Investment Rating - The report maintains a rating of "Add" for the company [4][6]. Core Insights - The company reported a revenue increase of 14.8% year-on-year to 3.54 billion yuan in 2023, with a net profit growth of 18.4% to 530 million yuan. The second half of the year saw a revenue increase of 21.6% to 2.05 billion yuan and a net profit increase of 36.1% to 260 million yuan [5][6]. - The men's wear segment showed strong performance, particularly in the light business category, which led to a significant revenue increase. The company aims to maintain a revenue growth target of 15% for 2024 [5][6]. - The company has successfully improved its gross margin by 2.2 percentage points to 48.2% due to the increased contribution from the light business segment [5][6]. Financial Summary - For 2023, the company achieved a revenue of 3.54 billion yuan, with a year-on-year growth of 14.8%. The projected revenues for 2024, 2025, and 2026 are 4.02 billion yuan, 4.42 billion yuan, and 4.87 billion yuan, respectively, with growth rates of 13.5%, 10.0%, and 10.0% [6][7]. - The net profit for 2023 was 530 million yuan, with projections of 588 million yuan, 658 million yuan, and 736 million yuan for the following years, reflecting growth rates of 10.8% and 11.9% [6][7]. - The gross margin is expected to slightly improve to 48.3% in 2024 and reach 48.7% by 2026 [6][7]. Operational Highlights - The company opened a net of 51 new stores in 2023, with 8 in the main series and 43 in the light business segment. The total number of self-operated, consignment, and distribution stores at year-end was 297, 936, and 1462, respectively [5][6]. - The company has enhanced its e-commerce capabilities, resulting in a 17.6% year-on-year increase in new retail sales, significantly improving profit margins [5][6]. - Inventory management has been effective, with a 6.7% year-on-year decrease in inventory to 830 million yuan and an average inventory turnover period reduced by 25 days to 170 days [5][6].

Financial Performance - Revenue for 2023 increased by 14.8% to RMB 3,543.8 million compared to RMB 3,086.2 million in 2022[6]. - Gross profit rose by 20.2% to RMB 1,706.8 million, with a gross profit margin of 48.2%, up from 46.0%[6][8]. - Operating profit increased by 17.6% to RMB 610.6 million, resulting in an operating profit margin of 17.2%[6][8]. - Profit for the year grew by 18.4% to RMB 530.4 million, with a net profit margin of 15.0%[6][8]. - Basic and diluted earnings per share increased by 18.4% to HKD 44.30[7]. - Shareholders' equity per share rose by 4.9% to HKD 331.3[7]. - Final dividend per share increased by 44.4% to HKD 13 cents, compared to HKD 9 cents in 2022[7]. - For the year ended December 31, 2023, the Group's annual revenue increased by 14.8% year-on-year to RMB3,543.8 million, with net profit rising to RMB530.4 million, representing an 18.4% increase[25][24]. Retail and Store Expansion - The total number of stores reached 2,695, representing a net increase of 51 stores year-on-year, including 296 smart casual collection stores and 2,393 core collection stores[16]. - The Group plans to increase its retail scale by adding 100 to 200 new stores, targeting prime locations in provincial capitals and prefecture-level cities[19]. - The Group had a total of 2,695 retail stores nationwide, a net increase of 51 stores during the year[42]. - The total retail store floor area increased by 6.4% to approximately 429,543 square meters compared to the end of the previous year[42]. - The smart casual collection stores increased by a net of 43 stores, focusing on Eastern and Northwestern China[42]. Sales and Marketing Strategies - The Group's new retail sales grew by 17.6% year-on-year, reflecting the successful integration of online and offline sales strategies[16]. - The Group leveraged e-commerce platforms, particularly Tiktok, to enhance promotional efforts and drive business growth, especially during the "Double 11 Shopping Festival"[16]. - The integration of online and offline models has been optimized to foster growth in store performance and overall profitability[16]. - The e-commerce business achieved a growth rate of 17.6% for the year, outperforming the overall growth rate, driven by interactive live-streaming sales models[24][25]. Product Development and Innovation - The Group continued to invest in new product research and development to adapt to market demand, focusing on the strategic upgrade of "Lilang's Minimalist Men's Fashion"[16]. - Sales of down products increased by 30% compared to the same period last year, driven by the successful launch of hydrophobic down 2.0[17]. - The Group's investment in research and development and product upgrades aims to enhance product quality and value for customers[17]. - Approximately 75% of the products sold during the year featured original designs, with about 50% utilizing unique fabrics developed by the Group[56]. - The Hydrophobic Down 2.0 was certified by the World Record Certification Authority as "the world's outstanding down with ultra warm technology" and "the down with the best hydrophobic performance"[59]. Financial Management and Position - The Group maintained a healthy financial position with sufficient cash flow throughout the year[16]. - As of December 31, 2023, total cash and bank balance increased to RMB3,139.3 million, up from RMB1,891.3 million in 2022, reflecting a significant growth of 66.0%[68]. - The Group's net cash generated from operating activities was RMB1,100.7 million, while net cash used in investing activities amounted to RMB1,212.0 million, indicating a cash outflow in investments[70][71]. - The Group's effective income tax rate was 19.4%, an increase of 1.3 percentage points compared to last year[38]. Sustainability and Environmental Initiatives - The Group is committed to environmental sustainability, with detailed policies and performance outlined in the Environmental, Social and Governance Report[80]. - The Group's environmental management system complies with ISO14001, covering Lilang Creative Park, Lilang Industrial Park, and all employees[103]. - The Group invested RMB5.03 million in 2023 to construct a solar photovoltaic power generation system, expected to achieve an electricity output of 2.15 GWh/year, reducing carbon emissions by 214 tonnes[106]. - The Group's eco-friendly jeans collection launched in 2020 uses blended fabrics from recycled plastic bottles, promoting sustainable fashion[127]. - The Group has implemented measures to reduce raw material consumption and carbon emissions, including the use of eco-friendly fibre materials and clean energy[131]. Employee Management and Welfare - As of December 31, 2023, the Group had a total of 4,032 employees, with total staff costs amounting to approximately RMB 393.3 million, an increase from RMB 347.4 million in 2022[81]. - The Group emphasizes corporate social responsibility and provides a decent working environment, ensuring compliance with national labor laws[134]. - Competitive remuneration and benefits are provided to employees, with regular salary inspections and adjustments based on performance and market conditions[138]. - The Group has achieved zero work-related fatalities and injuries in 2023, with no lost days due to work injuries[146]. - The Group provides a range of benefits for employees, including housing subsidies, wedding subsidies, and local education for employees' children[139]. Corporate Governance and Compliance - The company is committed to compliance with corporate governance standards and has adhered to all code provisions of the Corporate Governance Code during the year ended December 31, 2023[190]. - The Board consists of five Executive Directors, three Non-executive Directors, and four Independent Non-executive Directors[196]. - The Group has established preventive measures and whistle-blowing procedures to combat corruption[186]. - The Group emphasizes customer satisfaction and has implemented a nationwide customer service management mechanism[160]. - The Group's charitable donations totaled RMB12.023 million during the reporting period, including RMB7 million to Jinjiang Charitable Foundation and RMB5 million to Jinjiang Love in the Heart Charitable Foundation[164].

