Financial Performance - The group's revenue for 2023 was RMB 611 million, up 13.6% from RMB 537.5 million in 2022[34]. - Revenue for the year ended December 31, 2023, was RMB 610.6 million, an increase from RMB 537.5 million in the previous year, representing a growth of approximately 13.6%[61]. - Total revenue for the year ended December 31, 2023, was RMB 610,619,000, an increase from RMB 537,510,000 in 2022, representing a growth of approximately 13.6%[101]. - The group reported a significant increase in franchise income, which rose to RMB 13,724,000 in 2023 from RMB 4,905,000 in 2022, marking an increase of approximately 179.5%[104]. - Government grants received increased to RMB 11,647,000 in 2023, compared to RMB 1,645,000 in 2022, reflecting a growth of approximately 608.5%[104]. Losses and Adjusted Loss - The company recorded a loss attributable to equity holders of approximately RMB 151.7 million for the year ended December 31, 2023, compared to a loss of RMB 156.2 million for the year ended December 31, 2022[48]. - The adjusted loss for the year was RMB (53,406,000), significantly improved from RMB (102,983,000) in the previous year, indicating a reduction in losses by about 48%[72]. - The loss attributable to equity holders for the year was RMB (162,695,000), slightly better than RMB (166,708,000) in 2022, with a diluted loss per share of RMB (9.61) compared to RMB (9.90) in the prior year[72][77]. Cash Flow and Liquidity - The company's ability to generate sufficient cash flow from operations is expected to support its financial obligations over the next 12 months[92]. - The current ratio as of December 31, 2023, was 0.68, slightly up from 0.67 in the previous year, indicating improved short-term liquidity[55]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,108.4 million, down from RMB 1,343.4 million as of December 31, 2022, indicating a decrease of approximately 17.5%[68]. - Total liabilities decreased to RMB 1,061,608,000 in 2023 from RMB 1,132,748,000 in 2022, reflecting a reduction of approximately 6.3%[81]. - Current assets were RMB 201.6 million as of December 31, 2023, compared to RMB 226.5 million as of December 31, 2022, reflecting a decline of about 11%[55]. Employee and Workforce Changes - The workforce decreased to approximately 1,779 employees as of December 31, 2023, down from approximately 2,162 employees in 2022[16]. - Employee benefits expenses grew by 0.9% to RMB 174.6 million, decreasing as a percentage of revenue from 32.2% in 2022 to 28.6% in 2023[38]. Operational Efficiency and Digital Transformation - The group is focusing on digital operations to enhance efficiency and resource sharing among its brands[32]. - The company focused on enhancing operational efficiency and customer experience through digital transformation initiatives in 2023[75]. - The company plans to leverage its digital capabilities and scale to maintain a competitive edge in the restaurant industry[146]. Debt and Borrowings - As of December 31, 2023, the company had outstanding borrowings of RMB 11.0 million, down from RMB 14.8 million as of December 31, 2022[7]. - The company's debt-to-equity ratio was 92% as of December 31, 2023, up from 72% as of December 31, 2022[14]. - Financial expenses decreased by 9.0% to RMB 47.2 million, primarily due to lower convertible bond interest and reduced lease liabilities[44]. Impairment and Asset Valuation - The carrying value of trademarks declined by 20.3% from RMB 468.3 million on December 31, 2022, to RMB 373.0 million on December 31, 2023, due to an impairment loss of RMB 95.3 million recognized in 2023[126]. - Impairment loss for the trademark of the new brand is recognized at RMB 95.3 million as of December 31, 2023, compared to none in 2022[159]. Compliance and Governance - The company has maintained compliance with the corporate governance code throughout the year ended December 31, 2023[20]. Future Outlook - The company anticipates continued growth in the franchising business and aims to enhance brand value to contribute to profitability[146]. - The company plans to focus on franchise development as a strategic initiative and enhance digital operational capabilities[59].
百福控股(01488) - 2023 - 年度业绩