HONG KONG, Apr 9, 2024 – (ACN Newswire) – Since 2023, with the effective implementation of consumer promotion policies, the catering consumption market has been steadily recovering. China’s per capita disposable income has been steadily increasing, and the total retail sales of consumer goods have maintained an upward trend. Consumption has become one of the important drivers of China’s economic growth.

China’s young consumers have been increasingly exposed to Western lifestyles and culture, driving the rise in the popularity of Western cuisine, including pizza. According to a Frost & Sullivan report, China’s pizza market size reached RMB37.5 billion in 2022, and is expected to double to RMB68.9 billion by 2027, with a 5-year compound annual growth rate of 15.5%.

Domino’s Pizza China (referred to as “DPC Dash Ltd” or the “Company” , Stock Code: 01405.HK) , is Domino’s Pizza’s exclusive master franchisee in the China mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino’s Pizza (NYSE: DPZ), DPC Dash’s global franchisor, is one of the most widely-recognized global consumer brands and the world’s largest pizza company.

On March 27, 2024, Domino’s Pizza China released its first audited annual results announcement after its IPO in 2023. In 2023, the Company achieved a revenue of RMB3,050 million, representing a 51.0% growth compared to 2022; achieved an adjusted EBITDA of RMB300 million, reflecting a 117.7% growth compared to the 2022 financial year; and achieved a positive adjusted net profit of RMB8.8 million as compared with an adjusted net loss in 2022 financial year. Since company’s core management team joined the company in the third quarter of 2017, the company has achieved 26 consecutive quarters of positive same-store sales growth.

Accelerating expansion of stores with excellent performance of new stores

Due to growing acceptance among domestic consumers, the diversification of pizza consumption scenarios and localized innovation, the pizza market in China continued to grow. To seize the growth opportunities in the industry, Domino’s Pizza China has implemented a strategy of “go-deeper and go-broader” to expand its business in the China’s pizza market.

As of December 31, 2023, Domino’s Pizza China had 768 stores in 29 cities in China. In 2023, Domino’s Pizza China added 180 net new stores and entered 13 new cities. In addition to increasing store density in well-established markets of Beijing and Shanghai, the Company also expanded into other first-tier, new first-tier and second-tier cities, penetrating potential untapped markets.

Since last year, the Company has operated with new store openings in Tangshan, Xi’an, Changsha, Xiamen, Yangzhou and Hefei. Four of these stores are located in Xi’an, Changsha, Xiamen and Hefei, representing stores in Northern, Central & Western, Southern and Eastern China respectively. Each of these four stores exceeded RMB5 million in sales in the first 30 days of opening, holding the top-four places globally. According to its financial  results announcement, as of March 22, 2024, Domino’s Pizza China held the top 19 places in terms of first 30-day sales of Domino’s stores worldwide.

The strong market performance of the newly opened stores sent a clear signal to the market that Domino’s Pizza China has already won the market recognition and consumers’ trust with its high-quality pizzas and outstanding services, and has established a good brand reputation in the China’s pizza market, which is well evidenced by the fast-growing loyalty membership numbers. As of December 31, 2023, the loyalty membership numbers of the Company reached to 14.6 million, representing a 69.8% growth from 8.6 million at the end of 2022. In the future, along with the continuous improvement of brand potential, Domino’s Pizza China will next gain more incremental revenue in the China’s pizza market.

In 2024, Domino’s Pizza China continued its rapid expansion. According to its plan, Domino’s Pizza China is expected to open approximately 240 stores in 2024 and planned to reach the 1,000 stores milestone in the fourth quarter of 2024. From the beginning of 2024 and as of March 22, 2024, the company had a net opening of 55 new stores, 35 stores under construction, 88 stores signed or approved, accounting for over 74% of the total targeted store opening plan for the full year. It is foreseeable that Domino’s Pizza China is expected to continue its strong growth momentum, supported by accelerated expansion.

