EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 董事會包括執行董事王良星先生、王聰星先生、潘榮彬先生、王俊宏先生及王智勇先生；非執行董事王冬星先生、蔡榮華先生及胡 誠初先生；以及獨立非執行董事賴世賢先生、章晟曼先生、廖建文教授及蔣展教授 EF001 免責聲明 | 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，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國利郎有限公司 | | 股份代號 | 01234 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之特別股息 | | 公告日期 | 2025年8月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 特別股息 | | ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 EF001 免責聲明 | 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，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國利郎有限公司 | | 股份代號 | 01234 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.11 HKD | | 股東批准日期 | 不適用 | | 香港過 ...

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) The Group's first-half 2025 revenue grew 7.9% to RMB 1.727 billion, while operating profit and profit attributable to equity holders declined, and inventory turnover days increased [Financial Highlights](index=4&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 7.9% to RMB 1.727 billion year-on-year, but operating profit and profit attributable to equity holders decreased by 17.1% and 13.4% respectively, with average inventory turnover days significantly increasing to 231 days 2025 First Half Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | RMB 1.727 billion | RMB 1.600 billion | +7.9% | | **Gross Profit** | RMB 868 million | RMB 801 million | +8.4% | | **Operating Profit** | RMB 260 million | RMB 314 million | -17.1% | | **Profit Attributable to Equity Holders** | RMB 243 million | RMB 280 million | -13.4% | | **Basic Earnings Per Share** | RMB 20.2 cents | RMB 23.4 cents | -13.6% | | **Interim Dividend Per Share** | 11 HK cents | 13 HK cents | -15.4% | | **Special Interim Dividend Per Share** | 5 HK cents | 5 HK cents | Unchanged | | **Gross Profit Margin** | 50.2% | 50.0% | +0.2 percentage points | | **Operating Profit Margin** | 15.1% | 19.6% | -4.5 percentage points | | **Average Inventory Turnover Days** | 231 days | 189 days | Increased 42 days | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) The Group achieved 7.9% revenue growth amidst a complex international trade environment and cautious domestic consumption, actively pursuing strategic transformation and internationalization [Overall Performance Overview](index=6&type=section&id=Overall%20Performance%20Overview) Despite a complex international trade environment and cautious domestic consumption, the Group's revenue grew by 7.9% in the first half of 2025, driven by strategic transformation, DTC model success, and international expansion - Facing a cautious consumer environment, the Group actively pursued strategic transformation, including transitioning to a DTC model, optimizing sales channels, and expanding new retail businesses[10](index=10&type=chunk)[12](index=12&type=chunk)[17](index=17&type=chunk) - New retail business showed strong momentum, with online sales growing **24.6% year-on-year**, outperforming the Group's overall performance[14](index=14&type=chunk)[19](index=19&type=chunk) - The Group launched a "multi-brand, internationalization" strategy, opening its first overseas store in Malaysia and commencing online sales of the golf apparel brand MUNSINGWEAR[15](index=15&type=chunk)[19](index=19&type=chunk) [Financial Review](index=8&type=section&id=FINANCIAL%20REVIEW) Total revenue grew 7.9% to RMB 1.727 billion, driven by strong growth in the casual business and other series, while operating profit and profit attributable to equity holders declined due to reduced government subsidies and increased direct store expenses [Revenue Analysis](index=8&type=section&id=Revenue) Total Group revenue increased by 7.9%, with the "Casual Business and Other Series" showing strong growth, while regional performance varied due to channel transformation and distributor changes Revenue by Series (RMB Million) | Series | H1 2025 | % of Total | H1 2024 | % of Total | Growth Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | **Main Series** | 1,190.6 | 68.9% | 1,193.0 | 74.6% | -0.2% | | **Casual Business and Other Series** | 536.6 | 31.1% | 407.0 | 25.4% | +31.8% | | **Total** | **1,727.2** | **100.0%** | **1,600.0** | **100.0%** | **+7.9%** | Revenue by Region (RMB Million) | Region | H1 2025 | Change | | :--- | :--- | :--- | | North China | 127.1 | +1.4% | | Northeast China | 80.2 | +361.3% | | East China | 766.0 | +6.9% | | Central South China | 389.5 | +6.6% | | Southwest China | 181.9 | -11.4% | | Northwest China | 182.0 | +7.2% | | Overseas | 0.5 | N/A | [Cost, Expense, and Profit Analysis](index=10&type=section&id=Profitability%20Analysis) Gross profit margin slightly increased by 0.2 percentage points to 50.2% due to higher direct sales, but operating profit decreased by 17.1% to RMB 260 million due to increased selling and administrative expenses and reduced government subsidies - Gross profit margin slightly increased by **0.2 percentage points to 50.2%** due to a higher proportion of direct sales[35](index=35&type=chunk)[37](index=37&type=chunk) - Selling and distribution expenses increased to **RMB 546 million**, accounting for **31.6% of total revenue**, primarily due to increased direct store and e-commerce expenses[41](index=41&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) - Operating profit decreased by **17.1% year-on-year to RMB 260 million**, mainly due to reduced government subsidies and increased direct store expenses[45](index=45&type=chunk)[50](index=50&type=chunk) [Dividend](index=12&type=section&id=Dividend) The Board recommended an interim dividend of 11 HK cents and a special interim dividend of 5 HK cents per ordinary share for FY2025, totaling approximately HKD 191.6 million 2025 Interim Dividend Proposal | Dividend Type | Amount per share (HK cents) | Same period 2024 (HK cents) | | :--- | :--- | :--- | | Interim Dividend | 11 | 13 | | Special Interim Dividend | 5 | 5 | [Business Review](index=12&type=section&id=BUSINESS%20REVIEW) The Group deepened its presence in the men's wear market with a differentiated brand matrix, successfully transforming its core "LILANZ" series to a DTC model in some regions and achieving significant growth in new retail channels [Brand Performance](index=13&type=section&id=Brand%20Performance) The core "LILANZ" series continued its DTC model transformation, expanding DTC stores, while the "LESS IS MORE" casual business series achieved 31.8% revenue growth - The "LILANZ" main series advanced its DTC model transformation in Northeast, Jiangsu, Shandong, and Chongqing, increasing DTC store count to **273**[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk) - The "LESS IS MORE" casual business series revenue grew **31.8% year-on-year**, with a net increase of **9 stores to 331**[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Store Network and Channel Strategy](index=14&type=section&id=Store%20Network) As of June 30, 2025, the Group's total retail stores numbered 2,774, with a net increase of 1, focusing on premium shopping mall and outlet stores, while new retail business revenue significantly grew by 24.6% Store Count Changes | Metric | June 30, 2025 | December 31, 2024 | Net Change during Period | | :--- | :--- | :--- | :--- | | **Total Stores** | 2,774 | 2,773 | +1 | | **Shopping Mall Stores** | 957 | 933 | +24 | | **Outlets Stores** | 121 | 103 | +18 | - New retail business revenue grew **24.6% year-on-year**, with channels upgrading from inventory clearance to new product sales platforms[77](index=77&type=chunk)[80](index=80&type=chunk) [Strategic Initiatives and Innovation](index=16&type=section&id=Strategic%20Initiatives) The Group made substantial progress in its "multi-brand, internationalization" strategy, completing brand acquisition and opening its first overseas store, while also achieving significant R&D and ESG milestones - "Multi-brand, internationalization" strategy advanced: completed "MUNSINGWEAR" acquisition and opened the first overseas store in Malaysia[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) - Significant R&D innovation achievements, with products like water-repellent down 3.0 and durable white non-iron shirts receiving multiple certifications and international awards[84](index=84&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) - Released the first independent ESG report, with MSCI ESG rating upgraded to BB, and continued investment in aesthetic education public welfare and environmental protection activities[101](index=101&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) [Prospects](index=21&type=section&id=PROSPECTS) The