业绩点评 业绩点评 24Q1 出货优秀，盈利能力有望持续受益品类组合提升 九兴控股（1836.HK） 2024-04-29 星期一 主要财务指标 百万美元 2019A 2020A 2021A 2022A 2023 销售收入 1,545 1,136 1,541 1,631 1,493 同比增长(%) -2.8% -26.5% 35.6% 5.9% -8.5% 毛利率 19.0% 17.8% 20.6% 21.6% 24.6% 归母净利润 95.9 1.7 89.7 118.0 141.1 同比增长(%) 46.6% -98.2% 8329.9% 29.9% 20.4% 归母净利润率 6.2% 0.1% 5.8% 7.2% 9.5% 每股盈利(USD) 0.12 0.00 0.11 0.15 0.18 数据来源：Wind、公司公告、国元证券经纪（香港）整理 相关报告 业绩点评： ➢ 24Q1制造业务收入同比+17.6%，增幅好于预期及行业整体： 根据公告，24Q1公司制造业务收入同比+17.6%至3.26亿美元。拆分制造业 务量价，出货量同比+21.9%至11.7百万双，ASP同比-3.5%至27.8美金/双。 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司公告点评 2024年04月28日 [Table_InvestInfo] 24Q1 收入增速领跑同业，运动订单恢复 投资评级 优于大市 维持 拉动出货量 股票数据 [Table_StockInfo] 04月26日收盘价（港元） 13.86 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 6.73-14.20 总股本（百万股） 808  一季度收入高增，制造业务增速领跑制造台企。Q1集团实现收入3.4亿美元， 同比增18.9%。制造业务实现收入3.3亿美元，同比增长17.6%。与制造台企 总市值（百万港元） 11196 相比增速最高，丰泰/裕元（制造）/钰齐/志强/儒鸿/广越/聚阳Q1分别实现同 相关研究 比变动+6.5%/-0.1%/-47.4%/+15%/+17.5%/-11%/+9.9%。零售收入约1210万 [《Ta 20b 2le 3_盈R利e水po平rt创In近fo] 1 0年新高》2024.3.30 美元，公司已削减品牌零售布局，将进一步缩减剩余的中国合资公司业务。 《低 ...

智通财经APP讯，九兴控股(01836)发布公告，于截至2024年3月31日止3个月，集团未经审核综合收入增 加约18.9%至3.384亿美元，去年同期未经审核综合收入约为2.846亿美元。 截至2024年3月31日止3个月的出货量按年增加约21.9%，此乃由于所有产品类别均有所增长，并主要受 运动类别所带动。平均售价按年下降约3.5%，主要由于来自平均售价较低的运动及休闲类别产品订单 占比较高所致。 集团于2023年经营利润率已达约10.7%，提前实现其"3年规划"(2023-2025)的目标，即在2025年底前实现 经营利润率10%及税后利润年度增长率达至低十位数百分比的目标。集团满怀信心在未来两年将继续实 现有关目标。 ...

Revenue and Profit Performance - Revenue for 2023 decreased to $1,492,651 thousand from $1,630,771 thousand in 2022, representing a decline of 8.5%[14] - Net profit attributable to shareholders increased to $141,072 thousand in 2023, up 19.5% from $118,033 thousand in 2022[14] - Gross profit increased by 4.1% to $366,700,000 with a gross margin of 24.6% (2022: 21.6%)[29] - Reported operating profit increased by 18.2% to $159,400,000 with an operating profit margin of 10.7% (2022: 8.3%)[30] - Net profit for the year was $140,300,000, including a fair value loss of $7,300,000 related to Lanvin Group investment[31] - Adjusted net profit was $147,600,000 with an adjusted net profit margin of 9.9% (2022: 7.3%)[31] - Revenue for 2023 was $1,492,651 thousand, a decrease of 8.5% compared to $1,630,771 thousand in 2022[147] - Gross profit increased to $366,728 thousand in 2023, up 4.1% from $352,127 thousand in 2022[147] - Net profit attributable to owners of the parent company was $141,072 thousand in 2023, up 19.5% from $118,033 thousand in 2022[148] - Total comprehensive income for the year was $134,676 thousand, a 45.5% increase from $92,537 thousand in 2022[147] - Earnings per share (basic) increased to $0.1780 in 2023 from $0.1490 in 2022[148] - Net profit for the year was $141,072 thousand in 2023, up from $118,033 thousand in 2022, showing a 19.5% growth[151] - Total comprehensive income for the year was $135,505 thousand in 2023, compared to $93,575 thousand in 2022, a 44.8% increase[151] Manufacturing and Product Segments - Manufacturing business revenue in 2023 was divided into 26.1% for fashion, 25.5% for luxury, 9.5% for sports, and 8.3% for casual footwear[16] - Revenue from the luxury segment increased to 26.1% in 2023 from 21.2% in 2022, indicating a shift towards higher-end products[16] - Sports footwear sales decreased by 8.0%, accounting for 43.2% of total manufacturing revenue (2022: 42.6%)[28] - Luxury and fashion category revenue increased by 4.1% and decreased by 6.2%, accounting for 9.5% and 26.1% of total manufacturing revenue respectively (2022: 8.3% and 25.5%)[28] - Manufacturing segment revenue reached $1,491,049,000, while retail and wholesale segment revenue was $4,609,000, with total revenue at $1,492,651,000[198] - Manufacturing segment profit was $175,635,000, while the retail and wholesale segment reported a loss of $11,659,000, resulting in a total segment profit of $163,976,000[198] - Total segment revenue reached $1,637.9 million, with manufacturing contributing $1,627.2 million and retail & wholesale contributing $10.7 million[200] - Segment performance showed a profit of $162.1 million in manufacturing and a loss of $20.9 million in retail & wholesale, resulting in a total segment profit of $141.2 million[200] Production and Capacity Expansion - The company expanded its production capacity in Southeast Asia with new factories in Indonesia and the Philippines[11] - The company plans to expand production capacity in Indonesia and Bangladesh, including a new dedicated sports shoe factory in Indonesia[24] - The company's subsidiaries, such as P.T. Young Tree Industries and P.T. Tyfountex Indonesia, are primarily engaged in footwear manufacturing[156] - The company's subsidiaries in China, such as