讀後心得

Kanpai (1269) reported a revenue of NT$4.514 billion for 2024, marking the second highest in its history. However, due to the contraction in the Chinese market, the after-tax net profit was only NT$17.16 million, with earnings per share at NT$0.84. The board of directors decided to distribute a cash dividend of NT$1.5, resulting in a dividend payout ratio of 178.57%. Kanpai noted that the recovery of the Chinese market was below expectations, affecting the annual profitability. However, the Taiwanese restaurant business is stable, and the external sales business has shown significant growth, leading the group to be confident about future development. In 2024, Kanpai will focus on improving its restaurant business and advancing external sales by opening its first KANPAI CLASSIC in London, accelerating international expansion. The group reduced its Chinese operations to 11 locations, decreasing the total number of stores from 73 to 64. Looking ahead to 2025, Kanpai plans to strengthen its expansion in the Taiwanese market, focusing on its strong brand "Heimao House," while cautiously managing its Chinese operations and promoting brand awareness in the UK market.

Kanpai (1269) achieved a revenue of NT$4.514 billion in 2024, marking the second-highest record in history. However, due to the contraction of the Chinese market, the after-tax net profit was only NT$17.16 million, with earnings per share (EPS) at NT$0.84. The board of directors has approved a dividend distribution plan, deciding to distribute a cash dividend of NT$1.50 per share, with a payout ratio of 178.57%. Kanpai pointed out that the recovery of the Chinese market in 2024 was not as expected, combined with a continued reduction in operational scale, which became the main reason for the lower annual profit performance. Nevertheless, the restaurant business in Taiwan continues to develop steadily, and the external sales business has seen significant growth. With the gradual improvement of the Chinese market's fundamentals, the group has therefore decided to distribute a cash dividend to demonstrate confidence in future development.

Looking back at 2024, faced with rising operational costs driven by inflation and the challenge of a slower-than-expected recovery in the Chinese market, the group focused on improving the operational health of the restaurant business and actively advancing the development of external sales. At the same time, the group plans to initiate proactive layouts in the international market, having opened the first KANPAI CLASSIC store in London, UK, in the third quarter, laying an important foundation for global expansion. Regarding the Taiwan market, Kanpai mentioned that the restaurant business adopted a strategy of retaining strengths while eliminating weaknesses, allowing for the maintenance of stable operational momentum. The external sales business expanded its warehousing and strengthened processing operations, introducing refined services for refrigerated raw meat, resulting in a nearly 50% revenue increase compared to last year.

In the Chinese market, with changes in the economic landscape, the group has accelerated the pace of reducing its operations in China to lessen losses, currently decreasing from 22 locations to 11. By the end of the year, the group's total number of stores dropped from 73 at the beginning of the year (51 in Taiwan and 22 in China) to 64 (52 in Taiwan, 11 in China, and 1 in the UK). Looking ahead to 2025, Kanpai plans to increase its store expansion efforts, focusing on growth in the Taiwan market, with its brand "Heimao House," recognized for daily hot pot cuisine, being the main brand for store expansion. The company will accelerate the market layout of its strong brands and will launch a new brand to further promote revenue growth and overall profit performance.

For overseas markets, the Chinese business will adopt a cautious operational strategy, continuously optimizing the operational performance of each store to gradually enhance profitability. Additionally, the UK business will continue to promote marketing activities to increase brand exposure and local communication, hoping to become an important operational driver for the group in the future. Kanpai Group currently has 8 brands, including Kanpai Yakiniku Izakaya, Old Kanpai, KANPAI CLASSIC, Wagyu 47, Heimao House, Heimao Main House, Heimao Guesthouse, and Takagi Wagyu Dining Hall, with a total of 64 stores, including 52 in Taiwan, 11 in China, and 1 in the UK.