M N 19 Mar 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Stay prudent as channel health is the priority Target Price HK$6.31 Xtep’s FY23 results were dragged by weak e-commerce sales but inline with market consensus. Due to the macro uncertainty and high base, Xtep’s (Previous TP HK$7.07) management has put aside its 5-year growth target and introduced a rather Up/Downside 39.0% conservative target in FY24E. This is inline with our view that Xtep may not be Current ...

证券研究报告 | 2024年03月19日 特步国际（01368.HK） 买入 2023 年收入增长 11%，存货同比下降 22% 核心观点 公司研究·财报点评 纺织服饰·服装家纺 2023年收入增长11%，存货金额如期改善，经营现金流净额增长119%。2023 年收入增长10.9%至143.5亿元，归母净利润增长11.8%至10.3亿元。特步 证券分析师：丁诗洁 证券分析师：关竣尹 0755-81981391 0755-81982834 品牌和时尚运动品牌毛利率均有改善，推动集团毛利率同比提升1.2百分点。 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 由于年内赞助马拉松赛事、大运会，以及实际收入低于年初公司预期，因此 S0980520040004 S0980523110002 推广费用率提升1.8百分点至13.7%，叠加应占联营公司利润增长、所得税 基础数据 率减少的贡献，集团归母净利率7.2%，同比略提升。存货周转天数同比持平 投资评级 买入(维持) 在90天，存货金额同比下降22%至17.9亿元，存货水平如期改善，应收账 合理估值 5.30 - 5.8 ...

证券研究报告 | 年报点评报告 2024年03月19日 特步国际（01368.HK） 库存优化顺利，2024 年期待健康增长 公司2023年营收增长11%，业绩增长12%，整体表现符合预 买入（维持） 期。公司2023年营收同比增长10.9%至143.5亿元，毛利率同比提 股票信息 升1.2pcts至42.2%，由于广告赞助费用的增加导致销售费用率同比 行业 鞋类 提升2.7pcts至23.5%，管理费用率同比减少0.5pcts至10.7%，综 前次评级 买入 上归母净利率同比提升0.1pcts至7.2%，归母净利润同比增长 3月18日收盘价(港元） 4.54 11.8%至10.3亿元，整体表现符合预期，全年派息比率为50%，同 总市值(百万港元） 11,992.22 比持平。 总股本(百万股） 2,641.46 特步主品牌：全年收入稳健增长，长期专业跑步品牌势能持续提升。 其中自由流通股(%） 100.00 2023年主品牌营收同比增长7.4%至119.5亿元，由于渠道库存管控 30日日均成交量(百万股） 15.30 的需要，整体营收增速弱于终端流水增速，毛利率同比提升0.7pcts 股价走势 至42%，经 ...

Financial Performance - Revenue for 2023 reached RMB 14,345.5 million, a 10.9% increase from RMB 12,930.4 million in 2022[5] - Gross profit for 2023 was RMB 6,049.7 million, with a gross margin of 42.2%, up from 40.9% in 2022[5] - Operating profit for 2023 was RMB 1,579.9 million, representing an operating profit margin of 11.0%[5] - Net profit attributable to ordinary shareholders for 2023 was RMB 1,030.0 million, with a net profit margin of 7.2%[5] - Basic earnings per share for 2023 were RMB 40.76 cents, up from RMB 36.61 cents in 2022[5] - Group revenue reached a record high of RMB 14,345.5 million, a 10.9% increase year-over-year (2022: RMB 12,930.4 million)[10] - Gross margin improved to 42.2% (2022: 40.9%)[10] - Net profit attributable to ordinary shareholders increased by 11.8% to RMB 1,030.0 million (2022: RMB 921.7 million)[10] - Revenue increased to RMB 14,345,508 thousand in 2023, up from RMB 12,930,385 thousand in 2022, representing an 11% growth[191] - Gross profit rose to RMB 6,049,675 thousand in 2023, compared to RMB 5,291,709 thousand in 2022, a 14% increase[191] - Operating profit reached RMB 1,579,902 thousand in 2023, up from RMB 1,464,284 thousand in 2022, a 8% growth[191] - Net profit attributable to equity holders of the company was RMB 1,030,009 thousand in 2023, compared to RMB 921,694 thousand in 2022, a 12% increase[191] - Basic earnings per share increased to RMB 40.76 cents in 2023, up from RMB 36.61 cents in 2022, a 11% growth[191] - Other comprehensive income for the year was RMB 8,096 thousand in 2023, compared to a loss of RMB 110,615 thousand in 2022[192] - Total comprehensive income for the year was RMB 1,041,145 thousand in 2023, up from RMB 801,662 thousand in 2022, a 30% increase[192] Operational Highlights - The company operates over 8,500 stores globally across Asia-Pacific, North America, Europe, the Middle East, and Africa[2] - Inventory turnover days remained stable at 90 days in both 2023 and 2022[6] - The company's debt ratio increased slightly to 20.3% in 2023 from 19.6% in 2022[6] - The main brand, Xtep, achieved a 7.4% revenue growth to RMB 11,947.3 million (2022: RMB 11,127.9 million)[10] - Saucony became the first new brand in the group's portfolio to achieve profitability