According to the company’s plans, Domino’s Pizza China aims to accelerate store expansion plan of over 300 new stores per year in 2025 and 2026. Domino’s Pizza China is well-positioned to sustain its strong growth momentum going forward.

With continuous improvement in operational efficiency, store profitability is effectively enhanced

While realizing strong revenue growth, Domino’s Pizza China continued to strengthen cost management and enhance store operational efficiency in 2023, resulting in a significant increase in profitability at the store level.

In 2023, the Company’s store-level EBITDA was RMB580 million, representing an increase of 80.1% from 2022 financial year; store-level EBITDA margin was 18.9%, representing an increase of 3.1 percentage points from 15.8% in 2022 financial year; store-level operating profit was RMB420 million, representing an increase of 105.1% from 2022 financial year; store-level operating margin was 13.8%, representing an increase of 3.7 percentage points from 10.1% in 2022 financial year.

Meanwhile, the same-store sales growth (“SSSG”) of Domino’s Pizza China also remained solid, with SSSG of 8.9% in 2023; average daily sales per store was RMB12,580, a year-on-year increase of 9.9%. The continuous improvement in a number of financial and operational indicators reflects the effectiveness of the operational management of Domino’s Pizza China.

In addition, the improvement of profitability of stores may further shorten the investment payback period of new stores, thus reducing the capital deposition of the Company, ensuring the sustainable operation of stores and maximizing the value, and providing solid support for Domino’s Pizza China to rapidly expand its store network.

“Delivering in 30 minutes, Free pizza coupons for overtime” builds a core competitive advantage with membership continues to grow

Efficient and reliable delivery service is one of the company’s core competitive advantages. Leveraging its “delivery in 30 minutes” slogan and service, the company has earned the trust of consumers in China’s pizza delivery market. Domino’s Pizza China provides professional delivery services, while also actively utilizing advanced digital technologies to optimize delivery routes and improve delivery efficiency. In 2023, Domino’s Pizza China’s delivery revenue accounted for 59.2% of total revenue, with over 76% of revenue coming from delivery orders in its Shanghai and Beijing stores.

Furthermore, to better cater to the tastes of Chinese consumers, Domino’s Pizza China updates its menu every 6-8 weeks, continuously innovating its products to localize and provide customers with a greater variety of options and experiences. Supported by efficient delivery services and delicious products, the company’s membership has grown rapidly.

Looking ahead, driven by the economic rebound and supported by policies that promote consumption, China’s catering industry is poised for gradual recovery, which may offer promising opportunities for catering companies like Domino’s Pizza China. With steady advance of its store expansion plan, and continuous improvement in the operational efficiency of stores, Domino’s Pizza China anticipates a surge in profits.

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HONG KONG, Mar 29, 2024 – (ACN Newswire) – Guoquan Food (Shanghai) Co., Ltd. (“Guoquan” or “the Company”; Stock Code: 2517.HK) is pleased to announce the consolidated results of the Company and its subsidiaries for the year ended December 31, 2023 (the “Reporting Period”).

In 2023, the Chinese economy showed a sustained recovery and steady improvement. Despite the challenges, which posed threats to consumer-oriented enterprises, Guoquan responded by effectively managing the supply chain and enhancing operational efficiency, thereby bolstering the profitability. During the Reporting Period, Guoquan recorded the revenue of RMB6,094.1 million, the gross profit of approximately RMB1,350.9 million, reflecting an 8.2% year-on-year growth, and the gross profit margin of approximately 22.2%, improving 4.8 percentage points from 17.4% in the same period of 2022. Furthermore, Guoquan achieved the net profit of approximately RMB263.4 million, representing an increase of 9.3% compared to the same period in 2022. The adjusted net profit reached approximately RMB318.0 million, marking a year-on-year increase of 23.8%. Besides, the operating cash flow represents a year-on-year increase of 137.7% to reach RMB678.3 million.

