Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 6,469.8 million, representing a year-on-year growth of 6.2%[4] - The gross profit for the same period was RMB 1,416.8 million, an increase of 4.9%, with a gross margin of 21.9%, down from 22.2% in the previous year[4] - The net profit for the fiscal year was RMB 241.2 million, reflecting a decline of 8.4% year-on-year[4] - The core operating profit, a non-IFRS measure, was RMB 310.8 million, showing a year-on-year increase of 3.1%[4] - Total revenue increased by approximately 6.2% from RMB 6,094.1 million in 2023 to RMB 6,469.8 million in 2024[25] - Revenue from food products and related products accounted for 97.6% of total revenue in 2024, up from 97.5% in 2023, with a growth of approximately 6.3% to RMB 6,312.2 million[25] - The net profit for the year ended December 31, 2024, was RMB 241.2 million, a decrease of 8.4% from RMB 263.4 million in 2023[36] - Adjusted net profit for the year was RMB 241.2 million, down 24.0% from RMB 318.0 million in 2023[36] - Profit before tax decreased by approximately 12.1% from RMB 363.4 million in 2023 to RMB 319.5 million in 2024[31] - Net profit declined by approximately 8.4% from RMB 263.4 million in 2023 to RMB 241.2 million in 2024, with a decrease in net profit margin from 4.3% to 3.7%[33] Sales and Distribution - The company achieved sales of RMB 5,445.0 million to franchisees, accounting for 86.3% of total sales, while other sales channels contributed RMB 867.2 million, or 13.7%[10] - The total number of retail stores increased from 9,660 to 10,150, covering all 31 provinces, autonomous regions, and municipalities in China[7] - The registered membership reached approximately 41.3 million, a year-on-year increase of 48.2%[12] - The prepaid card deposits amounted to approximately RMB 990 million, up 36.6% year-on-year[12] Product Development and Innovation - The company launched a popular hot pot package that generated over RMB 500 million in sales during the fiscal year[11] - The company launched 412 new SKUs of hot pot and barbecue products in 2024, focusing on providing affordable and high-quality meal options[13] - The company plans to invest in R&D to continuously optimize and upgrade existing products based on consumer feedback[21] - The company aims to provide a comprehensive solution for home dining by expanding its product matrix to include various meal options[19] Operational Efficiency - The company has established six production facilities for key ingredients, enhancing control over production and supply, which contributes to cost optimization[15] - The company has implemented a digital supply chain system that allows for real-time monitoring of inventory levels and demand dynamics[15] - The company's inventory decreased by 3.8% to RMB 691.8 million from RMB 719.5 million in 2023, with inventory turnover days improving from 68.0 days to 51.0 days[42] Financial Position - Cash and bank deposits increased to RMB 2,124.7 million as of December 31, 2024, from RMB 1,935.7 million in 2023, representing a growth of 9.8%[37] - The company's net asset value decreased to RMB 3,264.8 million from RMB 3,378.8 million, indicating a decline of 3.4%[39] - The capital debt ratio slightly decreased from 3.3% in 2023 to 3.2% in 2024[39] - Trade receivables rose significantly to RMB 233.8 million from RMB 54.3 million, primarily due to increased sales to corporate clients[43] - Trade payables increased to RMB 647.1 million from RMB 457.3 million, with turnover days slightly rising from 39.8 days to 39.9 days[44] Governance and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Shi Kangping serving as the chairman[99] - The independent auditor, Ernst & Young, confirmed that the financial statements for the year ended December 31, 2024, are consistent with the audited financial reports[100] - The company has adopted the corporate governance code and has complied with all applicable provisions, except for a deviation regarding the notice period for board meetings[101] - The roles of the chairman and CEO are currently held by the same individual, Mr. Yang Mingchao, which the board believes facilitates effective decision-making[102] Future Outlook - The company plans to expand its sales network into new regions, including rural areas, to increase market penetration and capture a larger share of the lower-tier market[17] - The company intends to explore overseas markets, including Hong Kong and Southeast Asia, to expand its global presence and increase sales growth[22] - The company is developing a smart retail network by integrating online and offline sales channels, allowing consumers to pick up online orders at nearby stores[20] - The company aims to enhance its member ecosystem by improving member benefits and utilizing various advertising channels to attract new members[18]
锅圈(02517) - 2024 - 年度业绩