in 2023[12] - The group acquired 40% of Saucony's intellectual property in China in December 2023 and fully acquired the remaining equity of the joint venture with Wolverine in January 2024[12] - Xtep's "160X" running shoes have helped 83 athletes win 370 championships and set multiple records[11] - In 2023, China hosted 580 road running events with a total of 5.5 million participants, indicating a strong recovery in marathon events[13] - Domestic brands accounted for over 50% of the wearing rate in key marathon events in China, surpassing international brands in some cases[13] - Xtep running shoes achieved a wearing rate of 41.8% among all runners and 43.8% among sub-three-hour runners at the 2024 Xiamen Marathon[15] - Xtep maintained the top wearing rate among all and sub-three-hour runners in key Chinese marathons in 2023, with rates of 31% in Xiamen, 28% in Beijing, and 36% in Shanghai[16] - The "160X" series running shoes helped 83 Chinese athletes win 370 championships by the end of 2023[17] - Xtep launched the "260X" carbon plate running shoe in December 2023, featuring a 14.5% increase in propulsion compared to the "260 2.0" model[19] - The "360X" carbon plate running shoe, launched in March 2024, improved stability by 4.2% compared to the "360" series[20] - Xtep sponsored 24 marathon events in 2023, including the Xiamen Marathon for the 16th consecutive year[21] - As of December 31, 2023, Xtep had 65 running clubs in mainland China with over 2 million members[22] - The company launched new basketball series in 2023, including "逆天一代," "凌刃1.0," "遊雲8 PRO," and "御風2.0," with endorsements from professional basketball player Malik Beasley[25] - The company launched the "New D Ball" eco-friendly series and "Half Sugar" women's series, incorporating recycled coffee grounds into products, resonating strongly with young consumers[26] - As of December 31, 2023, the company had 6,571 adult brand stores in mainland China and overseas, an increase from 6,313 stores in the previous year[27] - The company's children's brand, Xtep Kids, expanded to 1,703 stores in mainland China as of December 31, 2023, up from 1,520 stores in the previous year[28] - The upgraded "Xtep 100 2.0 PRO" flagship running shoe, featuring "XTEP ACE" cushioning technology, was recognized by top universities and contributed to a championship win in a major race[29] - The company sponsored the 2023 China Athletics Mass Standard Campus Series, supporting 1,500 finalists and promoting youth sports participation across 24 provinces and 72 cities[30] - The professional sports division, led by Saucony, saw a 98.9% increase in revenue to RMB 795.5 million, accounting for 5.5% of the group's total revenue[31] - Saucony expanded its retail network in China, with 110 stores as of December 31, 2023, and launched new products like the "ENDORPHIN ELITE" and "KINVARA PRO"[32] - Merrell, another brand under the company, collaborated with JEEP to launch the "Merrell X JEEP MOAB 3" and introduced new winter products featuring eco-friendly materials[33] - Saucony's product line includes competition racing and training shoes priced at RMB 2,099 and RMB 1,699 respectively, with other series like commuting, leisure, and retro styles ranging from RMB 599 to RMB 1,699[34] - In 2023, the fashion sports segment revenue increased by 14.3% to RMB 1,602.6 million, accounting for 11.2% of the group's revenue, with domestic revenue surging 224.3%[35] - K-Swiss achieved annual store efficiency exceeding RMB 10 million in one of its trial stores in Changchun, and expanded to 101 brand stores in the Asia-Pacific region, including mainland China, by the end of 2023[36] - Palladium expanded its presence in high-tier cities in mainland China, opening its first store in South China