On November 2, 2023, Guoquan was listed on the Main Board of the Hong Kong Stock Exchange, marking a new milestone in the development. Starting from March 4, 2024, Guoquan officially accessed to the Hong Kong Stock Connect, which is expected to enhance the liquidity of the Company’s stock and gradually highlight its investment value. Additionally, to better reward shareholders, the board of directors proposed the payment of final cash dividend of RMB 0.0521 per share (inclusive of tax), with an estimated total distribution of RMB 143 million, demonstrating Guoquan’s emphasis on shareholder interests.

Expansion of offline stores and acceleration of online channels

In terms of channels, Guoquan has established a nationwide store network to occupy market share. During the Reporting Period, Guoquan’s store network expanded despite the sluggish consumption trend. As of the end of 2023, Guoquan had 10,307 retail stores, covering 31 provinces, autonomous regions, and municipalities, a net increase of 1,086 in the number of stores compared to the end of 2022, further expanding the market influence.

Meanwhile, to empower franchisees and facilitate the sales growth as well as further our consumer reach and offer more flexible shopping experience, we have established multiple online channels, including Guoquan APP, WeChat mini-program, third-party food delivery platforms, Douyin and other popular social commerce platforms. In 2023, through multi-level Douyin accounts for live streaming of Guoquan products or posting related short videos, the total views exceeded 6 billion times.

By establishing close online and offline connections and interactions with consumers, Guoquan achieved a record high number of members, with the top-up amount increasing by 18% annually to approximately RMB720 million. As of the end of 2023, Guoquan had approximately 27.9 million registered members.

Continuous Enrichment of product matrix and digital intelligence driving product innovation

Guoquan has provided offered diversified, tasty, convenient and affordable home meal products in a one-stop shop manner for consumers across a wide range of dining scenarios. With deep consumer insights and R&D efforts, Guoquan has collaborated closely with suppliers and R&D centers to consistently improve its range of products to align with evolving consumer demands and preferences.

In regards to product development, Guoquan leveraged digital tools to analyze consumer behavior, gained in-depth insights into consumers, accurately assessed market trends, and launched new products and upgraded existing ones accordingly. Guoquan also regularly introduced products tailored to local markets to cater to different consumer preferences across regions. In 2023, Guoquan successfully launched a total of 339 new SKUs.

As of December 31, 2023, Guoquan’s product portfolio comprises eight categories including hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines and snacks, covering diverse dining needs of consumers comprehensively.

In 2023, the gross profit margin of Guoquan was approximately 22.2%, representing an increase of 4.8 percentage points as compared to 17.4% in the corresponding period in 2022. This improvement was mainly attributable to better cost control resulting from Guoquan’s advantageous scale, along with the development of new products, upgrading of existing products, and the increased proportion of self-production following the acquisition of factories.

Steadily advancing the “three-sphere integrated” development strategy to solidify market leadership

Looking ahead, Guoquan will maintain its commitment to the three-sphere integrated development strategy encompassing brand, product, and channel. This includes expanding product categories, strengthening omni-channel sales network, increasing investments in brand building and marketing, and exploring consumer scenarios to improve consumer value and further solidify the market leadership. Furthermore, Guoquan aims to leverage digital tools to empower both upstream supply chain and downstream franchisees, with the goal of tasty, convenient and affordable home meal products to a diverse consumer base across various channels and scenarios.

Specifically, in terms of channel construction, Guoquan will continue to expand and deepen our omni-channel sales network to further our direct reach to consumers. Strengthen the depth and breadth of the offline store network by deepening offline market penetration in regions already covered, expanding the store network to new regions and by various store types. Further develop our online sales platforms to realize mutual empowerment of offline and online, driving the increase of sales revenue. Moreover, Guoquan will continue to cultivate more entrepreneurial franchisees by encouraging our existing franchisees to open more franchised stores, and propel their sales growth and cultivate entrepreneurial franchisees by continuously expanding to more product categories, upgrading our product portfolio, and developing more online leads.

