Financial Performance - The company reported unaudited interim consolidated financial data for the six months ending June 30, 2025[13]. - The group recorded revenue of RMB 2,499.6 million for the first half of 2025, an increase of 4.3% compared to the same period last year[14]. - Revenue for the six months ended June 30, 2025, was RMB 2,499,550 thousand, representing a 4.3% increase from RMB 2,395,829 thousand in the same period of 2024[97]. - Gross profit for the reporting period was RMB 814.8 million, up 7.2% from RMB 760.1 million year-on-year, with a gross margin increase to 32.6%[34]. - Profit for the period increased by 39.5% to RMB 332.9 million, compared to RMB 238.6 million in the same period last year[43]. - The profit for the six months ended June 30, 2025, reached RMB 325,903,000, an increase from RMB 237,047,000 for the same period in 2024, representing a growth of approximately 37.5%[121]. - Basic earnings per share for the period was RMB 0.221, compared to RMB 0.178 in the previous year, showing an increase of 24.2%[98]. - The company reported a total comprehensive income of RMB 186,819 thousand for the period, down from RMB 221,004 thousand in 2024[98]. Operational Highlights - The company has a major operational presence in Chengdu, Sichuan Province, China[10]. - The number of stores increased from 8,385 as of June 30, 2024, to 8,444 as of June 30, 2025, representing a year-on-year growth of 0.7%[19]. - The number of franchisees increased from 5,742 at the beginning of the period to 5,833 at the end, with a net addition of 91 franchisees[24]. - The company launched 55 new products and upgraded 9 existing products during the reporting period[26]. - Approximately 93.8% of stores achieved next-day delivery, with about 95% receiving two or more deliveries per week[27]. - The group established 26 distribution centers nationwide, enhancing delivery capabilities in the East China region[27]. - The company continues to penetrate lower-tier cities to enhance brand awareness and service more consumers[17]. Shareholder Information - The company is controlled by major shareholders including Mr. Wang and Ms. Liu, who hold 60% and 40% respectively through Chengdu Jinbaisen[4]. - As of June 30, 2025, Mr. Wang holds 239,598,750 H-shares (16.2150%) and has controlled interests in 906,386,000 H-shares (61.3404%) through a controlled corporation[70]. - Major shareholder Chengdu Jinbaisen holds 900,000,000 H-shares, accounting for 60.9082% of the total issued share capital[75]. - Ms. Liu, Mr. Wang's spouse, holds 76,399,250 H-shares (5.1704%) and has similar controlled interests as Mr. Wang[70]. Financial Position - Cash and cash equivalents as of June 30, 2025, totaled RMB 3,243.9 million, a decrease of 8.9% from RMB 3,559.9 million as of December 31, 2024, primarily due to profit distribution payments[48]. - Total assets as of June 30, 2025, were RMB 3,934,161 thousand, down from RMB 4,082,754 thousand in 2024[101]. - Non-current liabilities decreased to RMB 99,585 thousand from RMB 149,061 thousand, indicating a reduction of 33.3%[101]. - The company had no bank borrowings as of June 30, 2025, indicating a strong capital structure[52]. - The total equity as of June 30, 2025, was RMB 3,834,576,000, reflecting an increase from RMB 3,933,693,000 as of January 1, 2025[104]. Expenses and Costs - Distribution and selling expenses increased by 42.7% to RMB 150.1 million, driven by higher costs related to new product launches and brand marketing efforts[36]. - Administrative expenses rose by 17.9% to RMB 257.4 million, mainly due to increased employee compensation and consulting fees[37]. - The company incurred inventory costs of RMB 1,651,171,000 for the six months ended June 30, 2025, slightly up from RMB 1,625,676,000 in 2024, indicating a marginal increase of 1.6%[117]. Employee Incentive Plan - The company has established a pre-IPO employee incentive plan approved on June 27, 2023[5]. - The incentive plan aims to enhance employee motivation and promote sustainable growth of the group[67]. - The company adopted an employee incentive plan prior to its IPO, with 6,386,000 shares subscribed, representing approximately 0.4322% of the total issued shares[67]. - The company will not issue further shares under the pre-IPO employee incentive plan after listing[67]. Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period ending June 30, 2025[78]. - The board and supervisory board members did not change during the reporting period[76]. - The company has established a review committee to oversee financial reporting and has engaged Deloitte as its independent auditor for the interim results[89]. Future Plans - The company aims to expand its market presence and enhance product offerings in the upcoming fiscal periods[12]. - The company plans to enhance product development capabilities and expand its product matrix to meet market trends and consumer demands in the second half of 2025[33]. - The company aims to strengthen supply chain collaboration and delivery capabilities to improve overall operational efficiency[33].
茶百道(02555) - 2025 - 中期财报