Dongguan Xingang Footwear Co., Ltd., are wholly owned and engaged in footwear manufacturing[157] - The company's subsidiaries in Vietnam, such as Stella Leather Goods (Ho Chi Minh) Co., Ltd., are engaged in handbag manufacturing[157] - The company's subsidiaries in Europe, such as Stella Fashion Italia S.R.L., are engaged in footwear sales and distribution[156] Strategic Initiatives and Market Expansion - Stella International launched its first three-year strategic plan (2023-2025) to drive future growth[11] - The company entered the handbag market, targeting high-end clients with leather products[7] - The company maintains strong partnerships with global brands such as Nike, HOKA, Coach, and Prada[7] - The company is focusing on strengthening its position in the luxury and premium fashion footwear segments, with new products already showing promising sales[19] - Production improvements and productivity enhancements implemented as part of the three-year plan have contributed to margin expansion[19] - The company aims to achieve a 10% operating profit margin and low double-digit percentage growth in post-tax profit by the end of 2025, with progress ahead of schedule[19] Financial Position and Cash Flow - Net cash position as of December 31, 2023, was $287,400,000 (2022: $206,100,000)[33] - Cash and cash equivalents as of December 31, 2023, were $294,500,000 (2022: $213,300,000)[34] - Bank borrowings decreased to $7,100,000 as of December 31, 2023, compared to $7,200,000 in the previous year[35] - The company maintained a net cash position of $287,400,000 as of December 31, 2023, with a net capital gearing ratio of -26.9%[37] - Cash and cash equivalents increased by 38.1% to $294,471 thousand in 2023 from $213,303 thousand in 2022[149] - Total assets increased to $1,094,465 thousand in 2023, up 5.4% from $1,038,214 thousand in 2022[149] - Total equity rose to $1,067,464 thousand in 2023, a 5.1% increase from $1,015,949 thousand in 2022[150] - Total equity increased to $1,067,464 thousand in 2023, up from $1,015,949 thousand in 2022, reflecting a growth of 5.1%[151] - Retained earnings rose to $853,890 thousand in 2023, compared to $798,533 thousand in 2022, marking a 6.9% increase[151] - Cash flow from operating activities was $229,153 thousand in 2023, slightly down from $240,076 thousand in 2022, a decrease of 4.5%[153] - Investment activities resulted in a net cash outflow of $56.573 million, compared to $53.774 million in the previous year[154] - Financing activities resulted in a net cash outflow of $90.788 million, compared to $106.412 million in the previous year[154] - The company's cash and cash equivalents increased by $81.792 million, reaching $294.471 million at the end of the year[154] - Interest received from investments increased significantly to $10.234 million, up from $1.665 million in the previous year[154] - The company acquired property, plant, and equipment worth $55.699 million, an increase from $45.267 million in the previous year[154] - The company paid dividends of $88.074 million, a decrease from $99.130 million in the previous year[154] Dividends and Shareholder Returns - A final dividend of HK$0.61 per share was declared, bringing the full-year dividend to HK$1.03 per share with a payout ratio of approximately 70%[20] - The board proposed a final dividend of 61 HK cents per ordinary share for the year ended December 31, 2023, amounting to approximately $62.2 million[89] - The final dividend, if approved, will be paid on or around June 7, 2024, to shareholders on the register by May 17, 2024[89] - The company will suspend share transfer registration from May 6, 2024, to May 9, 2024, inclusive, with all transfer documents required to be submitted by May 3, 2024, at 4:30 PM for eligibility to attend and vote at the annual general meeting[90] - The company's distributable reserves as of December 31, 2023, amounted to $449.8 million, compared to $440.7 million in 2022[91] - The company paid dividends of $45,590 thousand for the 2022 final dividend and $42,484 thousand for the 2023 interim dividend[151] Corporate Governance and Board Structure - The board of directors consists mostly of independent non-executive directors, ensuring strong independent elements and effective independent judgment[45] - The company has a board diversity policy that considers factors such as gender, age, cultural and educational background, race, professional experience, and skills[45] - The nomination committee is responsible for reviewing the board's structure, size, and composition, and for identifying and selecting qualified candidates for board membership[46] - The