术周"活动现场。 近年来，为推动商业持续发展，中牟新区积极整合商业资源，构建起以杉杉奥特莱斯中牟店为引领，联 动新老城区天泽城、新悦城、世纪城、万华V世界等十大商圈的商业矩阵。其中，仅杉杉奥莱中牟店一 家，客流量单日突破12万人次。在家电换新补贴政策的刺激下，各大卖场收银台前顾客排起长队，企业 单店销售额最高增长600%。2025年1至5月份，中牟新区全域社会消费品零售总额同比增速达到7.4%， 消费市场成绩斐然。 "这可不是普通的商场，而是建在景区里的乐园。"站在杉杉奥特莱斯中牟店的玻璃穹顶下，负责人陈云 飞指着人来人往的中央广场介绍道，"你看，非遗市集的手作台前围满了亲子家庭，大家一起动手体验 传统手工艺魅力；汉服少女在兰花节舞台旁拍照打卡，留下美丽瞬间。我们不断创新活动形式，就是为 了满足不同年龄段消费者的情感需求，其成功的秘诀在于'把消费变成一场主题派对'。" 数据显示，2025年上半年，该商场营业额突破13亿元，同比大幅增长26%。 中新网河南新闻7月16日电 "现在的商圈体验越来越丰富了，不仅品牌齐全，还能一边购物一边享受亲 子时光，很有意思。"傍晚时分，在河南省郑州市中牟新区杉杉奥特莱斯中牟店云 ...

Remuneration - The company has not paid any remuneration to supervisors as rewards for joining the group or as severance compensation from 2018 to 2024[14]. - Total remuneration for Ms. Zhou Danna in 2022 was RMB 233,507, which includes salary and allowances of RMB 198,000 and contributions of RMB 20,246[10]. - Mr. Wang Yijun received a total remuneration of RMB 235,967 in 2022, comprising salary and allowances of RMB 189,742 and contributions of RMB 20,246[10]. - The total remuneration for Ms. Yang Yi in 2022 was RMB 181,850, including salary and allowances of RMB 135,625 and contributions of RMB 20,246[10]. - For the year ending December 31, 2024, Ms. Zhou Danna's total remuneration is projected to be RMB 273,968, with salary and allowances of RMB 226,368[13]. - Mr. Wang Yijun's projected total remuneration for 2024 is RMB 266,552, including salary and allowances of RMB 218,952[13]. - Ms. Yang Yi's projected total remuneration for 2024 is RMB 211,447, with salary and allowances of RMB 163,848[13]. Reporting and Governance - The company has published annual reports for the years ending from 2018 to 2024, indicating a consistent reporting schedule[3]. - The company has not disclosed any additional information that would affect the contents of the annual reports apart from what is stated in the announcement[14]. - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[15].

Financial Performance - For the fiscal year 2024, the company's revenue was RMB 1,006.6 million, a decrease of approximately 5.0% compared to RMB 1,060.0 million in fiscal year 2023[11] - The net profit for fiscal year 2024 increased by approximately 5.0% to RMB 33.2 million, up from RMB 31.6 million in fiscal year 2023[11] - The gross profit margin for fiscal year 2024 was 37.7%, slightly up from 37.5% in fiscal year 2023[8] - The operating profit margin for fiscal year 2024 was 3.3%, compared to 3.0% in fiscal year 2023[8] - The total revenue for the fiscal year 2024 was RMB 1,006.6 million, a slight decline of about 5.0% compared to RMB 1,060.0 million in fiscal year 2023[25] - Profit increased from RMB 31.6 million in fiscal year 2023 to RMB 33.2 million in fiscal year 2024, marking an increase of approximately 5.0%[43] - Gross profit decreased by approximately 4.5% from RMB 397.2 million in fiscal year 2023 to RMB 379.2 million in fiscal year 2024[29] Assets and Liabilities - Non-current assets increased to RMB 164.2 million in fiscal year 2024 from RMB 103.0 million in fiscal year 2023[8] - Current assets rose to RMB 655.4 million in fiscal year 2024, compared to RMB 623.4 million in fiscal year 2023[8] - The total assets of the company reached RMB 819.6 million in fiscal year 2024, up from RMB 726.4 million in fiscal year 2023[8] - The total liabilities increased to RMB 543.3 million in fiscal year 2024 from RMB 472.6 million in fiscal year 2023[8] - The company's cash and cash equivalents decreased from RMB 143.2 million to RMB 106.5 million, while pledged deposits increased from RMB 4.2 million to RMB 8.5 million[46] - The debt-to-asset ratio was approximately 17.7% as of December 31, 2024, compared to 18.6% as of December 31, 2023[46] Market Strategy and Development - In 2024, the company focused on "high-quality development" strategies, with a commitment to enhancing operational efficiency and brand value, resulting in a 0.3% growth in clothing, footwear, and textile sales in the national market[20] - The company launched a new industrial park project in Ningbo, Zhejiang, aimed at integrating clothing R&D, design, and smart manufacturing, with the main construction completed, highlighting a focus on technological innovation[21] - The company signed a new brand ambassador, Hu Bing, to enhance brand recognition and cultural influence, aiming to strengthen the market presence of the Shanshan brand[21] - The company emphasized a dual-channel strategy, investing in both online and offline sales to optimize store performance and market layout, ensuring balanced growth across channels[14] - The company plans to expand its core national brands, FIRS and SHANSHAN, through diversified and cooperative business models, targeting steady growth in operating profits for 2025[17] - The company is committed to continuous product innovation, focusing on high-cost performance products, particularly in the suit category, to meet market demands[14] - The company aims to enhance its management system and digital capabilities, establishing a process operation warning mechanism to improve overall management efficiency[16] - The company will participate in the 2024 Autumn/Winter China International Fashion Week, launching a trend release show for Chinese suits, reinforcing its