Investment Rating - The report upgrades the investment rating to "Buy" [4] Core Views - The company is expected to report a significant increase in net profit for Q1 2024, estimated between $99.1 million and $101.6 million, representing a year-on-year growth of approximately 95% to 100% [5] - The recovery in orders and improved capacity utilization are anticipated to lead to a better-than-expected gross margin [5] - The company has reduced its manufacturing workforce by about 15% in 2023 while maintaining stable revenue for Q1 2024, indicating operational efficiency [5] - The projected revenue for the group for 2024, 2025, and 2026 is $8.397 billion, $8.922 billion, and $9.485 billion respectively, with year-on-year growth rates of 6.4%, 6.3%, and 6.3% [5] - The expected net profit for the same years is $419 million, $491 million, and $565 million, with year-on-year growth rates of 52.4%, 17.2%, and 15.2% respectively [5] Financial Summary - The company reported a revenue of $7.89 billion in 2023, with a projected increase to $8.397 billion in 2024, reflecting a growth of 6.4% [6] - The gross margin is expected to improve from 24.4% in 2023 to 25.6% in 2024 [6] - The return on equity (ROE) is projected to rise from 6.5% in 2023 to 9.8% in 2024 [6] - Earnings per share (EPS) are expected to increase from $0.17 in 2023 to $0.26 in 2024 [6]

Financial Performance - Total footwear shipment decreased by 19.9% to 218.3 million pairs in 2023 compared to 272.7 million pairs in 2022[5] - Revenue declined by 12.0% to $7,890.2 million in 2023 from $8,970.2 million in 2022[5] - Profit attributable to owners decreased by 7.3% to $274.7 million in 2023 from $296.3 million in 2022[5] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 13.1% to $777.5 million in 2023 from $894.4 million in 2022[5] - Basic earnings per share decreased by 7.4% to 17.05 cents in 2023 from 18.41 cents in 2022[5] - The overall revenue of the group decreased by 12.0% to approximately $7.9 billion, with footwear revenue declining by 18.4%[26] - The footwear shipment volume decreased by 19.9% to 218.3 million pairs, with revenue in the US and Europe dropping by 31.1% and 22.6% respectively[28] - The group recorded a revenue of $7,890.2 million for the year, a decrease of 12.0% compared to the previous year, primarily due to weak global footwear demand and an industry destocking cycle[47] - The profit attributable to the company's owners was $274.7 million, down 7.3% from $296.3 million in the previous year, with manufacturing profit decreasing by 19.7% to $231.4 million[47] - The group's footwear manufacturing revenue decreased by 18.4% to $4,657.5 million, with footwear shipments down 19.9% to 218.3 million pairs[48] - Gross profit decreased by 9.9% to $1,925.3 million, while the overall gross margin increased by 0.6 percentage points to 24.4%[56] - The return on equity for 2023 was 6.5%, down from 7.1% in 2022[193] - The asset return rate improved to 4.2% in 2023, compared to 3.7% in 2022[193] Cash Flow and Capital Expenditure - Free cash flow increased by 6.4% to $748.8 million in 2023 compared to $703.6 million in 2022[5] - Capital expenditure decreased by 4.1% to $195.9 million in 2023 from $204.3 million in 2022[5] - Cash flow from operating activities reached $944.7 million, up from $907.9 million in the previous year[65] - As of December 31, 2023, the company's cash and cash equivalents totaled $1,142.1 million, an increase from $1,018.3 million in 2022[66] - The group's total capital expenditure for 2023 was $195.9 million, a decrease from $204.3 million in 2022, with manufacturing capital expenditure at $152.0 million[72] Market and Strategic Initiatives - The company plans to enhance strategic partnerships and expand its retail presence in Greater China[3] - The group is implementing a digital transformation strategy, integrating various digital tools to enhance inventory management and store efficiency[32] - The global sports goods market is expected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2027[34] - The