Financial Performance - Revenue for the six months ended June 30, 2023, increased by 32.0% to RMB 2,846.1 million compared to RMB 2,156.4 million in the same period of 2022[2]. - The net profit for the period was RMB 2.1 million, a turnaround from a loss of RMB 278.2 million in the same period of 2022[4]. - The group reported a profit attributable to owners of the company of RMB 2.4 million, recovering from a loss of RMB 279.5 million in the previous period[37]. - The group achieved a profit before tax of RMB 7.0 million, a turnaround from a loss of RMB 303.0 million in the previous period[35]. - The group reported a total comprehensive income of RMB 2,406,000 for the six months ended June 30, 2023, compared to a loss of RMB 279,535,000 in the same period of 2022, marking a significant turnaround[52]. - The group’s basic earnings per share for the period was RMB 0.23, compared to a loss per share of RMB 26.12 in the previous year[50]. Revenue Growth - The sales revenue for Xiabuxiabu increased by 29.5% to RMB 1,377.0 million, while Coucou's sales revenue grew by 36.8% to RMB 1,401.5 million[4]. - Net revenue for the first half of 2023 reached RMB 1,420,948, a significant increase of 35.4% compared to RMB 1,049,136 in the same period of 2022[11]. - Total same-store sales for the first half of 2023 amounted to RMB 1,268.1 million, compared to RMB 563.3 million in 2022, reflecting a growth of 125.5%[13]. - The total revenue for the first half of 2023 reached RMB 2,846,121 thousand, an increase from RMB 2,156,438 thousand in the same period of 2022, representing a growth of approximately 32%[66]. Restaurant Operations - The total number of restaurants operated globally reached 1,094, with 1,080 located in mainland China, as of June 30, 2023[4]. - The company opened 89 new Xiabuxiabu restaurants and 27 new Coucou restaurants in mainland China during the first half of 2023[4]. - The company closed a total of 49 Xiabuxiabu restaurants and 3 Coucou restaurants during the first half of 2023 due to business reasons[6]. - The number of restaurants in second-tier cities increased to 140, up from 108, marking a growth of 29.6%[9]. - The company plans to expand its restaurant network in southern regions and enhance digital integration for order management and supply chain systems[19]. Customer Engagement - Membership base increased by over 3 million, a 2.1 times year-on-year growth, with member spending frequency rising by 17.4% to 1.73 times[20]. - The average customer spending in first-tier cities decreased to RMB 58.8 from RMB 67.2, indicating a drop of 12.6%[11]. - The average customer spending in other markets reached RMB 143.4, with no previous year data available for comparison[11]. Cost Management - The cost of raw materials and consumables as a percentage of total revenue decreased from 37.6% in the first half of 2022 to 37.4% in the first half of 2023[28]. - Employee costs rose by 23.3% from RMB 754.1 million to RMB 929.9 million, with the workforce increasing from 25,355 to 29,258 employees[29]. - Employee costs as a percentage of total revenue decreased from 35.0% to 32.7% due to increased customer traffic and improved labor efficiency[29]. - Property rental and related expenses increased by 3.8% from RMB 133.7 million to RMB 138.8 million, with the percentage of these expenses to total revenue decreasing from 6.2% to 4.9%[30]. Strategic Initiatives - The company plans to continue expanding its restaurant network and enhancing digital processes to support business growth[5]. - The company implemented aggressive marketing strategies, contributing to the recovery of customer traffic post-pandemic[17]. - The introduction of cost-effective new store models and strategic supplier partnerships aims to reduce average procurement costs and enhance supply chain advantages[19]. - The company plans to continue expanding its restaurant network and enhancing marketing efforts to drive future growth[17]. Economic Environment - The Chinese economy grew by 5.5% in the first half of 2023, with government policies expected to further boost consumer spending in the restaurant sector[22]. - The company is optimistic about business improvement following the Chinese government's announcement to restore and expand consumption measures in July 2023[5]. Financial Position - As of June 30, 2023, the group had cash and cash equivalents of RMB 175.7 million, down from RMB 300.7 million at the end of 2022[39]. - The group held short-term investments totaling RMB 530.4 million, with expected annual returns between 2.8% and 5.0%[40]. - The group's leverage ratio was 13.9%, calculated as total bank and other borrowings divided by total equity[43]. - The total liabilities for the reporting segments as of June 30, 2023, were RMB 2,328,871 thousand, down from RMB 2,594,262 thousand at the end of 2022[68]. Corporate Governance - The company has adopted the corporate governance code and has established an audit committee consisting of two independent non-executive directors and one non-executive director[110]. - The board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring strong independence[110]. - The company will continue to review and monitor its corporate governance practices to maintain high standards[110].
呷哺呷哺(00520) - 2023 - 中期业绩