Jiumaojiu Announces 2023 Annual Results

Mar 23, 2024 | Business

Jiumaojiu International Holdings Limited (“Jiumaojiu” or the “Company” and its subsidiaries (together, the “Group”); Stock Code: 9922HK) is pleased to announce the audited consolidated results of the Company for the year ended December 31, 2023.

Key Financial Highlights

  • Revenue increased by 49.4% from RMB4,005.7 million for the year ended December 31, 2022 to RMB5,985.9 million for the year ended December 31, 2023;
  • Net profit for the year increased significantly by 763.3% from RMB55.6 million for the year ended December 31, 2022 to RMB480.0 million for the year ended December 31, 2023;
  • Profit for the year attributable to equity shareholders of the Company increased by 819.9% from RMB49.3 million for the year ended December 31, 2022 to RMB453.5 million for the year ended December 31, 2023;
  • Adjusted net profit increased by 623.2% from RMB69.3 million for the year ended December 31, 2022 to RMB501.2 million for the year ended December 31, 2023.
  • Final dividend proposed after the end of the year of HKD0.15 per ordinary share, representing a payout ratio of approximately 43.1%of profit for the year attributable to equity Shareholders.

In the year of 2023, the Group continued to adhere to its multi-brand and multi-concept strategy and explored new business opportunities, aiming to further expand its market share and maintain its market position as a leading Chinese cuisine restaurant brand manager and operator in the People’s Republic of China. In the year of 2023, total revenue of the Group increased by 49.4% from RMB4,005.7 million for the year ended December 31, 2022 to RMB5,985.9 million for the year ended December 31, 2023, and its net profit for the year increased significantly by 763.3% from RMB55.6 million for the year ended December 31, 2022 to RMB480.0 million for the year ended December 31, 2023. While the Group’s revenue is increasing, it further optimizes operational efficiency through effective management control, leading to a substantial growth in profits.

Steady Expansion of Stores And Advancing Overseas Deployment

Following the relaxation of anti-pandemic measures against the novel coronavirus COVID-19 (the “Pandemic”) and border reopening in early 2023, the Group adopted an active expansion strategy and opened 180 new restaurants in 2023, comprising 134 Tai Er restaurants, 35 Song Hot Pot restaurants, four Jiu Mao Jiu restaurants, six Lai Mei Li Grilled Fish restaurants and one Fresh Wood Beef Hot Pot(“Fresh Wood”) restaurant. As of December 31, 2023, the Group self-operated 726 restaurants, covering 142 cities in the PRC, Singapore, one city in Canada, one city in Malaysia, one city in Thailand and two cities in the United States.

As of December 31, 2023, the Group had a total of 578 Tai Er restaurants, 62 Song Hot Pot restaurants, 77 Jiumaojiu restaurants, 1 Uncle Chef restaurant, 7 Lai Mei Li Grilled Fish restaurants and 1 Fresh Wood restaurant. In 2023, the Group accelerates the restaurant network expansion of Tai Er brand and Song Hot Pot brand, while optimize the operation of Lai Mei Li Grilled Fish brand by restaurant renovation and menu upgrades. Meanwhile, in July 2023, the Group introduced its Fresh Wood brand, positioned as a high-end brand, to offer customers beef hot pot dishes using natural and premium food ingredients.

Multiple Brands under The Umbrella Flourishing And Operational Capabilities Continuously Strengthening

The Group generates revenue from four segments classified by brands, including Tai Er, Song Hot Pot, Jiu Mao Jiu and all other brands. Restaurant performance of most of the Group’s brands improved in 2023. Revenue contribution from Tai Er, Song Hot Pot and Lai Mei Li Grilled Fish increased by 44.3%, 210.4% and 272.3%, respectively. Moreover, the table turnover rates of Tai Er, Song Hot Pot, Jiu Mao Jiu and Lai Mei Li Grilled Fish also increased, which were mainly attributable to the increase in customer traffic following the relaxation of anti-pandemic measures against the Pandemic and border reopening in early 2023.

Revenue from Tai Er increased by 44.0% from RMB3,108.3 million for the year ended December 31, 2022 to RMB4,476.9 million for the year ended December 31, 2023 primarily due to the restaurant network expansion of Tai Er from 450 restaurants as of December 31, 2022 to 578 restaurants as of December 31, 2023. Meanwhile, its business operation has recovered from the Pandemic, leading to the increase in the number of operating days in 2023 compared to that in 2022 and the increase in table turnover rate of Tai Er restaurants from 3.5 in 2022 to 4.1 in 2023.