group aims to leverage long-term trends in sports and leisure to create value and long-term returns for stakeholders[36] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India, as per a memorandum of understanding signed on April 17, 2023[73] - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 25% by 2025[99] Operational Efficiency - The group continues to focus on enhancing sales conversion rates and operational efficiency amid a changing market and promotional environment[42] - The group maintained a stable profit margin despite a revenue decline, with attributable profit decreasing by only 7.3% to approximately $270 million[26] - The contribution of the omnichannel sales to the overall sales of the group increased to 27%[32] - The average selling price of footwear increased by 2.0% to $21.34 per pair, reaching a historical high[28] - The average selling price of high-end footwear increased by 2.0% to $21.34 per pair, partially offsetting the decline in shipments[48] Corporate Governance and Management - The board of directors includes experienced professionals with extensive backgrounds in finance, accounting, and legal affairs, enhancing corporate governance[128] - The company has a strong focus on investor relations, with a dedicated director overseeing strategic planning and coordination of investor activities[113] - The company has undergone changes in its board composition, with several directors up for re-election at the upcoming annual general meeting[128] - The remuneration policy for directors is based on a written policy that aligns with business strategy and shareholder interests, ensuring fairness and performance-based compensation[134] Employee and Shareholder Engagement - The total number of employees decreased by 14.6% to approximately 264,700 as of December 31, 2023, compared to about 310,000 in the previous year[83] - The group maintains a stable dividend policy, with a total dividend for the year of HK$0.90 per share, down from HK$1.10 in 2022[79] - The board has proposed a final dividend of HK$0.70 per share, totaling approximately HK$1,129 million (about $145 million), consistent with the previous year's final dividend[79] - The company emphasizes the importance of performance-based compensation for employees, linking it to individual responsibilities and market salary levels[134] Risk Management and Future Outlook - Despite improved order visibility, ongoing inflation and high interest rates create macroeconomic uncertainties, leading to a conservative outlook for the global footwear industry in the short term[86] - The group plans to enhance operational resilience and agility, focusing on cost control to solidify profitability while maintaining healthy cash flow and financial stability[86] - The company is committed to a long-term capacity layout strategy, targeting sustainable growth in Indonesia and India through diversified manufacturing capacity[86] - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[99]

港股公司报告 | 公司点评 裕元集团（00551） 证券研究报告 2024年03月14日 投资评级 制造端订单能见度好转，毛利率逐季提升 行业 非必需性消费/纺织及 服饰 6个月评级 买入（维持评级） 公司发布2023全年业绩公告 当前价格 11.4港元 23Q4收入19.04亿美元，同减4.7%；归母净利1.37亿美元，同增422.9%； 目标价格 港元 2023年收入78.90亿美元，同减12.0%；归母净利2.75亿美元，同减7.3%； 基本数据 分品类，运动/户外鞋全年收入40.41亿美元，同减17.4%，占比87%；休 港股总股本(百万股) 1,612.18 闲鞋和户外凉鞋全年收入6.16亿美元，同减24.5%，占比13%；鞋底、配 港股总市值(百万港元) 18,378.90 件及其他收入4.02亿美元，同减19%； 每股净资产(港元) 20.55 分渠道，全渠道收入占比27%，加盟店收入占比21%，泛微店收入占比13%； 资产负债率(%) 35.99 直营店和其他占比52%。 一 年内最高/最低(港元) 11.98/7.32 公司23年毛利率24.4%，净利率5.12% 作者 23年公司毛利率24 ...

业绩点评 业绩点评 补库逻辑下景气度向好，看好经营杠杆持续释放 裕元集团（0551.HK） 2024-03-15 星期五 主要财务指标 百万美元 2019A 2020A 2021A 2022A 2023A 销售收入 10,105 8,445 8,533 8,970 7,890 同比增长(%) 4.2% -16.4% 1.0% 5.1% -12.0% 毛利率 24.9% 21.7% 24.0% 23.8% 24.4% 归母净利润 301 -91 115 296 275 同比增长(%) -2.1% -130.2% -226.7% 157.5% -7.3% 归母净利润率 3.0% -1.1% 1.3% 3.3% 3.5% 每股盈利(HKD) 1.46 -0.44 0.56 1.44 1.33 数据来源：Wind、公司公告、国元证券经纪（香港）整理 业绩点评： 相关报告 ➢ 23Q4制造端出货迎拐点，产能利用率显著提升，全年派息约70%： 于23Q4，利用率改善带动盈利能力达近5年单季新高。Q4产能利用率环比 +6pp显著改善至85%。Q4制造业务收入同比-10.1%，鞋履出货量同比-5.0%， 季度制造业务GPM和 ...