Group aims for 50-100 net new stores and over 20% growth in new retail business for FY2025, with overall sales growth of at least 10%, while accelerating its "multi-brand, internationalization" strategy FY2025 Full-Year Performance Guidance | Metric | Target | | :--- | :--- | | **Net Store Openings** | 50 - 100 stores | | **New Retail Business Revenue Growth** | ≥ 20% | | **Overall Sales Growth** | ≥ 10% | - Will continue to leverage the operational advantages of the DTC model and moderately expand its scale based on market conditions[108](index=108&type=chunk)[110](index=110&type=chunk) - Accelerate the "multi-brand, internationalization" strategy, with physical stores for "MUNSINGWEAR" opening in the second half and further expansion into Malaysia and Southeast Asian markets[115](index=115&type=chunk)[117](index=117&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group maintained a robust financial position with total cash and bank balances of RMB 2.924 billion, while average inventory turnover days increased to 231 days Cash and Bank Balances (RMB Million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Pledged bank deposits | 795.3 | 995.7 | | Cash and cash equivalents | 517.0 | 827.0 | | Bank fixed deposits | 1,611.7 | 1,334.7 | | **Total** | **2,924.0** | **3,157.4** | Working Capital Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Average inventory turnover days | 231 | 189 | | Average trade receivables turnover days | 37 | 39 | | Average trade payables turnover days | 179 | 162 | - As of June 30, 2025, the Group had **5,191 employees**, with total employee costs of approximately **RMB 291 million** during the period[142](index=142&type=chunk)[146](index=146&type=chunk) [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG reviewed the interim financial report for the six months ended June 30, 2025, finding no material issues indicating non-compliance with IAS 34 [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG conducted a review of the company's interim financial report for the six months ended June 30, 2025, concluding no material issues indicating non-compliance with International Accounting Standard 34 - Review scope: The auditor conducted a review of the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[150](index=150&type=chunk)[152](index=152&type=chunk) - Review conclusion: No material issues were found indicating the financial report was not prepared in accordance with International Accounting Standard 34[154](index=154&type=chunk)[155](index=155&type=chunk) [Condensed Consolidated Financial Statements](index=29&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including statements of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details revenue, cost of sales, expenses, operating profit, profit before tax, and profit for the period for the six months ended June 30, 2025, showing revenue of RMB 1.727 billion and profit for the period of RMB 240 million Profit or Loss Statement Summary (RMB Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Revenue** | 1,727,215 | 1,600,043 | | **Gross Profit** | 867,760 | 800,528 | | **Operating Profit** | 260,107 | 313,826 | | **Profit for the Period** | 240,095 | 280,142 | | **Attributable to Equity Holders of the Company** | 242,525 | 280,142 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, with total assets of RMB 6.675 billion, total liabilities of RMB 2.427 billion, and net assets of RMB 4.248 billion Financial Position Statement Summary (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | 2,102,207 | 3,015,500 | | **Current assets** | 4,572,454 | 3,838,123 | | **Current liabilities** | 2,361,345 | 2,050,709 | | **Non-current liabilities** | 65,351 | 747,708 | | **Net Assets** | 4,247,965 | 4,055,206 | [Condensed Consolidated Statement of Changes in Equity](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement reflects changes in equity items such as share capital, reserves, and retained earnings during the period, including the impact of profit for the period, dividends paid, and other comprehensive income - As of June 30, 2025, total equity attributable to equity holders of the Company increased from **RMB 4.026 billion** at the beginning of the period to **RMB 4.123 