Financial Performance - Sichuan Baicha Baidao Industrial Co., Ltd. reported a revenue of RMB 4,917.997 million for the year ended December 31, 2024, a decrease of 13.8% compared to RMB 5,704.307 million in 2023[2]. - The gross profit for the same period was RMB 1,534.679 million, down from RMB 1,963.782 million in 2023, reflecting a significant decline in profitability[2]. - The adjusted net profit (non-IFRS measure) was RMB 644.970 million, compared to RMB 1,257.553 million in the previous year, indicating a decrease of 48.7%[2]. - The company's profit decreased by 58.3% to RMB 479.7 million, down from RMB 1,150.8 million in the previous year[28]. - For the year ended December 31, 2024, the company's profit was RMB 479.726 million, a decrease of 58.3% compared to RMB 1,150.780 million in 2023[31]. - The adjusted EBITDA for 2024 was RMB 837.004 million, down 45.5% from RMB 1,536.366 million in 2023, with an adjusted EBITDA margin of 17.0% compared to 26.9% in the previous year[31]. - Basic earnings per share decreased to RMB 0.336 from RMB 0.981, reflecting a drop of 65.7%[63]. - The net profit for 2024 was RMB 142,109,000, down from RMB 215,068,000 in 2023, reflecting a decrease of 34%[76]. Revenue Sources - The revenue from product sales and equipment decreased by 14.2% year-on-year, contributing RMB 4,652.382 million to total revenue[3]. - Franchise fees and royalties generated RMB 213.404 million, down 7.9% from the previous year[3]. - Revenue from product sales and equipment was RMB 4,652,382,000, down 14.1% from RMB 5,419,980,000 in the previous year[73]. - Franchise fees and initial fees generated RMB 213,404,000, a decline of 7.8% from RMB 231,595,000 in 2023[73]. Store Expansion and Network - The number of stores increased from 7,801 to 8,395, representing a growth of 7.6% year-on-year[8]. - The company added 1,477 new franchise stores during the year, while 890 stores were closed, resulting in a net increase in franchise stores[12]. - The company is strategically expanding its store network in lower-tier cities to capture growth potential, while maintaining its presence in first and new first-tier cities[5]. - As of December 31, 2024, the company operated 13 directly managed stores, up from 6 in the previous year, to enhance consumer experience[8]. - The company is advancing its overseas business, with a total of 14 stores opened in countries including South Korea, Malaysia, Thailand, Australia, and Hong Kong[9]. Research and Development - The company launched 60 new products and upgraded 42 existing products during the reporting period, with a total of 372 product formulations developed[14]. - Research and development expenses surged by 105.7% to RMB 33.8 million, reflecting ongoing investments in digital infrastructure and R&D personnel expansion[24]. - The company invested RMB 33,764 in research and development, which is an increase of 105.5% compared to RMB 16,417 in 2023[62]. Financial Position and Liquidity - Cash and cash equivalents increased by 397.2% to RMB 3,559.9 million as of December 31, 2024, up from RMB 716.0 million in 2023, primarily due to proceeds from a global offering[32]. - Total assets increased to RMB 4,137,706, up from RMB 2,601,848 in 2023, representing a growth of 58.9%[64]. - Non-current liabilities decreased to RMB 149,061 from RMB 1,212,399, a reduction of 87.7%[65]. - The company had no bank borrowings as of December 31, 2024, indicating a strong liquidity position[36]. Employee and Governance - The company has 2,319 employees as of December 31, 2024, with total employee benefits expenses amounting to RMB 432.1 million during the reporting period[48]. - The board of directors includes key executives and independent directors, ensuring a diverse governance structure[98]. - The company has established an employee incentive plan prior to its IPO, with 6,386,000 shares allocated to eligible participants, representing approximately 0.4322% of the total issued shares[49]. IPO and Capital Raise - The company raised approximately HKD 2,463.3 million from its IPO, issuing 147,763,400 shares at HKD 17.50 each, with net proceeds allocated as follows: 51% for operational capacity and supply chain enhancement, 20% for digital capabilities and talent training, and 12% for brand promotion[51]. - The company has allocated 51% of the IPO proceeds (approximately HKD 1,256.3 million) to enhance overall operational capabilities and strengthen the supply chain, with an expected completion date of June 2027[51]. - The company has committed 20% of the IPO proceeds (approximately HKD 492.7 million) to develop digital capabilities and hire and train professional talent, also expected to be completed by June 2027[51]. - The company will hold its 2024 annual general meeting on May 21, 2025, to discuss the proposed dividend and other matters[53]. Corporate Governance and Compliance - The company has adhered to the corporate governance code and standard code for securities transactions since its IPO date[56][57]. - The company has applied new and revised International Financial Reporting Standards for the financial year, which did not have a significant impact on its financial position[68]. - The company is evaluating the impact of the new International Financial Reporting Standards on its consolidated financial statements, effective from 2027[70].
茶百道(02555) - 2024 - 年度业绩