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Public company info - Shanghai XNG Holdings Limited , 03666.HK
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Shanghai XNG Holdings Limited, 03666.HK - Company Profile
Chairman Dorson GU
Share Issued (share) 2,213,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Restaurants & Fast Food Shops
Corporate Profile Business Summary: The Group is principally engaged in the operation of chain restaurants in Chinese Mainland and Hong Kong. Performance for the year: Revenue of the Group decreased by RMB584.5 million, or 47.6%, from RMB1,228.9 million in 2019 to RMB644.4 million in 2020. The loss for the year of the Company increased by RM157.2 million from the loss of RMB163.3 million in 2019 to the loss of RMB320.5 million in 2020. The net profit margin decreased from -13.3% in 2019 to -49.7% in 2020. Business Review： As of 2020, the Group’s revenue amounted to RMB644.4 million, with a decrease of RMB584.5 million or 47.6% from RMB1,228.9 million as of 2019; the Group’s gross profit amounted to RMB436.7 million, with a decrease of approximately RMB420.3 million or 49.0% from RMB857.0 million of 2019. In 2020, the loss attributable to the parent company owner was approximately RMB318.8 million, representing an increase of RMB154.3 million, when compared with the loss of RMB164.5 million in 2019. The main reason for the profit decrease for the year was that the impact of the global pandemic in 2020 led to a 31.8% drop in the same-store sales, one-time costs of RMB128.0 million in provision for store closure costs and assets by the Company as a result of closure of and adjustment to the stores so as to optimize its asset structure. In 2020, the Group operated a restaurant network of 40 “Shanghai Min” restaurants, two “Maison DeL’Hui” restaurants, 13 “The Dining Room” restaurants, one “Oreno” restaurant, one “Wolfgang Puck” restaurant, one “DOUTOR” café and, one “AYO MAYA” restaurant, which covers some of the most affluent and fast-growing cities in China Mainland (Note(ii)) and Hong Kong. The following table sets forth the revenue and the number of the restaurants in operation, by geographical region and brand, in 2020 and 2019, respectively. In 2020, faced with the pandemic, the Group made intensive and revolutionary reform and adjustments to the store operations of restaurants, food & material supply chain management, headquarter management and other aspects. The Group achieved positive operating cash flows from negative operating cash flows in the fourth quarter of 2020: 1. Adjusting and transforming products towards high-end and daily-end while maintaining high value and high price-to-performance In the past year, the Group strengthened its R&D and supply chain team. While maintaining high value and high price-to-performance ratio, the Group gave a more distinguished market positioning to its products to better suit demands for both high-end and daily consumption products. 2. Implementing product reform and improving customer experience of The Group’s core brand “Shanghai Min” The Group made comprehensive reform to the menu of “Shanghai Min” and finished the third renovation of menu during the fourth quarter of the year. The core competitiveness of products has been strengthened from the source of the supply chain with the implementation of stringent selection criteria for differentiated and high-quality food and raw material ingredients, so that the quality and value of The Group’s products can be enhanced. As a result, sales per customer increased. Going forward, the Group will continue to launch new products and reawake loyal customers accumulated over the years with proactive marketing. 3. Refining the brand model of “The Dining Room” “The Dining Room” brand has been successfully built as a casual restaurant brand which is popular among youngsters. The Company began to reshape the brand model of “The Dining Room”, develop the brand model of Shanghai Dim Sum Plus, extract and redefine core products, so as to prepare for further rapid expansion. Prospects: According to the 2020 Annual Report on the Catering Industry in China published by China Hospitality Association, revenue from the catering industry in China amounted to RMB4.7 trillion in 2019 and plummeted by 29.6% to RMB1.8 trillion in the first seven months of 2020 due to the influence of the COVID-19 pandemic, from which the catering industry has taken the heaviest hit. The sharp decrease in out-of-home consumer traffic, relatively fixed remuneration and restaurant rental cost have posed severe challenges to the catering industry during the pandemic in 2020. In terms of regional impact. Hong Kong’s tourism industry stagnated with a sharp decrease of 93% in the number of visitors to Hong Kong. Influenced by the dramatic decline in visitors and the pandemic control measures, the catering market in Hong Kong was significantly affected in 2020. As for Beijing and Tianjin area, more stringent pandemic control measures have led to relatively slow recovery of the catering industry. This pandemic has caused a change to the traditional mode of consumption. The consumption habit of more sophisticated and rational consumers has also undergone irreversible changes. There is a common demand for high quality and high value products and experience in different levels of market. In terms of catering, there is an increase in demand for high-end private rooms, while in terms of daily consumption, demands have shifted to products with theme and rich variety, as well as products that can be quick to obtain, are convenient, of high quality and reasonable price. The pandemic represents both a crisis and an opportunity. It prompts the change and persistence of the catering industry, where change represents the adaptation to the changing demand of consumers, while persistence represents the core competitiveness of The Group’s products. With companies stepping up their effort in building online channels, the online market has grown rapidly. The Group believe that, as an extension of The Group’s high-quality catering products, demand for products for in-house occasion consumption will also increase.

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