billion**[165](index=165&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities, showing net cash generated from operating activities of RMB 118 million, net cash used in investing activities of RMB 80 million, and net cash used in financing activities of RMB 347 million, resulting in a net decrease of RMB 310 million in cash and cash equivalents Cash Flow Statement Summary (RMB Thousand) | Item | H1 2025 | | :--- | :--- | | **Net cash generated from operating activities** | 117,695 | | **Net cash used in investing activities** | (80,050) | | **Net cash used in financing activities** | (347,336) | | **Net decrease in cash and cash equivalents** | (309,691) | [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, covering preparation basis, accounting policy changes, revenue recognition, taxation, EPS, asset/liability details, dividends, equity-settled transactions, and related party transactions [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, including the basis of preparation, accounting policy changes, and specific details on various financial items and transactions - The notes provide detailed explanations of the basis of preparation for the financial statements, adhering to International Accounting Standard 34 "Interim Financial Reporting"[168](index=168&type=chunk) - Note 18 details the interim, special interim, and final dividend amounts declared and proposed during the period[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Notes 12 and 16 provide aging analyses for trade receivables and trade payables, respectively[207](index=207&type=chunk)[228](index=228&type=chunk)[232](index=232&type=chunk) [Other Information](index=49&type=section&id=Other%20Information) This section includes disclosures of interests for directors and major shareholders, details of the share option scheme, and corporate governance matters [Disclosure of Interests](index=49&type=section&id=Disclosure%20of%20Interests) This chapter discloses the interests of the company's directors, chief executives, and major shareholders in the company's shares and related shares as of June 30, 2025, with major shareholders holding significant stakes - Major shareholder Xiao Sheng International Limited holds **692,345,000 shares**, representing approximately **58.77%** of the company's equity[261](index=261&type=chunk) - Executive Directors Wang Liangxing, Wang Congxing, and Non-executive Director Wang Dongxing directly hold company shares and indirectly hold interests through Xiao Sheng International[252](index=252&type=chunk)[253](index=253&type=chunk) [Share Option Scheme](index=54&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on April 23, 2019, with 10,739,000 unexercised share options at an exercise price of HKD 4.31 as of June 30, 2025 - As of June 30, 2025, a total of **10,739,000 share options** remained unexercised under the share option scheme[269](index=269&type=chunk) - During the period, **67,000 share options** granted to employees lapsed, with no options exercised or cancelled[269](index=269&type=chunk) [Corporate Governance and Other Matters](index=56&type=section&id=Corporate%20Governance%20and%20Other%20Matters) The company complied with all corporate governance code provisions during the reporting period, with interim results reviewed by the audit committee and KPMG, and no purchases, sales, or redemptions of listed securities - The company complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025[275](index=275&type=chunk)[280](index=280&type=chunk) - To determine entitlement to interim and special interim dividends, the register of members will be closed from **September 5 to 8, 2025**[284](index=284&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 中國利郎有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01234 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD ...

格隆汇7月31日丨中国利郎(01234.HK)公告，公司将于2025年8月12日星期二举行董事会会议，其中议程 包括批准公司及其附属公司截至2025年6月30日止六个月的未经审核综合中期业绩，以及考虑派付中期 股息(如有)。 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國利郎有限公司（「本公司」）董事會（「董事會」）謹此公告，本公司將於二零二五年八月 十二日星期二舉行董事會會議，其中議程包括批准本公司及其附屬公司截至二零二五年 六月三十日止六個月的未經審核綜合中期業績，以及考慮派付中期股息（如有）。 承董事會命 中國利郎有限公司 公司秘書 岑嗣宗 香港，二零二五年七月三十一日 於本公告日期，執行董事為王良星先生、王聰星先生、潘榮彬先生、王俊宏先生及王智 勇先生；非執行董事為王冬星先生、蔡榮華先生及胡誠初先生；而獨立非執行董事為賴 世賢先生、章晟曼先生、廖建文教授及蔣展教授。 1234 董事會會議日期 ...

