Financial Performance - Jiumaojiu International Holdings Limited reported a revenue of HK300 million, which is a 20% increase compared to the previous year[2]. - Revenue for the year ended December 31, 2024, reached RMB 6,073,644, an increase from RMB 5,985,850 in 2023, representing a growth of 1.5%[27]. - Profit for the year was RMB 44,800, down from RMB 479,998 in 2023, indicating a decrease of 90.6%[27]. - Total comprehensive income for the year was RMB 104,787, compared to RMB 504,335 in 2023, a decrease of 79.2%[27]. - Profit before taxation decreased to RMB 74,008 in 2024 from RMB 636,384 in 2023, reflecting a decline of 88.4%[27]. - Core operating profit fell to RMB 252,272 in 2024 from RMB 632,077 in 2023, a drop of 60.1%[27]. - Store level operating profit for 2024 was RMB 748,320, a decline from RMB 1,076,967 in 2023, representing a decrease of 30.4%[27]. - The Group recorded a profit from equity investments at fair value through other comprehensive income of RMB 14.8 million for 2024, compared to a loss of RMB 8.9 million in 2023[141]. - Profit for the year plummeted by 90.7% from RMB 480.0 million in 2023 to RMB 44.8 million in 2024[140]. Customer and Market Growth - User data indicates that the number of active customers grew by 25% to 1.5 million in 2024[2]. - The company expects revenue growth to continue at a rate of 10-15% for the next fiscal year, driven by new product launches and market expansion[2]. - Jiumaojiu plans to introduce three new restaurant concepts in 2025, targeting a 30% increase in customer footfall[2]. - Market expansion efforts include opening 20 new locations across China in the next year, aiming for a 50% increase in market presence[2]. - The Group operates Tai Er restaurants in multiple countries including Singapore, Malaysia, Canada, the United States, Thailand, and Indonesia, with plans for further expansion in regions with significant Chinese populations[83]. Operational Challenges - The company reported a significant decline in profitability metrics, indicating challenges in operational efficiency and market conditions[27]. - Same store sales for Tai Er (self-operated) decreased by 18.8% to RMB 3,308,988 in 2024, while Song Hot Pot saw a decline of 31.6% to RMB 348,447[40]. - The Group's restaurant performance declined in 2024 due to external environmental changes and intensified competition in the catering market[64]. - The average spending per customer in 2024 decreased for most brands, with Tai Er at RMB 71 (down from RMB 75), Song Hot Pot at RMB 103 (down from RMB 113), and Jiu Mao Jiu at RMB 55 (down from RMB 58)[62]. Strategic Initiatives - The company is investing HK$100 million in technology upgrades to enhance customer experience and operational efficiency[2]. - The company is exploring potential acquisitions to diversify its portfolio and strengthen its market position[2]. - The company has implemented a new marketing strategy focusing on digital channels, which is expected to increase brand awareness by 40%[2]. - Ongoing research and development efforts are aimed at introducing new products and technologies to strengthen market position[27]. - The Group is focusing on optimizing product offerings and enhancing customer experience to strengthen brand competitiveness[77]. Financial Position and Ratios - Total assets decreased from RMB 6,520.9 million in 2023 to RMB 6,488.6 million in 2024, while total liabilities increased from RMB 3,163.9 million to RMB 3,337.5 million[170]. - The liabilities-to-assets ratio increased from 48.5% in 2023 to 51.4% in 2024, indicating a higher financial leverage[170]. - The current ratio decreased from 2.00 in 2023 to 1.45 in 2024, suggesting a decline in short-term financial health[171]. - Cash and cash equivalents decreased by 54.3% from RMB 1,326.9 million as of December 31, 2023 to RMB 607.0 million as of December 31, 2024, primarily due to dividends paid and purchases of non-current financial assets[177][180]. - The gearing ratio increased from 7.3% as of December 31, 2023 to 12.0% as of December 31, 2024, mainly due to an increase in bank loans and a decrease in total equity from dividend payments[178][181]. Employee and Staff Costs - Staff costs increased by 13.1% from RMB 1,544.1 million in 2023 to RMB 1,747.0 million in 2024, with its percentage of revenue increasing from 25.8% to 28.8%[112]. - As of December 31, 2024, the Group had a total of 20,735 employees, including outsourced personnel[199]. Future Outlook - The management remains optimistic about the overall market conditions and consumer spending trends in the upcoming quarters[2]. - Future outlook includes potential strategies for market expansion and product innovation to recover from the current downturn[27]. - The Group plans to adopt a more prudent restaurant opening strategy in 2025, with no specific target for new openings to ensure a 100% success rate for each restaurant[74].
九毛九(09922) - 2024 - 年度财报