position as a leading brand in the suit category[20] Employee and Management - Employee costs for the year were approximately RMB 42.4 million, an increase from RMB 36.2 million in 2023, with a total of 265 employees as of December 31, 2024[51] - The company employed 265 staff members as of December 31, 2024, down from 311 in 2023, with a gender ratio of 49% male to 51% female[110] - The board consists of two female members, representing approximately 25% of the board[110] - The management team has extensive experience, with over 20 years in the apparel industry collectively[62] - The management team has extensive experience in the apparel industry, with key personnel having over 30 years of experience[81] Corporate Governance - The company emphasizes the importance of good corporate governance to enhance shareholder value[83] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all provisions except for the separation of the roles of Chairman and CEO[84] - The board is responsible for overseeing the management and overall performance of the group, ensuring necessary financial and human resources are in place[88] - The board consists of nine directors, including three independent non-executive directors, meeting the requirement of at least one-third independence[89] - The company has received annual independence confirmation letters from all independent non-executive directors, affirming their independence throughout the year[94] - The board has established committees to monitor operational and financial performance, ensuring proper internal controls and risk management[88] - The company has established a risk management policy to address potential operational risks, including strategic, operational, legal compliance, and environmental risks[132] - The Board is responsible for maintaining an effective risk management and internal control system, ensuring compliance with relevant legislation and regulations[132] Environmental, Social, and Governance (ESG) - The company is committed to corporate social responsibility and sustainable development, focusing on ESG issues[164] - The ESG report for the fiscal year 2024 will cover policies and performance in environmental protection, labor practices, and community engagement[165] - The ESG report highlights the company's progress in creating sustainable value for shareholders and stakeholders[166] - The total air pollutant emissions for the fiscal year 2024 amounted to approximately 13.7 kg, representing an increase of about 30.5% compared to 10.5 kg in fiscal year 2023[198] - The average air pollutant emissions per vehicle increased to 3.4 kg in fiscal year 2024 from 2.6 kg in fiscal year 2023, marking a rise of approximately 30.8%[198] - The company has implemented measures to reduce air pollution, including optimizing vehicle usage and encouraging employees to plan routes in advance[198] - The board of directors is committed to monitoring ESG governance matters and ensuring compliance with the latest ESG disclosure requirements from the Hong Kong Stock Exchange[192] - The company emphasizes the importance of a healthy environment for sustainable development and aims to be a leader in environmental protection[193]

Financial Performance - Total revenue for the fiscal year 2024 was RMB 1,006,620,320, a decrease of 5.1% compared to RMB 1,060,045,974 in 2023[4] - Gross profit for 2024 was RMB 379,198,540, down from RMB 397,239,138 in 2023, reflecting a gross margin of approximately 37.6%[4] - Net profit attributable to shareholders for 2024 was RMB 33,173,528, an increase of 5.0% from RMB 31,605,378 in 2023[4] - Earnings per share for 2024 increased to RMB 0.25, compared to RMB 0.24 in 2023[4] - Revenue from the apparel trade segment was RMB 902,236,232, down from RMB 946,051,210 in the previous year, representing a decline of 4.6%[22] - The brand FIRS generated revenue of RMB 710,004,551, an increase of 17.7% compared to RMB 602,902,487 in 2023[19] - Other income decreased by approximately 31.3% to RMB 1.1 million from RMB 1.6 million in 2023, mainly due to a reduction in raw material sales[58] - Selling and distribution expenses decreased by approximately 8.6% to RMB 281.8 million from RMB 308.2 million in 2023, attributed to a decline in sales through cooperative arrangements[60] - Administrative expenses increased by approximately 3.7% to RMB 41.9 million from RMB 40.4 million in 2023, mainly due to increased costs related to the Autumn/Winter China International Fashion Week[61] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 655,385,875, up from RMB 623,352,417 in 2023[5] - Current liabilities increased to RMB 525,604,168 in 2024, compared to RMB 450,911,497 in 2023, indicating a rise of 16.5%[6] - Trade receivables increased to RMB 239,725,926 in 2024 from RMB 222,132,260 in 2023, representing a growth of 7.9%[28] - Trade payables rose to RMB 199,080,405 in 2024, a significant increase of 35.2% from RMB 147,363,421 in 2023[37] - Contract liabilities from customer advances decreased to RMB 31,810,323 in 2024 from RMB 35,243,048 in 2023, a decline of 9.3%[40] - Other payables and accrued expenses totaled RMB 122,871,616 in 2024, down from RMB 133,463,028 in 2023, reflecting a decrease of 7.5%[40] - The