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Public company info - Longhui International Holdings Limited , 01007.HK
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Longhui International Holdings Limited, 01007.HK - Company Profile
Chairman Hung Shui Chak
Share Issued (share) 637,000,000
Par Currency Hong Kong Dollar
Par Value 4.0E-4
Industry Restaurants & Fast Food Shops
Corporate Profile Business Summary: The Group is principally engaged in the hotpot restaurant business in the PRC. Performance for the year: Loss for the year attributable to owners of the Company for 2020 was approximately RMB69.1 million (2019: approximately RMB127.5 million). Basic loss per share for 2020 was approximately RMB20.9 cents (2019: approximately RMB44.6 cents (restated)). Business Review In 2020, the Group continued to rank among the Top 20 Hotpot Restaurants in China 2020 (《2020中國火鍋Top 20》) in the Annual Report on Catering Industry of China in 2020 (《2020中國餐飲業年度報告》) co-published by China Hotel association and Xinhuanet. Having in-depth investigation, the Company closed down 51 underperforming restaurants and opened 3 restaurants in popular shopping malls during 2020. As at 31 December 2020, the Company owned and operated a total of 29 restaurants (2019: 77 restaurants). As at 31 December 2020, in addition to the restaurants owned and operated by the Group itself, the Group had also granted to an independent third party the right to operate one restaurant under the brand Faigo, in relation to which the Company received a monthly management fee and the results of that franchised restaurant was not consolidated in the Group’s results. The growing concern of food safety in the PRC from the consumers is an issue that each and every restaurant chain in the PRC needs to respond. The Company realizes that the reputation which takes years to build and protect can be ruined by one single food safety incident and therefore the Company attaches paramount importance to the safety and quality of food and has in place a reliable procurement system which ensures visibility and traceability of food ingredients throughout the catering service industry value chain. The staff of the Group also receives comprehensive training to minimize the risk of contamination during the preparation of foods before they are served at the table. Since all restaurants operating under the brands owned by the Group are self-owned except the franchised restaurant in Beijing and one restaurant to be operated as a joint venture held as to 70% by the Group and 30% by an independent third party, this enables the Group to closely control the development of businesses in terms of quality of the foods, services standards and brand awareness. Looking forward to 2021 taking product quality as the Group's lifeline and upholding the philosophy of “seizing market opportunities through reform and gaining market shares by transformation and upgrade”, the Group will continue to overcome challenges ahead and introduce more innovative ideas to consolidate the Group's leading position in the catering industry, with an aim to develop into the brand with the highest market capitalization in the Asia-pacific catering industry. With the Group's commitment to transformation and product quality, the Group are confident to build the Company as the leader of the casual restaurants in China. Prospects: The Group plans to open more restaurants in order to expand and develop the business of the Group in the coming financial years as intended. However, due to the current poor sentiment of the food and beverages market in the PRC and the uncertainty over the impact of the Sino-US trade war and the COVID-19 coronavirus outbreak, it is prudent for the Board to withhold the planned expansion. Targeting the High-End Segment Hotpot restaurants offering meat as their major food ingredient have a lower customer’s average spending compared with those serving seafood. Therefore, more hotpot restaurants begin to offer more diversified food materials to target different customer segments. Seafood has been introduced in hotpot restaurants recently, which will attract more customers from the high-end segment. The Group will continue to target more high-end food ingredients as additional drive for the growth of revenue of our restaurants. Inclusive of New Food Ingredients and Flavors New food ingredients will be added to hotpot dining. As hotpot is more inclusive than other styles of cooking, new food ingredients can be easily introduced to hotpot dining. Hotpot restaurants are more willing to stay appealing to customers by offering new food ingredients in their menus rather than stick to their own understanding of hotpot stereotype. Growth of Delivery Business Delivery food service is growing fast in the PRC in the past few years. The Group plans to strengthen our competitiveness in the delivery segment to fully utilize the business hours of rush hours in a day such as lunch and dinner time to improve our revenue density. The Group will closely cooperate with online ordering and delivery platforms to promote the delivery business.

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