Guoquan have created a diversified product portfolio in terms of both product categories as well as the consumption scenarios it serves, and in the future, Guoquan will continue to explore campsite dining as a new consumption scenario, explore sales channels for enterprise customers and strengthen the regionalised supply chain of home meal products, so as to provide a wider range of regionalised meal products to cater to consumer needs.

In terms of products, Guoquan will continue to enhance our R&D capability and continue to collaborate with upstream suppliers to improve our R&D and innovation capability. Meanwhile, further integrate Guoquan’s upstream resources and source quality food ingredients through investment in or partnerships with selective and qualified Chinese and overseas food suppliers who have market potential and can achieve synergy with Guoquan, so as to reinforce Guoquan’s core competitive edges.

In terms of digitization, Guoquan will continue to enhance digitization by further improving its procurement and fulfilment management platforms and promoting the development of its membership system, with a view to improving its overall operational efficiency and boosting the growth of sales revenue.

In terms of brand building, Guoquan will increase its investment in brand building and marketing by stepping up its marketing efforts in high-profile TV advertisement, offline advertisement, community group buy and social e-commerce platforms in order to further deepen consumer reach and raise consumer stickiness, thereby elevating brand recognition, brand awareness, brand reputation and consumer loyalty.

Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HONG KONG, Mar 28, 2024 – (ACN Newswire) – Dynasty Fine Wines Group Limited (“Dynasty” or “the Group”) (Stock Code: 00828), a premier grape winemaker in China, today announced its audited annual results for the year ended 31 December 2023 (“the Year”).

In 2023, the Group’s increase in revenue was primarily due to the recovery of sales, especially in the medium-end wine products, resulting from the normalisation of consumption scenes and resumption of consumer sentiment in the PRC after the dismantlement of pandemic control measures at the end of 2022. The Group’s operating activities continue to maintain a growth in sales during the year. During the Year, the revenue of the Group increased by 9% year-on-year to HK$262.8 million and the Group’s profit attributable to owners of the Company increased by 31% year-on-year to HK$21.3 million. Earnings per share of the Company (the “Share”) was HK$1.62 cents per Share based on the weighted average number of approximately 1,314.9 million Shares in issue during the Year. There was no potential dilutive Share for the year ended 31 December 2023.

Benefited from resumption of consumption scenario such as banquets and gatherings nationwide, sales of red wines products grew well over the year and served as the Group’s primary revenue contributor. Sales of red and white wines products accounted for approximately 52% and 44% for the year (2022: red and white wines: approximately 47% and 50%). The gross margin of red wine products and white wine products in 2023 were 32% and 38% respectively (2022 – 32% and 44% respectively). The overall gross profit margin decreased to 34% in 2023 (2022: 38%), mainly as due to increase in reimbursement of marketing expenses under sales arrangement and delivery charge (especially e-commerce sales) during the year.

The Group has been actively pursuing innovation, embracing the “5+4+N” product strategy. The Group produced a wide range of more than 100 wine products under the “Dynasty” brand to meet the demands and preferences of different consumer groups mainly in the mass-market segments in the PRC wine market. During the year, the Group launched a new high-end product, i.e. Dynasty Chinese Zodiac Commemorative Dry Red Wine for the Gui Mao Year of Rabbit, integrating the high quality with the Chinese zodiac culture and the leading rise of Chinese-style fashionable products. The Group also launched new products, including the NIANHUA series and Constellation series, FU series, via an improved business model, which is safeguarding channel profit while also meeting consumers’ demand for fine wines. Meanwhile, the Group has, heeding market and consumer demands, upgraded Golden Dynasty products and adopted new strategies to improve its existing product system. During the year, with leading and well-proven technologies it prides, the Group carried out comprehensive upgrade of its production techniques, packaging design, etc. With China chic on the rise, the new upgraded design is set to resonate with Chinese consumers confident of their culture, help strengthen awareness of the Dynasty brand and attract mainstream consumers fancying China-made products and China chic.