at Shenzhen MixC, totaling 94 brand stores in the Asia-Pacific region by the end of 2023[36] - K-Swiss sponsored major tennis events, including the 2023 Zhuhai Tennis Championship and the 2024 Hong Kong Tennis Open, enhancing its brand influence in professional tennis[37] - Palladium collaborated with KARL LAGERFELD and Hello Kitty, launching co-branded series that blend retro sportswear with contemporary fashion trends[37] - The company's total revenue for 2023 increased to RMB 14.345 billion, up 10.9% from RMB 12.930 billion in 2022, driven by strong demand for sports products and growth in the children's business[48][50] - Footwear revenue accounted for 57.0% of total revenue in 2023, reaching RMB 8.172 billion, a 5.3% increase from 2022[48] - Apparel revenue grew significantly by 20.6% to RMB 5.904 billion in 2023, representing 41.1% of total revenue[48] - The professional sports segment saw the highest revenue growth at 98.9%, reaching RMB 795.5 million in 2023[49] - Gross margin improved to 42.2% in 2023, up 1.3 percentage points from 40.9% in 2022, with apparel gross margin increasing by 1.6 percentage points to 42.9%[51] - The company's production facility in Fujian Province is undergoing second-phase construction, with 35,000 square meters expected to be completed by August 2024[45] - The company's logistics park in Fujian Province, with a total planned construction area of 240,000 square meters, is currently under construction[45] - As of December 31, 2023, the company had approximately 9,100 employees, with production employees accounting for 56.8% of the workforce[46] - The company's talent center provided over 430,000 hours of online and offline training to employees in 2023[46] - The company launched its first low-carbon running club in Shanghai in November 2023, using innovative materials to achieve zero carbon emissions[43] - Gross profit margin increased by 1.3 percentage points to 42.2% (2022: 40.9%), driven by higher-margin functional products and significant improvement in the fashion sports segment[52] - Other income and net gains increased mainly due to higher government subsidies, reaching RMB 284.2 million (2022: RMB 178.2 million)[53] - Sales and distribution expenses rose to RMB 3,369.0 million (2022: RMB 2,690.2 million), accounting for 23.5% of total revenue (2022: 20.8%), primarily due to increased advertising and promotion costs[54] - R&D expenses increased to RMB 398.0 million (2022: RMB 299.0 million), representing 2.8% of total revenue (2022: 2.3%), mainly for new product development and production technology[55] - Net finance costs increased to RMB 145.5 million (2022: RMB 91.2 million), driven by higher bank loan interest expenses[56] - Operating profit margin remained stable at 11.0%, with the professional sports segment showing a significant turnaround[57] - Net profit attributable to ordinary shareholders increased by 11.8% to RMB 1,030.0 million (2022: RMB 921.7 million), with a net profit margin of 7.2% (2022: 7.1%)[60] - Total dividend for 2023 was 21.7 HK cents per share (2022: 20.1 HK cents), maintaining a payout ratio of 50.0%[61] - Operating cash cycle increased to 83 days (2022: 67 days), mainly due to an 8-day increase in trade receivables turnover days[62] - Notes receivable increased to RMB 457.0 million (2022: RMB 403.2 million), with a turnover period of 11 days (2022: 11 days)[63] - Cash and cash equivalents decreased to RMB 3,294.6 million as of December 31, 2023, compared to RMB 3,414.2 million in 2022, primarily due to net cash outflows from investing and financing activities[64] - Net cash and cash equivalents (including pledged bank deposits and time deposits, minus bank borrowings and convertible bonds) stood at RMB 932.1 million as of December 31, 2023, down