Investment Rating - The report maintains a "BUY" rating for China Lilang with a target price raised to HK$5.75, reflecting a 29.2% upside from the current price of HK$4.45 [2][4]. Core Insights - China Lilang is expected to outperform in FY24E due to operational efficiency improvements and product quality upgrades, with a robust retail sales growth target of 15%, including 20% growth for e-commerce [2][6]. - The company reported FY23 results that slightly beat expectations, with sales and net profit increasing by 15% and 18% year-over-year, respectively [2][9]. - The report highlights a significant improvement in working capital, with inventory and receivable days reduced to 170 and 42 days, respectively [2][9]. Financial Performance - FY23 revenue was RMB 3,544 million, with a gross profit margin of 48.2% and a net profit of RMB 530 million, reflecting a year-over-year growth of 15% and 18% [3][9]. - For FY24E, revenue is projected to reach RMB 4,047 million, with a net profit of RMB 626 million, indicating a year-over-year growth of 14% [6][9]. - The company declared a dividend per share (DPS) of HK$0.36 for FY23, resulting in a payout ratio of 74% and an 8% yield based on the current market capitalization [2][4]. Segment Performance - Sales growth rates for key segments in FY23 were 10% for the core brand, 35% for smart casual, and 18% for e-commerce [2][9]. - The smart casual segment is expected to continue its rapid growth, with sales per store already exceeding that of the core brand [2][6]. Valuation Metrics - The report indicates a P/E ratio of 8x for FY24E, which is considered attractive compared to the target P/E of 10x [2][4]. - The projected sales and net profit CAGR for FY23-26E is 11% and 14%, respectively, supporting the valuation [2][6].

