Financial Performance - Revenue for the year ended December 31, 2023, was RMB 450,539,000, representing a 38.4% increase from RMB 325,604,000 in 2022[2] - Gross profit for the same period was RMB 298,992,000, up 36.1% from RMB 219,750,000 in the previous year[3] - The gross profit margin decreased slightly to 66.4% from 67.5% in 2022[2] - The net loss for the year was RMB 47,170,000, a 29.0% improvement compared to a net loss of RMB 66,436,000 in 2022[3] - Basic and diluted loss per share was RMB (2.1) cents, compared to RMB (3.2) cents in the prior year[5] - The company reported a loss attributable to shareholders of approximately RMB 45,418,000 for the year ended December 31, 2023[12] - The company reported a loss attributable to equity holders of RMB 45.4 million in 2023, an improvement from a loss of RMB 69.2 million in 2022[64] Revenue Breakdown - Revenue from restaurant operations increased to RMB 441.61 million in 2023, up 41.2% from RMB 312.55 million in 2022[34] - Revenue from packaged food sales decreased to RMB 7.21 million in 2023, down 30.0% from RMB 10.44 million in 2022[34] - Revenue from management fees from franchisees was RMB 1.72 million in 2023, a decline of 34.1% from RMB 2.61 million in 2022[34] - Total revenue for the year ended December 31, 2023, was RMB 450.54 million, representing a 38.3% increase from RMB 325.60 million in 2022[34] Expenses and Costs - Selling and distribution expenses decreased to RMB 285,212,000 from RMB 293,534,000 in 2022[3] - Administrative expenses reduced to RMB 48,967,000 from RMB 55,411,000 in the previous year[3] - Financing costs decreased to RMB 10,910,000 from RMB 15,859,000 in 2022[3] - The cost of inventory recognized as an expense increased to RMB 151,547,000 in 2023 from RMB 105,854,000 in 2022, reflecting a 42.9% increase[52] - Labor costs related to restaurant operations increased from RMB 109.6 million in 2022 to RMB 133.6 million in 2023, an increase of 21.9%, while the percentage of labor costs to total revenue decreased from 33.9% to 29.8%[78] - Rental costs related to restaurant operations surged from RMB 4.7 million in 2022 to RMB 32.3 million in 2023, an increase of 583.5%, with the percentage of rental costs to total revenue rising from 1.5% to 7.2%[78] Assets and Liabilities - As of December 31, 2023, the company's current liabilities exceeded its current assets by approximately RMB 169,896,000[12] - The total liabilities exceeded total assets by approximately RMB 73,752,000 as of December 31, 2023[12] - Cash and cash equivalents amounted to approximately RMB 20,658,000 as of December 31, 2023[12] - Non-current assets decreased from RMB 274,954,000 in 2022 to RMB 191,097,000 in 2023, a reduction of approximately 30.5%[7] - Current assets decreased from RMB 103,382,000 in 2022 to RMB 64,913,000 in 2023, a reduction of approximately 37.1%[7] Strategic Initiatives - The company has entered into a strategic cooperation agreement with a partner to provide funding for new and existing restaurants in Shanghai, receiving RMB 18,291,000 to date[13] - The company is actively considering fundraising activities to raise new capital[13] - The company continues to implement measures aimed at improving operational cash flow and closely monitor general administrative expenses and operating costs[13] - The group is focusing on developing new brands and expanding into the Jiangsu and Zhejiang regions with a new generation of Chinese cuisine brands[97] - The group has relaunched the "Nan Xiaoguan" brand and plans to open franchise stores in Spring 2024, emphasizing quality fast food for home consumption[97] Employee and Operational Metrics - The group hired approximately 544 employees in mainland China and Hong Kong as of December 31, 2023, a decrease of 22% compared to 694 employees in 2022[92] - The average number of ordinary shares used for calculating basic and diluted loss per share was 2,168,864,000 in 2023, down from 2,194,054,000 in 2022[54] Regulatory and Accounting Changes - The application of new and revised International Financial Reporting Standards (IFRS) has no significant impact on the group's financial position and performance for the current and prior years[16] - The group has adopted the revised IAS 8, which clarifies the distinction between changes in accounting estimates and changes in accounting policies[17] - The application of the revised IAS 12 has no significant impact on the group's financial position and performance[21] - The group has implemented new accounting policies for lease transactions and related deferred tax assets from January 1, 2022[24] Cash Flow and Financing Activities - Cash inflow from operating activities decreased from RMB 71.7 million in 2022 to RMB 48.2 million in 2023, a reduction of RMB 23.5 million[84] - The net cash outflow from financing activities decreased from RMB 96.1 million in 2022 to RMB 86.9 million in 2023, primarily due to new bank loan proceeds of RMB 15.0 million[86] Dividend Policy - The company did not declare or recommend any dividends for the years 2023 and 2022[53] - The board does not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with 2022[96]
上海小南国(03666) - 2023 - 年度业绩