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]

Financial Performance - For the three months ended March 31, 2023, the company reported an unaudited consolidated profit attributable to owners of approximately $50.8 million[2]. - The total revenue for the same period was $2,107.4 million, a decrease of 12.0% compared to $2,394.4 million in the same period last year[8]. - The gross profit for the three months was $497.6 million, down from $568.3 million year-on-year[3]. - The total comprehensive income for the period was $74.4 million, down from $97.1 million in the previous year[5]. - The revenue attributable to the company was $852.4 million, a slight decline of 1.2% from $862.5 million in the same period last year, but an increase of 6.5% in RMB terms[10]. - The company reported a profit attributable to shareholders of $50.8 million, a decrease of 42.6% from $88.6 million in the same period last year[14]. Revenue Breakdown - The company experienced a 16.8% decrease in revenue from footwear activities, totaling $1,159.7 million, with a 24.0% reduction in the number of pairs shipped to 53.9 million[8]. - The total revenue for the manufacturing business, including footwear, soles, and accessories, was $1,255.0 million, a decrease of 18.1% compared to the same period last year[9]. - Gross profit decreased by 12.4% to $497.6 million, with the manufacturing segment's gross profit down 19.4% to $211.4 million[11]. - The gross margin for the manufacturing business was 16.8%, a slight decrease of 0.3 percentage points compared to the same period last year[11]. Operating Costs and Expenses - The company's financing costs increased to $22.7 million from $12.1 million year-on-year[3]. - Selling and distribution expenses totaled $241.6 million, accounting for approximately 11.5% of revenue, down from 12.1% in the previous year[12]. Strategic Initiatives - The company continues to optimize production scheduling and flexibly allocate resources to balance capacity and demand amid short-term challenges[7]. - The retail subsidiary, Pou Chen, is advancing its digital transformation and enhancing omni-channel integration to improve consumer experience[7]. - The company remains optimistic about the long-term prospects of its manufacturing business despite current macroeconomic challenges and high inventory levels affecting order visibility[15]. - The company will continue to focus on cost control and cash flow management to ensure liquidity and financial stability[15]. - The company is committed to diversifying its manufacturing capacity in regions like Indonesia and India to support sustainable growth[16]. - The company aims to leverage trends in "athleisure" and premiumization to seek higher value-added orders and improve its product mix[16]. Product Pricing - The average selling price of footwear increased by 9.6% to $21.53 per pair[8]. - The company's operating income from sports/outdoor footwear accounted for 87.6% of footwear manufacturing revenue, while casual and sports sandals made up 12.4%[8].

Financial Performance - Total footwear shipments reached 272.7 million pairs, an increase of 14.4% compared to 238.3 million pairs in the previous year[5]. - Revenue for the year was $8,970.2 million, reflecting a growth of 5.1% from $8,533.3 million in the prior year[5]. - Profit attributable to shareholders surged to $296.3 million, a significant increase of 157.5% from $115.1 million in the previous year[5]. - Free cash flow increased to $703.6 million, up 297.3% from $177.1 million in the previous year[5]. - The overall revenue for the fiscal year ending December 31, 2022, increased by 5.1% to $9 billion, up from $8.5 billion in 2021[17]. - The manufacturing segment's revenue from footwear activities rose by 28.2% to $5,706.6 million, with footwear shipment volume growing by 14.4% to 272.7 million pairs[17]. - The average selling price of footwear increased by 12.0% to $20.93 per pair, reaching a historical high[18]. - The net profit attributable to shareholders surged by 157.5% to $296.3 million, reflecting improved financial conditions[18]. - The company reported a revenue of $8,970.2 million for the year ended December 31, 2022, representing a 5.1% increase compared to the previous year[28]. - Profit attributable to the owners of the company increased by 157.5% to $296.3 million, with manufacturing business profit growing by 257.0% to $288.1 million[28]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.70 per share, a 250.0% increase from HKD 0.20 per share in the previous year[5]. - The board declared a final dividend of HK$0.70 per share for 2022, up from HK$0.20 per share in 2021[48]. - The company reported a mid-term dividend of HKD 0.40 per share for the six months ending June 30, 2022, and proposed a final dividend of HKD 0.70 per share, totaling approximately