Store Expansion and Operations - In 2023, Zhou Hei Ya had a total of 3,816 retail stores, focusing on store expansion in transportation hubs and high-potential business zones[11]. - As of December 31, 2023, the total number of stores reached 3,816, focusing on transportation hubs and high-potential business districts to enhance operational efficiency[12]. - The Group recorded a net increase of 141 stores located in transportation hubs, bringing the total to 319 stores by the end of 2023[29]. - The number of self-operated retail stores in 2023 was 1,720, which is a 19% increase from 1,446 in 2022[27]. - The overall market presence of offline stores has been bolstered through a dual-drive model of self-operation and franchising[22][23]. - The Group's focus on high-potential shopping zones and commercial complexes aims to adapt to changing consumer preferences and improve store performance[29]. - The Group's strategy includes optimizing low-performing stores and enhancing operational efficiency through regular reviews of operational data[29][30]. Financial Performance - The total revenue for 2023 reached RMB 2,248,991,000, representing a 21.6% increase from RMB 1,848,258,000 in 2022[25]. - The Group's total revenue increased by 17.1% from RMB2,343.4 million in 2022 to RMB2,743.6 million in 2023, driven by the recovery of the economy and consumer market, leading to increased sales from offline stores[49]. - Gross profit increased by 11.5% from RMB1,289.5 million in 2022 to RMB1,438.2 million in 2023, with a gross profit margin of 52.4%, down from 55.0% in 2022[54]. - Profit before tax surged by 291.3% from RMB54.7 million in 2022 to RMB214.1 million in 2023[51]. - Profit for the year increased by 357.1% from RMB25.3 million in 2022 to RMB115.6 million in 2023[51]. - Basic and diluted earnings per share rose to RMB0.05 in 2023, compared to RMB0.01 in 2022, reflecting a 400.0% increase[51]. - Total comprehensive income for the year was RMB125.8 million, up 61.3% from RMB78.0 million in 2022[51]. Cost Management and Efficiency - Zhou Hei Ya prioritized supply assurance, quality improvement, and cost reduction, effectively mitigating the impact of rising raw material costs on gross profit margin[11]. - The Group achieved a gross profit margin of 52.4% by effectively mitigating cost pressures from rising raw material prices through supply chain optimization[42]. - Cost of sales rose by 23.9% from RMB1,053.9 million in 2022 to RMB1,305.5 million in 2023, attributed to higher sales volume and significant increases in raw material prices[53]. - Selling and distribution expenses increased by 5.6% from RMB930.5 million in 2022 to RMB983.0 million in 2023, primarily due to increased rent and salaries as offline store operations normalized[61]. - Administrative expenses rose by 2.1% from RMB310.4 million in 2022 to RMB317.0 million in 2023, primarily due to credit loss allowances and increased preparation costs for the Sichuan processing facility[66][64]. Consumer Market Trends - The global economy showed slow recovery, while the Chinese economy demonstrated good momentum despite challenges in consumer demand and confidence[9]. - The consumer market in China is experiencing structural disparities, with a shift towards more affordable products and an emphasis on personal value and experiences[19]. - The overall consumption environment is expected to gradually rebound amid fluctuations, with a focus on maintaining strategic determination for steady expansion[16]. - The integration of online and offline channels is accelerating, improving the overall shopping experience for consumers[20]. Product Innovation and Marketing - The company implemented strategies to enhance operational efficiency and introduced cost-effective new products and packages to align with consumer preferences[10]. - The company introduced a variety of cost-effective new products and packages, aiming to build a product matrix that caters to diverse consumer needs[13]. - The Group launched a new flavor in its premium product series, achieving terminal sales (including tax) of approximately RMB 521 million[39]. - The Group's offline marketing initiatives, such as "Scratch Card" and "Super Wednesday," successfully increased consumer participation and purchase interest[40]. - The Group is committed to continuous product innovation and brand marketing to cater to evolving consumer preferences[37]. Cash Flow and Financial Position - As of December 31, 2023, the Group's net assets were approximately RMB3,935.4 million, down from RMB4,088.3 million in 2022[82]. - Cash and bank deposits decreased from RMB1,245.2 million in 2022 to approximately RMB1,074.5 million in 2023, consisting of RMB277.6 million in unrestricted cash and RMB796.9 million in term deposits[83]. - For the year ended December 31, 2023, net cash generated from operating activities decreased to approximately RMB361.2 million from RMB467.6 million in 2022, primarily due to an increase in inventory and trade receivables[98][102]. - Net cash generated from investing activities was approximately RMB563.2 million for the year ended December 31, 2023, down from RMB1,044.4 million in 2022, mainly due to the redemption of structured deposits and other financial assets[99][106]. - Net cash used in financing activities was approximately RMB1,046.5 million for the year ended December 31, 2023, compared to RMB1,318.3 million in 2022, primarily due to dividends paid and the repurchase of convertible bonds[103][105]. Shareholder and Governance - The Group's reserves available for distribution to shareholders amounted to approximately RMB 948.2 million[115]. - The Group's dividend policy intends to distribute not less than 60% of the profit attributable to owners of the Company for a financial year, subject to various financial considerations[151]. - The Group has complied with all relevant laws and regulations that significantly impact its operations during the reporting period[141]. - The Group's principal activity is to produce and retail casual braised food[135]. Environmental and Social Responsibility - The Group has enhanced its environmental management system, focusing on energy and resource consumption efficiency during the year ended December 31, 2023[139]. - The Group has implemented solid waste sorting and recycling management to promote a circular economy and reduce waste generation[140]. - The Group continues to improve its long-term communication mechanisms with stakeholders to manage environmental and social regulatory risks effectively[145].
周黑鸭(01458) - 2023 - 年度财报