Financial Performance - Revenue for the year ended December 31, 2024, was RMB 314,356 thousand, a decrease of 30.2% compared to RMB 450,539 thousand in 2023[2] - Gross profit for the same period was RMB 203,462 thousand, down 32.0% from RMB 298,992 thousand, resulting in a gross margin of 64.7%, a decline of 1.7 percentage points[2] - The company reported a net loss of RMB 85,059 thousand for the year, an increase of 80.3% from a net loss of RMB 47,170 thousand in 2023, leading to a net loss margin of 27.1%[2] - Basic and diluted loss per share was RMB (3.9) compared to RMB (2.1) in the previous year[4] - Total revenue from customer contracts was RMB 314.4 million in 2024, down from RMB 450.5 million in 2023, indicating a decrease of about 30%[19] - The group reported a loss attributable to shareholders of RMB 85.1 million in 2024, an increase of RMB 39.7 million from a loss of RMB 45.4 million in 2023[46] - The company reported a net loss attributable to owners of the company of RMB 85,078 thousand for the year ended December 31, 2024, compared to a loss of RMB 45,418 thousand in 2023[37] - Net loss increased from RMB 47.2 million in 2023 to RMB 85.1 million in 2024, with a net loss margin rising from 10.5% to 27.1%[60] Revenue Breakdown - Revenue from restaurant operations decreased to RMB 309.6 million in 2024 from RMB 441.6 million in 2023, representing a decline of approximately 30%[19] - Revenue from external customers for the year ended December 31, 2024, was RMB 314,356 thousand, a decrease of 30.2% from RMB 450,539 thousand in 2023[26] - Revenue from packaged food sales is recognized when control of the goods transfers to the customer, with immediate payment required at the time of purchase[21] - Management fees from franchisees are recognized over time, with prepayments classified as contract liabilities[22] - Comparable restaurant sales decreased by RMB 54.3 million, representing an 18.2% decline in 2024 compared to 2023[52] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 191,097 thousand, compared to RMB 248,357 thousand in 2023, indicating a significant reduction in asset base[5] - Current liabilities increased to RMB 248,357 thousand from RMB 234,809 thousand in the previous year, reflecting a rise in financial obligations[5] - As of December 31, 2024, the group's current liabilities exceeded its current assets by approximately RMB 209,256,000[9] - The total liabilities exceeded total assets by approximately RMB 159,627,000 as of December 31, 2024[9] - The group’s non-current liabilities include lease liabilities of RMB 45,324,000 as of December 31, 2024, down from RMB 90,499,000 in the previous year[6] - Non-current assets as of December 31, 2024, totaled RMB 69,051 thousand, down 51.7% from RMB 142,737 thousand in 2023[26] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2024, were RMB 3,689,000, significantly lower than RMB 20,658,000 in 2023[42] - The group has cash and cash equivalents of approximately RMB 3,689,000 as of December 31, 2024[84] - The group is seeking new borrowing sources and refinancing existing financing to alleviate cash flow pressure[86] - The group has received a property preservation order limiting the withdrawal of bank deposits amounting to RMB 6,224,000[84] - The effectiveness of the going concern assumption depends on the success of the plans and measures being implemented[86] - The group may not be able to continue as a going concern if the plans and measures are not successfully implemented[88] Operational Changes - The number of restaurants decreased to 4 as of December 31, 2024, from 20 in 2023[2] - The group employed approximately 233 employees as of December 31, 2024, a decrease of 57.2% compared to 544 employees in 2023[71] - The company has not engaged in any significant acquisitions or disposals as of December 31, 2024[67] - The company has not undertaken any major investment activities as of December 31, 2024[68] Cost Management - The company experienced a significant increase in selling and distribution expenses, totaling RMB 221,045 thousand, down from RMB 285,212 thousand in 2023[3] - Administrative expenses decreased by 45.7% from RMB 49.0 million in 2023 to RMB 26.6 million in 2024[58] - The total financing costs for the year ended December 31, 2024, were RMB 7,221 thousand, down 33.0% from RMB 10,910 thousand in 2023[31] - Interest expenses on bank loans decreased to RMB 993 thousand in 2024 from RMB 1,484 thousand in 2023, a reduction of 33.1%[31] Future Outlook - The company plans to optimize its multi-brand strategy and expand differentiated sub-brands to cover various consumer scenarios[73] - The company aims to balance tradition and innovation through a diversified brand matrix and digital operations to enhance consumer value[74] - The group has significant uncertainties that may affect its ability to continue as a going concern[85] Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[76] - The annual performance announcement will be published on the Stock Exchange and the company's website[90] - The annual general meeting is scheduled for June 27, 2025[91] - Share transfer registration will be suspended from June 24, 2025, to June 27, 2025[92] - All shareholder documents must be submitted by June 23, 2025, at 4:30 PM[92] - The board expresses gratitude to shareholders, management, employees, and business partners for their contributions[93] - The announcement is made by the chairman, Gu Tongshan, on March 31, 2025[94]
上海小南国(03666) - 2024 - 年度业绩