智通财经APP获悉，里昂发布研究报告称，予裕元集团(00551)"跑赢大市"评级，股息率高达10.5%属吸 引。集团去年末季及全年销售大致符预期，但受惠制造业务强劲盈利能力，其去年纯利远胜该行及市场 预期。 报告中称，公司去年末季和全年收入同比分别降5%和12%，主因是受到全球需求疲弱和主要客户去库 存影响;但旗下宝胜国际(03813)门店客流量及销售额正在复苏。而公司生产部门受惠原材料成本同比降 22%及人工成本降17%，使得毛利率大幅高于该行及市场预期。另经营利润率也胜市场预期，主要由于 生产业务的强劲毛利率，以及公司营运费用控制和效率优化。 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was $7,890,168 thousand, a decrease of 12.0% compared to $8,970,228 thousand in 2022[2] - The recurring profit attributable to the company's owners was $263,399 thousand, down 9.8% from $291,874 thousand in the previous year[2] - Non-recurring profit increased significantly by 152.9% to $11,311 thousand from $4,473 thousand in 2022[2] - Basic earnings per share decreased by 7.4% to 17.05 cents from 18.41 cents in the prior year[2] - The company's profit for the year 2023 was $274,710,000, a decrease of 7.3% compared to $296,347,000 in 2022[27] - The profit attributable to the company's owners was $274.7 million, down 7.3% from $296.3 million in the previous year, with manufacturing profits decreasing by 19.7% to $231.4 million[36] Dividends - The interim dividend was reduced by 50.0% to HK$0.20 from HK$0.40, while the proposed final dividend remained at HK$0.70[2] - The company declared a final dividend of HKD 0.70 per share for the year ended December 31, 2023, consistent with the previous year's dividend[26] - The total dividend for the year will be HKD 0.90 per share, amounting to approximately HKD 1,451 million (about $186 million), down from HKD 1.10 per share in 2022[55] Revenue Breakdown - Revenue from the manufacturing segment was $5,059,438 thousand in 2023, down from $6,203,137 thousand in 2022, representing a decline of 18.4%[15] - Retail segment revenue increased slightly to $2,830,730 thousand in 2023 from $2,767,091 thousand in 2022, marking a growth of 2.3%[15] - Revenue from sports/outdoor shoes was $4,041,081 thousand in 2023, down from $4,890,553 thousand in 2022, a decrease of 17.3%[16] - Revenue from the United States was $1,408,248 thousand in 2023, a decline of 31.0% from $2,043,360 thousand in 2022[18] - Revenue from Europe decreased to $1,286,960 thousand in 2023 from $1,663,528 thousand in 2022, a drop of 22.6%[18] - Revenue from China was $3,703,793 thousand in 2023, slightly up from $3,646,284 thousand in 2022, an increase of 1.6%[18] Assets and Liabilities - Current assets decreased to $3,783,858 thousand from $4,143,525 thousand, primarily due to a reduction in inventory and cash[6][7] - Total liabilities decreased to $1,984,674 thousand from $2,003,292 thousand, reflecting improved financial management[7] - The net asset value increased to $4,710,028 thousand from $4,642,325 thousand, indicating a strengthening of the company's financial position[7] Operational Efficiency - The total employee benefits expense, including director remuneration, was $1,990,412,000 in 2023, down from $2,262,412,000 in 2022, reflecting a reduction of 12%[24] - The company reported a net change in inventory provisions of $(11,796,000) in 2023, compared to $25,943,000 in 2022, indicating a significant improvement in inventory management[24] - The company experienced a foreign exchange gain of $4,878,000 in 2023, compared to a loss of $(3,182,000) in 2022, marking a significant turnaround[24] - The company's operational efficiency improved significantly, with capacity utilization and profit margins showing quarterly improvements despite external challenges[33] Capital Expenditure and Investments - Total capital expenditure for 2023 was $195.9 million, slightly down from $204.3 million in 2022, with manufacturing capital expenditure at $152.0 million compared to $158.0 million in the prior year[51] - The company plans to invest approximately ₹23 billion (around $276 million) in a production base in an economic zone in Tamil Nadu, India, as part of a memorandum of understanding signed in April 2023[52] Corporate Governance and Future Plans - The company has complied with all applicable corporate governance codes and standards throughout the year[60] - The company aims to enhance operational resilience and flexibility to improve production efficiency and maintain profitability amid macroeconomic uncertainties[57] - The company plans to continue its digital transformation strategy to achieve operational excellence through integrated management systems[57] Shareholder Information - The board declared a final dividend of HKD 0.70 per share, totaling approximately HKD 1,129 million (about $145 million), maintaining the same level as the previous year's final dividend[55] - The company will hold its 2024 Annual General Meeting on May 24, 2024, at the International Building, Kowloon, Hong Kong[63]

智通财经APP获悉，裕元集团(00551)现跌超5%，截至发稿，跌4.61%，报7.87港元，成交额1404.7万港 元。 消息面上，裕元集团此前发布公告，于2023年12月，公司本月综合经营收益净额约6.4亿美元，同比增 长1.6%。公司截至2023年12月31日止12个月的综合累计经营收益净额约78.9亿美元，同比减少12%。 根据裕元集团三季报，前三季度公司实现营业收入59.87亿美元，同比减少14.13%；公司拥有人应占溢 利1.38亿美元，同比减少49.03%。麦格理指出，集团第三季收入同比跌19%，低过该行及市场预期。 ...