Core Insights - The Chinese men's clothing industry is projected to reach a market size of approximately 650 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.83% over the past five years [1][3]. Market Segmentation - Men's clothing can be categorized into formal wear, casual wear, sportswear, and underwear. Formal wear includes suits, shirts, and ties; casual wear encompasses casual pants, jackets, and T-shirts; sportswear consists of sports jackets, pants, and undergarments; while underwear includes base layers and thermal wear [3]. - According to Statista, the men's pants market and men's sportswear and swimwear market are the two largest segments within the Chinese men's clothing industry, accounting for 24% and 16% of the market share, respectively [3]. Industry Competition - Leading companies in the Chinese men's clothing sector include Hailan Home (海澜之家), China Lilang (中国利郎), and Baoxini (报喜鸟). The specific competitive landscape and strategies of these companies are detailed in the report by Qianzhan Industry Research Institute [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][40]. Core Views - The company's revenue is expected to grow by 3% in 2024, reaching 3.65 billion yuan, while net profit is projected to decline by 13.1% to 460 million yuan. The gross margin is expected to decrease by 0.5 percentage points to 47.7% due to one-time compensation payments to distributors and reduced inventory provisions [1][3]. - The DTC (Direct-to-Consumer) transformation is temporarily suppressing performance, but the new retail channels are showing strong growth, particularly in the light business series, which is expected to grow by 27.2% due to expansion in outlet channels and effective live-streaming sales [2][32]. - The management has set a target for total sales growth of no less than 10% for 2025, with new retail business expected to achieve over 15% growth [3][32]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue of 3.65 billion yuan, with a net profit of 460 million yuan, reflecting a 3% increase in revenue and a 13.1% decrease in net profit compared to 2023 [4][35]. - The gross margin is projected to decline to 47.7%, while the net profit margin is expected to decrease to 12.6% [1][4]. Sales and Distribution - The main series revenue is expected to decline by 3% due to the DTC model's implementation, while the light business series is projected to grow significantly [2][32]. - Online new retail channels are expected to grow by 24%, indicating a strong focus on platforms like Douyin and the addition of new platforms such as Pinduoduo and Dewu [2][32]. Future Outlook - The company aims to increase its store count by 100 and expand into Southeast Asia, with plans to open its first store in Malaysia in the first half of 2025 [3][32]. - The net profit forecasts for 2025 to 2027 are adjusted to 500 million, 540 million, and 575 million yuan, respectively, reflecting a growth rate of 9.0%, 7.4%, and 6.5% [3][32].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,650.0 million, representing a 3.0% increase from RMB 3,542.8 million in 2023[16]. - Gross profit increased to RMB 1,739.3 million, up 1.9% from RMB 1,706.8 million in the previous year[16]. - Profit from operations decreased by 9.5% to RMB 552.5 million, down from RMB 610.6 million in 2023[16]. - Profit attributable to equity shareholders fell by 13.1% to RMB 461.1 million, compared to RMB 530.4 million in 2023[16]. - Basic and diluted earnings per share decreased to RMB 38.51, down 13.1% from RMB 44.30 in the previous year[16]. - Gross profit margin declined to 47.7%, a decrease of 0.5 percentage points from 48.2% in 2023[16]. - Operating profit margin decreased to 15.1%, down 2.1 percentage points from 17.2% in the previous year[16]. - Return on average shareholders' equity decreased to 11.4%, down 2.3 percentage points from 13.7% in 2023[16]. - The effective tax rate increased to 24.3%, up 4.9 percentage points from 19.4% in the previous year[16]. - Selling and distribution expenses increased by RMB 101.7 million to RMB 1,058.9 million, accounting for 29.0% of total revenue[77]. - Administrative expenses rose to RMB 188.2 million, with an expenses-to-sales ratio of 5.2%[83]. Store Operations and Expansion - The Group maintained 2,773 stores nationwide as of December 31, 2024, with a net increase of 78 stores, including 994 consignment stores and 64 direct-to-retail stores[28][29]. - The Group plans to open 26 new outlet stores in 2024 to accelerate inventory clearance and improve sales[35]. - The Group plans to add 100 new stores in 2025, focusing on prime shopping centers in provincial capitals and prefecture-level cities[43]. - As of December 31, 2024, the Group had a total of 2,773 retail stores nationwide, representing a net increase of 78 stores during the year[107]. - The total retail store floor area increased by 7.1% to approximately 460,205 square meters compared to the end of the previous year[107]. E-commerce and Retail Strategy - New retail sales grew significantly by 24% during the year, driven by the transformation of e-commerce platforms into primary retail outlets for new