Financial Performance - The company reported a revenue of RMB 1,622.4 million for the year ended December 31, 2025, representing a 40.5% increase from RMB 1,154.4 million in 2024[5]. - Net profit attributable to equity shareholders increased by 74.8% to RMB 106.1 million in 2025, up from RMB 60.7 million in 2024[5]. - Adjusted net profit (non-IFRS measure) rose by 111.9% to RMB 135.4 million in 2025, compared to RMB 63.9 million in 2024[5]. - Same-store sales growth was recorded at 1.0% for the year ended December 31, 2025, compared to a decline of 4.2% in 2024[6]. - The total gross merchandise volume reached RMB 1,811.8 million in 2025, up from RMB 1,348.4 million in 2024, marking a significant growth[6]. - Revenue from direct-operated restaurants rose by 44.9% to RMB 1,450.2 million in 2025, accounting for 89.4% of total revenue[22]. - Revenue from franchising management increased by 12.3% to RMB 171.3 million, but its share of total revenue decreased from 13.2% in 2024 to 10.5% in 2025[22]. - Dine-in service revenue increased to RMB 1,073,000,000 in 2025, up 30.8% from RMB 820,301,000 in 2024[86]. - Takeaway business revenue rose significantly to RMB 377,209,000, representing a 108.5% increase from RMB 180,709,000 in 2024[86]. - Basic earnings per share rose to RMB 17.41, compared to RMB 10.11 in 2024, reflecting the company's strong financial performance[77]. Restaurant Expansion - The number of restaurants increased to 503 in 2025 from 360 in 2024, with 156 new openings during the year[11]. - The restaurant network expansion included 411 directly operated restaurants and 92 franchised restaurants as of December 31, 2025[13]. - The number of restaurants increased from 360 in 2024 to 503 in 2025, representing a growth of 39.7%[14]. - The company plans to open 150 to 180 new restaurants in 2026, with 20 already opened and 76 in preparation as of February 28, 2026[19]. Operational Efficiency - The adjusted net profit margin improved to 8.3% in 2025, up from 5.5% in 2024, reflecting enhanced operational efficiency[5]. - Average order value decreased for both direct-operated and franchised restaurants, with direct-operated restaurants dropping from RMB 32.1 in 2024 to RMB 29.9 in 2025[14]. - Same-store sales for direct-operated restaurants increased by 1.0% to RMB 745.6 million in 2025, while franchised restaurants saw a 1.1% increase to RMB 212.1 million[18]. Expenses and Costs - Material and consumables used increased by 32.8% to RMB 525.7 million, but its proportion of revenue decreased from 34.3% to 32.4%[23]. - Employee costs rose by 34.3% to RMB 356.0 million, with the proportion of revenue decreasing from 23.0% to 21.9%[24]. - Rent expenses increased by 30.7% to RMB 275.1 million, while its proportion of revenue decreased from 18.2% to 17.0%[26]. - Utility expenses rose by 47.9% from RMB 44.5 million in 2024 to RMB 65.9 million in 2025, with the proportion of utility expenses to revenue slightly increasing from 3.9% to 4.1%[28]. - Advertising and promotion expenses increased by 43.8% from RMB 13.3 million in 2024 to RMB 19.2 million in 2025, maintaining a consistent proportion of 1.2% of revenue for both years[30]. - Other expenses surged by 53.4% from RMB 88.7 million in 2024 to RMB 136.1 million in 2025, primarily due to growth in the takeaway business[32]. Assets and Liabilities - Total assets increased from RMB 1,161.1 million as of December 31, 2024, to RMB 2,083.1 million as of December 31, 2025, while total liabilities rose from RMB 1,043.4 million to RMB 1,261.3 million[51]. - Cash and cash equivalents surged by 1,503.6% from RMB 42.2 million as of December 31, 2024, to RMB 676.5 million as of December 31, 2025, primarily due to proceeds from a global offering[49]. - Trade and other payables rose by 45.7% from RMB 110.4 million as of December 31, 2024, to RMB 160.8 million as of December 31, 2025, mainly due to increased procurement of raw materials driven by restaurant network expansion[50]. - The capital debt ratio decreased from 42.5% as of December 31, 2024, to 0% as of December 31, 2025, as all bank loans were repaid[52]. - The asset-liability ratio improved from 89.9% as of December 31, 2024, to 60.5% as of December 31, 2025, indicating a stronger financial position[51]. Shareholder Returns - The company plans to distribute a final dividend of RMB 0.03 per H share, subject to shareholder approval[10]. - The proposed final dividend per ordinary share is RMB 0.03 for the year ended December 31, 2025, compared to RMB 0.02 for the previous year[64]. - The company declared an interim dividend of RMB 0.06 per share for 2025, totaling RMB 34,365,000, compared to no interim dividend in 2024[104]. Future Plans and Investments - 60% of the net proceeds from the global offering, approximately HKD 370.2 million, is allocated for expanding the restaurant network and deepening market penetration by the end of 2028[74]. - 10% of the net proceeds, approximately HKD 61.7 million, is designated for upgrading the company's information technology capabilities by the end of 2028[74]. - 6% of the net proceeds, approximately HKD 37.0 million, will be used to adopt AI technology, IoT systems, and big data analytics to support operational growth by the end of 2028[74]. - 2% of the net proceeds, approximately HKD 12.3 million, is allocated for upgrading the technology infrastructure to achieve further operational digitization and automation by the end of 2028[74]. - The company plans to enhance brand building and customer loyalty with 10% of the net proceeds, approximately HKD 61.7 million, by the end of 2028[74]. Corporate Governance - The company has maintained compliance with corporate governance codes, ensuring high standards of ethics and transparency in operations[110]. - All directors confirmed strict compliance with the standard code of conduct for securities trading for the year ending December 31, 2025[112]. - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2025, ensuring they reflect the group's financial position and performance accurately[113]. - The auditor, KPMG, confirmed that the financial data disclosed in the preliminary announcement is consistent with the audited consolidated financial statements for the year ending December 31, 2025[114].
遇见小面(02408) - 2025 - 年度业绩