Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 1,717.29 million, a decrease of 5.4% compared to RMB 1,815.41 million in 2023[12]. - Restaurant business sales amounted to RMB 1,649.83 million, down 4.9% from RMB 1,734.20 million in the previous year[12]. - The company reported a gross profit of RMB 1,313.65 million, reflecting a decline of 4.3% from RMB 1,373.33 million in 2023[12]. - The net loss attributable to shareholders was RMB 20.22 million, compared to a profit of RMB 181.19 million in the prior year[12]. - The proposed final dividend per share is RMB 0.06, down 25.0% from RMB 0.08 in the previous year[12]. - The group's revenue decreased by 5.4% to RMB 1.72 billion in 2024 due to economic downturn and increased competition in the restaurant industry[15]. - The company recorded a loss attributable to shareholders of RMB 20.224 million for the year, with a proposed dividend of RMB 0.06 per share, consistent with 2022 levels[15]. - The group recorded a net other loss of approximately RMB 131,500,000 for the year ended December 31, 2024, compared to a net other income of approximately RMB 32,663,000 in 2023, primarily due to fair value losses on investment properties[39]. - The group reported 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[41]. Operational Metrics - The total number of restaurants increased by 6.0% to 596, up from 562 in 2023[12]. - The total number of stores increased from 562 at the end of 2023 to 596 by the end of 2024, after closing 55 underperforming locations and opening 89 new stores[16]. - Membership numbers reached 36.25 million, generating RMB 653 million in revenue, with a focus on personalized services based on consumer behavior analysis[18]. - Online delivery revenue increased by 9% to RMB 377 million in 2024, accounting for 25.6% of the revenue from restaurants with delivery services[16]. Cost Structure - The proportion of raw material costs decreased from 24.4% in 2023 to 23.5% in 2024, while labor costs slightly increased to 27.9% of revenue (2023: 26.2%) and fixed costs rose to 29% (2023: 25%) due to revenue decline[15]. - Employee costs rose to approximately RMB 479.5 million, an increase of 0.8% from RMB 475.8 million in 2023, with employee costs accounting for 27.9% of revenue[33]. - Other operating expenses increased by 9.7% to approximately RMB 497.8 million, driven by higher consulting and advertising costs[35]. Financial Position - The company's net cash position stood at RMB 1,655.8 million, an increase of 3.0% from RMB 1,607.6 million in the previous year[12]. - As of December 31, 2024, the group's bank balance was approximately RMB 1,655,833,000, an increase from RMB 1,607,635,000 as of December 31, 2023, with a current ratio of 3.7[47]. - The group maintained a low debt-to-asset ratio of 0.9% as of December 31, 2024, with total borrowings of approximately RMB 34,609,000[47]. - The group's net current assets were approximately RMB 1,367,091,000 as of December 31, 2024, with a current ratio of 3.7[53]. Corporate Governance - The board emphasizes the importance of good corporate governance practices for effective operation and shareholder protection, ensuring ethical business conduct and sustainable development[57]. - The company has adopted the Corporate Governance Code and complied with all applicable provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[58]. - The board consists of eight members, including three independent non-executive directors, ensuring a strong independent structure[63]. - The company has implemented a fair disclosure policy to communicate information broadly and non-exclusively to the public[61]. - The board reviews its governance framework annually to ensure its effectiveness[67]. Risk Management - The management is responsible for designing, implementing, and maintaining the risk management and internal control systems to safeguard the company's assets[112]. - Key risk management activities include identifying major risks affecting the company's performance and implementing measures to manage and mitigate these risks[113]. - The internal audit function provides independent assurance on the adequacy and effectiveness of the company's risk management and internal control systems[114]. - The audit committee has reviewed the independence of the external auditor and confirmed their objectivity and effectiveness in the audit process[106]. Environmental, Social, and Governance (ESG) - The company emphasizes the importance of environmental, social, and governance (ESG) matters for its long-term sustainable development[141]. - The board has established an ESG working group to coordinate the implementation of ESG measures and report progress regularly[141]. - The company aims to further enhance its ESG management framework and set specific sustainable development goals and action plans[142]. - The company has identified 21 relevant environmental, social, and governance issues through a stakeholder communication mechanism and conducted a materiality assessment[146]. - The company has implemented green low-carbon production measures to actively reduce its operational environmental footprint[150]. Employee Metrics - The total number of employees in the group is 7,396, primarily engaged in restaurant operations and related product sales[170]. - A total of 9,880 employees received training, representing 126.62% of the total workforce, with an average of 50.65 hours of training per employee[173]. - The percentage of female employees increased to 64.53% in 2024 from 63.06% in 2023, showing a growth of 1.47 percentage points[193]. - The company maintained a total of 3,670 full-time employees in 2024, which is an increase from 3,065 in 2023, reflecting a growth of approximately 19.7%[193].
味千(中国)(00538) - 2024 - 年度财报