Moreover, the Group sold chateau wine imported from France and other foreign branded wines in the PRC wine market through the Group’s existing distribution network to introduce some classic “old world” and “new world” varietals to cater for a market that prefers the taste of foreign premium wines.

Regarding online sales, the Group continues putting resources for improvement of the online sales channels and optimisation of online stores interface so as to capture the change of customer consumption behavior in the PRC. During the year, apart from the existing exclusive products for e-commerce platforms, the Group had also been developing emerging marketing channels, such as live broadcasting. To strengthen brand awareness, the Group has launched a “Chinese style” edition showing its name in Chinese, to bring home its position as a domestic grape wine brand and also to attract mainstream e-commerce consumers who love domestic made products. The Group actively promoted the exclusive products series for e-commerce platforms via e-commerce channels. In addition to mainstream e-commerce platforms, efforts have been made to exploit new retail channels using such supplementary promotional means as live streaming or videos, with progress. The e-commerce sales grew significantly over the year, sales of which has doubled that of the last year 2022 and became another new growth point for the Group’s revenue. The Group believes that the online platform not only serves as a business-to-customer trading platform between the Group and the consumers, but also an additional marketing and promotion channel for the brand. Thus, the platform should enhance the overall business potential of the Group.

The Group has a sufficient supply of quality grapes or grape juice. Currently, the Group has more than 10 major grape juice suppliers with whom the Group has enjoyed long-term relationships, mainly located in Tianjin, Hebei, Ningxia and Xinjiang. To optimise the supply network, the Group kept identifying new suppliers that comply with the quality requirements. The Group also strengthened presence by subsidiaries set up in Ningxia and Xinjiang during the year targeted to enhance the supply and procurement of quality grapes and grape juice in those regions with premium vineyards.

In the future, the Group will further strengthen presence in Ningxia and Xinjiang to secure the supply of quality grapes and grape juice, and continues the development of the first phase of a winery nearby Eastern foot of Helan Mountain in Ningxia, named Tianxia Winery, which is expected to be completed in the fourth quarter of 2024. The winery will integrate pressing, fermentation, processing, testing and research and development as a whole, with an annual production and processing capacity of 5,000 tonnes. The winery would become a new long-term and stable economic growth point of the Group and help the regional presence and layout of Dynasty wines, as well as in line with the overall planning and industry planning for the development of China’s wine industry.

Mr. Wan Shoupeng, Chairman of Dynasty, concluded, “Looking ahead to 2024, the Group will focus on product quality, reinvent consumption scenarios and strive to guide market spending, while continuing to build Dynasty into a brand representative of Chinese wines and its wines into iconic products, inheriting the classics. The Group will also be persistent in meeting consumer demand by pursuing innovations for its wine series. Meanwhile, the Group will invest more resources in brand development and e-commerce business to fully vitalize its brand and drive the development of its major products, with the aim of bringing Dynasty’s superior wines to more consumers in the PRC. In view of the continual resumption of economic growth and consumption in the PRC, especially robust in festivals, the Board currently remains cautiously optimistic on the business in 2024. The Group will continue to be well prepared to proactively develop the market, improve quality and boost sales volume, under the trend of support for the expansion of domestic consumption by the country.

About Dynasty Fine Wines Group Limited

Dynasty Fine Wines Group Limited was listed on the Main Board of The Stock Exchange of Hong Kong Limited with the stock code 00828 on 26 January 2005. Founded in 1980, Dynasty is the premier grape winemaker in China. It is principally engaged in the production and sale of grape wine products under its reputable “Dynasty” brand. Dynasty is the first Sino-foreign joint venture wine company in China with Tianjin Food Group Limited and the French grape wine giant, Remy Cointreau, as its current major shareholders. The Group produces and sells more than 100 grape wine product series, and introduces imported wine products, providing high-quality and value-for-money grape wines to the full range of consumer groups in China.

