Financial Performance - Xiabuxiabu reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of RMB 200 million, up 10% compared to the previous year[3]. - For the year ended 31 December 2024, the company's revenue was RMB 4,754,843, a decrease of 19.6% compared to RMB 5,917,962 in 2023[16]. - The company reported a loss before tax of RMB 389,136 for 2024, worsening from a loss of RMB 124,375 in 2023[16]. - In 2024, the Group's revenue decreased by 19.7% from RMB 5,918.0 million in 2023 to RMB 4,754.8 million in 2024[33]. - For the year ended December 31, 2024, net revenue from Xiabuxiabu restaurants was RMB 2,436.5 million, down from RMB 3,081.4 million in 2023, indicating a decline of approximately 20.9%[53]. - The Group's revenue decreased by 19.7% from RMB5,918.0 million in 2023 to RMB4,754.8 million in 2024, closing 138 Xiabuxiabu restaurants and 73 Coucou restaurants due to intense competition and rational consumer demand[91]. - Revenue from Xiabuxiabu decreased by 13.1% from RMB3,023.9 million in 2023 to RMB2,629.2 million in 2024, while Coucou revenue decreased by 26.5% from RMB2,651.9 million to RMB1,948.3 million[91]. Customer Engagement and Growth - User data indicated a growth in active customer accounts to 5 million, an increase of 20% year-on-year[3]. - The total number of cumulative members surpassed 40 million, with an addition of approximately 5.03 million new members in 2024[23]. - The Group added nearly 5.03 million new members in 2024, bringing the total to approximately 42 million members, with member consumption frequency increasing to 3.33 times, a year-on-year increase of 1.4x[88]. - The average spending per customer was RMB 123.5 for Xiabuxiabu and RMB 54.8 for Coucou[43]. - The average spending per customer in Tier 1 cities decreased to RMB 55.5 in 2024 from RMB 63.4 in 2023, reflecting a decline of 12.4%[53]. - The average spending per customer in other markets increased to RMB 145.4 in 2024 from RMB 131.4 in 2023, showing a positive trend in those regions[53]. - The average repurchase spending per capita for all-you-can-eat card members reached RMB 488, an increase of 1.5x compared to ordinary members[89]. Expansion and Market Strategy - The company plans to open 50 new locations in 2025, expanding its market presence in key cities[3]. - The Group plans to open at least 95 new restaurants under the Xiabuxiabu brand in 2025, targeting a table turnover rate of at least 3x[66]. - The Group aims to continue its overseas expansion strategy to establish a global hotpot brand[37]. - The Group successfully expanded into the Taiwan market, marking its third international market after Hong Kong and Singapore[30]. - The Coucou brand successfully entered the Taiwan market, contributing to exceptional performance following offshore openings in Hong Kong and Singapore[23]. Operational Efficiency and Cost Management - The company reported a gross margin of 30%, consistent with the previous year, reflecting stable cost management[3]. - Raw materials and consumables cost decreased by 24.5% from RMB2,214.4 million in 2023 to RMB1,672.8 million in 2024, with the cost as a percentage of revenue decreasing from 37.4% to 35.2%[93]. - Staff costs decreased by 13.4% from RMB1,862.9 million in 2023 to RMB1,612.6 million in 2024[90]. - Property rental and related expenses decreased by 4.2% from RMB311.1 million in 2023 to RMB298.1 million in 2024, with the percentage of these expenses to revenue increasing from 5.3% to 6.3%[98]. - The Group's total comprehensive expense for the year was RMB398.5 million, compared to RMB194.4 million in 2023, marking an increase of 104.9%[90]. Leadership and Governance - The company has a strong leadership team with diverse expertise in finance, operations, and strategic development, enhancing its competitive position in the market[147][148]. - The leadership team includes substantial shareholders, ensuring alignment of interests with the company's long-term growth strategy[143]. - The Group's governance structure includes independent non-executive directors with significant industry experience[153]. - The company is committed to maintaining high standards in food quality and expanding its market presence through strategic initiatives[144]. Sustainability and Corporate Responsibility - The Group has implemented energy conservation and emission reduction measures across production, office, logistics, and restaurant operations, adhering to relevant environmental laws and policies[165][168]. - In 2024, the Group reported no violations or legal issues related to environmental matters, demonstrating strong corporate environmental responsibility[168]. - The company is focused on providing strategic guidance for business development and enhancing product offerings, particularly in the food sector[144]. Future Outlook and Strategic Initiatives - The management has provided a revenue guidance of RMB 1.5 billion for the next fiscal year, indicating a growth target of 25%[3]. - The Group aims to enhance customer brand recognition and improve dining experiences amidst intense market competition[66]. - The Group's strategic focus includes expanding its restaurant operations and enhancing service offerings[160]. - The Group aims to strengthen its global supply chain system to consolidate cost advantages and enhance overall supply chain efficiency through optimized resource allocation and technology application[80][82].
呷哺呷哺(00520) - 2024 - 年度财报