Investment Rating - Buy rating maintained for China Lilang (01234 HK) with a target price range of HKD 5 20-5 50 [1][12] Core Views - China Lilang achieved 15% revenue growth and 18% net profit growth in 2023, with a slight increase in net profit margin [1] - The company's main series/light business revenue grew by 11%/35% respectively in 2023 [1] - Gross margin increased by 2 2 percentage points to 48 2% due to inventory provision reversal and no distributor rebates [1] - Operating cash flow surged 68% to RMB 1 10 billion in 2023, with a net cash ratio of 2 1 [1] - Dividend payout ratio remained high at 74%, consistently above 70% over the past 5 years [1] - H2 2023 saw accelerated growth with revenue up 21 6% and net profit up 36 1% [1] Channel Transformation and Product Competitiveness - Channel reform: Light business transitioned to self-operated and main series to consignment, improving inventory management and operational efficiency [1] - Light business achieved profitability with 35% revenue growth and 17% net store openings in 2023 [1] - Product competitiveness: 75% original design ratio, with upgraded water-repellent down jacket 2 0 driving 30% growth in down jacket sales [1] 2024 Operating Targets - Total retail sales growth target of 15% for 2024 [2] - Plan to open 100-200 new offline stores and achieve 20% growth in new retail business [2] Financial Projections - Revenue forecast: RMB 4 035/4 542/5 002 million for 2024E/2025E/2026E, representing 13 9%/12 6%/10 1% growth [3][13] - Net profit forecast: RMB 594/676/754 million for 2024E/2025E/2026E, representing 12 0%/13 7%/11 6% growth [3][13] - Net margin expected to remain stable at around 15% [3][13] - ROE projected to increase from 13 4% in 2023 to 16 6% in 2026 [3][13] Valuation Metrics - 2024E PE: 9 5-10x [12] - 2024E PB: 1 11x [3] - 2024E EV/EBITDA: 9 2x [3]

智通财经APP讯，中国利郎(01234)公布2023年业绩，收入约人民币35.44亿元(单位下同)，同比增长 14.8%;毛利约17.07亿元，同比增长20.2%;年度利润约5.3亿元，同比增长18.4%；每股盈利44.3分，拟派 末期股息每股13港仙及特别末期股息每股5港仙。 公告称，销售额增长主要因为随着社会活动复常，所有门市恢复正常营业。轻商务方面，在新开店铺较 多和高端系列销售占比提升下，单店销售额、平均单价等均见提升，轻商务的营业额大幅增长35.2%;主 系列分销商年内则需要消化2022年的库存，以致2023年的订货增长受压抑;不过，年内集团并无为分销 商提供返利(2022年：人民币8370 万元)，主系列的营业额增长为10.7%。 年内，集团持续强化新零售业务的发展，不断优化线上线下融合的行销模式，继续投入新产品研发，以 适应市场需求的变化，推动"利郎简约男装"品牌战略的升级，透过重新设计的标徽、全新的品牌形象和 多元化的宣传推广，回应新时代消费者的个性化需求，引领中国男装时尚潮流。 集团务实地发展其零售网络及推动分销商优化零售网路，截至2023年年底，集团自营的轻商务门店共 296家，轻商务分销 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並表明不會就本公告全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 1234） 截至二零二三年十二月三十一日止 年度業績公告 中國利郎有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司（統稱「本集團」）截至二零二三年十二月三十一日止年度經審核綜 合業績。本公告列載本公司二零二三年年報全文，並符合香港聯合交易所 有限公司證券上市規則中有關年度業績初步公告附載的資料的要求。 About 關於 China Lilang 中國利郎 China Lilang is one of the leading PRC menswear enterprises. As an integrated fashion enterprise, the Group designs, sources and manufactures high-quality business and casual apparel ...

number 2023 中期報告 LANZ 利即 LESS IS MOFE CHINA LILANG LIMITED 中國 利 郎 有 限 公 司 股份代號：1234 t the state 8/4 O o c Color 78 0 t F | --- | --- | --- | --- | --- | --- | |-------|------------------------------|-------|-------|-------|-------| | 目錄 | | | | | | | | | | | | | | 2 | 財務摘要 | | | | | | 3 | 管理層討論及分析 | | | | | | 18 | 核數師審閱報告 | | | | | | 19 | 簡明綜合損益及其他全面收益表 | | | | | | 20 | 簡明綜合財務狀況表 | | | | | | | | | | | | | 22 | 簡明綜合權益變動表 | | | | | | 23 | 簡明綜合現金流量表 | | | | | | 24 | 未經審核中期財務報告附註 | | | | | | 38 | 其他資料 | | | | | ...

