Financial Performance - The group's revenue decreased by 20.1% to RMB 244 million in the first half of 2024, down from RMB 305.2 million in the same period of 2023[5] - The company's revenue for the six months ended June 30, 2024, was RMB 243,952,000, a decrease of 20.1% compared to RMB 305,248,000 for the same period in 2023[27] - The group reported a total revenue of RMB 116,163 thousand for the six months ended June 30, 2024, compared to RMB 168,760 thousand for the same period in 2023, representing a decrease of approximately 31%[37] - Other income for the six months ended June 30, 2024, was RMB 10,290 thousand, down from RMB 12,716 thousand in 2023, indicating a decline of about 19%[38] - The group incurred total expenses of RMB 22,464 thousand for the six months ended June 30, 2024, compared to RMB 24,820 thousand in 2023, reflecting a decrease of approximately 9%[39] - The group reported a net loss of RMB 39,313 thousand for the six months ended June 30, 2024, down from RMB 46,862 thousand in 2023, showing an improvement of about 16%[46] - The net loss for the period was RMB 46,569,000, compared to a net loss of RMB 5,692,000 in the same period last year, representing an increase in losses[28] - The total comprehensive loss for the period was RMB 49,764,000, compared to a total comprehensive loss of RMB 15,100,000 in the previous year[28] Operational Metrics - The total system sales for the first half of 2024 reached RMB 1,715 million, representing a 10% increase compared to RMB 1,564 million in the same period of 2023[3] - The number of stores under the group and its joint ventures reached 1,131 as of June 30, 2024, with a net increase of 71 stores since December 31, 2023[3] - Inventory turnover days increased from 37 days to 42 days, primarily due to a decrease in revenue during the reporting period[20] - Trade and other receivables decreased to RMB 66.7 million as of June 30, 2024, down from RMB 80.1 million as of December 31, 2023[21] - Trade receivables amounted to RMB 12,178,000 as of June 30, 2024, an increase from RMB 11,327,000 as of December 31, 2023, representing a growth of approximately 7.5%[49] - Total trade and other receivables decreased to RMB 96,820,000 from RMB 110,130,000, reflecting a decline of about 12%[49] - Net trade and other receivables stood at RMB 66,725,000, down from RMB 80,070,000, indicating a reduction of approximately 16.6%[50] - Trade payables were reported at RMB 42,246,000 as of June 30, 2024, down from RMB 48,817,000, showing a decrease of about 13.1%[51] Cost Management - The operating income from restaurant operations fell by 31.2% to RMB 116.2 million in the first half of 2024, compared to RMB 168.8 million in the same period of 2023[5] - The revenue from takeaway services decreased by 18.8% to RMB 84.9 million in the first half of 2024, down from RMB 104.5 million in the same period of 2023[5] - The cost of raw materials and inventory changes decreased by 12.0% to RMB 99.8 million in the first half of 2024, compared to RMB 113.4 million in the same period of 2023[6] - Employee benefits expenses decreased by 12.0% to RMB 76.2 million in the first half of 2024, down from RMB 86.6 million in the same period of 2023[8] - Property rental and related expenses decreased from RMB 9.5 million for the six months ended June 30, 2023, to RMB 8.2 million for the same period in 2024, a decrease of 13.7%[11] - Other expenses decreased from RMB 24.8 million for the six months ended June 30, 2023, to RMB 22.5 million for the same period in 2024, a reduction of 9.3%[12] - The group's operating expenses for advertising and marketing decreased to RMB 2,952 thousand in 2024 from RMB 4,837 thousand in 2023, a reduction of approximately 39%[39] - The group's depreciation and amortization expenses totaled RMB 39,313 thousand for the six months ended June 30, 2024, compared to RMB 46,862 thousand in 2023, indicating a decrease of about 16%[46] Financial Position - The company's total assets decreased to RMB 1,043,656,000 as of June 30, 2024, down from RMB 1,108,361,000 as of December 31, 2023[29] - Current liabilities exceeded current assets by RMB 114,486,000, indicating potential liquidity concerns[31] - The company's cash and cash equivalents decreased to RMB 32,602,000 from RMB 35,636,000 as of December 31, 2023[29] - The company’s non-current liabilities included convertible bonds amounting to RMB 601,876,000 as of June 30, 2024, compared to RMB 577,788,000 at the end of 2023[30] - The current ratio as of June 30, 2024, was 0.60, a decline from 0.68 as of December 31, 2023[57] - The net cash to equity ratio as of June 30, 2024, was -4.64, compared to 0.53 as of December 31, 2023[57] - The debt-to-equity ratio increased to 101% as of June 30, 2024, from 92% as of December 31, 2023[62] Strategic Initiatives - The group is actively adapting to market conditions by launching new products and enhancing online traffic through various marketing strategies[3] - The "Co-Creation Camp" project was launched to optimize and strengthen the ecosystem, aiming to connect and integrate diverse industry resources for new business growth[4] - The company aims to enhance brand value, explore diverse investment models, and identify new business growth points despite the competitive landscape in 2024[26] - The group expects that newly issued and amended accounting standards will not have a significant impact on its financial performance in the current or foreseeable future reporting periods[34] Employee Metrics - The number of employees decreased to approximately 1,618 as of June 30, 2024, from approximately 1,779 as of December 31, 2023[64] - The company’s employee benefits expenses decreased to RMB 16,079,000 from RMB 17,999,000 year-on-year[27] Other Information - The group has not declared an interim dividend for the six months ended June 30, 2024, consistent with the previous year[47] - The group’s primary market is in China, with overseas sales contributing less than 10% to total revenue[38] - The group has no significant transactions with any single external customer contributing 10% or more to total revenue[38] - The group had no significant investments or acquisitions during the six months ended June 30, 2024[60] - The group has sufficient cash and available credit facilities to meet its operational needs and obligations for the next 12 months[57] - There were no significant contingent liabilities as of June 30, 2024[61] - The company has not reported any significant events affecting the group from June 30, 2024, until the date of the earnings announcement[56]
百福控股(01488) - 2024 - 中期业绩