Financial Performance - The reporting period ended on June 30, 2025, covering six months of financial performance[16] - The company achieved a revenue of RMB 1.2 billion, representing a year-over-year increase of 15%[16] - The Group's revenue decreased by 18.9% from RMB2,394.5 million in the first half of 2024 to RMB1,942.4 million for the Reporting Period[22] - The Group recorded a pre-tax loss of RMB75.7 million for the Reporting Period, a significant decrease of 71.6% from RMB267.0 million in the first half of 2024[22] - The Group recorded a net loss of RMB80.8 million for the Reporting Period, reflecting a substantial reduction of 70.5% from RMB273.7 million in the first half of 2024[22] - As of June 30, 2025, total net revenue for the Group was RMB 1,028,863 thousand, a decrease of 18.0% from RMB 1,254,525 thousand in 2024[40] Customer Metrics - User data indicates a growth in active customers to 5 million, up 20% from the previous year[16] - The average spending per customer decreased to RMB 53.7 in 2025 from RMB 59.6 in 2024, reflecting a decline of 3.2%[40] - The customer turnover rate increased by 13.0% from 2.3x in the first half of 2024 to 2.6x in 2025[42] - Same-store sales in Tier 1 cities dropped by 16.4% to RMB 458.8 million in 2025 from RMB 548.6 million in 2024[46] - The number of same-store restaurants increased to 732 in 2025, compared to the previous year[46] Market Expansion and Strategy - The company plans to expand its market presence by opening 50 new locations in the next fiscal year[16] - A strategic acquisition of a local competitor is in progress, expected to enhance market share by 5%[16] - The Group is advancing a restaurant network renewal strategy to improve operational efficiency and resource allocation[23] - The Group is deepening its on-demand delivery service ecosystem to drive high-quality business expansion and operational efficiency improvements[23] - The Group's core strategy focuses on market expansion, brand elevation, and operational optimization, including the launch of new delivery products and closing underperforming restaurants[64] Product Development - New product launches are expected to contribute an additional RMB 300 million in revenue by the end of 2025[16] - Coucou launched four new hot pot soup bases and a series of Longjing tea-flavored products, enhancing its menu diversity[67][69] - The brand's collaboration with the internationally renowned IP Miffy aims to expand brand awareness and attract new customers, marking a strategic entry into new markets[67][69] Operational Efficiency - Research and development expenses increased by 10% to RMB 150 million, focusing on innovative menu items[16] - The amount of provision for asset impairment losses on closed and continuously loss-making restaurants significantly decreased by approximately 64.1% compared to the same period in 2024[22] - The Group's table turnover rate decreased from 1.6 times in the first half of 2024 to 1.4 times in the first half of 2025, reflecting a 12.5% year-on-year decline[52] Employee Metrics - The total staff cost for the Group was RMB 666.5 million, a decrease of 18.1% from RMB 814.1 million in the previous year, representing approximately 34.3% of total revenue[132] - As of June 30, 2025, the Group employed a total of 17,930 employees, a decrease from 24,606 employees as of December 31, 2024[127][130] - The group provides competitive salaries and benefits to restaurant employees to control turnover rates[134] Financial Management - The Group intends to finance its expansion and operations through organic growth and bank financing[100] - The Group's gearing ratio was 47.8% as of June 30, 2025, calculated by dividing bank and other borrowings by total equity[114][120] - The Group recorded finance costs of RMB26.4 million, a decrease of 40.8% compared to RMB44.6 million in the same period last year[98] Shareholder Information - As of June 30, 2025, Mr. Ho Kuang-Chi holds 396,234,500 shares through a discretionary trust, representing approximately 36.48% of the company's shareholding[139] - Ms. Chen Su-Yin, as the spouse of Mr. Ho Kuang-Chi, is deemed to have an interest in 421,911,860 shares, which is approximately 38.84% of the company's shareholding[139] - The company had a total of 1,086,174,481 issued shares as of June 30, 2025[141] Corporate Governance - The Company complied with the Corporate Governance Code, except for the deviation regarding the separation of roles of chairman and CEO[184] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2025[192] - The independent auditor, Deloitte Touche Tohmatsu, conducted a review of the interim financial information[192]
呷哺呷哺(00520) - 2025 - 中期财报