Revenue and Growth - Revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, representing a 51.0% increase from RMB 2,020,789 thousand in 2022[2] - Total revenue for the fiscal year 2023 reached RMB 3,050.7 million, a year-on-year increase of 51.0% from RMB 2,020.8 million in 2022[6] - Total revenue for 2023 reached RMB 3,050.7 million, a 50.9% increase from RMB 2,020.8 million in 2022[12] - The group's revenue for the year ended December 31, 2023, was RMB 3,050,715 thousand, an increase from RMB 2,020,789 thousand in 2022, representing a growth of approximately 50.9%[64] Store Expansion and Operations - The number of stores in Beijing and Shanghai increased to 351 as of December 31, 2023, up from 312 as of December 31, 2022[4] - The company expanded into 29 cities by December 31, 2023, compared to 16 cities at the end of 2022[4] - The company opened a net total of 180 new stores in 2023, bringing the total number of stores to 768 across 29 cities by December 31, 2023[6] - Average daily sales per store in newly entered cities reached RMB 32,354, with an expected investment payback period of approximately 9 months[6] - The company plans to open approximately 240 new stores in 2024, with total capital expenditures expected to be around RMB 370 million[9] - The company plans to continue expanding its store network in China, leveraging its exclusive franchise rights until June 2027[58] Financial Performance - Adjusted EBITDA for the year was RMB 301,736 thousand, reflecting a substantial increase of 117.7% from RMB 138,618 thousand in 2022[2] - Adjusted EBITDA for the fiscal year 2023 increased by 117.7% to RMB 301.7 million, compared to RMB 138.6 million in 2022[8] - The adjusted net profit for the year was RMB 8,778 thousand, a turnaround from a loss of RMB 113,818 thousand in 2022[2] - The company achieved a positive adjusted net profit of RMB 8.8 million for the fiscal year 2023, a significant turnaround from an adjusted net loss of RMB 113.8 million in 2022[8] - The net profit before tax was RMB 2,275 thousand, a turnaround from a loss of RMB 200,883 thousand in the previous year[53] - The company recorded a net loss of RMB 26.6 million in fiscal year 2023, a significant improvement compared to a net loss of RMB 222.6 million in 2022[14] Cost and Expenses - Cost of materials and supplies rose by 52.2% to RMB 836.8 million, accounting for 27.4% of total revenue[16] - Employee compensation expenses increased by 50.1% to RMB 1,178.7 million, representing 38.6% of total revenue[17] - Rent expenses grew by 42.1% to RMB 307.7 million, constituting 10.1% of total revenue[20] - Depreciation of property and equipment increased by 31.9% to RMB 159.2 million, accounting for 5.2% of total revenue[21] - Advertising and promotional expenses for fiscal year 2023 were RMB 159.2 million, up RMB 42.4 million or 36.3% from RMB 116.8 million in 2022, driven by increased spending to enhance revenue[24] - Store operating and maintenance expenses rose to RMB 188.9 million in fiscal year 2023, an increase of RMB 59.1 million or 45.6% from RMB 129.8 million in 2022, primarily due to store network expansion[25] Cash Flow and Financial Health - The company's cash and bank balances increased by 87.2% to RMB 1,019.2 million from RMB 544.5 million on December 31, 2022, primarily due to net proceeds from a global offering in March 2023 and cash inflows from operating activities[34] - The company's operating cash inflow for the fiscal year 2023 was RMB 536.1 million, compared to RMB 298.2 million in the fiscal year 2022[34] - The current ratio as of December 31, 2023, improved to 1.19 from 0.87 on December 31, 2022, indicating better short-term financial health[34] - The company's debt-to-equity ratio decreased to approximately 9.5% as of December 31, 2023, down 17.1 percentage points from 26.6% on December 31, 2022, due to an increase in total equity from the global offering[36] Employee and Workforce - The total employee cost for the fiscal year 2023 was RMB 1,178.7 million, up from RMB 785.0 million in 2022[42] - The company employed 6,536 full-time employees as of December 31, 2023, a significant increase from 3,916 full-time employees in the previous year[40] Corporate Governance and Compliance - The audit and risk committee consists of two non-executive directors and three independent non-executive directors[48] - The company has adopted and complied with the corporate governance code since its listing date[45][46] - The company has confirmed compliance with the standard code for securities transactions by directors and relevant employees[46] Future Plans and Investments - A new central kitchen is planned to be opened in Wuhan in Q4 2024 to support operations in the central region, with capital expenditures estimated between RMB 20 million and RMB 25 million[9] - Approximately 90% of the net proceeds from the global offering are intended for expanding the store network, with plans to utilize these funds by December 31, 2025[51][52] - The remaining 10% of the net proceeds is allocated for general corporate purposes, also expected to be utilized by December 31, 2025[51][52] Dividends and Shareholder Returns - No final dividend recommended for the fiscal year ending 2023[44] - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with 2022[79]
达势股份(01405) - 2023 - 年度业绩