Financial Performance - Revenue for the year ended December 31, 2024, was RMB 5,209,874, representing a 14.5% increase from RMB 4,549,415 in 2023[3] - Profit before tax increased by 3.6% to RMB 771,254 compared to RMB 744,119 in the previous year[3] - Net profit for the year was RMB 580,622, up 9.1% from RMB 532,059 in 2023[3] - Basic and diluted earnings per share rose to RMB 0.56, a 5.7% increase from RMB 0.53 in 2023[3] - Total comprehensive income for the year was RMB 585,417, reflecting a 10.3% increase from RMB 530,876 in 2023[6] - The profit attributable to ordinary equity shareholders for 2024 was RMB 567,470,000, an increase from RMB 532,059,000 in 2023, representing a growth of approximately 6.6%[29] - The company's adjusted net profit (non-IFRS measure) was RMB 586.2 million in 2024, compared to RMB 546.0 million in 2023[70] - The company's adjusted EBITDA (non-IFRS measure) increased from RMB 914.5 million in 2023 to RMB 968.9 million in 2024[70] Revenue Breakdown - Dine-in business revenue was RMB 3,191,554 thousand, up 4.6% from RMB 3,051,094 thousand in 2023, while takeout business revenue surged 34.3% to RMB 2,004,766 thousand from RMB 1,491,354 thousand[15] - Total revenue for 2024 reached RMB 5,209,874 thousand, an increase of 14.5% from RMB 4,549,415 thousand in 2023[15] - Total revenue increased by 14.5% from RMB 4,549.4 million in 2023 to RMB 5,209.9 million in 2024, driven by a RMB 140.5 million increase in dine-in revenue and a RMB 513.4 million increase in takeaway revenue[45] - Dine-in revenue rose by 4.6% from RMB 3,051.1 million in 2023 to RMB 3,191.6 million in 2024, attributed to an increase in the number of operating stores from 536 to 667[46] - Takeaway revenue surged by 34.4% from RMB 1,491.4 million in 2023 to RMB 2,004.8 million in 2024, with takeaway orders increasing from 18.9 million to 29.0 million[47] Assets and Liabilities - Non-current assets increased to RMB 1,548,174 from RMB 1,319,889 in 2023, showing a growth of 17.3%[7] - Current assets rose significantly to RMB 2,039,726, up from RMB 1,020,188 in 2023, indicating a growth of 100%[7] - Net assets increased to RMB 2,365,415 from RMB 623,092 in 2023, representing a substantial growth of 279.5%[8] - Total inventory for 2024 was RMB 109,566,000, up from RMB 104,898,000 in 2023, indicating a growth of approximately 4.0%[32] - Trade receivables decreased to RMB 30,730,000 in 2024 from RMB 33,707,000 in 2023, a decline of approximately 8.8%[34] - Trade payables decreased to RMB 56,932,000 in 2024 from RMB 81,577,000 in 2023, a reduction of about 30.3%[36] - Trade and other receivables increased from RMB 270.1 million as of December 31, 2023, to RMB 301.9 million as of December 31, 2024, driven by store network expansion and growth in takeaway business[73] - Trade payables decreased from RMB 280.5 million as of December 31, 2023, to RMB 228.5 million as of December 31, 2024, due to accelerated settlement processes with suppliers[74] Costs and Expenses - Total employee costs rose to RMB 1,421,596 thousand in 2024, compared to RMB 1,334,181 thousand in 2023, reflecting an increase of 6.5%[22] - The cost of goods sold for the year was RMB 1,661,021,000, compared to RMB 1,433,379,000 in 2023, reflecting an increase of about 15.9%[33] - The cost of materials and consumables rose by 15.9% from RMB 1,433.4 million in 2023 to RMB 1,661.0 million in 2024, with the percentage of these costs to revenue increasing from 31.5% to 31.9%[54] - Employee costs increased by 6.6% from RMB 1,334.2 million in 2023 to RMB 1,421.6 million in 2024, while the percentage of employee costs to revenue improved from 29.3% in 2023 to 27.3% in 2024[55] - Financial costs increased to RMB 41,122 thousand in 2024 from RMB 31,554 thousand in 2023, primarily due to higher lease liabilities interest[22] - The company's financial costs rose by 30.3% from RMB 31.6 million in 2023 to RMB 41.1 million in 2024, mainly due to increased lease liabilities from store network expansion[65] Taxation - The effective tax expense for 2024 was RMB 190,632 thousand, down from RMB 212,060 thousand in 2023, reflecting