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Yen Ching Restaurant Geng Chao: Interpret high-quality development with high-speed growth in performance

According to the 2024 interim report disclosed by Yen Ching Restaurant a few days ago, the company achieved operating income of 8.046 billion yuan in the first half of the year, a year-on-year increase of 5.52%; The net profit attributable to the parent company was 758 million yuan, a year-on-year increase of 47.54%, which has exceeded the net profit level of last year. Yen Ching Restaurant in the midst of change has delivered a solid and excellent report card to consumers, investors and partners.

Since the new management team took office, Yen Ching Restaurant has sought new changes, with change as the main line, closely following the theme of high-quality development, under the development theme of "second entrepreneurship, revival of Yen Ching Restaurant", through strategic guidance, improvement of management quality and efficiency, transformation and upgrading of business models and other efforts, deepening the reform of nine key areas such as production, market and supply chain, radiating new vitality and showing business resilience.

In 2021, Yen Ching Restaurant's annual revenue will be 11.961 billion yuan, and the net profit attributable to shareholders of listed companies will be 228 million yuan, ending the downward trend for 7 consecutive years, and the performance has begun to "pick up".

In 2022, Yen Ching Restaurant's annual revenue will be 13.202 billion yuan, and the net profit attributable to shareholders of listed companies will be 352 million yuan, a year-on-year increase of 54.51%, successfully achieving a V-shaped reversal and breaking the situation.

In 2023, Yen Ching Restaurant's revenue will increase to 14.213 billion yuan, a record high. The net profit attributable to shareholders of listed companies increased to 645 million yuan, a year-on-year increase of 83.02%, ranking first among the leading enterprises in the industry, and achieving double-digit growth for three consecutive years.

Today, Yen Ching Restaurant has handed over a medium-term answer sheet with revenue of 8.046 billion yuan and net profit attributable to the parent of 758 million yuan, which is not only its re-emergence driven by change, but also a strong proof of its development resilience.

At a time when the overall output of the beer industry is showing a downward trend, the substantial growth performance of Yen Ching Restaurant against the market is even more valuable, and the net profit has risen for four consecutive years, and it has obviously regained its growth.

"Change and growth is the theme of Yen Ching Restaurant's development, and it is also our goal in the next stage, we will use change to promote growth, use growth to test the effectiveness of change, actively meet the personalized and diversified needs of consumers, continuously expand the supply of mid-to-high-end products, renew and upgrade the brand image and market form, adjust and optimize the layout structure, and improve the efficiency of business vitality." Geng Chao, secretary of the party committee and chairman of Yen Ching Restaurant, said so.

Yen Ching Restaurant Geng Chao: Interpret high-quality development with high-speed growth in performance

Change to achieve continuous "fast running" Yen Ching Restaurant rejuvenated

"Believing in the power of change" is one of Geng Chao's core values after taking up the post of chairman of Yen Ching Restaurant. "Yen Ching Restaurant has more than 40 years of accumulation, as long as modern management concepts and management methods are introduced, vigorously reformed, and morale boosted, the company is fully capable of breaking the situation and transforming." Geng Chao said.

"The past three years have been the most reforming efforts of Yen Ching Restaurant in many years. Judging from the current results, the company's '14th Five-Year Plan' goal and 'five battles and five wins' have continued to advance, and the company's operating efficiency has achieved marginal improvement. Geng Chao pointed out.

Geng Chao believes that the core factor driving the transformation of Yen Ching Restaurant is "change". It is under the guidance of the "Three-Year Action for State-owned Enterprise Reform" that Yen Ching Restaurant comprehensively promotes nine major changes, condenses reform consensus with ideological change, promotes standardized development with governance reform, improves management efficiency with organizational reform, stimulates team vitality with institutional reform, achieves efficiency improvement with operational reform, improves quality and efficiency with production reform, accelerates the high-end process of brand with marketing reform, drives product upgrading and renewal with R&D reform, reshapes the enterprise spirit with cultural change, and fully releases the endogenous power and vitality of enterprise development.

"What makes us feel more excited is that the growth driven by change not only strongly supports the continuous improvement of business performance, but also effectively promotes the release of endogenous power and vitality of enterprise development. The team's mental outlook has been completely renewed, and a strong atmosphere of healthy competition has formed within Yen Ching Restaurant. At the same time, the attention and recognition from investors, the market and peers to the transformative actions and achievements taken by Yen Ching Restaurant in recent years have added endless impetus to our deepening reform and continuous progress. Geng Chao said.

Yen Ching Restaurant Geng Chao: Interpret high-quality development with high-speed growth in performance

Strengthen investor relations management and improve the level of market value management

Not long ago, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting on the assessment and distribution of central enterprises and local SASAC, and clearly proposed: to promote the full implementation of the assessment of "one enterprise and one policy", and comprehensively promote the market value management assessment of listed companies.

In this regard, Geng Chao said, "As a state-controlled listed company, we will actively respond to and scientifically use the means and methods of market value management to promote the company's intrinsic value and market value go hand in hand." We will actively study and implement the requirements of state-owned listed companies on market value management, study the establishment of an incentive and restraint mechanism for market value management, focus on the main responsibility and main business and the improvement of business performance, strengthen investor relations management, and improve the level of market value management. ”

Geng Chao believes that in terms of market value management, value creation is the foundation, and performance improvement is the key. Since the new management team took office, Yen Ching Restaurant has always taken improving operating performance as the foundation of market value management, and will continue to strive to enhance the company's intrinsic value creation ability and enhance the company's long-term investment value through high-quality development.

Cash dividends are an important part of listed companies to improve investment value and assume social responsibility. Since its listing in 1997, Yen Ching Restaurant has maintained a solid dividend policy. So far, the company has implemented 26 cash dividends, with a cumulative cash distribution of 3.974 billion yuan.

After the new management team took office, Yen Ching Restaurant's annual dividend showed a steady growth trend, the company will pay 1 yuan (including tax) for every 10 shares in 2023, and the cash dividend will reach 282 million yuan, a year-on-year increase of 25% over 2022, and the company's cumulative profits distributed in cash in the past three years account for more than 150% of the annual average distributable profit of the consolidated statements achieved in the last three years, which fully reflects Yen Ching Restaurant's great importance and respect for shareholders' rights and interests.

Geng Chao further pointed out that Yen Ching Restaurant will actively carry out comprehensive evaluation around the three indicator dimensions of value creation, value marketing and value realization, while strengthening and optimizing the main business and achieving high-quality development, continue to maintain the continuity and stability of the dividend policy, strengthen investor relations management, normalize the use of market value management tools, continuously improve the company's long-term investment value, and promote the company's intrinsic value and market value go hand in hand.

In the next step, Yen Ching Restaurant will continue to vigorously explore the market, continue to reduce costs and increase efficiency, strive to improve profitability, win the recognition of the capital market, pay more attention to and pay more attention to the company's performance in the capital market, and study market value management measures in combination with development planning and actual conditions, promote market value growth through reasonable capital operation and other ways, and strive to achieve a virtuous cycle of promoting market value improvement with performance growth and helping enterprises with high-quality development with market value management.