Revenue and Growth - Revenue for the six months ended June 30, 2023, was RMB 1,376.37 million, representing a 51.5% increase compared to RMB 908.79 million for the same period in 2022[9]. - Total revenue for the six months ended June 30, 2023, was RMB 1,376.4 million, a 51.5% increase from RMB 908.8 million in the same period of 2022[20]. - Revenue for the six months ended June 30, 2023, reached RMB 1,376,370 thousand, a significant increase from RMB 908,789 thousand in the same period of 2022, reflecting a growth of approximately 51.5%[145]. - Revenue from new growth markets rose by 88.7% to RMB 620.9 million, contributing 45.1% of total revenue[26]. Store Expansion and Operations - The number of stores increased to 672 as of June 30, 2023, up from 508 in the same period last year, marking a growth of 32.3%[14]. - The company plans to continue expanding its presence in new growth markets, with a total of 341 stores in these areas as of June 30, 2023, up from 225 a year earlier[14]. - The number of new stores opened in the first half of 2023 was 84, with 19 in mature markets (Shanghai and Beijing) and 65 in new growth markets[22]. - The company has successfully opened 24 stores in six new cities, with six of these stores ranking among the top 30 in global sales within the first 30 days[20]. - The company plans to open approximately 180 new stores in 2023, with 20 already opened and 28 under construction as of August 20, 2023[23]. Financial Performance - EBITDA for the six months ended June 30, 2023, was RMB 257.42 million, an increase of 86.1% from RMB 138.34 million in the same period of 2022[9]. - The adjusted net loss for the six months ended June 30, 2023, was RMB 17.45 million, compared to an adjusted net loss of RMB 68.87 million for the same period in 2022[9]. - The group recorded a net profit of RMB 8.8 million for the six months ended June 30, 2023, compared to a net loss of RMB 95.5 million for the same period in 2022[49]. - The net profit attributable to equity holders for the six months ended June 30, 2023, was RMB 8,751,000, a significant recovery from a loss of RMB (95,475,000) in the same period of 2022[109]. - The company reported a total comprehensive income of RMB 52,470,000 for the six months ended June 30, 2023, compared to a loss of RMB (124,690,000) in the same period of 2022[111]. Membership and Customer Metrics - Membership increased to 10.9 million as of June 30, 2023, up from 7.0 million a year earlier, reflecting a growth of 55.7%[17]. - Same-store sales growth was 8.8% for the six months ended June 30, 2023, compared to 13.9% for the same period in 2022[17]. - Average daily sales per store in the six new cities opened in 2023 was RMB 46,660, with an expected payback period of less than 12 months for these stores[20]. - Average daily sales per store in new growth markets increased by 30.0%, driven by an increase in average daily order volume from 100 to 134[29]. Cost and Expense Management - Raw material and consumable costs rose to RMB 380.4 million in the first half of 2023, a 53.9% increase from RMB 247.2 million in the same period of 2022, accounting for 27.6% of total revenue[32]. - Employee compensation expenses increased to RMB 545.8 million in the first half of 2023, up 62.0% from RMB 336.9 million in 2022, representing 39.7% of total revenue[34]. - Rent expenses grew to RMB 139.4 million in the first half of 2023, a 32.5% increase from RMB 105.2 million in 2022, accounting for 10.1% of total revenue[38]. - Advertising and promotional expenses rose to RMB 81.1 million in the first half of 2023, a 50.5% increase from RMB 53.9 million in 2022, maintaining a stable percentage of total revenue[43]. Cash Flow and Financial Position - Cash and cash equivalents increased by 89.1% to RMB 1,028.9 million as of June 30, 2023, from RMB 544.2 million as of December 31, 2022[55]. - The operating cash inflow for the six months ended June 30, 2023, was RMB 174.8 million, compared to RMB 167.6 million for the same period in 2022[55]. - The total cash and cash equivalents at the end of the period reached RMB 1,028,891,000, compared to RMB 576,944,000 at the end of June 2022, marking an increase of 78.3%[120]. - The company's debt-to-equity ratio improved to approximately 9.5% as of June 30, 2023, a decrease of 17.1 percentage points from 26.6% on December 31, 2022[58]. Shareholder and Corporate Governance - The company raised approximately HKD 499.9 million (equivalent to about RMB 437.8 million) during the global offering, with no funds utilized as of June 30, 2023[77]. - 90% of the raised funds, amounting to HKD 450 million, is allocated for expanding the store network, with an expected full utilization by December 31, 2025[78]. - The company has adopted corporate governance principles and has complied with all applicable corporate governance code provisions since its listing[69]. - The company did not declare an interim dividend for the six months ended June 30, 2023[70]. Employee and Labor Relations - The company had 4,805 full-time employees as of June 30, 2023, an increase from 3,916 on December 31, 2022, with 93.1% of them in store development and operations[63]. - The company had 13,725 part-time employees as of June 30, 2023, compared to 10,616 on December 31, 2022[66]. - The company has not encountered any significant labor disputes or difficulties in recruiting employees during the reporting period[66]. Accounting and Compliance - The company is evaluating the impact of new accounting standards and interpretations that will take effect in future periods, including IFRS 1 and IFRS 16 revisions[131]. - The company has applied IFRS 15 for revenue recognition, with all contracts having a duration of one year or less, ensuring compliance with international standards[147].
达势股份(01405) - 2023 - 中期财报