HKD 1,127,043,000[63]. Operational Efficiency and Cost Management - Selling and distribution expenses decreased to $988.5 million, representing 11.0% of revenue, down from 13.9% in 2021[37]. - The total cost of sales for the manufacturing business was $5,058.8 million, a 21.8% increase from $4,152.2 million in 2021[36]. - The company achieved significant improvements in manufacturing profitability due to economies of scale and stringent cost control measures[26]. - The company maintained a flexible capacity strategy, prioritizing quality growth and higher value-added orders amid a volatile industry environment[26]. - The company is enhancing its footwear manufacturing competitiveness by continuously reviewing brand customer order statuses and exploring new business models to mitigate operational risks[141]. Sustainability and Environmental Initiatives - The company aims to reduce greenhouse gas emissions by 46.2% by 2030 compared to the 2019 baseline[21]. - The company is actively pursuing a vision of "zero waste" and "low carbon emissions" as part of its environmental sustainability efforts[119]. - The board adopted a "Climate Change Policy" in 2021 to enhance the company's resilience to climate change risks[120]. - The company is expanding its use of renewable energy sources, including solar power and green energy procurement[120]. - The company is committed to responsible sourcing and supply chain management, ensuring compliance with international standards and promoting sustainable materials[121]. - In 2022, the company completed social responsibility assessments for 32 wholly-owned shoe factories, achieving a compliance rate of 91%[124]. Digital Transformation and Technological Advancements - The company is advancing its digital transformation strategy in both manufacturing and retail to enhance operational efficiency[19][20]. - The introduction of a new wave of SAP ERP and real-time data applications is part of the group's long-term digital transformation strategy aimed at achieving operational excellence[50]. - The company is accelerating its digital transformation and increasing investment in automated production R&D to mitigate disruptions caused by public health crises like COVID-19[143]. Market and Economic Outlook - The global economic outlook remains bleak, but there are signs of recovery in the Chinese market, which may boost consumer confidence and sales[22]. - The company continues to focus on high-value orders and agile management to navigate market challenges[18]. - Retail sales in the Greater China region contributed significantly to revenue, with a focus on stabilizing production capacity and supply amid market uncertainties[32]. Corporate Governance and Management - The company emphasizes the importance of corporate governance, with independent non-executive directors like Mr. Wang Ke-Qin and Mr. He Li-Kang bringing over 30 years of experience in auditing and banking[58]. - The company has a strong management team with extensive experience in finance and accounting, including Mr. Jan Lu-Ming, who has 42 years of experience in financial accounting[55]. - The company has established a comprehensive framework of policies and procedures to maintain high standards of corporate governance[182]. - The board consists of ten directors, with four being independent non-executive directors, meeting the requirement of at least three independent directors[198]. Employee Engagement and Talent Development - The company emphasizes talent development and retention, implementing systematic training and career development programs to ensure sustainable leadership[135]. - The company has a robust employee retention system and training programs to ensure leadership continuity and skill development[146]. - The company faces challenges in recruiting and retaining new management talent due to high turnover rates and the competitive job market[135]. Community Engagement and Social Responsibility - The company invested approximately $81,000 in community engagement activities in 2022, focusing on education, healthcare, and local relations[126]. - The company recognizes the importance of community relations and actively participates in local activities to enhance social living standards and foster harmonious relationships[126]. Risk Management and Compliance - The company has implemented a foreign exchange hedging policy to mitigate risks associated with currency fluctuations affecting production costs and operating performance[145]. - The company is committed to compliance with evolving regulations and has established governance policies to ensure ethical conduct[177]. - The company has maintained compliance with all relevant laws and regulations in key operating regions, including China, Vietnam, Indonesia, Cambodia, Bangladesh, and Myanmar, as of December 31, 2022[127].