For media enquiries:
Strategic Financial Relations (China) Limited
Ms. Anita Cheung, Tel: 2864 4827    
Ms. Renly HONG, Tel: 2864 4897
Email: sprg-dynasty@sprg.com.hk

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HONG KONG, Mar 27, 2024 – (ACN Newswire) – On March 26, 2024, Tingyi (Cayman Islands) Holding Corp. (0322.HK, “Tingyi”, “Master Kong” or the “Company”, together with its subsidiaries, the “Group”) is pleased to announce its 2023 annual results. In 2023, the Group proactively responded to the challenges from external environment, focused on high-quality development, and achieved steady development with healthy financial indicators. For the twelve months ended on December 31, 2023, the Group’s revenue grew 2.16% year-on-year to RMB80.418 billion. Among which, the revenue from instant noodles was RMB28.793 billion, while the revenue from beverages was RMB50.939 million. Gross profit margin grew 1.33 percentage points year-on-year to 30.42%. EBITDA grew 13.82% year-on-year to RMB8.207 billion. The board of directors proposed to distribute a special dividend of RMB0.2766 per common share and a final dividend of RMB0.2766 per common share. Dividend payout ratio for the year reached 100%.

Financial Summary

In 2023, the domestic consumption market gradually recovered, with a significant recovery of the out-of-home consumptions. Since consumers have become more rational in making shopping decisions,  they are pursuing healthy and high-value products, while also focusing on product cost-effectiveness. During the year, the Group centered its approach “Serving Consumers Comprehensively and Perfectly”, and implemented the strategy of “Consolidate, Reform and Develop” in all respects. At the same time of consolidating the core products, the Group also focused on product innovation, branding and channel development to consistently meet the dynamic needs of different consumers.

In 2023, the gross profit structure of the instant noodle business was improved step by step. Revenue of the instant noodle business was RMB28.793 billion, accounting for 35.80% of the Group’s total revenue. During the year, due to the decline in raw material prices and improvement in selling prices, the gross profit margin of instant noodles grew 3.05 percentage points to 27.00% year-on-year. As a result of gross profit margin expansion, the profit attributable to shareholders of the Company in the instant noodle segment grew 46.10% year-on-year to RMB2.008 billion for the full-year 2023. During the year, the instant noodle market faced changes such as shift in consumption scenarios. The business continued to consolidate core products, develop innovative flavors, accommodating the diverse needs of consumers. Meanwhile, the Group made active investment in the rejuvenation of the brand and the improvement of food safety risk management, making it a “A Cooperative Partner of China Space” for seven consecutive years.

In 2023, the beverage business was accelerating the strength of scale advantages as consumers travelled more. Growth realized in categories of tea, juices, water, and carbonated soft drinks. Revenue from beverage business was RMB50.939 billion, with a year-on-year growth of 5.39%, accounting for 63.34% of the Group’s total revenue. During the year, the gross profit margin of beverages grew 0.15 percentage points year-on-year to 32.10%, due to the decline in raw material prices and change of product-mix. Because of the year-on-year increase in distribution cost rate, the profit attributable to shareholders of the Company in the beverages segment declined 8.57% year-on-year to RMB1.260 billion for the full-year 2023. During the year, following the trend of sugar-free and health, the Group launched a suite of products including sugar-free tea, sugar-free carbonated soft drinks and sugar-free coffee. Through cross-sector collaborations, title sponsorships, packaging enhancements  and other marketing methods, the beverage business continued to expand the penetration among young demographics, consistently enhancing brand preference and awareness.