Revenue from Song Hot Pot increased significantly by 210.4% from RMB259.8 million for the year ended December 31, 2022 to RMB806.5 million for the year ended December 31, 2023 primarily due to the restaurant network expansion of Song Hot Pot from 27 restaurants as of December 31, 2022 to 62 restaurants as of December 31, 2023, and the increase in table turnover rate of Song Hot Pot restaurants from 3.6 in 2022 to 3.8 in 2023. In addition, revenue from Song Hot Pot as a percentage of total revenue increased from 6.5% in 2022 to 13.5% in 2023. In addition, Revenue from Jiu Mao Jiu remained relatively stable at RMB605.5 million and RMB629.6 million for the years ended December 31, 2022 and 2023, respectively.

Restaurant Operating And Delivery Services Concurrently to Jointly Boost Group Growth

Services provided by the Group or activities it engages in currently comprise restaurant operations, delivery business and others, mainly including sales of goods and sales of specialties. In 2023, the Group experienced accelerated growth in both its restaurant operations and delivery services revenue.

Revenue from restaurant operations increased by 58.2% from RMB3,203.2 million for the year ended December 31, 2022 to RMB5,066.5 million for the year ended December 31, 2023, primarily due to the Group’s restaurant network expansion from 556 restaurants as of December 31, 2022 to 726 restaurants as of December 31, 2023 and the growth in same store sales as the number of days of operation and table turnover rates of the Group’s restaurants increased in 2023 amid the recovery of its business operation from the Pandemic. As a result, revenue from restaurant operations as a percentage of total revenue increased from 80.0% for the year ended December 31, 2022 to 84.6% for the year ended December 31, 2023.

In addition, Revenue from delivery business increased by 14.5% from RMB787.1 million for the year ended December 31, 2022 to RMB901.2 million for the year ended December 31, 2023, primarily due to an increase in the number of restaurants that offered delivery services along with the Group’s restaurant network expansion.

In the future, the Group remains fully devoted to providing marvelous dining experience to customers through exquisite dishes, high-quality services and unique dining ambience. By replicating the Group’s success through further expansion; continually expanding into more market segments by pursuing a multi-brand and multi-concept strategy; continually strengthening the Group’s supply and support capabilities; expanding into the global markets to gain international presence; introducing franchise and cooperative model for regional and international expansion, the Group maintains the group’s strong market position and enhance its competitiveness, in order to maintain a strong market position and enhancing its competitiveness.

Propose Distributing Final Dividends to Showcase Confidence in Corporate Growth

The Board is committed to increasing returns for the shareholders of the Company (the “Shareholders”). For the year ended December 31, 2023, apart from utilizing approximately HKD150.0 million for share repurchases on market, the Board also proposes to distribute a final dividend of HKD0.15 per ordinary share (totalling approximately HKD215.4 million), which represents a payout ratio of approximately 43.1% of profit for the year attributable to equity Shareholders. Going forward, after a thorough reevaluation of the Group’s financial performance, financial position, and strategic development plans for the future, the Board intends to maintain a dividend payout ratio of no less than 40% of profit for the year attributable to equity shareholders.

About Jiumaojiu International Holdings Limited

Jiumaojiu International Holdings Limited is a leading chained Chinese cuisine restaurant brand manager and operator, focusing on serving cuisines with quick services, and creating a casual and upscale ambience with modern decoration of restaurants which are primarily located in shopping malls. As of December 31, 2023, the Group self-operated 726 restaurants, covering 142 cities in the PRC, Singapore, one city in Canada, one city in Malaysia, one city in Thailand and two cities in the United States.


Topic: Press release summary

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Newborn Town Announces 2023 Annual Results with a YoY Increase of Nearly 300% in Profit

Mar 23, 2024 | Business

HONG KONG, Mar 22, 2024 – (ACN Newswire) – Newborn Town (“Newborn Town”; 9911. HK), one of the frontrunners of the global social networking and entertainment industry, announced its 2023 annual results on March 21st.

The company’s revenue increased solidly in 2023, reaching RMB3,308 million with an 18% YoY increase. The revenue of the social networking business reached RMB2,972 million, while the revenue of the innovative business was RMB336 million.

According to the announcement, Newborn Town’s high-quality growth strategy has continued in 2023. The company’s net profit increased by 165% YoY to RMB761 million. The profit attributable to equity shareholders of the company reached RMB513 million, representing a 294% YoY growth. The adjusted EBITDA was RMB675 million, representing a rise of 80% compared to the corresponding period in 2022. The gross margin reached 52%, up 14 percentage points.

