Event: on August 16, 2023, the company disclosed the interim results announcement of 2023, of which the operating income was 1.415 billion yuan (YOY19.79%) and the net profit was 102 million yuan (YOY453.54%).
In addition, the total interim dividend of the company is about 263 million yuan.
In the post-epidemic era, revenue recovered steadily, and rising costs affected profits in stages. In the first half of 23H1, as China's economy and society fully returned to normal operation, macro policies were effective, previously suppressed consumer demand was released, economic operation as a whole rebounded for the better, and the company's operating income increased by 19.79% compared with the same period last year. Due to the sharp rise in the price of raw and auxiliary materials, the gross profit margin decreased by 4.35pct to 52.50% compared with the same period last year, so the gross profit increased by 10.61%. On the expense side, the period expense rate decreased 11.01pct compared with the same period last year, in which the sales expense rate decreased 9.27pct year-on-year (mainly due to the corresponding decrease in transportation expenses, material consumption expenses and depreciation of use rights assets), and the management expense rate decreased 0.10pct year-on-year (mainly due to the further implementation of the employee incentive program and the provision of credit impairment losses). In addition, other income and net income were 53.26 million yuan, an increase of 32.68 million yuan over the same period last year. The income tax rate will be reduced to 30.97% by 27.82pct. The homing net profit margin increased by 5.64pct compared with the same period last year, corresponding to the final homing net profit of 102 million yuan (YOY453.54%).
Self-operated stores recover quickly, and franchise stores continue to improve rapidly. Specific sub-channel point of view, (1) 2023H1 store revenue of 751 million yuan (YOY29.28%); (2) franchise revenue of 408 million yuan (YOY22.16%), (3) affected by the end of the Internet dividend, online channel revenue of 214 million yuan (YOY-4.98%), (4) other revenue of 40.96 million yuan (YOY1.86%) (mainly from dealers).
In terms of offline stores: 2023H1, the company has a total of 3706 stores (year-on-year + 546), including 1542 self-operated stores (+ 200 compared with the same period last year), individual store revenue of 487100 yuan, an increase of 12.51%, franchise stores of 2164 (year-on-year + 346), and single-store revenue of 188700 yuan, an increase of 2.63% over the same period last year.
According to the changing trend of different channels, the company constantly optimizes and upgrades the network structure of stores. (1) in the transportation hub channel, the company takes advantage of the good window period in which the passenger flow rebounds rapidly and the consumption scene is significantly elastic, and the key layout actively obtains strong point resources to supplement stores, so as to further consolidate and extend the channel advantage. There are 157self-operated stores in 2023H1 transportation hub (+ 26 compared with the same period last year) and 67 franchised stores (+ 17 compared with the same period last year). (2) there is still a lot of room for expanding stores in the business circle and merchant super channel, and the company continues to actively encrypt stores through comprehensive groping and business alliances. There are 847 self-operated stores in 2023H1 business circle, commercial body and Shang Chao channel (+ 83 compared with the same period last year) and 1385 stores (+ 99 compared with the same period last year). (3) in the community market, the company continues to sum up the experience of store location selection in high-quality residential areas, and continues to develop nationwide. 2023H1 has 222nd self-operated stores (compared with the same period last year) and 638 franchised stores (compared with the same period last year).