0The Company witnessed both opportunities and challenges in 2020. The successful listing of shares (the “Shares”) on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on January 15, 2020 (the “Listing”) marked a significant milestone in the Company’s history. In order to facilitate better prevention and control of the pandemic and to safeguard the health and safety of our employees and customers, the Company temporarily suspended the operation of all restaurants in the PRC (including both self-operated and franchised restaurants) from January 26, 2020. The operation of certain restaurants resumed from March 18, 2020. All of the restaurants had resumed operation since May 10, 2020. Despite the impact of the pandemic, revenue of the Company increased by 1.0% from RMB2,687.3 million for the year ended December 31, 2019 to RMB2,714.8 million for the year ended December 31, 2020. The Company also achieved a positive profit for the year of RMB138.0 million and positive operating cash flow of RMB546.1 million for the year ended December 31, 2020. Revenue from Tai Er and Song increased due to the restaurant network expansion of Tai Er and Song and their increasing popularity among customers. Average spending per customer of our restaurants increased as a result of adjustments to menus and dish prices.
Despite the impact of the pandemic, the Company maintained the market position as a leading Chinese cuisine restaurant brand manager and operator in China and actively continued to expand the restaurant network in 2020. In 2020, the Company opened 139 new restaurants, which comprises ten Jiu Mao Jiu restaurants, 109 Tai Er restaurants, two self-operated Double Eggs restaurants, 16 franchised Double Eggs restaurants and two Song Chongqing Hot Pot Factory restaurants. As of December 31, 2020, we operated 349 restaurants and managed 32 franchised restaurants, covering 60 cities in 21 provinces, four municipalities, the Macau special administrative region in the PRC and Vancouver in Canada. Song ( 慫 ) brand achieved significant development in 2020. In furtherance of the Song brand, we developed the hot pot brand Song Chongqing Hot Pot Factory (慫重慶火鍋廠) for brand transformation and expanded our business into the hot pot field. We opened two Song Chongqing Hot Pot Factory restaurants in 2020 and provided customers with a distinctive hot pot dining experience through unique store decoration, menu design, branding and marketing strategies.
In addition, the Company was included in the Hang Seng Family of Indexes and the change took effective on September 7, 2020. It marks that the Company has been recognized by the capital market. It is also the development of the Company's brand awareness and recognition, which will be beneficial to get the boost from southbound funds. At present, the Company’s shares are covered by more than 20 well-known brokerage firms, with the highest target price of $46.
Chairman of the Company, Mr. GUAN Yihong said, “Looking ahead, the Company will continue to implement the following growth strategies: (1) Replicate our success through further expansion. We have been closely monitoring the development of the pandemic in China and adjusting the timeline of our restaurant network expansion plan for different brands as and when appropriate. We expect that we will remain on track with our restaurant network expansion plan set forth in the prospectus of the Company dated December 31 2019, for Tai Er brand, while adopting a moderate approach in the timeframe of our restaurant network expansion plan for other brands. (2) Continue to expand into more market segments by pursuing a multi-brand and multi-concept strategy. We plan to further promote the brand image and recognition of Tai Er as it has achieved higher operating profits compared with our other brands. We will also invest in companies in the catering service industry. We intend to identify targets which adopt innovative business models and possess development and growth potential, or whose business models can create synergies with our business and fit into our multibrand development strategy. We currently have not yet identified any potential target. We believe our multibrand and multi-concept strategy allows us to further expand into more market segments, capture market opportunities, broaden our customer base and ultimately increase our market share. The collaboration with various young and innovative brands would enable us to stay attuned to market trends. (3) Continue to strengthen our supply and support capabilities. We rented a new warehouse near our central kitchen in Foshan. The existing warehouse of our Foshan central kitchen will be converted into a food processing center to enhance our supply chain capabilities in support of our future expansion plan. We also intend to construct and establish a supply chain center in Southern China to enhance our supply chain capabilities in support of our futureexpansion plan. In addition, we will continue our cooperation with suppliers of our key ingredients by way of joint ventures or other means to secure stable supply of key ingredients. (4) Expand into the global markets to gain international presence. In 2020, we opened a Tai Er restaurant in Macau in view of its significance in the Guangdong-Hong Kong-Macau Greater Bay Area and as a popular tourist destination. We will continue to carry out comprehensive research into potential overseas target markets and carefully evaluate and select appropriate locations for our expansion to gain international presence. We will prioritize regions with high population of Chinese people, such as Hong Kong, Macau, Singapore, the USONG nited States and Canada etc., for our future expansion.
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