Since its debut in the global markets in 2013, Newborn Town has grown into a leading tech company in the social entertainment industry. The company has focused on its core business, the ‘pan-audience social networking business’ while eyeing the ‘diverse-audience social networking’ and ‘quality game’ businesses for years.

MICO, YoHo, SUGO and TopTop are four flagship apps under Newborn Town’s ‘pan-audience social networking business’ and have made rapid strides as they’ve evolved into top-notch platforms that aim to meet users’ diversified social demands among emerging markets such as the MENA region and South East Asia.

The year of 2023 has witnessed a series of upgrades in this business segment’s social apps. Among the ‘first-mover’ apps, MICO has tailored more services to meet the social needs of MENA users. YoHo, an audio-based social platform, has added more localized features and refined its operations, leading to a continued increase in profit. In 2023, these two apps continued to keep their leading position on the top 30 of the list of Chinese non-game publishers in terms of overseas revenue released by data.ai.

TopTop, the game-oriented social platform in Newborn Town’s ‘second-mover’ apps portfolio, has progressed in enhancing its user growth system and fostering a lively atmosphere within the community. These efforts have led to an over 2x YoY increase in revenue and an over 6x YoY rise in profit.

As another ‘second-mover’ app, the companion-based social app SUGO has gained over 3x YoY increase in revenue and over 6x YoY rise in profit in 2023 as it optimized the in-app matchmaking strategy. This app has also been a frequenter in the above-mentioned list from data.ai since 2023 and has seen a continued uplift in ranking.

Notably, Newborn Town is the social entertainment company with the most number of apps on data.ai’s list, which is the result of its endeavors to implement the ‘replication’ strategy for social apps in this business segment and a reward for Newborn Town’s unremitting exploration of the MENA region.

Since 2017, Newborn Town has taken steps to explore the MENA region, which is considered as a promising market for the social networking and entertainment industry.

By diving deep into Muslim users’ social needs and carving out multiple social scenes with localized quality content, Newborn Town has achieved a 30% YoY increase in revenue from its core apps in the MENA region; from 2020 to 2023, the growth CAGR was ~32%.

Plus, Newborn Town has also focused on the social needs of the LGBTQ+ community. In 2023, Newborn Town officially consolidated the ‘diverse-audience social networking business’ to start a new chapter exploring this realm.

The ‘diverse-audience social networking business’ mainly targets global markets. Based on a comprehensive observation of social trends among LGBTQ+ people, Newborn Town launched the social app HeeSay, which aims to encourage LGBTQ+ people to share, express, and connect.

This platform leverages the user base and brand influence that the international version of Blued has accumulated in different markets. It completed the ‘dating app to community app’ upgrade and officially debuted in over 70 countries and regions on January 1st, 2024.

As the annual result revealed, the ‘diverse-audience social networking business’ contributed to revenue of RMB353 million and profit of RMB102 million. HeeSay was expected to accelerate its global exploration due to Newborn Town’s deep localized operations capabilities.

Newborn Town’s innovative business also achieved remarkable breakthroughs during 2023 as its flagship game, Alice’s Dream: Merge Island, witnessed a continued rise in monthly revenue.

In the fourth quarter of 2023, Alice’s Dream reached an average monthly revenue of over 8 million US dollars and has frequently been at the forefront of Sensor Tower’s lists regarding overseas revenue and downloads.

Based on that success, Newborn Town rolled out new apps like Taylor’s Secret, Merge Cove and Sudoku. And Sudoku ranked third on the US mid-core casual games list for June 2023, as released by data.ai.

The global casual games market is estimated to reach approximately 25 billion US dollars in 2027. Based on the forecast, Newborn Town will further upgrade flagship apps’ monetization capabilities and profitability. Furthermore, the company will create more quality games with high lifetime value while steadily incubating new products.

“The company will stick to its high-quality growth strategy and continue its commitment to the ‘pan-audience social networking business’ in the MENA region. Besides, we won’t stop tapping into the LGBTQ+ social networking and quality games industries to explore more possibilities and engage more global users, thus achieving diversified and sustainable growth,” Li Ping, CEO of Newborn Town said.