products[29]. - The Group launched a new retail strategy that enhanced online-offline connectivity and improved customer service through a fully upgraded retail management system[29]. - The Group's e-commerce sales achieved a growth of 24%, outperforming overall business performance[55]. - The Group's e-commerce platform achieved a 24% growth during the year, transitioning from a channel for clearing inventory to a primary retail channel for new products[57]. - The DTC model is expected to positively impact sales starting from 2025, with a focus on enhancing consumer connections[41]. - The Group aims for new product sales to account for 80% of total e-commerce sales by the end of 2025, with overall sales projected to grow by at least 10%[43]. Product Performance - The smart casual collection saw significant growth of 27.2%, driven by increased average sales per store and contributions from new retail channels[60][63]. - Sales of the core collection decreased by 3.0%, primarily due to the recovery of distribution rights in three provinces and the transition to a DTC model[60][63]. - Sales of tops increased by 7.4%, accounting for 65.5% of total revenue, while the down jacket category achieved a growth of 40.8%[61][63]. - The Group recorded a significant 24% growth in new retail development during the year, enhancing its all-platform positioning[115]. - The Group's overall down product sales increased by 41% year-on-year, driven by the introduction of innovative water-repellent down products[121]. International Expansion - China Lilang adopted a "Multi-brands and Internationalization" strategy, securing brand ownership of the premium golf apparel brand "MUNSINGWEAR" and planning to open its first store in Malaysia in the first half of 2025[30][32]. - The Group's international expansion includes establishing a subsidiary in Malaysia, with plans to open its first international store in 2025[56]. - The Group anticipates the online sales of "MUNSINGWEAR" to commence in the first half of the year, with the first physical store opening in the second half[157]. Financial Management and Risks - The Group's total cash and bank balance as of December 31, 2024, was RMB 3,157.4 million, a slight increase from RMB 3,139.3 million in 2023[165]. - Cash and cash equivalents decreased by RMB 250.2 million, with net cash generated from operating activities amounting to RMB 527.3 million[167]. - The Group had bank loans maturing within one year totaling RMB 513.8 million as of December 31, 2024, compared to RMB 289.9 million in 2023[166]. - Key strategic risks include a slowdown in the economy and consumer spending, as well as increased market competition[190]. - The group continues to manage financial risks prudently, with the functional currency being Hong Kong Dollars and financial statements translated into Renminbi for reporting purposes[194][198]. Corporate Social Responsibility - China Lilang has donated over RMB 6.58 million and established 23 Dream Centers, benefiting approximately 30,881 children through its "2022-2027 Aesthetic Education Public Welfare Program"[147]. - The group is committed to environmental sustainability, integrating it into daily operations, with details provided in the Environmental, Social and Governance Report[191][192]. - The group was awarded the "CHIC AWARD 2024 Brand Award," recognizing its commitment to corporate responsibility and brand philosophy of "Simplicity but not Simple"[143].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing revenue growth driven by light business and e-commerce, with plans to accelerate store openings in the second half of the year [3] - The company has a total market capitalization of 45.86 billion, with a recent closing price of 3.83 HKD [1] Summary by Sections Event Overview - In 2024, the company's revenue, net profit, and operating cash flow were 3.65 billion, 461.2 million, and 527 million respectively, showing a year-on-year growth of 3.0%, a decline of 13.1%, and a decline of 52.1% [2] - The decline in net profit is attributed to a decrease in gross margin and an increase in expense ratio [2] - The company declared a total dividend of 0.30 HKD per share, resulting in an annual dividend yield of 6.96% [2] Analysis and Judgments - The company plans to open 78 new stores throughout the year, with a focus on shopping malls and outlet stores [3] - Retail sales for the main brand and light business series were 2.756 billion and 894 million respectively, with year-on-year changes of -3.0% and 27.2% [3] - Online new retail sales grew by 24%, while the total number of stores increased by 2.9% to 2,773 [3] - The company’s gross margin for 2024 was 47.7%, a decrease of 0.5 percentage points year-on-year [4] Profit Forecast and Valuation - The company’s projected revenues for 2025 and 2026 are 4.10 billion and 4.60 billion respectively, with year-on-year growth rates of 12.26% and 12.33% [9] - The projected net profit for 2025 and 2026 is 504.98 million and 553.32 million respectively, with a year-on-year growth of 9.51% and 9.57% [9] - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 0.42 and 0.46 respectively [9]