth - The overall revenue from Haidilao restaurants increased by 13.0% to $747.3 million, driven by improved table turnover rates and strategic network expansion[18] - Same-store sales for 2024 reached $653.99 million, an increase of 7.1% from $610.69 million in 2023[22] - Restaurant-level revenue reached $758.6 million, up 13.0% from $671.0 million in the previous year[60] - Revenue from takeaway services in 2024 was $11.3 million, up 15.3% from $9.8 million in 2023[24] - Revenue from other sources, including hot pot condiments and branded food, increased by 27.9% to $19.7 million in 2024 from $15.4 million in 2023[25] Operational Efficiency - The operating profit margin for the company improved to 6.8% in 2024 from 6.3% in 2023[3] - The restaurant-level operating profit margin improved to 10.1% in 2024 from 9.0% in 2023[6] - The average daily revenue per restaurant rose to $17.7 thousand in 2024, compared to $16.3 thousand in 2023[4] - The average table turnover rate increased to 3.8 times per day in 2024, up from 3.5 times in 2023[4] - The average daily sales per store increased to $18.3 thousand in 2024 from $17.1 thousand in 2023, reflecting a growth of 7.0%[22] Expansion Strategy - The number of restaurants increased to 122 in 2024 from 115 in 2023, with a total customer traffic of 29.9 million, up from 26.7 million[4] - The company opened 10 new restaurants in 2024 while closing 3 in Southeast Asia, maintaining a cautious expansion strategy[5] - The company aims to enhance brand recognition globally and plans to continue expanding its restaurant network in existing and new markets[16] - The company is focused on expanding its restaurant operations and delivery services in overseas markets, particularly outside of mainland China, Hong Kong, Macau, and Taiwan[67] Cost Management - Material and consumable costs rose to $257.7 million in 2024, a 9.8% increase from $234.7 million in 2023, but the percentage of revenue decreased from 34.2% to 33.1%[28] - Employee costs increased by 14.7% to $259.3 million in 2024 from $226.0 million in 2023, with the percentage of revenue rising slightly from 32.9% to 33.3%[29] - Rent and related expenses increased by 16.9% to $20.1 million in 2024 from $17.2 million in 2023[30] - Other expenses increased by 12.8% to $70.7 million in 2024 from $62.7 million in 2023, primarily due to restaurant network expansion[34] Financial Position - As of December 31, 2024, the company's cash and cash equivalents increased to $254.7 million, up 66.6% from $152.9 million in 2023, attributed to business growth and unutilized proceeds from the NASDAQ IPO[46] - The current ratio improved to 2.5 in 2024 from 1.7 in 2023, indicating better short-term financial health[50] - Trade payables decreased to $30.7 million as of December 31, 2024, down 10.8% from $34.4 million in 2023, due to strategic optimization of supply chain management[42] - Total liabilities remained stable at $128.568 million, compared to $128.571 million in 2023[66] Strategic Initiatives - The "Pomegranate Plan" is being implemented to foster innovation and explore new business formats, including strategic acquisitions[16] - The company plans to continue seeking strategic investment opportunities that can bring synergistic effects, although no specific commitments for significant investments have been disclosed[49] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[122] Compliance and Governance - The audit committee reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[125] - The company has complied with the Corporate Governance Code and the Standard Code for securities trading by directors throughout the reporting period[121] - There were no significant events to disclose after December 31, 2024, up to the date of this announcement[127]
特海国际(09658) - 2024 - 年度业绩