company's asset-liability ratio was approximately 17.7% as of December 31, 2024, compared to 18.6% in 2023[71] Inventory and Expenses - The company reported a significant increase in inventory, reaching RMB 278,221,780 in 2024, compared to RMB 230,363,770 in 2023, representing a growth of 20.8%[5] - The total depreciation and amortization expenses amounted to RMB 32,562,952, down from RMB 37,800,117 in the previous year, a reduction of 13.8%[24] - Impairment losses totaled RMB 3,806,841, slightly up from RMB 3,636,449 in 2023[24] - The company reported a decrease in financial expenses to RMB 5,634,254 in 2024 from RMB 6,549,299 in 2023, reflecting improved cost management[4] Market Strategy and Growth - The company plans to expand its market presence and enhance its product offerings in the men's business formal and casual wear segments[9] - The company has been focusing on e-commerce as a distribution channel, which is expected to drive future growth[10] - E-commerce platform sales increased to RMB 367,749,686, up 14.0% from RMB 322,834,314 in 2023[22] - The company experienced a reduction in distributor sales channel revenue by RMB 18.6 million due to channel optimization and marketing policy adjustments[55] - The number of retail stores decreased from 709 on December 31, 2023, to 662 on December 31, 2024, representing a year-on-year reduction of approximately 6.6%[53] Corporate Governance and Compliance - The company is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards on its financial statements[12] - The company has adopted new accounting standards related to lease liabilities and financial instruments, which will take effect in future reporting periods[11] - The company has maintained compliance with financial covenants, with no violations reported during the fiscal year[44] - The company has adopted corporate governance practices to enhance management efficiency and protect shareholder interests, although the roles of chairman and CEO are currently held by the same individual[87] - The board of directors includes executive, non-executive, and independent non-executive members, ensuring a diverse governance structure[100] Future Outlook and Projects - The company plans to build a comprehensive building on newly acquired land, which will include a product R&D center and a high-end digital smart manufacturing plant[47] - The company has initiated a 5G new production capacity industrial park project in Ningbo, focusing on garment R&D, design, and smart manufacturing[53] - The group aims to establish 100 "China Shanshan" brand experience centers to enhance consumer satisfaction and explore brand consumption growth potential[82] - The group plans to implement a "one body, two wings" development model, focusing on both online and offline growth, leveraging product innovation and digital marketing strategies[82] - The group is committed to building a modern intelligent industrial park that integrates smart production, intelligent warehousing, and new retail live broadcasting bases[85] - The group maintains a positive outlook for future development, focusing on the "high-quality development" theme and enhancing its core assets in talent, brand, and capital[83] Shareholder Information - The proposed final dividend per share for 2024 is RMB 0.08, unchanged from 2023, pending shareholder approval at the annual general meeting[25] - The board proposed a final dividend of RMB 0.08 per share for 133,400,000 shares, totaling RMB 10,672,000 before tax, subject to shareholder approval at the 2025 annual general meeting[91] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders listed on the H-share register[92] - H-share individual shareholders from countries with a tax treaty with China will have a 10% withholding tax applied on dividends, while those from countries with lower rates may also be subject to the same[94] - The company will assist in refunding any excess withholding tax after approval from the tax authorities for H-share individual shareholders from countries with tax treaties specifying rates between 10% and 20%[95] Audit and Reporting - The independent auditor confirmed that the financial figures for the year align with the consolidated financial statements approved by the board, although no verification was issued for the preliminary performance announcement[90] - The audit committee, composed of three independent non-executive directors, reviewed the accounting standards and internal controls for the year[89] - The full-year results announcement is available on the Hong Kong Stock Exchange website and the company's website[98] - The 2024 annual report will be published at an appropriate time on the aforementioned websites and sent to shareholders upon request[98]

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。 杉杉品牌運營股份有限公司 Shanshan Brand Management Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：1749） 截 至2024年6月30日止六個月 中期業績 中期財務資料 杉 杉 品 牌 運 營 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2024年6月30日 止 六 個 月（「本期間」）之 未 經 審 核 簡明綜合中期財務資料，連同2023年同期及2023年12月31日比較數字及經甄選解 釋附註載列如下。本期間未經審核簡明綜合中期財務資料已由董事會審核委員會 （「審核委員會」）進 行 審 閱。 – 1 – 簡明綜合損益及其他全面收入表 截 至2024年6月30日止六個月 | --- | --- | --- | --- | |--------------- ...

