Lei Jianping on April 25
Haidilao recently released its 2023 annual report, and the executive directors of Haidilao are Daniel Zhang, Chairman of the Board, Zhou Zhaocheng, Ms. Yang Lijuan, Li Peng, Ms. Song Qing and Ms. Gao Jie, and the independent non-executive directors are Dr. Cai Xinmin, Xu Tingfang, Qi Daqing, Dr. Ma Weihua and Wu Xiaoguang.
According to the annual report, as of December 31, 2023, Daniel Zhang, chairman of the board of directors of Haidilao, and his wife Shu Ping held a total of 3,363,658,743 shares, accounting for 60.35%.
As of December 31, 2023, Haidilao's shareholding structure
Ms. Yang Lijuan holds 179,686,726 shares, with a 3.22% equity interest, and a further 0.46% equity interest through the trust beneficiary, while Ms. Gao Jie and Zhou Zhaocheng hold 0.04% of the shares respectively. Chow Siu Cheng is the spouse of Ms. Chen Ying. Mr. and Mrs. Shi Yonghong and Ms. Li Haiyan control 9.55% of the shares.
The board of directors of Haidilao will recommend the payment of a final cash dividend of HK$0.824 per share (equivalent to HK$0.748) for the year ended December 31, 2023 (a total dividend of approximately RMB4.050 billion) at the Company's upcoming annual general meeting.
Based on this calculation, Daniel Zhang and his wife can share a cash dividend of HK$2.44 billion (about HK$2.259 billion).
The annual revenue is 41.45 billion
Haidilao's revenue in 2019, 2020, 2021, 2022, and 2023 will be 26.556 billion yuan, 28.614 billion yuan, 41.112 billion yuan, 34.74 billion yuan, and 41.453 billion yuan respectively.
Due to the recovery of the overall consumption environment, the number of times consumers eat out has increased relatively, and the turnover rate of Haidilao restaurants has increased. In 2023, the overall turnover rate of Haidilao restaurants was 3.8 times/day, and the same-store turnover rate was 3.9 times/day, and the overall and same-store turnover rates in 2022 were 3.0 times/day and 3.1 times/day, respectively.
Haidilao restaurants received more than 397 million customers throughout the year, an increase of 43.7% over the previous year.
Haidilao's revenue in 2023 mainly comes from the operation of Haidilao restaurants, accounting for 94.7% of the total revenue in 2023, and the operating income of Haidilao restaurants increased by 35.7% from 28.943 billion yuan in 2022 to 39.267 billion yuan in 2023, mainly due to the economic recovery, the increase in customer traffic and the improvement of Haidilao restaurants' operations. The per capita spending of customers decreased from RMB104.9 in 2022 to RMB99.1 in 2023, mainly due to the increase in discounts.
Haidilao said that store profitability and operational efficiency in 2023. At the same time, the company slowed down the expansion of its restaurant network.
As of December 31, 2023, Haidilao operated a total of 1,374 Haidilao restaurants, including 1,351 in Chinese mainland and 23 in Hong Kong, Macao and Taiwan; 9 new Haidilao restaurants were added throughout the year, 26 Haidilao restaurants that were closed in the early stage were restarted, and 32 Haidilao restaurants were closed.
In 2023, Haidilao will set up an innovation and entrepreneurship office at the headquarters level to adjust the strategic planning of entrepreneurial brands. In addition to Haidilao Restaurant, the Group also owns brands including "Hi Lao Hot Pot", "Miao Senior Brother Xiang Pot", "Five Grains and Three Meals", "Flame Please Barbecue Shop", "Hanshe" and other brands, realizing a variety of business formats such as hot pot, fast food, barbecue and Chinese dinner.
Haidilao's profits in 2019, 2020, 2021, 2022, and 2023 will be 2.347 billion yuan, 310 million yuan, -4.16 billion yuan, 1.373 billion yuan, and 4.495 billion yuan respectively.
Haidilao's cash and cash equivalents increased from RMB6.3 billion as of December 31, 2022 to RMB6,476 million as of December 31, 2023, mainly due to an increase in net cash from operating activities during the reporting period, partially offset by investment in financial products and repayment of borrowings.
As of December 31, 2023, Haidilao held fixed deposits with an initial maturity of more than 3 months of RMB2.855 billion, with total bank balances and cash of RMB9.33 billion.
As of today's close, Haidilao's share price was HK$16.88, with a market capitalization of HK$94.089 billion.
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