Financial Performance - Revenue for the fiscal year 2024 decreased to RMB 474.2 million, down 22.3% from RMB 610.6 million in 2023[9]. - Restaurant operating revenue fell by 33.6% to RMB 213.2 million, while takeaway business revenue decreased by 21.0% to RMB 168.6 million[9]. - The adjusted loss for the year was RMB 76.5 million, compared to RMB 51.5 million in the previous year[3]. - The company recorded a loss attributable to equity holders of approximately RMB 241.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB 151.7 million for the same period in 2023[19]. - The company's revenue for the year ended December 31, 2024, was RMB 474.2 million, a decrease of 22.3% compared to RMB 610.6 million for the year ended December 31, 2023[37]. - The group reported a total deficit of RMB 220.2 million as of December 31, 2024, compared to total equity of RMB 46.8 million as of December 31, 2023[97]. - The company reported a net loss attributable to equity holders of RMB 241.8 million for the year ended December 31, 2024, compared to a net loss of RMB 151.7 million for the year ended December 31, 2023[37]. - Basic and diluted loss per share attributable to equity holders was RMB 15.32 for the year ended December 31, 2024, compared to RMB 9.61 for the year ended December 31, 2023[38]. Operational Metrics - The total system sales for the fiscal year 2024 reached RMB 3,526 million, representing a 6.1% increase compared to the previous year[5]. - The number of stores reached 1,171 as of December 31, 2024, with over 110 new stores opened during the year[5]. - The inventory turnover days increased from 37 days to 43 days due to a decrease in revenue during the reporting period[30]. - The group reported a significant increase in convertible bonds from RMB 16,602,000 in 2023 to RMB 647,780,000 in 2024, reflecting a strategic shift in financing[40]. - The company aims to stabilize existing operations and strive for profitability while exploring new business growth opportunities[36]. Expenses and Costs - Employee benefits expenses decreased to RMB 144.1 million, down 17.5%, but as a percentage of revenue, it increased to 30.4%[12]. - The depreciation of right-of-use assets decreased to RMB 55.7 million, down 21.1%, with its percentage of revenue slightly increasing to 11.7%[13]. - Online platform service fees and delivery costs decreased to RMB 33.6 million, down 14.3%, while their percentage of takeaway revenue increased to 19.9%[11]. - Property rental and related expenses decreased from RMB 18.3 million for the year ended December 31, 2023, to RMB 14.7 million for the same period in 2024, a decline of 19.7%[15]. - Other expenses decreased from RMB 59.0 million for the year ended December 31, 2023, to RMB 51.5 million for the same period in 2024, a decline of 12.7%[16]. Assets and Liabilities - Total assets decreased from RMB 1,108,361,000 in 2023 to RMB 801,682,000 in 2024, a decline of approximately 27.6%[39]. - The company reported a total liability of RMB 1,021,859,000 in 2024, compared to RMB 1,061,608,000 in 2023, indicating a decrease of about 3.7%[40]. - Non-current assets decreased from RMB 906,779,000 in 2023 to RMB 648,936,000 in 2024, a reduction of approximately 28.4%[39]. - Cash and cash equivalents fell from RMB 35,636,000 in 2023 to RMB 21,325,000 in 2024, a decrease of about 40.2%[39]. - The current ratio decreased significantly to 0.17 as of December 31, 2024, down from 0.68 as of December 31, 2023, indicating a decline in short-term financial health[97]. Impairments and Provisions - The carrying amount of trademarks decreased from RMB 373.0 million as of December 31, 2023, to RMB 279.5 million as of December 31, 2024, a decline of 25.1%[26]. - The impairment loss on trademarks for the year ended December 31, 2024, was RMB 93.5 million, compared to RMB 95.3 million in 2023[26]. - The company recognized an impairment loss on investments in associates of approximately RMB 71.4 million for the year ended December 31, 2024, significantly up from RMB 1.9 million in 2023[24]. - The expected credit loss provision for trade receivables increased to RMB 1,694 thousand in 2024 from RMB 959 thousand in 2023[76]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year[112]. - The audit committee reviewed the audited annual results for the year ended December 31, 2024, and confirmed alignment with the financial statements[114]. - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[94]. - The company has adopted a share incentive plan since November 11, 2019, to reward employees for their contributions[109]. Market Focus and Strategy - The group has a significant focus on the Chinese market, with overseas sales contributing less than 10% to total revenue[54]. - The group has established a multi-brand investment matrix across regions and industries, focusing on enhancing investment returns and value creation[102]. - The company aims to enhance operational performance in the chain restaurant business while controlling costs and expenses to generate operating cash inflows[47].
百福控股(01488) - 2024 - 年度业绩