from RMB 1,225.7 million in 2022[64][65] - The company's total assets increased to RMB 17,325.4 million as of December 31, 2023, up from RMB 16,493.5 million in 2022, with net asset value rising by 7.4% to RMB 8,923.3 million[66] - The company's debt ratio increased to 20.3% as of December 31, 2023, compared to 19.6% in 2022[65] - The company recorded a trade receivables impairment of RMB 22.2 million for the year ended December 31, 2023, up from RMB 19.5 million in 2022[67] - The company completed the acquisition of a 40% ownership interest in Saucony Asia IP Holdco and established a new joint venture, XMS Sports Co. Limited, to further develop the Saucony and Merrell brands in Mainland China, Hong Kong, and Macau[70] - The company's total number of employees decreased to approximately 9,100 as of December 31, 2023, from 9,800 in 2022, with 56.8% being production employees[72] - The company's professional sports segment reported revenue of RMB 795.5 million for the year ended December 31, 2023, with a gross margin of 40.0% under reported figures and 55.6% under non-GAAP measures[74] - Revenue for the year reached 400.0 million, with a gross profit of 171.0 million, resulting in a gross margin of 42.7%[75] - Operating loss for the year was 67.2 million, with an operating loss margin of -16.8%[75] - The company held less than 50% equity in certain entities within its professional sports division, accounting for them as associates under HKFRS[75] - The company organized 29 reverse roadshows to deepen analysts' and investors' understanding of its operations, including the first running research laboratory in mainland China[81] - The company participated in numerous investor strategy meetings and non-deal roadshows across North America, Europe, and Asia-Pacific, including key markets like China, Hong Kong, Japan, and Singapore[78] - The company received multiple awards, including being named the Most Honored Company (Overall) and Best CEO (Sell Side) by Institutional Investor[82] - The company was recognized for its investor relations efforts, winning Best Investor Relations Company (Mid-Cap) and Best Investor Relations Team (Mid-Cap) at the Hong Kong Investor Relations Association Awards[82] - The company held a 15th-anniversary celebration event in June 2023, sharing future development strategies with investors and partners[76] - The company resumed offline press conferences and analyst briefings in August 2023, following the release of its interim results[76] - Basic earnings per share for 2023: Interim RMB 26.36 cents, Final RMB 40.76 cents[84] - Total annual dividend for 2023: 21.7 HK cents (Interim: 13.7 HK cents, Final: 8.0 HK cents)[84] - Market capitalization as of December 31, 2023: HKD 11,648,826,283[83] - Number of issued shares as of December 31, 2023: 2,641,457,207[83] - Key investor dates: Annual results announcement on March 18, 2024, and Annual General Meeting on May 3, 2024[85] - Proposed final dividend for 2023 to be distributed on June 28, 2024[85] - Founder and CEO Ding Shuibo has over 30 years of experience in the sports goods industry[86] - Ding Shuibo has completed multiple executive education programs, including at Harvard University and Tsinghua University[86] - Ding Shuibo has received numerous awards, including the 2023 Influential Business Leader award[87] - Ding Shuibo holds several public positions, including Vice Chairman of the China Athletics Association[88] - Chen Weicheng, aged 68, serves as the non-executive director and chairman of the audit and sustainability committees, with over 40 years of experience in financial management, corporate finance, mergers and acquisitions, and strategic development[91] - Bao Mingxiao, aged 62, is an independent non-executive director with over 