Employee Management and Welfare - As of December 31, 2023, the company employed 311 staff members, a decrease from 352 in 2022, with a gender ratio of approximately 50% male to 50% female, improving from 39% male to 61% female in 2022[9] - The average monthly employee turnover rate was successfully reduced to approximately 2.6% in the 2023 fiscal year, down from 4.0% in 2022[11] - The company has implemented a scholarship program called "Shan Miao Plan" to reward employees' children who excel academically, with the first scholarship awarded in November 2023[15] - 35% of employees have served the company for over five years, an increase from 29% in 2022, indicating a strengthening relationship between the company and its employees[9] - The company maintains a competitive compensation package, including performance evaluations every quarter and half-year, to encourage employee development[10] - The employee demographic includes 26% on indefinite contracts and 72% on fixed-term contracts, with 2% being retirees rehired[9] - The company adheres to labor laws and regulations to ensure employee welfare and benefits[10] - The average turnover rate by age group is approximately 4.0% (18–25 years), 3.0% (26–35 years), 1.9% (36–45 years), 2.4% (46–55 years), and 1.8% (56–65 years)[11] - The company has established a standard working hours system, limiting daily work to a maximum of eight hours and weekly work to an average of 44 hours[11] - The company emphasizes diversity and inclusion in hiring practices, focusing on candidates' experience and competencies rather than personal characteristics[9] - In the fiscal year 2023, the number of trained employees reached 133, representing approximately 43% of the total workforce, compared to 80 employees or about 23% in 2022[23] - The total training hours in 2023 amounted to 1,064 hours, slightly down from 1,200 hours in 2022, with an average of about 8 hours of training per employee[23] - The average training time for male employees was approximately 4.5 hours, while female employees received about 2.3 hours of training[23] - The company had no recorded workplace injuries in the fiscal year 2023, a significant improvement from 2 injuries resulting in a loss of 105 workdays in 2022[19] - The company provided sufficient workers' compensation leave for employees injured on the job, ensuring compliance with national regulations[19] Financial Performance - The company's revenue for the fiscal year 2023 reached RMB 1,060,046,000, representing an increase from RMB 881,200,000 in 2022[47] - The net profit attributable to the company's owners for 2023 was RMB 31,605,000, compared to RMB 16,006,000 in 2022, indicating a significant improvement[47] - The gross profit margin for 2023 was 37.5%, a decrease from 43.8% in the previous year[47] - The operating profit margin for 2023 was 3.0%, up from 1.8% in 2022, reflecting improved operational efficiency[47] - The basic and diluted earnings per share for 2023 were RMB 24, compared to RMB 12 in 2022, showing a strong growth in profitability[47] - The company declared a final dividend of RMB 0.08 per share for 2023, an increase from RMB 0.04 in 2022[47] - The total number of customer complaints received in 2023 was 8, down from 12 in 2022, indicating improved customer satisfaction[36] - The company has implemented a structured after-sales service management system to enhance customer relations and address complaints effectively[36] - The company emphasizes the importance of quality assurance, with no product recalls due to safety and health reasons in 2023[34] - The company's total assets amounted to RMB 726,389 thousand in 2023, a decrease from RMB 758,577 thousand in 2022[48] - Current liabilities decreased to RMB 450,911 thousand in 2023 from RMB 511,195 thousand in 2022[48] - Sales and distribution expenses as a percentage of revenue decreased to 29.1%, down approximately 8 percentage points from the previous fiscal year[57] - The company implemented various cost control measures, resulting in a year-on-year reduction of approximately 5.8% in sales and distribution expenses[52] - The company reported a trademark licensing income increase of RMB 41.5 million due to ongoing support for quality online distributors[68] Environmental Impact - Total air pollution emissions decreased from 12.8 kg in FY 2022 to 10.5 kg in FY 2023, representing a reduction of approximately 17.95%[84] - Total greenhouse gas emissions increased from 441.0 tons in FY 2022 to 496.5 tons in FY 2023, an increase of about 12.59%[84] - Total energy consumption rose from 734.5 MWh in FY 2022 to 831.8 MWh in FY 2023, marking an increase of approximately 13.24%[84] - Total water resource consumption decreased significantly from 