Financial Performance - For the nine months ended September 30, 2023, the company reported an unaudited consolidated profit attributable to owners of approximately $137.7 million[2]. - The company's revenue for the same period was $5,986.6 million, a decrease of 14.1% compared to $6,971.8 million in the previous year[7]. - Gross profit for the nine months was $1,409.6 million, down from $1,657.9 million year-on-year[3]. - The company reported a pre-tax profit of $217.99 million, down from $353.42 million in the previous year[3]. - The total comprehensive income for the period was $78.63 million, compared to $88.66 million in the previous year[4]. - The company's attributable profit was $137.7 million, a decrease of 49.0% from $270.1 million in the same period last year[12]. Revenue Breakdown - The company experienced a 20.4% decline in revenue from footwear activities, totaling $3,494.5 million, with a 24.5% decrease in footwear shipments to 160.9 million pairs[7]. - The revenue from sports/outdoor footwear accounted for 50.6% of total revenue, while casual shoes and sports sandals contributed 7.8%[9]. - The group's total revenue from manufacturing (including footwear, soles, accessories, and others) was $3,792.8 million, a decrease of 20.9% compared to the same period last year[8]. - The total revenue for the group was $5,986.6 million, down 14.1% from $6,971.8 million in the previous year[9]. Cost and Profitability - The gross profit decreased by 15.0% to $1,409.6 million, with the manufacturing segment's gross profit down 21.6% to $683.9 million[10]. - The gross margin for the group was 33.1%, a decline of 2.9 percentage points compared to the same period last year[11]. - Total sales and distribution expenses were $680.4 million, representing approximately 11.4% of revenue[11]. - The financing costs for the nine months were $64.97 million, compared to $45.76 million in the previous year[3]. Operational Strategies - The company implemented cost control measures and efficiency improvements to mitigate operational leverage effects, showing resilience in its manufacturing business[6]. - The retail subsidiary, Pou Chen International, faced fluctuations in customer traffic in mainland China, impacting sales trends[6]. - The company remains optimistic about the long-term outlook for its manufacturing business despite uncertainties in the macroeconomic environment[13]. - The company plans to continue focusing on cost control and cash flow management to ensure financial stability[13]. - The company aims to diversify its manufacturing capacity in regions like Indonesia and India to support sustainable growth[13]. Pricing Trends - The average selling price of footwear increased by 5.3% to $21.71 per pair, helping to offset the impact of the decline in shipments[7].