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Hong Kong – Government announces speaker lineup for Wealth for Good in Hong Kong Summit

Mar 21, 2024 | International

Government announces speaker lineup for Wealth for Good in Hong Kong Summit

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     The Government today (March 21) announced the speaker lineup for the second edition of the Wealth for Good in Hong Kong Summit (WGHK) to be staged on March 27. The summit, co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong, with the theme “Growing with Certainty Amid Growing Uncertainty”, will bring together world-renowned speakers relevant to the global family office industry to Hong Kong. The summit will enable speakers to discuss ways to forge ahead amid external economic challenges and drive global family offices to set up in Hong Kong for continuous development.
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The Hong Kong Special Administrative Region Government has invited internationally renowned speakers to Hong Kong for the upcoming Wealth for Good in Hong Kong Summit. I eagerly look forward to exchanging views with the speakers and family office decision makers from around the world at the event. Through the summit, we also aim to continue promoting Hong Kong as a prime destination for global family offices and asset owners to set up and expand their businesses.”
 
     The WGHK will centre around four key topics this year, including Luxury and Legacy, Green Technology, Philanthropy and Wealth Legacy, and a session on family office development titled “Dream to Dynasty: Wealth Creation for Generations”. These themes are crucial to the development of the global family office industry, and through the summit, the Government hopes to promote investments for social progress by global wealth owners. At the same time, the summit will demonstrate how to make good use of Hong Kong’s strategic location and unique advantages for global investors to explore new opportunities amid global economic uncertainty.
 
     The speakers for the panel discussions are as follows:
 
Luxury and Legacy
 
Moderator: Mr Iqbal Khan (President Global Wealth Management, UBS)
 
1.     Dr Adrian Cheng (Chairman, The Hong Kong Academy for Wealth Legacy)
2.     Ms Caroline Scheufele (Artistic Director and Co-President, Chopard)
3.     Mr David Wertheimer (Founder, 1686 Partners Lifestyle Funds Franchise)
4.     Mr Angelo Zegna (Consumer & Retail Excellence Director, ZEGNA)
 
Green Technology
 
Moderator: Mr Neil Shen (Founding and Managing Partner, HongShan)
 
1.     Dr Brian Gu (Vice Chairman and President, XPENG)
2.     Ms Stella Li (Executive Vice President, BYD Company Limited and Chief Executive Officer, BYD Americas)
3.     Professor Dawn Song (Professor, Department of Electrical Engineering and Computer Science, UC Berkeley)
4.     Mr Lei Zhang (Chief Executive Officer, Envision Group)
 
Philanthropy and Wealth Legacy
 
Moderator: Ms Annabel Spring (Chief Executive Officer, HSBC Global Private Banking and Wealth)
 
1.     Ms Dongmei Kong (Founder and Chairwoman, Dongrun Foundation)
2.     His Highness Sheikh Ali Rashed Ali Saeed Al Maktoum (member of the Ruling Family, Dubai)
3.     Dr Gabriel Leung (Executive Director, Charities and Community, The Hong Kong Jockey Club)
4.     Mr Robert Rosen (Director, Philanthropic Partnerships, Bill & Melinda Gates Foundation)
 
Dream to Dynasty: Wealth Creation for Generations
 
Moderator: Ms Harshika Patel (Managing Director, Chief Executive Officer of Asia Private Bank, Chief Executive Officer of Hong Kong, J. P. Morgan)
 
1.     H.S.H. Prince Max von und zu Liechtenstein (Chairman and Chief Executive Officer, LGT Group, Founder and Chairman, Lightrock)
2.     Dr Tony Tan Caktiong (Chairman and Founder, Jollibee Foods Corporation)
3.     Mr Oliver Weisberg (Chief Executive Officer, Blue Pool Capital)
 
     Founding Partner of WndrCo, former Chairman of Walt Disney Studios and Co-Founder and Chief Executive Officer of DreamWorks Animation, Mr Jeffrey Katzenberg, will participate in a fireside chat at the summit. The chat, titled “Journey from Hollywood to Silicon Valley”, will be moderated by the Chief Executive Officer of Blue Pool Capital, Mr Oliver Weisberg.
 
     Also, the Chairman, Chief Executive Officer and co-founder of Avenue Capital Group and former co-owner of the National Basketball Association (NBA)’s Milwaukee Bucks, Mr Marc Lasry, and the Chief Executive Officer of Wade Inc. and former Miami Heat guard with an NBA Hall of Fame induction, Mr Dwyane Wade, will participate in another fireside chat on “Rise of Sports as an Asset Class” moderated by racing driver, Head of Private Office, Knight Frank Greater China, Mr Ho-pin Tung.
 