36 years of experience in sports education and has held significant roles in national sports research and policy[92] - Hu Jiacheng, aged 55, is an independent non-executive director and chairman of the remuneration committee, with extensive experience in accounting, economics, and finance, and has served on the boards of several listed companies[92] - Chen Qihua, aged 58, is an independent non-executive director and chairman of the audit committee, with over 26 years of financial and management experience and holds multiple senior memberships in professional accounting and governance bodies[94] - Yang Lubin, aged 46, serves as the company secretary and authorized representative, also holding the position of CFO and group vice president, with over 20 years of experience in audit, corporate finance, and financial management[95] - The company is committed to establishing good corporate governance practices and procedures, emphasizing internal control, fair disclosure, and accountability to all shareholders[96] - The company adheres to all provisions of the Corporate Governance Code except for provision C.2.1, which requires the separation of Chairman and CEO roles. Currently, Mr. Ding Shuibo serves as both Chairman and CEO, leveraging his extensive experience in the sports goods industry to oversee the company's overall strategy and business management[97] - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions. All directors confirmed compliance with the standard code during the year ended December 31, 2023[98] - The company's core values of perseverance, innovation, integrity, and win-win have been instrumental in its success and reputation as a premium sports brand. It operates a vast global distribution network across Asia-Pacific, North America, Europe, the Middle East, and Africa (EMEA)[99] - The Board of Directors consists of three executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2023[100] - All directors attended 7 out of 7 board meetings and 1 out of 1 shareholders' meeting during the year ended December 31, 2023[104] - The Board of Directors is responsible for the overall management and strategic development of the company, decision-making on business and investment plans,

Xtep International Holdings Limited (01368) H2 2023 Earnings Call March 17, 2024 08:00 PM ET Speaker0 Investors, good afternoon. Welcome to XTAB's twenty twenty three Annual Results Presentation Investors Session. I am the Investor Relations and Sustainability Director, Sophia. Let me introduce to you our management in attendance: Chairman and CEO, Mr. Ding Xueyi Bo Director, Mr. Tianjong or President, Mr. Tianjong CFO, Mr. Yang Lupin. Today's presentation will be conducted in Mandarin with English simultan ...

人掛 fi 特 步 國 際 控 股 有 限 公 司 聯交所股份代號：1368 中 期 報 告 2 中期簡明綜合財務資料附註 關於我們 特步國際控股有限公司（香港聯交所股份代號：1368）為 一家領先的多品牌體育用品公司，於2008年在香港聯合交 易所主板上市。集團主要從事體育用品（涵蓋成人及兒童鞋 履、服裝和配飾）的設計、研發、製造、銷售、營銷及品牌 管理。憑藉多元化的品牌組合，包括特步主品牌、蓋世威、 帕拉丁、索康尼及邁樂，集團戰略性地瞄準大眾運動、時尚 運動和專業運動分部，擁有龐大的全球分銷網絡，在亞太地 區、北美洲以及歐洲、中東和非洲擁有超過8,200家門店。 2 0 2 3 中 期 報 告 3 2023年6月30日 中期簡明綜合財務資料附註 | --- | --- | |-------|---------------------------| | | | | 2 | 中期業績概覽 五年財務摘要 | | 4 5 | 公司資料 | | 6 | 主席報告書 | | 8 | 管理層討論與分析 | | 31 | 企業管治及其他資料 | | 37 | 獨立審閱報告 | | 38 | 中期簡明綜合收益表 | 39 ...

Xtep International Holdings Limited (01368) H1 2023 Earnings Call August 23, 2023 03:30 AM ET Speaker0 Thank you. Welcome to the XTEP International Holdings Limited Interim Results Conference. I'm Sofia, the Director for Sustainable Development, and we have today the Chairman and the CEO, Mr. Ding Xuebo. Mr. Tian Zhong, the Core XTEP brand Chief Executive Officer and the CFO, Mr. Ricky Young. Today, our conference will be hybrid both online and offline. Apart from on-site, we also have webcast and also tele ...

