Financial Position - As of June 30, 2023, the group's current liabilities exceeded its current assets by RMB 96,209,000[1]. - The total equity of the group as of June 30, 2023, was RMB 196.3 million, down from RMB 210.6 million as of December 31, 2022[33]. - The group's current assets were RMB 218.8 million as of June 30, 2023, compared to RMB 226.5 million as of December 31, 2022[33]. - The current ratio as of June 30, 2023, was 0.69, slightly improved from 0.67 as of December 31, 2022[33]. - The group had cash and cash equivalents of RMB 36.3 million as of June 30, 2023, up from RMB 34.1 million as of December 31, 2022[34]. - The group had outstanding bank borrowings of RMB 12.0 million as of June 30, 2023, down from RMB 14.8 million as of December 31, 2022[34]. - The group had no assets pledged as collateral as of June 30, 2023, compared to RMB 22.2 million in collateralized assets as of December 31, 2022[17]. - The total liabilities, including trade payables and other payables, decreased from RMB 167.980 million as of December 31, 2022, to RMB 160.925 million as of June 30, 2023[59]. - The company's debt-to-equity ratio was 74%, up from 72% on December 31, 2022[145]. Revenue and Sales Performance - The total system sales for the first half of 2023 reached RMB 1,770 million, representing a 44% increase compared to the same period in 2022[66]. - The group's revenue for the first half of 2023 was RMB 305 million, an increase of 13.8% year-on-year[66]. - The group's revenue for the six months ended June 30, 2023, was RMB 305.2 million, an increase of 13.9% compared to RMB 268.1 million for the same period in 2022[99]. - Restaurant operating revenue rose from RMB 159.0 million in the first half of 2022 to RMB 168.8 million in 2023, an increase of 6.2%[70]. - The takeaway business revenue grew from RMB 89.1 million in the first half of 2022 to RMB 104.5 million in 2023, marking a 17.3% increase, attributed to the lifting of COVID-19 restrictions[70]. - Revenue from restaurant operations increased to RMB 168,760 thousand, up 6.3% from RMB 158,979 thousand in the prior year[135]. - The takeaway business generated revenue of RMB 104,458 thousand, representing a 17.2% increase from RMB 89,113 thousand in the same period last year[135]. - The total revenue for the period reached RMB 305,248 thousand, a 13.8% increase compared to RMB 268,104 thousand in the previous year[135]. Profitability and Loss - Adjusted profit for the period was RMB 12.7 million, compared to a loss of RMB 67.7 million in the same period last year[80]. - The net loss for the period decreased significantly to RMB 5.7 million from RMB 107.3 million year-on-year, mainly due to the recovery of restaurant operations[75]. - The group reported a net loss attributable to equity holders of the company of RMB 8.6 million for the period, compared to a loss of RMB 100.9 million in the same period last year[101]. - The company reported a total comprehensive loss of RMB 15,100 thousand for the period, compared to a loss of RMB 117,717 thousand in the same period last year[128]. - The adjusted profit for the period was a loss of RMB 5.7 million, significantly improved from a loss of RMB 107.3 million in the same period last year[99]. Expenses and Financial Management - Employee benefits expenses increased slightly from RMB 85.6 million to RMB 86.6 million, a rise of 1.2%, but as a percentage of revenue, it decreased from 31.9% to 28.4%[71]. - Depreciation of right-of-use assets decreased by 25.9% from RMB 48.3 million to RMB 35.8 million, reflecting a reduction in the percentage of revenue from 18.0% to 11.7%[71]. - Financial expenses for the six months ended June 30, 2023, were RMB 4.8 million, down from RMB 7.2 million in the previous year[99]. - The total expenses for the six months ended June 30, 2023, amounted to RMB 24,820,000, an increase from RMB 23,700,000 in the same period of 2022[155]. Investments and Capital Expenditures - The group reported no significant investments or capital asset plans as of the announcement date[23]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[52]. Operational Developments - The number of stores under the group and its associates reached 967 as of June 30, 2023, with nearly 100 new direct-operated and franchised stores opened since December 31, 2022[66]. - The group expanded its franchise partnerships in new regions such as Shandong, Jiangsu, Zhejiang, and Fujian during the first half of 2023[67]. - The digital team focused on upgrading self-developed systems to enhance operational efficiency across multiple brands within the group[68]. - The group provided value-added services to affiliated brands, contributing positively to financial performance in the first half of 2023[69]. - The company aims to expand its franchise network and enhance services to franchisees as part of its strategic initiatives[98]. - The company aims to enhance digital development and operational capabilities as part of its future strategy[125]. Other Financial Information - The group had total accounts receivable and other receivables amounted to RMB 105.198 million as of June 30, 2023, compared to RMB 103.480 million as of December 31, 2022[55]. - Inventory increased from RMB 24.2 million as of December 31, 2022, to RMB 25.8 million as of June 30, 2023, with inventory turnover days decreasing from 52 days to 40 days[94]. - Total lease liabilities decreased by 26.3% from RMB 218.2 million as of December 31, 2022, to RMB 160.9 million as of June 30, 2023, due to rental payments and the closure of some stores[97]. - The initial fair value of derivative financial instruments was RMB 46,631,000, recognized as shareholder contributions[160]. - The company has not entered into any forward contracts to hedge foreign exchange risks as of June 30, 2023[147]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[163]. - The company's financial statements were prepared based on historical cost, with certain financial assets measured at fair value[152].
百福控股(01488) - 2023 - 中期业绩