讀後心得

Kanpai (1269) achieved a revenue of NT$4.514 billion in 2024, marking the second-highest in history. However, affected by the Chinese market, the net profit after tax was only NT$17.16 million, with an EPS of NT$0.84. The board of directors decided to issue a cash dividend of NT$1.5, resulting in a dividend payout ratio of 178.57%. Kanpai pointed out that the recovery of the Chinese market was not as expected, coupled with operational downsizing, which led to lackluster profits. Nevertheless, the restaurant business in Taiwan remained stable, and the external sales showed significant growth, indicating confidence in future development. This year, the group opened its first KANPAI CLASSIC in London, UK, showcasing its international expansion plans. In response to challenges in the Chinese market, the group has reduced its operational scale, decreasing the number of stores from 22 to 11, bringing the total number of stores down to 64 for the year. Looking ahead to 2025, Kanpai will focus on expanding the Taiwanese market, promoting brand growth, and will operate cautiously in the Chinese business. The group currently has 8 brands, covering a total of 64 stores.

KANPAI (1269) achieved a revenue of 4.514 billion NTD in 2024, setting a record for the second highest in its history. However, affected by the contraction of the Chinese market, the after-tax net profit was only 17.16 million NTD, with an EPS of 0.84 NTD. The board also passed a resolution to distribute dividends, over-distributing a cash dividend of 1.5 NTD, resulting in a dividend payout ratio of 178.57%. KANPAI indicated that the recovery of the Chinese market in 2024 was not as expected, combined with a continuous reduction in operational scale, led to lower annual profit performance. Nevertheless, the restaurant business in Taiwan maintained stable operations, and the external sales business saw significant growth. Additionally, with the gradual improvement in the health of the Chinese operations, the group decided to distribute cash dividends, demonstrating confidence in future development.

Reflecting on 2024, facing continued inflation increasing operating costs and an unsatisfactory recovery in the Chinese market, the group focused on improving the health of its restaurant business while actively promoting the development of external sales. The opening of the first KANPAI CLASSIC store in London, UK, in the third quarter laid an important foundation for global expansion. Regarding the Taiwanese market, KANPAI adopted a strategy of eliminating the weak and retaining the strong, successfully maintaining robust operational momentum. In the area of external sales, the group expanded warehousing and strengthened processing operations, adding refined services for refrigerated raw meat, leading to a nearly 50% increase in revenue compared to last year. In response to the market economic situation, the Chinese operations also accelerated the pace of scaling down to reduce losses, with the operational scale reduced from 22 locations to 11, and the total number of stores for the group decreased from 73 at the beginning of the year (51 in Taiwan, 22 in China) to 64 by the end of the year (52 in Taiwan, 11 in China, 1 in the UK).

Looking ahead to 2025, KANPAI plans to intensify its store expansion efforts, focusing on expanding in the Taiwanese market, with its flagship brand "Heimao House," known for its gourmet hot pot, as the main brand for store openings. Additionally, a new brand will be launched to drive revenue growth and overall profit performance. For the overseas market, the Chinese operations will adopt a cautious management strategy to continuously optimize the operational performance of each store and gradually improve profit targets. Meanwhile, the UK operations will continue to advance marketing promotions to increase brand exposure and communication with the local community, hoping that this brand will become an important operational driver for the group in the future.

Currently, KANPAI Group owns 8 brands, including KANPAI BBQ Izakaya, Lao KANPAI, KANPAI CLASSIC, Wagyu 47, Heimao House, Heimao House Honke, Heimao House Guesthouse, and Takagi Wagyu Dining Hall, with a total of 64 stores, including 52 in Taiwan, 11 in China, and 1 in the UK.