Financial Performance - Revenue for the first half of 2023 was $4,155.0 million, a decline of 11.8% compared to $4,709.8 million in 2022[13] - Gross profit decreased to $977.7 million, down 10.8% from $1,095.7 million year-on-year[13] - Profit attributable to owners of the company was $83.6 million, a significant drop of 52.2% from $175.0 million in the previous year[13] - Basic earnings per share fell to 5.19 cents, down 52.3% from 10.87 cents in the same period last year[13] - The interim dividend was reduced to HK$0.20 per share, a decrease of 50.0% compared to HK$0.40 in the previous year[13] - The operating profit margin decreased to 3.7%, down from 4.5% in the previous year[13] - Return on equity was 4.1%, down from 8.4% year-on-year[13] - Net profit for the six months ended June 30, 2023, was $105,011 thousand, a decline of 40.5% compared to $176,474 thousand in the prior year[19] - The group reported a net profit of $38,216 thousand for the six months ended June 30, 2023, down from $47,474 thousand in the same period of 2022, representing a decrease of 19.5%[41] Revenue Breakdown - Total footwear shipments decreased to 109.8 million pairs, down 23.8% from 144.1 million pairs in the previous year[13] - Revenue from the manufacturing business, including footwear, soles, and accessories, was $2,573.9 million, a decrease of 19.3% year-on-year[66] - Revenue from retail business increased to $1,581,073 thousand for the six months ended June 30, 2023, compared to $1,520,893 thousand in the same period of 2022, reflecting a growth of 3.9%[36] - Revenue from the United States decreased to $707,210 thousand in 2023 from $1,119,946 thousand in 2022, a decline of 36.8%[38] - Revenue from Europe also decreased to $696,045 thousand in 2023 from $856,220 thousand in 2022, a decline of 18.7%[38] Cost and Expenses - Gross profit for the same period was $977,710 thousand, down 10.8% from $1,095,738 thousand year-on-year[18] - Total sales and distribution expenses fell by 12.1% to $473.4 million, maintaining a ratio of approximately 11.4% of revenue[73] - The manufacturing cost of goods sold was $2,125.7 million, a decrease of 19.2% compared to $2,632.1 million in the previous year[72] - The total employee costs for the six months ended June 30, 2023, were $1,066,381 thousand, a decrease of 8.9% from $1,170,303 thousand in the same period of 2022[42] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2023, was $363.589 million, a significant increase from $8.759 million in the same period last year[25] - Total cash inflow from operating activities reached $363.6 million, a substantial increase from $8.7 million in the same period last year, with free cash flow turning positive at $281.0 million compared to a negative $102.7 million previously[76] - Cash and cash equivalents at the end of the period were $907,244 thousand, up from $784,351 thousand at the end of the same period in 2022[26] - The current ratio improved to 2.3 times, compared to 2.1 times in the previous year[13] - Net leverage ratio decreased to 5.3%, down from 9.0% in the previous year[13] Investments and Future Plans - The company plans to focus on new product development and market expansion strategies to enhance future performance[19] - The company plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India, as per the memorandum of understanding signed with the Tamil Nadu government[57] - The group is actively seeking potential opportunities and investment projects to support sustainable growth, with plans for future significant investments[81] Corporate Governance and Compliance - The company has adopted accounting principles and practices reviewed by the audit committee and management, ensuring compliance with financial reporting standards[116] - Deloitte has issued a review report on the interim financial data for the period without any reservations, confirming the accuracy of the financial statements[117] - The company maintains high standards of corporate governance, adhering to the principles outlined in the corporate governance code[117] - All directors have confirmed compliance with the established code of conduct for securities trading during the reporting period[117] Employee and Shareholder Information - As of June 30, 2023, the company employed approximately 276,800 employees, a reduction of 14.2% from about 322,500 employees on June 30, 2022[85] - Major shareholders include Baocheng with 824,143,835 shares (51.11%), Wealthplus Holdings Limited with 773,156,303 shares (47.95%), and Merrill Lynch & Co. Inc. with 99,315,703 shares (6.16%) as of June 30, 2023[107] - The total number of issued shares for the company was 5,326,179,615 shares[95] Sustainability and Social Responsibility - The company has received recognition for its sustainability efforts, ranking among the top three in the "Best Environmental, Social, and Corporate Governance" category by Institutional Investor and achieving a CDP climate change rating upgrade to "B"[64] - The company emphasizes a people-centric approach, focusing on employee health, safety, and well-being as part of its long-term sustainability strategy[64] - The company has received certification from the Fair Labor Association (FLA), becoming the first and only certified footwear supplier globally[86]