Mr. Richard Chen, Chief Executive Officer, commented, “In 2024, it is expected that economic development will be stable and domestic demand will be released under the tone of “Consumption-Promotion Year”. The Group remains committed to its strategy to “Consolidate, Reform and Develop” and will keep working to expand and strengthen its business for the domestic market. The Group will continue to invest in product innovation, brand building, channel construction, increase investment in basic research, accelerate the development of talent echelons, strengthen system platform integration, and accelerate the construction of projects for digital transformation, food safety, and sustainable development. At the same time, it will drive business growth, better serve customers and consumers, create value for shareholders, and establish a comprehensive food and beverage “National Brand” that is trusted by the government, delightful for partners, and reassuring for consumers.”

About Tingyi (Cayman Islands) Holding Corp. (0322.HK)

Tingyi (Cayman Islands) Holding Corp. (the “Company”), and its subsidiaries (the “Group”) specialise in the production and distribution of instant noodles and beverages in the People’s Republic of China (the”PRC”). The Group started its instant noodle business in 1992, and expanded into instant food business and beverage business in 1996. In March 2012, the Group further expanded its beverage business by forming a strategic alliance with PepsiCo for the beverage business in the PRC. The Company exclusively manufactures, bottles, packages, distributes and sells PepsiCo soft drinks in the PRC. After years of hard work and accumulation, “Master Kong” has become one of the best-known brands among consumers in the PRC.

For enquiries, please contact:

Investor Enquiries

Investor Relation Team, Tingyi (Cayman Islands) Holding Corp.

E-mail: ir@tingyi.com

Christensen China Limited

Stephanie Chen

E-mail: stephanie.chen@christensencomms.com

Tel: +852 2117 0861

Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HONG KONG, Mar 26, 2024 – (ACN Newswire) – Nissin Foods Company Limited (“Nissin Foods” or the “Company”, together with its subsidiaries, the “Group”; Stock code: 1475) has announced its annual results today for the year ended 31 December 2023.

The Group recorded revenue at HK$3,833.2 million. Gross profit was HK$1,303.1 million, with gross profit margin increased by 2.0 percentage points to 34.0% in 2023 from 32.0% (restated) in 2022. The increase in gross profit margin was mainly attributable to the price adjustments implemented in both Hong Kong and Mainland China in 2022 to offset the surge in manufacturing costs, as well as the easing of the key raw material costs.

Profit attributable to owners of the Company increased by 5.6% year-on-year to HK$330.2 million, improving the net profit margin from 7.7% (restated) in 2022 to 8.6%. The Group’s basic earnings per share for the reporting period increased to 31.64 HK cents.

The Board recommends the payment of a final dividend of 15.82 HK cents per share, representing a dividend payout ratio of 50.0% for the year. The financial position of the Group remained healthy, with net cash of approximately HK$1,310.4 million and HK$820.0 million in available banking facilities as at 31 December 2023.

Review & Prospects of Instant Noodles and Non-Noodles Businesses

During the year, revenue from the Hong Kong and other Asia operations for the year was HK$1,513.2 million. The segment results was at HK$85.1 million as reduced sales volume diminished the optimisation of certain fixed costs and expenses. Meanwhile, for the Mainland China operations, revenue of HK$2,320.0 million was recorded for the year, and its segment results increased by 11.8% to HK$350.6 million, mainly attributable to the implementation of price adjustment in 2022 and the easing of raw material costs during the year.

The Group adhered to its premiumisation strategy during the year and launched new products to expand its portfolio to drive the growth of its instant noodles business. During the year, the Group continued to add new flavours to the “Cup Noodles”, “Demae Iccho”, “Nissin Raoh”, “Nissin U.F.O”, “Fuku” and “Doll” brands to encourage and stimulate consumer spending. The Group also introduced rice noodles and plant-meat products with non-allergic and non-meat ingredients, as well as implemented various collaborations with different parties. These collaborations include the launch of two flavours of instant bowl noodles with an apparel company, the introduction of “Cup Noodles Bucket” to consumers with a membership warehouse club in Shenzhen and a collaboration with Japanese anime “BLEACH” and “Onmyoji” to launch collaborative “Cup Noodles” products in Mainland China. In addition, the performance of Nissin Vietnam improved during the year which is primarily engaged in the production and sale of bag-type instant noodles under brands including “Mi Cay Nissin”, “365 Non-fried Noodles” and “Nissin Raoh”.