2,608.2 cubic meters in FY 2022 to 1,713.6 cubic meters in FY 2023, a reduction of about 34.19%[84] Corporate Governance and Social Responsibility - The company maintains a zero-tolerance policy towards intellectual property infringement and has established anti-corruption measures to ensure ethical business practices[38][39] - The company has not faced any legal cases related to corruption, bribery, extortion, fraud, or money laundering during the fiscal year 2023[75] - The company emphasizes social responsibility while striving to achieve its corporate goals, aiming for long-term sustainable development[185] - The company has adopted the Corporate Governance Code and has complied with all provisions except for the separation of the roles of Chairman and CEO[189] - The company emphasizes transparency and responsible business practices to align with the long-term interests of the enterprise and its shareholders[189] - The board will periodically review the governance structure to ensure appropriate actions are taken when necessary[190] Market Position and Strategy - The company is focused on maintaining its leadership position in the design, marketing, and sales of men's business and casual wear in China[185] - The company plans to continue focusing on its core brands FIRS and SHANSHAN while activating dormant brands and product categories through a diversified operational model[64] - The company aims to enhance its overall profitability and market share by optimizing its terminal market layout and focusing on key markets and core areas[66] - The company adopted a multi-dimensional market research approach to refine product positioning and enhance market competitiveness[58] - The company has strengthened its collaboration with e-commerce platforms, which played a crucial role in business growth for fiscal year 2023[108] - The company implemented various strategic measures to enhance brand image and optimize channel networks, focusing on market expansion[106] Financial Management - The company maintains a prudent financial management policy, ensuring a stable liquidity position throughout the year[174] - The company closely monitors its liquidity status to meet its funding needs effectively[174] - The company reported a net cash increase of RMB 28,535,890 for the year 2023, compared to RMB 30,422,839 in 2022[163] - The total cash and cash equivalents at the end of 2023 amounted to RMB 143,224,055, up from RMB 114,688,165 at the end of 2022[163] - The company incurred a net cash outflow from investing activities of RMB 51,605,393 in 2023, significantly higher than RMB 3,693,181 in 2022[163] - The company borrowed RMB 255,000,000 in 2023, an increase from RMB 192,500,000 in 2022[163] - The company repaid RMB 277,500,000 in borrowings, compared to RMB 217,218,960 in the previous year[163] - The company made a payment of RMB 40,118,400 for land use rights acquisition in 2023, which was not present in 2022[163] - The asset-liability ratio of the company was approximately 18.6% as of December 31, 2023, compared to 20.8% as of December 31, 2022, showing an improvement of 2.2 percentage points[173]

Revenue Growth - For the fiscal year ending December 31, 2023, total revenue reached RMB 1,060,045,974, a significant increase of 20.4% compared to RMB 881,199,661 in 2022[18] - The apparel trade segment generated revenue of RMB 946,051,210, up from RMB 808,662,717 in the previous year, reflecting a growth of 16.9%[18] - Trademark licensing income increased to RMB 113,994,764, representing a growth of 57.2% from RMB 72,536,944 in 2022[18] - Revenue from e-commerce platforms reached RMB 322,834,314 in 2023, up from RMB 190,371,255 in 2022, representing a growth of approximately 69.5%[38] - The company's total revenue increased by approximately 20.3% from RMB 881.2 million in FY2022 to RMB 1,060.0 million in FY2023[123] Profitability - The company reported a net profit attributable to shareholders of RMB 31,605,378 for 2023, up from RMB 16,006,327 in 2022, reflecting a growth of approximately 97.5%[20] - Earnings per share for 2023 were RMB 0.24, doubling from RMB 0.12 in 2022[20] - The company's profit surged by approximately 97.5%, increasing from RMB 16.0 million in FY2022 to RMB 31.6 million in FY2023[123] - The company's gross profit increased by approximately 2.9% from RMB 385.9 million in the 2022 fiscal year to RMB 397.2 million, primarily due to a revenue growth of 20.3%[159] Assets and Liabilities - Total current liabilities decreased to RMB 450,911,497 from RMB 511,194,583, a reduction of 11.8%[4] - The net asset value increased to RMB 253,774,921, compared to RMB 227,505,543 in 2022, marking an increase of 11.6%[4] - Non-current liabilities rose to RMB 21,703,133 from