Financial Performance - The company's revenue for the six months ended June 30, 2023, was $4,154,968 thousand, a decrease of 11.78% compared to $4,709,792 thousand in the same period of 2022[2] - The profit attributable to the company's owners for the six months ended June 30, 2023, was $83,601 thousand, down 52.24% from $175,049 thousand in the previous year[2] - Basic earnings per share for the period were 5.19 cents, a decrease of 52.25% compared to 10.87 cents in the same period last year[2] - Total comprehensive income for the period was $29,330 thousand, significantly lower than $92,656 thousand in the same period of 2022[6] - The company's profit for the six months ended June 30, 2023, was $83,601,000, a decrease from $175,049,000 in the same period of 2022[24] - Profit attributable to the company's owners was $83.6 million, down 52.2% from $175.0 million in the previous year[32] Dividends - The interim dividend declared was HK$0.20, which is 50.00% lower than the HK$0.40 declared in the previous year[2] - The company declared an interim dividend of HK$0.20 per share for the six months ended June 30, 2023, compared to HK$0.40 per share in 2022[23] - The board declared an interim dividend of HK$0.20 per share, compared to HK$0.40 per share in 2022[51] Revenue Breakdown - Manufacturing business revenue was $2,573,895 thousand, down 19.3% from $3,188,899 thousand year-on-year[19] - Retail business revenue increased to $1,581,073 thousand, up 3.9% from $1,520,893 thousand in the previous year[19] - The total revenue from manufacturing activities, including sports/outdoor shoes, casual shoes, and sports sandals, decreased by 18.1% to $2,379.0 million, with footwear shipments down 23.8% to 109.8 million pairs[33] - BaoSheng's revenue rose by 4.0% to $1,581.1 million, attributed to improved consumer sentiment and retail foot traffic in mainland China[34] Assets and Liabilities - Non-current assets as of June 30, 2023, amounted to $3,581,612 thousand, down from $3,791,896 thousand as of December 31, 2022[7] - Current assets decreased to $3,751,090 thousand from $4,143,525 thousand at the end of 2022[8] - Current liabilities were $1,629,133 thousand, a decrease from $2,003,292 thousand in the previous year[8] - The company's net asset value as of June 30, 2023, was $4,529,538 thousand, down from $4,642,325 thousand at the end of 2022[8] - Accounts receivable amounted to $952,926,000 as of June 30, 2023, compared to $934,027,000 at the end of 2022[26] - The aging analysis of accounts payable showed a total of $397,568,000 as of June 30, 2023, compared to $426,930,000 at the end of 2022[28] Operational Efficiency - The company continues to implement strict cost control measures and enhance operational efficiency to strengthen its manufacturing business amid a challenging macroeconomic environment[31] - The group plans to continue monitoring market developments and will flexibly allocate production capacity to balance demand, order scheduling, and labor supply, focusing on cost control and cash flow management to ensure financial stability[53] - The group aims to diversify its manufacturing capacity in regions like Indonesia and India, targeting sustainable growth opportunities while enhancing its product mix through high-value orders[53] Employee and Workforce - As of June 30, 2023, the group employed approximately 276,800 employees, a decrease of 14.2% from 322,500 employees a year earlier[52] - The group maintains a competitive compensation plan and comprehensive employee benefits, including year-end bonuses based on annual profit performance[52] Market Conditions - The overall footwear industry is experiencing a destocking cycle, impacting the company's short-term operational performance and profitability[32] - The retail business is expected to show a cautious recovery trend in the second half of 2023, supported by improved foot traffic and consumer spending in mainland China[54] Financial Management - The company recorded a net cash inflow from operating activities of $363.6 million, compared to a net inflow of $8.7 million in the same period of 2022[43] - The company's bank balance and cash amounted to $959.8 million as of June 30, 2023, down from $1,018.3 million at the end of 2022[44] - The net leverage ratio (net bank borrowings to total equity) was 5.3% as of June 30, 2023, down from 9.0% at the end of 2022[44] Capital Expenditure - The group recorded a total capital expenditure of $82.6 million in the first half of 2023, down from $111.4 million in the same period of 2022[46] - Capital expenditure for the manufacturing business was $59.9 million, compared to $89.2 million in the first half of 2022[46] - The retail business's capital expenditure increased to $22.7 million, slightly up from $22.2 million in the first half of 2022[46] Corporate Governance - The company has adopted the corporate governance code principles and complied with all applicable code provisions during the reporting period[57] - The external auditor has issued a review report without reservation on the interim financial information for the period[59] - The interim results announcement and report will be published on the company's website and the Hong Kong Stock Exchange website[61]