The Group has continued to expand its non-noodle business to diversify its portfolio. During the year, the Group extended its focus on its premium frozen food products offerings and further expanded its exposure in various sales channels to increase sales volume. The distribution business in Hong Kong recorded a rebound during the year owing to the subsidence of the pandemic and the revival of economic activities. In addition, due to the completed acquisition of Hong Kong Eastpeak Limited, which wholly owns Shanghai Eastpeak Trading Limited, the Group’s distribution network in Mainland China was further expanded.

The Group also continued to expand the sales channels of the “Kagome” business in different regions. Meanwhile, the Group replicated the success of “Nissin Granola” in Hong Kong and Mainland China to the new markets in Southeast Asia, and saw both sales value and volume grow in Singapore. Also, the Group has strategically added “Aojiru”, a Japanese vegetable drink made from kale, to its product portfolio and enriched the product line with the “Nissin Yogurt Series” to capture opportunities arising from the healthy lifestyles of consumers. In addition, “Nissin Crisp Choco”, the baked corn flakes chocolate snack, has received a highly positive response from the market. The distribution channels of the fresh-cut vegetables business were also expanded, with both sales value and volume recording growth in 2023.

Mr Kiyotaka ANDO, Executive Director, Chairman and Chief Executive Officer of Nissin Foods, said, “Although the global economy has shown a resilient and better-than-expected recovery, there are various opportunities and challenges in the consumer market. We are delighted to see that the implementation of our premiumisation strategy for our core instant noodles products, along with the regular introduction of new flavours, continues to excite our consumers and yield results. The further diversification of our product portfolio in the non-noodles business has broadened our income base, strengthening our foundation to develop the mainstay of our business and overcome challenges.

“We remain cautiously optimistic about the future business operating environment. Nissin Foods will continue to strengthen its overall competitiveness based on a well-diversified product portfolio and the premiumisation strategy. We will strive to expand into new business territories leveraging the increasing brand recognition in Hong Kong and Mainland China so as to drive continuous revenue and profit growth.”

About Nissin Foods Company Limited

Nissin Foods Company Limited (“Nissin Foods”, together with its subsidiaries, the “Group”; Stock code: 1475) is a renowned food company in Hong Kong and Mainland China with a diversified portfolio of well-known and highly popular brands, primarily focusing on the premium instant noodle segment. The Group officially established its presence in Hong Kong in 1984 and is the largest instant noodle company in Hong Kong. The Group primarily manufactures and sells instant noodles, high-quality frozen food products, including frozen dim sum and frozen noodles, and also sells and distributes other food and beverage products, including retort pouches, snacks, mineral water, sauce and vegetable products under its two core corporate brands, namely “NISSIN” and “DOLL” together with a diversified portfolio of iconic household premium brands. The Group’s five flagship product brands, namely “Cup Noodles”, “Demae Iccho”, “Doll Instant Noodle”, “Doll Dim Sum” and “Fuku” are also among the most popular choices in their respective food product categories in Hong Kong. In the Mainland China market, the Group has introduced technology innovation through the “ECO Cup” concept and primarily focuses its sales efforts in first-and second-tier cities.

Nissin Foods is a constituent of five Hang Seng Indexes, namely: Hang Seng Composite Index, Hang Seng Composite SmallCap Index, Hang Seng Composite Industry Index – Consumer Staples, Hang Seng SCHK Consumption Index and Hang Seng SCHK Consumer Staples Index. Nissin Foods is eligible for trading under Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect. For more information, please visit www.nissingroup.com.hk.

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