a decrease of 10.1%[25] - The company's effective tax rate decreased from 28.5% in 2023 to 24.7% in 2024, primarily due to an increase in profits from subsidiaries benefiting from preferential tax rates[66] Corporate Governance and Future Plans - The company aims to strengthen its leading position in the rapidly developing domestic casual dining sector, focusing on providing excellent dining experiences at affordable prices[86] - Future plans include optimizing service capabilities, launching more value-added services, and strategically expanding the store network for deeper market penetration[86] - The company has complied with all applicable corporate governance code provisions since the listing date[91] - The company has adopted the standard code for securities trading by directors, confirming compliance from the listing date until December 31, 2024[93] - The audit committee, consisting of independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2024[98] Shareholder Information - The board proposed a final dividend of RMB 0.3187 per share for the year ended December 31, 2024[3] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.3187 per share, totaling RMB 375 million, subject to shareholder approval[95] - The annual general meeting is scheduled for April 28, 2025, with a record date for dividend entitlement set for May 6, 2025[96] Market Presence - The company is primarily engaged in dine-in services, food delivery, and supply chain management in the People's Republic of China[9] - The company operates primarily in China, with no significant revenue from a single customer exceeding 10% of total revenue[16] - Revenue from first-tier cities accounted for 18.0% of total revenue in 2024, while revenue from third-tier cities and below represented 40.2%[49] Operational Metrics - The number of "Little Garden" stores reached 667 by December 31, 2024, compared to 536 stores a year earlier, reflecting the company's expansion strategy[46] - Average dine-in customer spending decreased from RMB 65.2 in 2023 to RMB 59.2 in 2024, indicating a shift in consumer preferences[50] - The overall table turnover rate declined from 3.2 in 2023 to 3.0 in 2024, suggesting a need for operational improvements[50] - The company's right-of-use asset depreciation increased by 30.7% from RMB 196.3 million in 2023 to RMB 256.5 million in 2024, primarily due to an increase in the number of operating stores[57] - Other asset depreciation and amortization rose by 31.0% from RMB 133.9 million in 2023 to RMB 175.5 million in 2024, also attributed to the increase in operating stores[58] - Other rental and related expenses surged by 59.0% from RMB 58.5 million in 2023 to RMB 93.1 million in 2024, mainly due to increased lease payments related to the expansion of the store network[59] - Delivery service expenses increased by 37.6% from RMB 257.9 million in 2023 to RMB 354.8 million in 2024, aligning with the growth in delivery business revenue, which rose from 32.8% of total revenue in 2023 to 38.5% in 2024[62] IPO and Capital Structure - The net proceeds from the IPO amounted to RMB 776,579,000 after deducting all capitalized listing expenses[38] - The company raised approximately HKD 794.8 million from the global offering, with 40% allocated to expanding the store network, 37% to enhancing supply chain capabilities, 13% to upgrading smart devices and digital systems, and 10% for working capital and general corporate purposes[94] - The company plans to utilize the net proceeds from the global offering by December 31, 2026, with specific timelines for each allocation[94] - The capital debt ratio was zero as of December 31, 2024, down from 8.0% as of December 31, 2023, primarily due to the reduction of bank loans and other borrowings to zero[79] Leadership - The chairman and CEO roles are currently held by the same individual, which the board believes will provide strong and consistent leadership[92] - The company will continue to review its corporate governance structure to assess the necessity of separating the roles of chairman and CEO[92]
小菜园(00999) - 2024 - 年度业绩