HAIDILAO(HK:06862)2024-03-26 10:00Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 41,453.3 million, representing a year-on-year increase of 33.6%[3] - Net profit for the year was RMB 4,495.4 million, significantly up from RMB 1,637.3 million in the previous year[3] - The company's total revenue increased by 33.6% from RMB 31,038.6 million in 2022 to RMB 41,453.3 million in 2023[8] - Same-store sales for 2023 reached RMB 29,325.979 million, a 27.6% increase from RMB 22,968.136 million in 2022[13] - The company's profit attributable to owners for the year ended December 31, 2023, was RMB 4,499,080, a significant increase from RMB 1,374,477 in 2022, representing a growth of approximately 227%[41] - The total comprehensive income attributable to owners for the year was RMB 4,562,834, compared to RMB 1,184,856 in the previous year, indicating an increase of about 285%[41] - Basic and diluted earnings per share for the year were RMB 0.83, up from RMB 0.25 in 2022, reflecting a growth of 232%[41] Restaurant Operations - The number of Haidilao restaurants increased to 1,374, with 9 new openings and 26 re-openings, while 32 restaurants were closed during the year[3][4] - Revenue from restaurant operations accounted for 94.7% of total revenue, rising from RMB 28,942.6 million in 2022 to RMB 39,266.6 million in 2023, a growth of 35.7%[9] - The overall table turnover rate for Haidilao restaurants was 3.8 times per day, up from 3.0 times per day in 2022[3] - The average table turnover rate for 2023 was 3.8 times per day, up from 3.0 times in 2022[11] - The number of same-store restaurants increased to 950, with 130 in first-tier cities, 346 in second-tier cities, and 455 in third-tier and below cities[13] - Average daily sales per same-store restaurant rose to RMB 84.9, up from RMB 70.7 in 2022, reflecting a 20.5% increase[13] Customer Engagement - Haidilao served over 397 million customers in 2023, an increase of 43.7% compared to the previous year[3] - Social media engagement activities led to over 60 million likes and 5 billion views on Douyin, enhancing brand visibility[5] Cost and Expenses - Employee costs increased by 27.3% to RMB 13,039.8 million, but as a percentage of revenue, it decreased from 33.0% in 2022 to 31.5% in 2023[17] - Material and consumables costs rose by 31.3% to RMB 16,946.2 million, but as a percentage of revenue, it decreased from 41.6% to 40.9%[16] - The total income tax expense for the year ended December 31, 2023, was RMB 1,337,673,000, up from RMB 480,335,000 in 2022, reflecting a substantial rise in tax obligations due to increased earnings[58] - The company reported a total financial cost of RMB 351,430,000 for the year ended December 31, 2023, a decrease from RMB 473,879,000 in 2022, indicating improved cost management[6] Innovation and Development - The company has established an innovation office to enhance product offerings and diversify dining experiences[3] - The company launched 29 new national products and upgraded 13 existing dishes in 2023, alongside over 300 local dishes[7] - The company introduced innovative dining formats, including a camping hot pot restaurant and a campus hot pot pilot in Xi'an[7] Liquidity and Financial Position - Cash and cash equivalents increased from RMB 6,300.8 million as of December 31, 2022, to RMB 6,475.5 million as of December 31, 2023, primarily due to increased net cash from operating activities[28] - The company maintained liquidity through cash flow monitoring and bank loans to support ongoing business expansion[27] - The company had bank borrowings of RMB 618.9 million as of December 31, 2023, with new borrowings of RMB 1,054.5 million and repayments of RMB 3,005.3 million during 2023[33] Dividend and Shareholder Returns - The company plans to propose a final cash dividend of HKD 0.824 per share, totaling approximately RMB 4,050.4 million[3] - The company declared a final dividend of RMB 0.748 per share for the year ended December 31, 2023, amounting to approximately RMB 4,050,420,000, pending shareholder approval[61] Asset Management - Non-current assets decreased to RMB 9,769,959 as of December 31, 2023, from RMB 10,932,565 in 2022, a decline of approximately 10.6%[42] - Current assets increased to RMB 14,907,039 in 2023, compared to RMB 10,506,590 in 2022, representing a growth of about 41.4%[42] - The company's net assets increased to RMB 11,516,940 in 2023, up from RMB 7,456,092 in 2022, indicating a growth of approximately 54.5%[43] Franchise and Expansion - The company has initiated a franchise model to further expand its restaurant network and has established a franchise division to develop related business cooperation processes[86] - The company plans to enhance dining experiences, explore diversified business strategies, and strategically seek acquisitions of quality assets to enrich its restaurant business[39]