Financial Performance - Revenue for the year ended December 31, 2022, was $8,970,228 thousand, representing a 5.12% increase from $8,533,337 thousand in 2021[2] - The recurring profit attributable to shareholders was $291,874 thousand, a significant increase of 363.13% compared to $63,022 thousand in the previous year[2] - The total profit attributable to shareholders reached $296,347 thousand, up 157.53% from $115,072 thousand in 2021[2] - Basic earnings per share increased to 18.41 cents, a rise of 157.48% from 7.15 cents in the prior year[2] - Total comprehensive income for the year was $169,665 thousand, down from $239,783 thousand in 2021[5] - The company reported a total of $106,297 thousand in income tax expenses for the year, compared to $63,159 thousand in 2021[18] - The company recorded a significant increase in recurring profit attributable to shareholders, rising 363.1% to $291.9 million[42] - Profit attributable to the owners of the company increased by 157.5% to $296.3 million, with manufacturing business profit growing by 257.0% to $288.1 million[32] Revenue Breakdown - Revenue from manufacturing business was $6,203,137 thousand, up 26.2% from $4,914,043 thousand in the previous year[13] - Retail business revenue decreased to $2,767,091 thousand, down 23.6% from $3,619,294 thousand in 2021[13] - Revenue from sports/outdoor shoes was $4,890,553 thousand, a 30.0% increase from $3,762,196 thousand in 2021[14] - Revenue from the United States was $2,043,360 thousand, an increase of 20.8% from $1,691,480 thousand in 2021[16] - Revenue from China decreased to $3,646,284 thousand, down 18.1% from $4,452,730 thousand in the previous year[16] - Major customer A contributed $2,202,664 thousand in revenue, up 25.4% from $1,755,185 thousand in 2021[18] Assets and Liabilities - Non-current assets totaled $3,791,896 thousand, a decrease from $4,118,673 thousand in the previous year[6] - Current assets decreased to $4,143,525 thousand from $4,519,411 thousand in 2021[7] - Total liabilities decreased to $3,289,096 thousand from $3,933,633 thousand in the previous year[7] - The net asset value attributable to shareholders increased to $4,189,711 thousand from $4,098,458 thousand in 2021[7] - Non-current assets in China decreased to $1,092,324 thousand from $1,301,736 thousand in the previous year[17] Dividends - The proposed final dividend was increased to HKD 0.70, a 250.00% increase from HKD 0.20 in the previous year[2] - The company declared a final dividend of HKD 0.70 per share for the year ended December 31, 2022, up from HKD 0.20 per share in 2021, totaling approximately HKD 1,127,043,000[21] - The board declared a final dividend of HK$0.70 per share for 2022, up from HK$0.20 per share in 2021[52] Expenses and Costs - Employee benefits expenses increased to $2,262,412,000 in 2022 from $2,136,352,000 in 2021, reflecting a rise of approximately 5.9%[19] - The total research and development expenses for 2022 were $189,742,000, slightly up from $185,430,000 in 2021[19] - The inventory provision change for 2022 was $11,286,000, compared to $5,031,000 in 2021, indicating an increase in inventory-related costs[20] - Accounts payable and other payables decreased to $426,930,000 in 2022 from $648,527,000 in 2021, showing a reduction of approximately 34%[25] - The main material costs totaled $2,368.2 million, representing 46.8% of total sales costs, which increased by 21.8% year-over-year[40] Cash Flow and Capital Expenditure - Cash generated from operating activities was $907.9 million, significantly up from $463.1 million in the previous year, with free cash flow reaching $703.6 million[44] - The group's total capital expenditure for 2022 was $204.3 million, a decrease from $286.0 million in 2021, with manufacturing capital expenditure at $158.0 million[47] - The capital expenditure for the retail business dropped to $46.3 million in 2022 from $70.1 million in 2021, aligning with the channel optimization strategy[47] Strategic Initiatives - The group maintains an optimistic long-term outlook for its manufacturing business despite challenges such as inflation and rising interest rates impacting global demand visibility[56] - The