Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,717,290, a decrease of 5.4% compared to RMB 1,815,406 in 2023[2] - Restaurant business sales decreased by 4.9% to RMB 1,649,827 from RMB 1,734,200 in the previous year[2] - Operating profit plummeted by 88.2% to RMB 14,915 from RMB 126,842 in 2023[2] - The company reported a pre-tax loss of RMB 50,132, compared to a profit of RMB 247,875 in the previous year[3] - Basic loss per share was RMB (0.02), down from earnings of RMB 0.17 in 2023[4] - The total comprehensive income for the year was RMB 412, a significant drop from RMB 200,378 in 2023[3] - Revenue from external customers in mainland China for the year ended December 31, 2024, was RMB 1,511,068,000, a decrease of 6.1% from RMB 1,609,482,000 in 2023[19] - The company reported a loss attributable to shareholders of RMB 20,224,000 for the year 2024, compared to a profit of RMB 181,188,000 in 2023[30] - The group recorded a pre-tax loss of approximately RMB 50,132,000 for the year ended December 31, 2024, compared to a pre-tax profit of approximately RMB 247,875,000 in 2023[64] Assets and Liabilities - Non-current assets decreased to RMB 2,111,537 from RMB 2,059,582 in 2023[5] - Total liabilities increased to RMB 511,161 from RMB 436,383 in the previous year[6] - Total non-current assets as of December 31, 2024, amounted to RMB 1,866,059,000, an increase of 1.8% from RMB 1,832,628,000 in 2023[19] - The total trade receivables for 2024 amount to RMB 16,478,000, down from RMB 31,110,000 in 2023, reflecting a decrease of approximately 47.2%[35] - The total other receivables for 2024 is RMB 142,339,000, slightly down from RMB 146,742,000 in 2023[35] - The total trade and other payables for 2024 is RMB 251,204,000, a slight increase from RMB 249,488,000 in 2023[38] - The group's bank balance as of December 31, 2024, was approximately RMB 1,655,833,000, an increase from RMB 1,607,635,000 in 2023, with a current ratio of 3.7[72] - As of December 31, 2024, the group's net current assets amounted to approximately RMB 1,367,091,000, with a current ratio of 3.7 (compared to 4.1 as of December 31, 2023)[78] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.06 per share, down from RMB 0.08 in 2023[2] - The company declared a final dividend of RMB 0.06 per share for the year 2024, down from RMB 0.08 per share in 2023, totaling RMB 65,492,000[28] - The record date for shareholders entitled to receive the proposed final dividend is May 29, 2025, with a suspension of share transfer registration from May 27 to May 29, 2025[91] Operational Highlights - The total number of restaurants increased to 596 from 562 in the previous year[2] - The restaurant business generated revenue of approximately RMB 1,649.8 million, accounting for about 96.1% of the total revenue, compared to 95.5% in 2023[46] - The average per capita disposable income in China increased by 5.1% year-on-year to RMB 41,314 during the reporting period[41] - National restaurant revenue reached RMB 55,718 million, growing by 5.3% year-on-year, which is higher than the GDP growth rate[42] - The company is focusing on digital transformation and enhancing operational efficiency through the implementation of smart restaurant systems[44] - The company plans to continue optimizing its store network and enhancing product innovation to improve brand competitiveness[44] - The company emphasizes food safety and quality control through its five production bases in mainland China[45] Costs and Expenses - The total employee costs for 2024 were RMB 479,456,000, slightly up from RMB 475,830,000 in 2023[25] - Other operating expenses increased by approximately 9.7% to about RMB 497,793,000 from RMB 453,966,000 in 2023, driven by an increase in store numbers and significant growth in consulting and advertising expenses[57] - Other income for the year 2024 was RMB 88,981,000, down 19.0% from RMB 109,842,000 in 2023[21] - Financing costs increased by approximately 17.8% to about RMB 22,593,000 from RMB 19,178,000 in 2023, due to increased lease liabilities[63] Investment and Impairment - The investment holding segment reported a loss of RMB 60,482,000, which includes losses from associates and joint ventures totaling RMB 177,000,000[16] - The fair value loss on investment properties for 2024 was RMB 101,253,000, compared to a gain of RMB 8,822,000 in 2023[23] - The company has recognized a total impairment loss of RMB 987,000 for its investment in Guangzhou Yunyi for the year ended December 31, 2023, resulting in a carrying amount of zero[33] - The impairment loss recognized for the year ended December 31, 2024, is RMB 6,429,000, while there was no impairment loss in 2023[32] Future Outlook and Governance - The company expects that the adoption of new Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[9] - The company has not early adopted several new Hong Kong Financial Reporting Standards that are expected to come into effect in the coming years[9] - The company is currently evaluating the detailed impact of the new Hong Kong Financial Reporting Standard No. 18 on its consolidated financial statements[10] - The audit committee is satisfied with the independence of the auditor, Deloitte, and has recommended their reappointment for the year 2025, subject to shareholder approval[87] - The annual general meeting will be held on May 20, 2025, with a record date for attendance and voting set for May 15, 2025[89] - The annual results announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website, containing all relevant information as required by listing rules[92]
味千(中国)(00538) - 2024 - 年度业绩