Financial Performance - The group recorded a revenue growth of 2.5% to approximately HKD 3,292.0 million for the year ended December 31, 2024, compared to HKD 3,212.0 million in 2023[2]. - Shareholders' profit for the year was HKD 62.7 million, down from HKD 93.8 million in 2023, but the second half of the year saw a rebound with a profit of HKD 52.0 million, exceeding both the first half of 2024 and the second half of 2023[2]. - The group achieved a net profit of HKD 62.7 million for the year, with a basic earnings per share of HKD 0.0627, compared to HKD 0.0938 in 2023[4]. - The group reported a gross profit of HKD 2,433.5 million for the year, an increase from HKD 2,369.4 million in 2023[4]. - Total comprehensive income for the year was HKD 52.5 million, down from HKD 88.7 million in 2023[5]. - The total segment profit for the year was HKD 79,151, a decline of 32.4% compared to HKD 116,885 in 2023[22]. - The company reported a pre-tax profit of HKD 78,183, down from HKD 115,958 in the previous year, a decline of 32.6%[22]. - The basic earnings attributable to shareholders for the year ended December 31, 2024, were HKD 62,749,000, a decrease of 33.1% from HKD 93,836,000 in 2023[36]. Cash and Liquidity - The group maintained a strong cash position with cash and cash equivalents of HKD 330.8 million as of December 31, 2024, compared to HKD 328.1 million in 2023, and had no bank borrowings[3]. - Cash and cash equivalents increased slightly from HKD 328,147,000 in 2023 to HKD 330,758,000 in 2024, an increase of about 0.8%[6]. - The group has no bank borrowings, which supports its long-term development strategy[50]. - The total current assets and current liabilities as of December 31, 2024, were approximately HKD 532.1 million and HKD 756.6 million, respectively, resulting in a current ratio of approximately 0.7 times[78]. - The group's debt-to-asset ratio as of December 31, 2024, was 56.0%, slightly up from 55.9% as of December 31, 2023[79]. Dividends - The board proposed a final dividend of HKD 0.025 per share and a special dividend of HKD 0.075 per share, down from HKD 0.035 and HKD 0.035 respectively in 2023[3]. - The proposed final dividend per ordinary share for 2024 is HKD 2.50, down from HKD 3.50 in 2023, reflecting a decrease of 28.6%[34]. - The proposed special dividend per ordinary share for 2024 is HKD 7.50, significantly higher than HKD 3.50 in 2023[34]. - The board has proposed a final dividend of HKD 2.50 per share and a special dividend of HKD 7.50 per share for the year ending December 31, 2024, pending shareholder approval[74]. Assets and Liabilities - Non-current assets decreased from HKD 2,015,454,000 in 2023 to HKD 1,939,081,000 in 2024, a decline of approximately 3.8%[6]. - Current assets decreased from HKD 566,170,000 in 2023 to HKD 532,064,000 in 2024, a decline of about 6.0%[6]. - Total liabilities decreased from HKD 800,344,000 in 2023 to HKD 756,552,000 in 2024, a reduction of approximately 5.5%[6]. - Non-current liabilities decreased from HKD 796,728,000 in 2023 to HKD 778,974,000 in 2024, a decline of about 2.2%[7]. - Total equity decreased from HKD 984,552,000 in 2023 to HKD 935,619,000 in 2024, a reduction of approximately 5.0%[7]. - The company reported a total of HKD 1,714,593,000 in total assets less current liabilities for 2024, down from HKD 1,781,280,000 in 2023[6]. Operational Performance - The group actively integrated its store and restaurant network in response to market conditions, leading to a profit of HKD 114.8 million when excluding losses from property sales and impairments[2]. - The group continues to explore and adjust its business model and restaurant network layout to enhance operational resilience[49]. - The group is strategically consolidating its store network to enhance overall business resilience amid market challenges[59]. - The group continues to optimize its product mix and pricing strategy, launching various high-value dinner sets to increase customer traffic and revenue[61]. - The group successfully opened three new brands: "An Jin Rice," "Yi Qiao Ramen," and "Man Shan • Taipei," with positive market responses, particularly for "An Jin Rice" which features high-value Korean bibimbap[66]. Market and Segment Performance - Revenue from Hong Kong and Macau reached HKD 2,954,684, up 8.5% from HKD 2,723,043 in the previous year[22]. - Revenue from Mainland China decreased to HKD 337,270, down 30.9% from HKD 488,950 in 2023[22]. - The flagship brand "Tai Hing" generated revenue of HKD 1,258.6 million, a 4.3% increase from HKD 1,206.3 million, accounting for 38.2% of total revenue[61]. - Revenue from "Min Wah Ice Room" reached HKD 886.3 million, a slight decline of 0.7% from HKD 893.0 million, representing 26.9% of total revenue[62]. - "Cha Mu" reported revenue of HKD 365.7 million, up 5.8% from HKD 345.7 million, contributing 11.1% to total revenue[63]. Employee and Operational Costs - Employee costs increased to HKD 1,188.8 million, representing 36.1% of revenue, up from 35.3% in fiscal year 2023[54]. - The group's operating expenses for the review year were HKD 460.6 million, slightly down from HKD 463.2 million in the previous fiscal year, despite an increase in revenue[56]. - The cost of materials increased to HKD 858,423, up from HKD 842,637, an increase of 1.0%[30]. Sustainability and Future Plans - The group has integrated ESG values into its operations, receiving multiple awards for sustainability, including the "Hong Kong Enterprise Low Carbon Environmental Leader Award" and the "2024 Sustainable Restaurant of the Year Award" from the Hong Kong Smart Dining Association[68]. - The group plans to leverage new government policies to boost its restaurant and retail sectors, with a focus on traditional and innovative business strategies[69]. - The group aims to ensure business sustainability and long-term profitability to provide better returns to shareholders[73]. - The group plans to deepen its e-commerce efforts, including the launch of the "Neighbor Buy" electronic sales platform and collaborations with TV broadcasting companies to enhance brand influence[73]. Share Repurchase and Corporate Governance - The company repurchased 6,440,000 ordinary shares at a total cost of HKD 4,784,000, which will be subsequently canceled[44]. - Following the reporting period, the company repurchased 27,540,000 ordinary shares for a total consideration of HKD 25,120,320[88]. - The audit committee reviewed the accounting principles and practices adopted by the group, including the consolidated financial statements for the year ending December 31, 2024[89]. - The company has complied with the corporate governance code as of December 31, 2024[91].
太兴集团(06811) - 2024 - 年度业绩