Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 15% year-over-year growth[3]. - Revenue for the year ended December 31, 2023, was RMB 5,917,962,000, representing an increase of 25.3% compared to RMB 4,724,834,000 in 2022[16]. - The Group's revenue for the year ended December 31, 2023, increased by more than 25% compared to the previous year, and the loss has narrowed compared to the previous year[27]. - The total net revenue for the Group in 2023 was RMB 3,081,423 thousand, a significant increase from RMB 2,253,777 thousand in 2022, representing a growth of approximately 36.6%[70]. - The revenue from Xiabuxiabu increased by 32.3% from RMB2,285.8 million in 2022 to RMB3,023.9 million in 2023[148]. - Coucou's revenue increased by 20.2% from RMB2,205.8 million in 2022 to RMB2,651.9 million in 2023[148]. Loss and Improvement - Loss before tax for 2023 was RMB (124,375,000), a significant improvement from a loss of RMB (350,935,000) in 2022[16]. - Loss attributable to owners of the Company for 2023 was RMB (199,466,000), compared to a loss of RMB (353,052,000) in the previous year, indicating a reduction of 43.5%[16]. - The loss attributable to owners of the Company decreased from RMB353.1 million in 2022 to RMB199.5 million in 2023[169][175]. Market Expansion and Strategy - The company is expanding its market presence with plans to open 50 new locations across major cities in China within the next year[3]. - The Group plans to continue its investment in new product development and technology to drive future growth[14]. - The Group aims to enhance brand loyalty through clearer campaign planning and diversified promotional strategies[30]. - The Group's strategy includes optimizing talent training and enhancing personnel skills to improve operational efficiency[41]. - The Group aims to strengthen its global brand effect through overseas expansion, particularly in Hong Kong, Taiwan, and Singapore[54]. Product Development and Offerings - New product launches included a range of premium condiment products aimed at mid-to-high-end customers, expected to drive additional sales[12]. - The Group plans to accelerate the launch of new dishes and establish a dish library to respond to market demand[30]. - The Group is focusing on expanding product lines, including afternoon tea and late-night snacks, to enhance customer experience and increase visit frequency[71]. - The Group plans to upgrade its afternoon tea and nighttime snack services in 2024, introducing new product offerings to cater to various consumer scenarios[110]. Operational Efficiency - The management highlighted a focus on improving operational efficiency, aiming for a 5% reduction in costs through streamlined processes[3]. - The Group effectively reduced the average purchase price and labor costs through supply chain optimization and efficient scheduling[27]. - The seat turnover rate improved from 2.0x in 2022 to 2.6x in 2023, indicating enhanced operational efficiency[71]. Sustainability and Social Responsibility - The company emphasized its commitment to sustainability, with plans to implement eco-friendly practices in all new restaurant openings[3]. - The Group donated RMB 1,000,000 and allocated 100 tonnes of lamb to support disaster relief efforts during the 2023 Beijing-Tianjin-Hebei flood[35]. Membership and Customer Engagement - The total number of members of the Group has exceeded 35,000,000, with nearly one million units of the super membership card sold in the first half of 2023[34]. - The Group's membership system saw a 62% year-on-year increase in new members, with member consumption frequency rising to 2.79 times, totaling nearly 9.4 million member transactions, both up 1.4 times year-on-year[104]. - The all-you-can-eat card for premium members launched in 2023 generated over RMB 150 million in sales, with consumption frequency for these members increasing by 2.1 times compared to ordinary members, and per capita repurchase spending reaching RMB 542, a 2.3 times increase[104]. Financial Management - The Group's cash and cash equivalents amounted to RMB 129.4 million, a decrease of approximately RMB 171.3 million from RMB 300.7 million on December 31, 2022[181]. - The Group held financial assets measured at fair value through profit or loss totaling RMB 654.0 million, with expected annual returns ranging from 2.60% to 5.25%[182]. - The gearing ratio as of December 31, 2023, was 19.6%, calculated by dividing bank and other borrowings by total equity[192]. Challenges and Competition - The catering industry in China faced intense competition, with a GDP growth rate of 5.2% in 2023[54]. - The average spending per customer in Tier 1 cities decreased from RMB 67.9 in 2022 to RMB 63.4 in 2023, while the average spending in other markets was RMB 131.4[70]. - Same-store sales in Tier 1 cities decreased by 11.7% in 2023 compared to 2022, while Tier 2 cities saw a decrease of 11.9%[80].
呷哺呷哺(00520) - 2023 - 年度财报