RMB 19,877,043, an increase of 9.2%[4] - The company reported a total asset value minus current liabilities of RMB 275,478,054, up from RMB 247,382,586, indicating a growth of 11.4%[4] - The company's non-current assets increased to RMB 103,037,134 in 2023 from RMB 76,832,082 in 2022, marking an increase of about 34.2%[21] Cash Flow and Receivables - Cash and cash equivalents rose to RMB 143,224,055 in 2023, compared to RMB 114,688,165 in 2022, an increase of approximately 24.9%[21] - Trade receivables increased to RMB 223,122,076 in 2023 from RMB 205,408,626 in 2022, showing a growth of about 8.5%[39] - The expected credit loss provision for trade receivables was RMB 1,070,535 in 2023, down from RMB 2,423,478 in 2022, showing a reduction of about 55.7%[84] Inventory Management - The total inventory write-down for 2023 was RMB 7,606,974, significantly reduced from RMB 18,352,733 in 2022, indicating improved inventory management[59] - The inventory balance decreased by about 26.2% year-on-year, indicating improved inventory turnover[103] - The average inventory turnover days improved from 259 days as of December 31, 2022, to 149 days as of December 31, 2023, due to efficient inventory management through cloud warehousing[171] Expenses - Total depreciation and amortization expenses for 2023 amounted to RMB 37,800,117, down from RMB 51,390,606 in 2022, reflecting a decrease of approximately 26.4%[59] - Sales and distribution expenses decreased by approximately 5.8% year-on-year, representing 29.1% of total revenue, down from 37.1% in FY2022[103] - Administrative expenses increased by approximately 9.8% from RMB 36.8 million in FY2022 to RMB 40.4 million in the current year, primarily due to increased depreciation of fixed assets and legal consulting fees[164] Dividends - The company proposed a final dividend of RMB 0.08 per share for 2023, compared to RMB 0.04 per share in 2022, marking a 100% increase in dividend payout[61] - The proposed final dividend is RMB 0.08 per share, totaling RMB 10,672,000 before tax, which is an increase from RMB 5,336,000 in the previous year[136] - The final dividend will be subject to approval at the annual general meeting on June 3, 2024, and is expected to be paid by August 2, 2024[136] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[20] - The company is focusing on high-quality development and optimizing market layout to enhance profitability and market share[104] - The company plans to establish 100 "China Shanshan" brand experience centers to enhance customer engagement and implement a "Hundred Cities, Thousand Stores" strategy[157] - The company aims to create a multi-channel marketing network that integrates traditional, social, live-streaming, and private domain platforms for sustainable development[157] Future Outlook - The company maintains a positive outlook for future development, focusing on core brands FIRS and SHANSHAN, and aims to enhance market share and sustainable growth[148] - The company is committed to deepening the management of user assets to unlock user value[129] - The company will enhance its offline consumer shopping experience to strengthen brand loyalty[129]

Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 499.5 million, an increase of 19.1% compared to the previous year[9]. - The company's profit for the same period was RMB 11.3 million, up from RMB 0.2 million in the previous year, marking a significant increase[15]. - The group's total revenue increased by approximately 19.1% from RMB 419.3 million in the six months ended June 30, 2022, to RMB 499.5 million in the same period of 2023[29]. - Revenue for the six months ended June 30, 2023, was RMB 499,457,556, an increase of 19.1% compared to RMB 419,280,331 for the same period in 2022[189]. - Standard apparel products generated revenue of RMB 456,067,663, up 17.8% from RMB 387,088,397 in the previous year[189]. - Trademark licensing income rose to RMB 43,389,893, representing a 34.7% increase from RMB 32,191,934 in the prior period[189]. - Gross profit for the same period was RMB 202,843,031, slightly down from RMB 203,425,685, indicating a marginal decrease of 0.3%[90]. - The net profit attributable to the company's owners for the period was RMB 11,299,408, a significant increase from RMB 224,564, reflecting a growth of approximately 5000%[90]. - Basic and diluted earnings per share rose to RMB 8.47 from RMB 0.17, marking a substantial increase[90]. Sales and Distribution - Sales to distributors amounted to RMB 52.6 million, representing 10.5% of total revenue, while e-commerce platform sales reached RMB 144.3 million, accounting for 28.9%[11]. - Revenue from e-commerce platforms for the FIRS and SHANSHAN brands surged approximately 113.1%, rising