Financial Performance - Revenue for the six months ended June 30, 2023, increased by 6.7% to RMB 1,491.1 million compared to RMB 1,397.8 million in the same period of 2022[4]. - Gross profit rose by 13.4% to RMB 772.6 million, with a gross margin of 51.8%, up from 48.7%[3][4]. - Operating profit increased by 3.9% to RMB 305.4 million, while the operating profit margin slightly decreased to 20.5%[3][4]. - Net profit for the period was RMB 270.5 million, reflecting a 5.2% increase from RMB 257.0 million in the previous year[4]. - Basic and diluted earnings per share were both RMB 22.6, representing a 5.1% increase from RMB 21.5[3]. - Total comprehensive income for the period was RMB 273,268 thousand, compared to RMB 265,230 thousand in the same period last year, indicating a growth of 3.9%[33]. Store Network and Expansion - The company expanded its store network, with a total of 2,646 stores as of June 30, 2023, net adding 2 stores during the period[8]. - The company opened 114 new stores and closed 112 stores during the first half of 2023, resulting in a net increase of 2 stores[15]. - The number of retail stores increased to 2,646 by the end of June 2023, with a total retail area of approximately 410,231 square meters, a 1.6% increase from the end of 2022[14]. - The group aims to open 100 new stores in 2023, with a cautious store opening strategy continuing into the second half of the year[24]. Inventory and Receivables Management - The average inventory turnover days increased to 211 days from 195 days, while average trade receivables turnover days improved to 51 days[5]. - The inventory balance decreased during the period, with a provision of RMB 0.558 billion as of June 30, 2023, reflecting improved inventory turnover efficiency due to the opening of more outlet stores and online retail channels[18]. - The total inventory as of June 30, 2023, was RMB 792,839,000, a decrease from RMB 885,142,000 as of December 31, 2022, representing a decline of approximately 10.43%[55]. - Trade receivables, net of loss provisions, amounted to RMB 342,439,000 as of June 30, 2023, down from RMB 528,592,000 as of December 31, 2022, showing a decrease of about 35.24%[57]. Cash Flow and Financial Position - The net cash generated from operating activities was RMB 598.6 million, with a significant improvement in cash flow from distributors due to the easing of pandemic measures[27]. - As of June 30, 2023, LILANZ operated a total of 2,646 stores, with 252 self-operated stores, 65 first-level distributors, and 750 second-level distributors, marking an increase in second-level distributors from 735[16][17]. - The group reported a net cash outflow from investing activities of RMB 1,045.8 million, primarily due to deposits and fixed-term deposits totaling RMB 1,009.0 million[27]. - The company’s total assets decreased from RMB 842,625,000 as of December 31, 2022, to RMB 645,546,000 as of June 30, 2023, reflecting a decline of approximately 23.36%[58]. Dividends and Shareholder Returns - The company maintained a stable dividend policy, declaring an interim dividend of HKD 0.13 per share and a special interim dividend of HKD 0.05 per share[8]. - The company declared an interim dividend of RMB 199,905,000 for the six months ended June 30, 2023, compared to RMB 184,260,000 for the same period in 2022, marking an increase of approximately 8.6%[69]. Market and Product Strategy - The apparel retail market in China showed signs of recovery, with a 12.8% year-on-year growth in clothing, footwear, and textiles retail sales[7]. - The company continues to focus on product originality, with approximately 75% of products being original designs and 50% utilizing proprietary fabrics developed by the company[20]. - LILANZ launched durable shirts and Polo shirts featuring innovative technologies, such as DP wrinkle-free technology, which maintains fabric quality after 30 washes, and high-temperature seamless pressing technology for Polo shirts[20]. Corporate Governance and Social Responsibility - The company has complied with the Corporate Governance Code as per the listing rules for the six months ending June 30, 2023[88]. - LILANZ is committed to corporate social responsibility, collaborating with the Shanghai True Love Dream Public Welfare Foundation to promote cultural education in Guizhou province[23]. Employee and Management Information - The group had 3,549 employees as of June 30, 2023[29]. - Total remuneration for key management personnel for the six months ended June 30, 2023, was RMB 4,044,000, slightly down from RMB 4,102,000 in the same period of 2022[75].

CHINA LILANG LIMITED 中 國 利 郎 有 限 公 司 股份代號 : 1234 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|--------------------------------|-------|-------|-------| | | | | | | | | | | | 2022 年 報 | | | | | | | | | | | | | | | 利即 LESS IS MOLE | | | | | | | | | / | | | | | | 每一一个人灵 魂 都 无 法 复 刻 | | | | 中國利郎 關於 中國利郎是中國領先的男裝企業之一。 作為一家綜合時裝企業，集團設計、採購、 生產並以品牌「LILANZ」銷售優質男士商務及 休閒服裝。其產品於遍佈中國31個省、 自治區及直轄市的廣闊分銷網 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並表明不會就本公告全 部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 （於開曼群島註冊成立的有限公司） （股份代號：1234） 截至二零二二年十二月三十一日止年度 業績公告 中國利郎有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度經審核綜 合業績。本公告列載本公司二零二二年年報全文，並符合香港聯合交易所 有限公司證券上市規則中有關年度業績初步公告附載的資料的要求。 關於 中國利郎 ...