Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 2,949,362,000, representing a year-on-year increase of 22.8% from HKD 2,401,849,000[3]. - The net profit attributable to shareholders was HKD 73,655,000, a significant turnaround from a loss of HKD 143,138,000 in the previous year, marking a 151.5% improvement[3]. - The basic earnings per share was HKD 7.26, compared to a loss of HKD 14.11 in the previous year, reflecting a 151.5% increase[3]. - EBITDA increased by 76.3% to HKD 321,000,000, compared to HKD 182,100,000 in the previous year[18]. - The gross profit margin improved to 65.8%, up from 62.4% in the previous year[10]. - The gross profit for 2023 was HKD 325,666,000, compared to HKD 10,470,000 in 2022, indicating a significant recovery[57]. - The net profit for the year was HKD 85,456,000, a turnaround from a loss of HKD 137,019,000 in 2022[57]. - The group reported a pre-tax profit of HKD 6,861,000 from bank interest income, down from HKD 7,998,000 in the previous year[67]. - The group’s total tax expense for the year was HKD 34,289,000, compared to a tax credit of HKD 20,324,000 in 2022[71]. Revenue Breakdown - Revenue contribution from the Hong Kong business was HKD 1,783,400,000, up 36.4% from HKD 1,307,600,000 in the previous year[18]. - Revenue from mainland China business reached HKD 1,165,900,000, an increase of 6.5% compared to HKD 1,094,200,000 in 2022[23]. - The operating segment of restaurants and bakeries generated revenue of HKD 2,616,895,000, up from HKD 2,011,308,000, reflecting a growth of 30.1%[67]. - Revenue from Hong Kong increased to HKD 1,783,447,000 in 2023, up 36.3% from HKD 1,307,605,000 in 2022[89]. - Revenue from Mainland China rose to HKD 1,165,915,000 in 2023, a 6.5% increase from HKD 1,094,244,000 in 2022[89]. Business Operations - The number of restaurants and bakeries as of December 31, 2023, was 99, down from 122, indicating an 18.9% decrease[3]. - The company plans to adjust its business model and strategies in response to challenges such as labor shortages and high ingredient prices in 2024[13]. - The company will not consider expanding its restaurant network in the near term due to economic uncertainties but may open smaller outlets in the future[30]. - The supermarket business, although underperforming, helps attract new customers and strengthen connections with existing ones[26]. - The company anticipates continued growth in its contract manufacturing business in 2024[29]. - The contract manufacturing business has seen growth, expanding its product range to include Western-style products[21]. Customer Engagement and Marketing - The company has launched various promotional activities to enhance sales, including value-for-money offerings[20]. - The company plans to enhance service quality and improve dining experiences through detailed customer analysis and targeted strategies[29]. - The "Chao Xi Hui" brand, launched in early 2023, successfully attracted over 100 couples for wedding events within its first year[36]. - The "YI Hao Yu Chuan" brand, launched in Q4 2023, has seen a steady increase in customer numbers, primarily aged between 25 to 40[36]. - The online frozen and packaged food segment is promoted through popular e-commerce platforms, with plans to explore overseas markets in the coming years[37]. - The company plans to leverage social media platforms to enhance brand awareness and expand business in mainland China[55]. Financial Position and Management - The total assets decreased by 3.7% to approximately HKD 2,188,800,000 as of December 31, 2023, compared to HKD 2,273,000,000 in 2022[52]. - The current ratio improved to approximately 1.13 in 2023 from 0.88 in 2022, indicating better liquidity management[52]. - The company aims to control costs and improve cash flow and operational efficiency amid rising labor and ingredient costs[46][52]. - Total non-current liabilities decreased to HKD 357,906,000 from HKD 368,795,000, a reduction of 2.4%[60]. - The net asset value increased to HKD 1,254,255,000 from HKD 1,243,122,000, representing a growth of 0.9%[61]. - Non-current assets decreased to HKD 1,348,632,000 in 2023 from HKD 1,485,382,000 in 2022, reflecting a decline of 9.2%[90]. Employee and Governance - The group’s employee benefit expenses rose to HKD 763,564,000 from HKD 674,932,000, marking an increase of 13.2%[68]. - The company aims to invest more resources in employee training and implement reward programs to enhance service quality[29]. - The company’s board consists of ten directors, including four executive directors and four independent non-executive directors[125]. - The company has established an audit committee to oversee financial reporting and internal control systems[108]. - The audit committee reviewed the annual performance for the year ending December 31, 2023, and confirmed compliance with applicable accounting standards[124]. Dividends and Shareholder Information - The proposed final dividend for 2023 is HKD 0.03 per share, consistent with the previous year[98]. - The company plans to propose a final dividend subject to approval at the upcoming annual general meeting[70]. - The company will hold its annual general meeting on May 30, 2024, to approve the proposed dividend[110].
稻香控股(00573) - 2023 - 年度业绩