In 2021, the operating revenue of Haidilao was 41.11 billion yuan, with a year-on-year increase of 43.7% From Haidilao financial report
The following is the In 2021, the operating revenue of Haidilao was 41.11 billion yuan, with a year-on-year increase of 43.7% From Haidilao financial report recommended by recordtrend.com. And this article belongs to the classification: Enterprise financial report.
Haidilao had an operating revenue of 41.11 billion yuan last year and an annual loss of 4.16 billion yuan. In the past 2021, the whole catering industry still experienced reshuffle in the repeated epidemic, and Haidilao also experienced changes such as the closure of nearly 300 stores, repeated epidemic, organizational structure adjustment and so on. What is the reason behind the huge loss? After the normalization of the epidemic, what will be the future of Haidilao?
Why?
On March 23, Haidilao (06862. HK) released the annual performance announcement of 2021. In 2021, the company achieved an operating revenue of 41.11 billion yuan, an increase of 43.7% year-on-year in 2020; The annual loss was 4.16 billion yuan, while the annual net profit in 2020 was 309 million yuan. In terms of revenue composition, the operating revenue of Haidilao restaurant in 2021 was 39.46 billion yuan, accounting for 96%; In the second place is the take out income, 706 million yuan, accounting for 1.7%.
Almost 90% of Haidilao’s loss comes from the impairment loss accrued after closing the store.
Last November, Haidilao implemented the “woodpecker plan”. By the end of 2021, 260 Haidilao restaurants had been permanently closed under the “woodpecker plan”, and 32 restaurants were temporarily closed. Haidilao said that among the losses in the whole year of 2021, the one-time loss and impairment loss due to the planned disposal of long-term assets due to the closing of the store in 2021 and the impairment loss withdrawn by the management with a cautious attitude exceeded 3.65 billion yuan. In this regard, Zhou Zhaocheng, executive director and Chief Strategic Officer of Haidilao, explained: “permanent closure will cause permanent losses of assets, including plant and equipment.”
The outside world is more concerned about whether the contraction of the undersea fishing strategy has been effective from the operating conditions in recent months?
On the evening of March 23, Yang Lijuan, executive director and CEO of Haidilao, told China Business News: “the turnover rate of Haidilao has increased month on month in recent months. The turnover rate in December 2021 and January 2022 has continued to improve month on month, and the turnover rate in February 2022 has increased significantly.”
However, the company’s profitability in 2022 remains to be tested by the market.
For last year’s losses, in addition to the losses caused by closing stores, the epidemic and the once rapid expansion strategy also brought a lot of impact.
Talking about the operating pressure in 2021, Zhou Zhaocheng believes that it comes from the outside and from the inside. “The epidemic has rebounded from time to time around the world, and consumers’ consumption habits and living habits will be affected by the epidemic. In addition, last year, the whole industry was also facing the pressure of rising operating costs and raw material costs. As for internal pressure, the insufficient maturity of the business district where some stores are located and the insufficient number of excellent store managers will also cause some problems in store management. Including the previous rapid expansion of stores, it will also cause problems in some areas The phenomenon of customer diversion is also our business difficulty in the past year. “
Haidilao said in its financial report that 2021 will be a challenging year for Haidilao. Although the improvement of local government’s control and control capacity and the promotion of New Coronavirus vaccination have laid the foundation for economic recovery, the global consumer confidence has dropped markedly before the outbreak. There are still many uncertainties in the future.
In addition, Haidilao said that its rapid expansion strategy in the past two years has led to the rapid expansion of the company’s volume and increased management difficulties. The management pays close attention to the operation of the group and takes various measures to constantly explore solutions to maintain Haidilao’s brand value and market position in the new market environment. However, the group’s operations continued to fluctuate during the year.
Is it possible to restart the suspended stores?
In the previous woodpecker program, 32 restaurants were temporarily closed rather than permanently closed.
According to Zhou Zhaocheng, “closure means temporary closure, but no withdrawal. We may make a judgment according to the business district, passenger flow and the overall external environment of the store in the next six months, one year or two years. If all three conditions are met, it will still have the opportunity to reopen.”
From the overall situation of the catering industry, it has not yet recovered to the level of 2019.
The report “analysis of China’s catering market in 2021 and market prospect forecast in 2022” (hereinafter referred to as the “report”) released by the China Cuisine Association shows that in 2021, the national catering revenue was 4689.5 billion yuan, an increase of 18.6% from negative to positive compared with the previous year, with an average decrease of 0.5% in two years, which has not yet returned to the level of 2019 before the epidemic.
How does the management of Haidilao view the future trend of the whole catering industry?
Zhou Zhaocheng said: “this year’s epidemic has rebounded compared with last year, but on the whole, precise prevention and control, technical conditions and medical conditions will be better and better, so the catering industry will gradually improve. In addition, once the epidemic is alleviated, we have high expectations for consumption recovery and consumption upgrading.”
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