Financial Performance - Revenue for the year ended December 31, 2023, was RMB 1,208,613,000, a decrease of 22.5% compared to RMB 1,559,308,000 in 2022[2] - Profit attributable to owners of the company for the year was RMB 180,500,000, recovering from a loss of RMB 1,601,150,000 in the previous year[2] - Adjusted net profit for the year was RMB 280,191,000, compared to an adjusted loss of RMB 240,784,000 in 2022[2] - The company achieved a profit before tax of RMB 152.0 million for the year ended December 31, 2023, compared to a loss of RMB 1,616.5 million for the year ended December 31, 2022[32] - The adjusted net profit for 2023 was RMB 280.2 million, with an adjusted net profit margin of 23.2%, compared to a net loss of RMB 240.8 million in 2022[12] - The company reported a net profit attributable to shareholders of RMB 180,500,000 for the year ended December 31, 2023, compared to a loss of RMB 1,601,150,000 in 2022[75] - The basic earnings per share for the year ended December 31, 2023, was RMB 0.142, a significant recovery from a loss of RMB 1.459 per share in 2022[75] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 2,164,984,000, down from RMB 2,676,768,000 in 2022, reflecting a decrease of 19.1%[6] - Non-current assets decreased to RMB 740,830,000 from RMB 1,286,524,000, a decline of 42.5%[6] - Total liabilities decreased to RMB 343,577,000 from RMB 853,900,000, indicating improved financial stability[6] - The company's cash and cash equivalents decreased from RMB 1,298.6 million as of December 31, 2022, to RMB 1,277.2 million as of December 31, 2023[43] - Lease liabilities decreased from RMB 741.0 million as of December 31, 2022, to RMB 255.7 million as of December 31, 2023, due to the strategic optimization and adjustment of restaurant operations[44] - Trade payables decreased from RMB 62.7 million as of December 31, 2022, to RMB 30.7 million as of December 31, 2023, reflecting a reduction in procurement due to fewer restaurants[45] Operational Changes - The number of taverns decreased to 503 as of March 19, 2024, from 767 at the end of 2022, indicating a strategic shift towards a partner store network[7] - The company reported a strategic transformation towards a platform-based model, resulting in various asset impairments totaling approximately RMB 215,052,000[4] - The company launched the "Hi Beer Partner" program in 2023, introducing a new collaboration model and single-store model to enhance market share and enter lower-tier markets[17] - The "Hi Beer Partner" program has signed 383 stores, with 188 already in operation, covering 136 cities[12] - The average daily sales per tavern in first-tier cities was RMB 7,500, while second-tier cities saw an increase to RMB 7,100 from RMB 6,600 in 2022[8] Cost Management - The cost of raw materials and consumables for the year ended December 31, 2023, was RMB 359.8 million, a decrease of 36.0% from RMB 561.9 million for the year ended December 31, 2022[19] - Employee benefits and human resources expenses decreased by 70.2% from RMB 1,003.5 million for the year ended December 31, 2022, to RMB 298.8 million for the year ended December 31, 2023[20] - Depreciation of right-of-use assets decreased by 65.1% from RMB 315.9 million for the year ended December 31, 2022, to RMB 110.2 million for the year ended December 31, 2023[21] - Logistics and warehousing expenses for the year ended December 31, 2023, were RMB 35,905, a decrease of 18% from RMB 43,829 in 2022[68] Revenue Sources - The revenue from the company's own products was RMB 858.7 million in 2023, accounting for 71.1% of total revenue, down from 76.5% in 2022[15] - The total revenue from franchise services was RMB 71.1 million in 2023, contributing 5.9% to total revenue[15] - Revenue from self-operated taverns for the year ended December 31, 2023, was RMB 1,103,300, a decrease of 29% from RMB 1,547,988 in 2022[62] - The net income from franchise services for the year ended December 31, 2023, was RMB 71,107, significantly up from RMB 11,320 in 2022[62] Strategic Initiatives - The company aims to enhance the tavern environment through new materials and technologies, and to continuously iterate its product offerings through supply chain integration and product development[13] - The company has a plan to enhance its brand awareness with 5% of the net proceeds allocated for this purpose, totaling HKD 149 million[92] - The company plans to distribute a final dividend of RMB 0.3153 per share for the year ending December 31, 2023, which is a new initiative compared to no dividend in 2022[97] Governance and Leadership - The company is led by Mr. Xu Bingzhong, who serves as both the Chairman and CEO, highlighting leadership continuity[100] - The board composition includes a mix of executive and independent non-executive directors, suggesting a balanced governance structure[100] - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards[93] Market Conditions - The company continues to face adverse conditions in the Chinese market, including restaurant closures and decreased consumer spending, impacting overall performance[81] - The company faced foreign exchange risks primarily due to funds raised in Hong Kong dollars and certain bank deposits in US dollars[50]
海伦司(09869) - 2023 - 年度业绩