group plans to actively manage its supply chain and production capacity to balance demand and labor supply amid uncertain short-term demand for footwear[56] - The group aims to diversify its manufacturing capacity in regions like Indonesia to support sustainable growth when demand recovers[56] - The implementation of a new SAP ERP system and real-time data applications is part of the group's long-term digital transformation strategy to achieve operational excellence[57] - The group is focused on enhancing its growth strategy and digital transformation to strengthen its omnichannel presence and upgrade physical stores[57] Employee and Governance - The group employed approximately 310,000 employees as of December 31, 2022, a decrease of 2.3% from about 317,200 employees a year earlier[53] - The company has adopted the principles of the corporate governance code and complied with all applicable provisions during the fiscal year ending December 31, 2022[59] - The company will hold its annual general meeting on May 25, 2023, to discuss various corporate matters, including the re-election of directors[64]

Financial Performance - For the nine months ended September 30, 2022, the unaudited consolidated profit attributable to owners of the company was approximately $270.1 million[2]. - Revenue for the nine months ended September 30, 2022, was $6,971.8 million, an increase from $6,441.2 million in the same period of 2021, representing a growth of 8.2%[3]. - Gross profit for the nine months ended September 30, 2022, was $1,657.9 million, compared to $1,560.3 million in 2021, reflecting a gross margin improvement[3]. - The company reported a pre-tax profit of $353.4 million for the nine months ended September 30, 2022, compared to $175.8 million in the same period of 2021, indicating a significant increase[3]. - The company’s attributable profit for the nine months ended September 30, 2022, was $270.1 million, a 171.2% increase from $99.6 million in the same period last year[14]. - The total comprehensive income for the nine months ended September 30, 2022, was $88.7 million, a decrease from $176.9 million in the same period of 2021[5]. Revenue and Sales - Revenue from footwear activities increased by 33.0% to $4,389.1 million, driven by strong global demand and a significant increase in shipment volume by 19.0% to 213.0 million pairs[8]. - The company’s total revenue from manufacturing operations, including footwear and accessories, was $4,793.4 million, an increase of 31.1% year-on-year[8]. - The average selling price of footwear increased by 11.8% to $20.61 per pair, reflecting a focus on high-value orders and product mix optimization[8]. - The company’s sales and distribution expenses totaled $773.0 million, accounting for approximately 11.1% of revenue, down from 13.7% in the previous year[12]. Operational Insights - The retail subsidiary, Pou Chen Corporation, experienced a gradual improvement in foot traffic, although the retail market atmosphere remained volatile due to stricter COVID-19 control measures[7]. - The company continues to optimize its online channels to mitigate the impact of weak physical sales and enhance interaction with consumers and business partners[7]. - The company emphasized a focus on quality growth and higher value-added orders, leveraging ongoing trends in "athleisure" and premiumization[7]. Costs and Expenses - The company’s financing costs increased to $45.8 million for the nine months ended September 30, 2022, compared to $39.0 million in the previous year[3]. - Other income for the nine months ended September 30, 2022, was $89.4 million, slightly down from $97.0 million in the same period of 2021[3]. Future Outlook - The company remains cautiously optimistic about the long-term development of its manufacturing business despite global economic uncertainties and inflation risks[16]. - The company plans to diversify its manufacturing capacity in Southeast Asia, particularly in Indonesia, to support sustainable growth[16]. - The company recorded a significant increase in profit from associates and joint ventures, reaching $54.2 million, nearly doubling from $27.4 million in the previous year[13].