     As the flagship event is being held during the Financial Mega Event Week, the WGHK stands as an exclusive and highly anticipated global event for family offices, asset owners and family office service providers. Riding on the success of the inaugural summit last year, the upcoming WGHK is expected to draw more key decision makers from the global family office sector. Participants from Hong Kong, the Mainland, Asia, Europe, the Americas, the Middle East and beyond are set to join the event to exchange their insights in Hong Kong.

Thorlo Announces Sponsorship of Jonathan Kelley, Bassmaster Elite Series Professional Angler

Mar 19, 2024 | Business

 Thorlo, a leading engineer in cushioned socks, proudly announces its partnership with Jonathan Kelley, a rising star in professional Bass Fishing. The collaboration marks a significant step forward for both parties as they unite to emphasize the importance of proper foot protection on the water.

Jonathan Kelley, a full-time professional angler, has ascended through the ranks, solidifying his presence in the competitive world of Bass Fishing. His remarkable achievements include qualifying for the Bassmaster Elite Series in 2022 and earning the Bassmaster Open AOY Northern Division title in 2021.

In addition to his inspiring tournament qualifications, Jonathan has demonstrated exceptional leadership by expanding the Coastal Carolina University fishing team. Given the demanding nature of Bass Fishing, quality footwear is crucial to withstanding the elements. Thorlo’s high-performance socks, engineered to reduce pain, blisters, and moisture, perfectly complement Jonathan’s need for comfort, warmth and durability during long hours on the water.

Thorlo’s partnership with Jonathan aims to highlight the importance of wearing the right socks in all daily activities, including situations where foot protection might not be a primary focus, such as fishing. Socks with proper support can enhance performance by preventing both long and short-term side effects, such as foot pain, injuries, and discomfort.

Jonathan Kelley expresses his enthusiasm for the partnership, stating, “I’m thrilled to join forces with Thorlo. Having premium socks is crucial for maintaining focus and endurance on the water!” Thorlo is equally excited about the collaboration and looks forward to supporting Jonathan Kelley as he continues to make waves in the competitive Bass Fishing scene.

About THORLO:
THORLO is an esteemed American manufacturer from North Carolina established in 1980 with a legacy of engineering cushioned socks for every activity. Threading care and human-first design into every stitch, they are devoted to making everyone’s feet feel unstoppable.

Thorlo
Johnny Russo
514-381-7687 x 400
thorlo.com

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Medivest Announces the Addition of Eric Rycus as Vice President of Business Development

Mar 14, 2024 | Business

 Medivest Benefit Advisors LLC, a leader in Medicare Secondary Payer (MSP) services and settlement planning, is pleased to announce the hiring of Eric Rycus as the new Vice President of Business Development.

Eric, a highly respected veteran of the workers’ compensation world, comes to Medivest with a wealth of experience. Previously, he held the position of Vice President of Sales at industry leaders such as Chronovo and Jopari. In addition, he is a licensed broker and has been in the healthcare field for over 30 years. He has touched every aspect of the claim’s continuum; from bill review, UR, Networks, MSA’s, investigation services, and catastrophic claims management.

Eric has also been an active member in numerous workers compensation associations such as the Risk Management Society (RIMS), the Self-Insured Insurance Association (SIIA), and the National Council on Compensation Insurance amongst others.

In his role as VP of Business Development, Eric will focus on forging strategic partnerships and new relationships between Medivest and other companies within the workers’ compensation industry and promoting Medivest’s Professional Administration service for Medicare Set-Aside management.

“I’m very happy to welcome Eric to our team,” said CEO of Medivest Doug Brand. “With his 38 years of experience in the worker’s compensation space, he brings a wide range of value, giving us a deeper understanding of what is needed to continue to provide unparalleled service to the industry. The trusted relationships he has developed over his long tenure will help Medivest grow at a faster pace than ever.”

“What excites me most about Medivest is that we do the right thing! We offer unparalleled technology, honesty, integrity, and results,” says Eric. “I am excited to be a part of Medivest as we provide a solution to the market that benefits everyone it touches. Each constituent involved in a claim; the provider, the claims organization, employee and the employer all benefit from using professional administration.”

About Medivest

Medivest is a national Medicare Secondary Payer (MSP) compliance company and provider of settlement solutions. Our focus is assisting anyone involved in the settlement of a workers’ compensation or personal injury claim understand their obligation to consider Medicare’s interests under federal law. We provide solutions that help to mitigate exposure resulting from that obligation. Medivest has been providing it’s services since 1996 and has developed a program of services customizable to the needs of any settlement.

Medivest
Robert Hlozek
877.725.2467
www.medivest.com

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