from RMB 67.7 million to RMB 144.3 million[29]. - The company's sales and distribution expenses decreased by approximately 9.9% to RMB 164.7 million, primarily due to the focus on high-quality store openings and cost reduction measures[13]. - Sales and distribution expenses decreased by 9.9% year-on-year, reflecting effective cost control measures[27]. Inventory and Management - The average inventory turnover days improved to 176 days from 259 days year-on-year, indicating better inventory management[16]. - Inventory balance decreased by about 13.6% compared to December 31, 2022, effectively improving inventory turnover[27]. - The average inventory turnover days significantly reduced from 259 days to 176 days, indicating improved inventory management[38]. - The average accounts payable turnover days decreased from 116 days to 80 days, attributed to a more flexible supply chain[39]. - The company's inventory decreased to RMB 269,555,270, down 13.6% from RMB 311,939,143 as of June 30, 2022[129]. Financial Position - The group maintained a solid financial position, with cash and cash equivalents decreasing from approximately RMB 114.7 million to RMB 90.0 million[40]. - As of June 30, 2023, the total bank borrowings amounted to approximately RMB 120.0 million, down from RMB 157.5 million as of December 31, 2022[61]. - The group's debt-to-asset ratio was approximately 17.2% as of June 30, 2023, compared to 20.8% as of December 31, 2022[61]. - The company's total assets amounted to RMB 610,466,481, a decrease of 10.4% from RMB 681,745,087 as of December 31, 2022[130]. - The company's total equity increased to RMB 233,468,951 as of June 30, 2023, compared to RMB 227,505,543 as of June 30, 2022, reflecting a growth of 2.6%[116]. - The company's total liabilities decreased to RMB 439,596,114 from RMB 511,194,583, indicating a reduction of 14.0%[129]. Strategic Initiatives - The company continues to focus on high-quality development and optimizing its distribution network to enhance brand performance[6]. - The company is committed to strategic initiatives aimed at addressing external pressures of high costs and low demand, ensuring sustainable growth[6]. - The group plans to focus on product innovation and digital economy strategies, enhancing online and offline sales channels[47]. - The group aims to accelerate "high-quality development" in the second half of 2023, focusing on new consumption opportunities and leveraging the intangible value built over 30 years[74]. - The company plans to continue innovating in product development and enhance brand image through strategic store openings and cultural initiatives[93]. - The company is considering the construction of a comprehensive building, including a product R&D center and a digital smart warehouse, to further develop its clothing brand[70]. Governance and Shareholder Structure - The company has maintained a balanced board structure with independent non-executive directors providing oversight[85]. - As of June 30, 2023, major shareholders include Mr. Luo and Ms. Zhou, each holding approximately 24.674% of the company's shares[95]. - The company reported a significant ownership structure, with major shareholders including Ningbo Shanshan Group holding approximately 34.55% of the shares[100]. - The company has established a governance structure with a board of directors committed to high standards of corporate governance, ensuring compliance with relevant regulations[108]. - The company has a diverse shareholder base, with public shareholders holding approximately 49.72% of the equity[100]. Cash Flow and Expenses - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 26,892,619, down 30.8% from RMB 38,890,988 in the same period of 2022[135]. - The company reported a net cash decrease of RMB 24,659,312 in cash and cash equivalents for the six months ended June 30, 2023[135]. - The group reported a decrease in other payables and accrued expenses from RMB 158,617,606 as of December 31, 2022, to RMB 145,276,496 as of June 30, 2023[151]. - The company reported a financial cost of RMB 3,695,429, which is comparable to RMB 3,693,718 in the previous period[90]. - The group’s financial expenses for the six months ended June 30, 2023, were RMB 3.7 million, remaining stable compared to the previous period[139]. Taxation - The group's income tax expense for the period was RMB 1.4 million, compared to a tax credit of RMB 2.1 million for the six months ended June 30, 2022[57]. - Deferred tax expenses for the six months ended June 30, 2023, amounted to RMB 1,417,276, compared to a credit of RMB 2,093,941 for the same period in 2022[140]. - The effective corporate income tax rate applicable to the company is 25% in mainland China[199].