Financial Performance - Total revenue for the first half of 2023 reached RMB 6,522.4 million, representing a 14.8% increase compared to RMB 5,683.6 million in the same period of 2022[9]. - Net profit attributable to ordinary shareholders was RMB 665.4 million, up 12.7% from RMB 590.4 million in the first half of 2022[10]. - The gross profit margin improved to 42.9% in 2023 from 42.0% in 2022[14]. - Basic earnings per share increased to RMB 26.36, compared to RMB 23.47 in the previous year[14]. - Operating profit grew by 7.0% to RMB 986.6 million, compared to RMB 921.7 million in the same period last year[21]. - Profit attributable to equity holders increased by 12.7% to RMB 665.4 million, up from RMB 590.4 million in the first half of 2022[21]. - The company reported total revenue of RMB 6,522.4 million for 2023, a 14.8% increase from RMB 5,683.6 million in 2022, driven primarily by the performance of mass sports brands[60][62]. - Revenue from footwear reached RMB 3,889.3 million, accounting for 59.6% of total revenue, with a year-on-year growth of 15.1%[60]. - Total gross profit rose by 17.2% to RMB 2,797.1 million, with an overall gross margin of 42.9%[64]. Assets and Liabilities - Non-current assets rose to RMB 4,648.8 million, up from RMB 3,907.7 million in 2022[15]. - Current assets increased slightly to RMB 11,974.4 million from RMB 11,891.5 million in 2022[15]. - The total assets of the group increased to RMB 16,623.2 million as of June 30, 2023, compared to RMB 16,493.5 million as of December 31, 2022, representing a growth of 0.8%[79]. - The group's total liabilities decreased to RMB 7,825.7 million as of June 30, 2023, from RMB 8,186.8 million as of December 31, 2022, indicating a reduction of 4.4%[79]. - The debt ratio was reported at 19.7%, a slight increase from 18.9% in the previous year[15]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.137 per share, with a payout ratio of 50.0%[9]. - The company declared an interim dividend of HKD 0.137 per share, up from HKD 0.130 in the previous year, with a payout ratio of 50.0%[21]. - The company declared an interim dividend of HKD 0.137 per share, totaling approximately RMB 332,736,000, compared to RMB 297,110,000 for the same period in 2022, marking an increase in shareholder returns[139]. Market and Brand Performance - The company operates over 8,200 stores globally, with a strategic focus on mass sports, fashion sports, and professional sports segments[2]. - The main brand, Xtep, recorded a revenue growth of 10.9% to RMB 5,429.7 million, up from RMB 4,897.6 million in the previous year[21]. - The retail sales of the main brand in Q1 2023 showed a significant growth of approximately 20% year-on-year[20]. - The fashion sports segment reported a revenue increase of 18.9% to RMB 748.6 million, accounting for 11.5% of the group's total revenue in the first half of 2023[50]. - The professional sports segment achieved a revenue growth of 119.9% to RMB 344.2 million, representing 5.3% of the group's total revenue, and recorded a net profit of RMB 9.0 million for the first time[53]. Research and Development - Research and development costs rose to RMB 175.2 million, representing 2.7% of total revenue, up from 1.9%[67]. - The company is investing HKD 100 million in research and development for new technologies aimed at enhancing product performance[198]. Sustainability and Corporate Governance - The company's MSCI ESG rating was upgraded to "BBB" in July, reflecting its strong performance in environmental, social, and governance practices[24]. - The company is committed to enhancing the environmental, social, and governance performance of its suppliers to promote sustainable development in mainland China[24]. - The company launched a sustainable T-shirt series with a carbon footprint of only 7.85 kg CO2 eq per piece, reducing carbon emissions by approximately 47.7% compared to regular cotton T-shirts[48]. - The company has maintained compliance with all provisions of the corporate governance code throughout the reporting period[89]. Employee and Operational Metrics - The company has approximately 9,300 employees as of June 30, 2023, a decrease from 9,800 employees at the end of 2022, with production staff making up 58.2% of the workforce[58]. - The average inventory turnover days increased to 115 days from 106 days in 2022[15]. - Selling and distribution expenses rose to RMB 1,510.3 million, accounting for 23.2% of total revenue, up from 18.4%[66]. Future Outlook - The company remains optimistic about the medium to long-term prospects of the sports goods industry in mainland China[20]. - The company anticipates continued growth in the running sector, supported by the recovery of marathon events post-COVID-19, and aims to strengthen its market share in this area[59]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[115].

