Financial Performance - Revenue decreased by 29.2% from RMB 3,046.9 million in the first half of 2021 to RMB 2,156.4 million in the same period in 2022[13][14] - The loss for the period increased from RMB 46.9 million in the first half of 2021 to RMB 278.2 million in the same period in 2022[13][14] - Total net revenue for the Group decreased to RMB 1,023.97 million in the first half of 2022 from RMB 1,125.72 million in the same period of 2021[34] - The loss for the period attributable to owners of the Company was RMB 279.5 million for the six months ended June 30, 2022, compared to RMB 49.9 million for the same period in 2021[77] - The Group recorded a loss before tax of RMB 303.0 million for the six months ended June 30, 2022, compared to RMB 53.9 million for the same period in 2021[75] Sales and Revenue Breakdown - Sales from Xiabuxiabu decreased by 43.1% from RMB 1,867.4 million in the first half of 2021 to RMB 1,063.5 million in the same period in 2022[13][14] - Sales from Coucou decreased by 9.1% from RMB 1,126.5 million in the first half of 2021 to RMB 1,024.3 million in the same period in 2022[13][14] - For the six months ended June 30, 2022, total same-store sales decreased to RMB 563.3 million from RMB 1,008.2 million in the same period of 2021, representing a decline of 44.1%[31] - In Tier 1 cities, net revenue for the first half of 2022 was RMB 486.5 million, down from RMB 841.7 million in 2021, a decline of 42.2%[26] - In Tier 2 cities, net revenue decreased to RMB 356.9 million in the first half of 2022 from RMB 634.0 million in 2021, a decline of 43.5%[26] Operational Changes - The Group opened 6 new Xiabuxiabu restaurants and 15 new Coucou restaurants, operating a total of 810 Xiabuxiabu and 198 Coucou restaurants across China[12][14] - The Group closed a total of 37 Xiabuxiabu restaurants in the first half of 2022 due to commercial reasons[15][16] - The number of Xiabuxiabu restaurants decreased to 810 from 1,077 in 2021, representing a decline of 24.8%[19] - The number of Coucou restaurants increased to 198 as of June 30, 2022, up from 149 in 2021, indicating a growth of 32.9%[23] Customer Metrics - Average customer spending increased slightly to RMB 63.1 in the first half of 2022 from RMB 62.2 in the first half of 2021, attributed to the launch of new products[27] - The seat turnover rate fell to 1.9x in the first half of 2022 from 2.3x in the same period of 2021, due to pandemic-related lockdowns affecting customer traffic[27] - Average spending per customer increased by 8.0% to RMB 147.1 in the first half of 2022, compared to RMB 136.2 in the same period of 2021[35] - The table turnover rate decreased from 2.6x in the first half of 2021 to 1.9x in the first half of 2022, indicating a significant impact from pandemic-related restrictions[35] Pandemic Impact - The ongoing pandemic and related control measures resulted in lower traffic and operational disruptions, impacting profitability[13][14] - The pandemic lockdown resulted in approximately 92,000 operational days lost for Xiabuxiabu and 5,900 days for Coucou[54] - The pandemic has created a challenging environment for the food and beverage industry, leading to many businesses reporting net losses in the first half of 2022[42] Future Plans and Strategies - The Group plans to continue reviewing and improving operations to deliver better results in the second half of 2022[13][14] - The Group plans to continue expanding its restaurant network and launching new products to enhance customer offerings and drive revenue growth[27] - The company plans to invest RMB100 million over the next three years to upgrade logistics, procurement, and quality control at its processing plant with a capacity of 15,000 tons of lamb and beef[40] Financial Position - As of June 30, 2022, the Group had cash and cash equivalents of RMB 240.4 million, a decrease from RMB 920.5 million as of December 31, 2021[85] - The Group held short-term investments amounting to RMB 550.1 million as of June 30, 2022[86] - The Group's gearing ratio was 1.8% as of June 30, 2022, calculated by dividing bank and other borrowings by total equity[108] - The Group's short-term borrowing was RMB30.0 million as of June 30, 2022, down from RMB75.8 million as of December 31, 2021[102] Employee Metrics - The Group's total staff cost amounted to RMB754.1 million, representing approximately 35.0% of the total revenue[119] - As of June 30, 2022, the Group had a total of 25,355 employees, a decrease from 28,536 employees as of December 31, 2021[112] - Staff costs decreased by 18.6% from RMB926.7 million to RMB754.1 million, with the number of employees dropping from 30,087 to 25,355; however, staff costs as a percentage of revenue increased from 30.4% to 35.0%[59] Shareholder Information - The company plans to pay an interim dividend of RMB0.028 per share, totaling approximately RMB30.0 million for the six months ended June 30, 2022[177] - The company has granted a total of 2,060,569 restricted shares under the Restricted Share Unit Plan, which is about 0.19% of the total issued share capital[125] - Mr. Ho Kuang-Chi holds 450,000,000 shares, accounting for approximately 41.43% of the company's shareholding[130] - Ms. Chen Su-Yin, as the spouse of Mr. Ho Kuang-Chi, is deemed to be interested in 453,752,360 shares, representing approximately 41.78% of the company's shareholding[130] Corporate Governance - The company has complied with the Corporate Governance Code, except for a deviation regarding the separation of the roles of chairman and CEO[184] - The Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2022, with independent auditors Deloitte Touche Tohmatsu[194] - All directors confirmed compliance with the Model Code for securities transactions throughout the six months ended June 30, 2022[190]
呷哺呷哺(00520) - 2022 - 中期财报