Financial Performance - The company's revenue decreased by 19.7% from RMB 5,918 million in 2023 to RMB 4,755 million in 2024[4]. - The total loss for the year increased to RMB 398.5 million in 2024 from RMB 194.4 million in 2023[4]. - The company reported a pre-tax loss of RMB 389.1 million in 2024, compared to a loss of RMB 124.4 million in 2023[4]. - The group incurred a net loss of RMB 398.5 million for the year ended December 31, 2024, compared to a net loss of RMB 194.4 million in 2023, representing an increase in loss of approximately 104.5%[56]. - The company reported a pre-tax loss of RMB 389,136,000 for the year, highlighting financial difficulties[77]. - The company reported a total of RMB 71,084 thousand in financial costs for the year ended December 31, 2024[86]. - Basic and diluted loss per share attributable to the owners of the company was RMB 0.384, compared to RMB 0.192 in the previous year[94]. Restaurant Operations - The company opened 65 new Xiabuxiabu restaurants and 13 Coucou restaurants, while closing a total of 219 restaurants[5]. - As of December 31, 2024, the company operated 757 Xiabuxiabu restaurants and 197 Coucou restaurants across various cities in China[5]. - The restaurant network totaled 957 operational restaurants by the end of 2024[7]. - The number of restaurants in first-tier cities increased from 317 in 2023 to 319 in 2024, while the total number in third-tier cities decreased significantly[8]. - The group plans to close underperforming restaurants to maintain overall profitability, reflecting a strategic shift in operations[87]. Customer Engagement and Loyalty - In 2024, the company recruited nearly 5.03 million new members, bringing the total membership to approximately 42 million, with member consumption frequency increasing to 3.33 times, a year-on-year increase of 140%[30]. - The "All-You-Can-Eat Card" project sold over 2 million cards, generating over RMB 420 million, with cardholders' consumption frequency tripling compared to regular members[30]. - The company has implemented various customer loyalty programs to enhance revenue recognition from restaurant operations and product sales[66]. - The company recognizes revenue from prepaid cards and loyalty points upon the fulfillment of service obligations, impacting future revenue projections[69]. Strategic Initiatives - The company aims to enhance overall restaurant profitability through continuous adjustments and strategic expansions[5]. - The company is pursuing an overseas expansion strategy, focusing on markets such as Hong Kong, Taiwan, and Singapore[6]. - The group aims to enhance its brand presence in key markets such as Beijing, Shanghai, and Guangzhou while focusing on high-traffic locations for new restaurant openings[21]. - The group will adopt a cautious expansion strategy for Coucou, focusing on high-quality shopping malls in mainland China[21]. - The company aims to enhance product competitiveness and brand value through a "four modernization" strategy, focusing on product variety, meal set optimization, personalized member experiences, and refined operations targeting student demographics[23]. Financial Position and Assets - The total assets decreased from RMB 4,116.3 million in 2023 to RMB 3,346.5 million in 2024[57]. - The company's net asset value as of December 31, 2024, was RMB 844,890,000, down from RMB 1,269,928,000 in 2023, indicating a decline of about 33.5%[58]. - The company's total equity decreased to RMB 844,890,000 in 2024 from RMB 1,269,928,000 in 2023, reflecting a decrease of approximately 33.5%[58]. - The group had short-term bank borrowings of RMB 380.4 million as of December 31, 2024, with fixed annual interest rates ranging from 0.46% to 3.65%[48]. Cost Management - The cost of raw materials and consumables decreased by 24.5% to RMB 1,672.8 million, with the percentage of total revenue dropping from 37.4% to 35.2%[34]. - Employee costs decreased by 13.4% to RMB 1,612.6 million, with a reduction in headcount from 28,665 to 22,504 employees[35]. - Property rental and related expenses decreased by 4.2% to RMB 298.1 million, but as a percentage of revenue, it increased from 5.3% to 6.3%[36]. - Utility expenses decreased by 12.7% to RMB 197.2 million, but the percentage of total revenue increased from 3.8% to 4.1%[37]. Market Trends and Consumer Behavior - The average customer spending in first-tier cities decreased from RMB 63.4 to RMB 55.5, reflecting a decline in consumer spending[13]. - The average customer spending at Coucou restaurants decreased by 13.2% from RMB 142.3 in 2023 to RMB 123.5 in 2024[17]. - The table turnover rate for Coucou restaurants dropped from 2.0 times in 2023 to 1.6 times in 2024 due to economic downturn impacts[17]. Future Outlook - In 2025, the group plans to open no less than 95 new Xiaobai restaurants, targeting a turnover rate of at least 3 times[21]. - The group plans to optimize its operational incentive mechanisms to align employee performance with sales and profit targets, shifting assessment cycles from annual to monthly[28]. - The company plans to expand its product matrix to include approximately 10 types of flavorful hot pot bases in each restaurant, catering to diverse customer preferences[25]. - The company will introduce new products such as a yuzu salt hot pot base and premium lamb from New Zealand, while upgrading existing broth options to offer a fresher and richer product matrix[24]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with corporate governance standards[118]. - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[114]. - The company’s financial statements for the year ending December 31, 2024, have been reviewed by Deloitte, confirming consistency with the preliminary announcement[119].
呷哺呷哺(00520) - 2024 - 年度业绩