Financial Performance - Total revenue for 2022 reached RMB 12,930 million, representing a 29.1% increase compared to 2021[7] - Operating profit for 2022 was RMB 1,464 million, reflecting a growth of 4.9% year-on-year[7] - Net profit attributable to ordinary shareholders was RMB 922 million, up from RMB 908 million in 2021[9] - The gross profit margin for 2022 was 40.9%, a slight decrease from 41.7% in 2021[14] - The group's revenue increased by 29.1% to RMB 12,930.4 million in 2022, compared to RMB 10,013.2 million in 2021[24] - Operating profit rose by 4.9% to RMB 1,464.3 million, up from RMB 1,396.2 million in 2021[24] - Profit attributable to ordinary shareholders was RMB 921.7 million, a slight increase of 1.5% from RMB 908.3 million in 2021[24] - The overall net profit margin was 7.1%, down from 9.1% in 2021[126] Dividends and Shareholder Returns - The company declared a final dividend of HKD 7.1 per share, bringing the total dividend for the year to HKD 20.1 per share, with a payout ratio of 50.0%[9] - The proposed final dividend is HKD 0.071 per share, down from HKD 0.135 per share in 2021, with a total dividend payout ratio of 50.0%[128] - The total dividend per share for 2022 was HKD 0.201, comprising an interim dividend of HKD 0.13 and a final dividend of HKD 0.071[165] Market Position and Strategy - The company was included in the MSCI China Index in June 2022, enhancing its market visibility[8] - The company aims to implement a multi-brand strategy with a target for 2025 as part of its "Five Five Plan" initiated in 2023[12] - The company plans to strategically expand its brands in specific regions with greater commercial potential[30] - The company aims to enhance its market presence through sponsorship of major marathons and partnerships with sports stars[53] - The company aims to become a leading global sports brand and a respected Chinese brand operator through a multi-brand and multi-market strategy[192] Inventory and Assets - The average inventory turnover days increased to 90 days in 2022, compared to 77 days in 2021[14] - The total assets as of December 31, 2022, were RMB 12,338 million in current assets and RMB 4,155 million in non-current assets[14] - The total assets increased to RMB 16,493.5 million in 2022, up from RMB 14,615.4 million in 2021, while total liabilities rose to RMB 8,186.8 million from RMB 6,633.0 million[135] Debt and Financial Ratios - The debt ratio was reported at 19.6% for 2022, an increase from 17.4% in 2021[14] - The debt ratio increased to 19.6% in 2022 from 17.4% in 2021, calculated based on total bank borrowings and convertible bonds against total assets[134] Employee and Workforce - The company employed approximately 9,800 staff as of December 31, 2022, an increase from 8,500 in 2021, with production employees making up 57.8% of the workforce[109] - The workforce grew to approximately 9,800 employees in 2022, up from 8,500 in 2021, with 57.8% being production staff[145] Research and Development - Research and development expenses increased to RMB 299.0 million, representing 2.3% of total revenue, down from 2.5% in 2021[122] Marketing and Brand Development - The company signed popular actor Wang Hedi as a new brand ambassador in December 2022 to enhance appeal among younger consumers[80] - The company continues to leverage celebrity endorsements as a key marketing strategy to maintain brand attractiveness among young consumers[80] Sustainability and Innovation - The company launched its first low-carbon eco-friendly running shoe "360–ECO" as part of its sustainable innovation efforts[32] - The "360–ECO" low-carbon running shoes with an 81% reduction in carbon emissions compared to traditional materials, certified by ISCC[88] - The use of innovative materials like Sorona and organic cotton highlights the company's commitment to eco-friendly practices[66] Investor Relations - The company successfully expanded its investor base and enhanced investor understanding of its business strategy, resulting in substantial returns for shareholders[151] - A total of 437 investor meetings were held, including 50 with analysts, 3 earnings briefings, and 31 reverse roadshows[156] - The company received multiple awards, including Best CEO and Best CFO in the Asia region, highlighting its strong investor relations performance[163] Corporate Governance - The company emphasizes the importance of corporate governance and has adopted good governance practices to ensure transparency and accountability[189] - The company has complied with all corporate governance codes except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[190] - The company has a commitment to improving shareholder returns through ongoing reviews and enhancements of its corporate governance practices[189]

Xtep International Holdings Limited (01368) H2 2022 Earnings Call March 22, 2023 02:30 AM ET Speaker0 Investors, media friends, good afternoon. Welcome to International Holdings Limited twenty twenty two Annual Results Presentation Webcast and Conference Call. I am from IR Department and Sustainable Development Department of XTAP. I'm Sophia. And we have Chairman and CEO, Mr. Ding Xue Paul XTAP Brand CEO, Mr. Tian Zhong CFO, Mr. Yang Loping In today's webcast and conference call, well, it will be conducted ...