Financial Performance - The company's revenue for the fiscal year 2022 was RMB 881.2 million, a decrease of approximately 11.3% compared to the fiscal year 2021[10]. - The net profit increased by approximately 86.0% to RMB 16.0 million from RMB 8.6 million in the previous fiscal year[10]. - Total revenue for fiscal year 2022 was RMB 881.2 million, a decline from RMB 993.0 million in fiscal year 2021[76]. - Gross profit decreased by about 20.5% to RMB 385.9 million from RMB 485.2 million in the previous fiscal year[80]. - Other income fell by approximately 46.7% to RMB 0.8 million from RMB 1.5 million in 2021[81]. - The company's profit for the year increased by approximately 86.0% from RMB 86 million in 2021 to RMB 160 million in 2022, primarily due to effective cost reduction measures[129]. - The company's basic earnings per share for the year was RMB 0.12, compared to RMB 0.09 in the previous year[172]. - The company reported a total comprehensive income of RMB 12,371,865 for the year, compared to RMB 12,371,865 in the previous year, indicating stability in overall income[180]. Cost Management - Sales and distribution expenses decreased by about 20.0% year-on-year due to effective cost control measures[10]. - Administrative expenses decreased by about 4.9% from RMB 387 million in 2021 to RMB 368 million in 2022, mainly due to a reduction in employee costs[124]. - Sales and distribution expenses accounted for 37.1% of revenue in fiscal year 2022, a decrease of approximately 4 percentage points from 41.2% in fiscal year 2021[64][72]. Employee and Organizational Changes - The total number of employees decreased from 384 in fiscal year 2021 to 352 in fiscal year 2022[13]. - The average training hours per male employee increased from 2.6 hours in fiscal year 2021 to 5.6 hours in fiscal year 2022[16]. - The company had 352 employees as of December 31, 2022, down from 384 employees in 2021, with total employee costs around RMB 690 million[134]. Strategic Initiatives - The company aims to enhance organizational flexibility to better align with strategic development requirements[11]. - The company continues to focus on platform development and high-quality growth despite challenging market conditions[10]. - The group plans to deepen its core brands FIRS and SHANSHAN and activate dormant brands and product categories in 2023[68]. - The group initiated a "brand image reshaping" project to enhance product design and quality, aiming to boost consumer recognition[65]. - The group is accelerating its digital transformation and enhancing its flexible supply chain to improve operational efficiency[66]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year, although specific strategies were not detailed in the documents[100]. Inventory and Receivables Management - The group’s inventory balance decreased by about 20.0% year-on-year, reflecting effective inventory digestion measures[72]. - The average inventory turnover days improved from 294 days in 2021 to 259 days in 2022, attributed to a flexible supply chain responding quickly to market demand[130]. - The company reported a significant reduction in inventory, which decreased to RMB 311.94 million from RMB 389.73 million, a decline of 20%[175]. - The company reported a total trade receivables of RMB 256,047,886 as of December 31, 2022, with a provision for impairment of RMB 50,989,260 due to the risk of uncollectible accounts[159]. - The average accounts receivable turnover days increased from 62 days in 2021 to 79 days in 2022[130]. Compliance and Governance - The company has complied with applicable environmental laws and regulations in all significant aspects of its business[42]. - There were no significant non-compliance issues with relevant laws and regulations that impacted the company's business and operations during the year[44]. - The company is committed to compliance and has not encountered any significant legal or regulatory issues during the reporting period[149]. - The financial report for the year ended December 31, 2022, was audited by BDO Limited, which issued an unqualified opinion reflecting the company's financial position and operational results accurately[146]. Shareholder Information - Major shareholder Ningbo Qinggang Investment Co., Ltd. holds 63.182% of the total shares[99]. - The company has issued shares listed on the Shanghai Stock Exchange, with major shareholders including Shanshan Group holding approximately 34.55% of the equity[1]. - Over 25% of the company's issued shares are held by the public, complying with the listing rules[14]. - The company suggested a final dividend of RMB 5,336,000 for 2022, maintaining shareholder returns[180]. Future Outlook - The company is optimistic about future development prospects, particularly in the context of rising domestic consumption trends[186]. - The company plans to focus on "high-quality development" in 2023, emphasizing the core assets of "talent," "products," and "capital" to drive business and profit growth[141]. - The company aims to improve existing business profitability while actively expanding market share and achieving sustainable growth[186].

杉杉品牌連營股份有限公司 Shanshan Brand Management Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1749 2021 中期報告 目錄 | --- | --- | |------------------------------|-------| | | 頁次 | | 公司資料 2 | | | 管理層討論及分析 4 | | | 企業管治及其他資料 13 | | | 簡明綜合損益及其他全面收入表 | 19 | | 簡明綜合財務狀況表 20 | | | 簡明綜合權益變動表 22 | | | 簡明綜合現金流量表 23 | | | 簡明綜合中期財務報表附註 24 | | 公司資料 | --- | --- | |------------------------------------------------------|---------------------------------------------------| | | | | 公司名稱 | 董事委員會 | | 杉杉品牌運營股份有限公司 | 審核委員會 | | | 歐陽寶豐先生（主席） （於 2021 年 6 ...