company has set measurable goals for increasing functional experience diversity and understanding of target markets and customer groups[47] - The board's gender diversity is achieved through the inclusion of two female independent non-executive directors, and the nomination committee will continue to seek qualified candidates to maintain gender diversity[47] - The board has adopted a board evaluation plan to enhance efficiency and effectiveness, and to regularly review the corporate governance framework[48] - A third-party consultant has been engaged to ensure the independence and effectiveness of the board evaluation process[49] - The company maintains a formal and transparent process for appointing new directors, with a structured plan for board succession and nomination[50] - The nomination committee currently has five members, all of whom are independent non-executive directors[51] - The Nomination Committee reviewed the board's structure, size, and composition, as well as the board diversity policy and succession planning[52] - Newly appointed directors received tailored induction training, including an overview of the company's operations and regulatory responsibilities[52] - Directors receive monthly updates on financial data, business performance, and market intelligence to better assess the industry[52] - The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as the guideline for directors and relevant employees[52] - Directors are required to confirm their external commitments and any changes every six months to ensure sufficient time contribution[55] - Independent non-executive directors actively contribute to board discussions and provide independent judgment on business strategies[55] - The Chairman is responsible for setting broad strategic direction and ensuring effective communication between the board, management, and shareholders[55] - The CEO oversees the implementation of board-approved objectives and manages relationships with stakeholders[55] - The board retains authority over major decisions, including strategy, budget approval, and significant investments or acquisitions[56] - The board has established four governance-related committees: Audit, Corporate Governance, Remuneration, and Nomination Committees[57] - The company's Board of Directors held 7 meetings in 2023, with all executive directors attending all 7 meetings[58] - The company's independent non-executive directors attended all 7 Board meetings, with some exceptions due to resignations or new appointments[58] - The company's Chairman maintains open dialogue with independent non-executive directors outside formal Board meetings[59] - The company's Board members have no significant financial, business, or other relationships, except for one familial relationship between two directors[60] - The company's Board meetings are scheduled in advance with at least 14 days' notice, and meeting agendas are circulated beforehand for directors to add items[60] - The company's management provides monthly updates to the Board, including internal financial data, peer comparisons, and market intelligence[61] - The company's Board reviews the effectiveness of its risk management and internal control systems at least annually, covering financial, operational, and compliance controls[62] - The company has a process for handling significant control failures or weaknesses, with monthly reporting to senior management and the Audit Committee[62] - No significant control failures or weaknesses were identified during the year[62] - The company's Board ensures adequate resources, qualifications, and training for accounting, internal audit, financial reporting, and ESG functions[62] - The company's internal control system, based on COSO, includes five elements: control environment, risk assessment, control activities, information and communication, and monitoring[63] - The company's internal audit team reports directly to the Audit Committee and the CEO, with external auditor EY submitting a report on internal control matters for the year ended December 31, 2023[64] - The Audit Committee reviewed the financial reporting system, risk management, and internal control systems during the year[65] - The company paid $629,000 for audit services and $183,000 for non-audit services (primarily tax advisory services) to the external auditor for the year ended December 31, 2023[66] - The company has established a whistleblowing policy and system for employees and key stakeholders to anonymously report concerns to the Audit Committee[64] - The Audit Committee consists of three independent non-executive directors and reviewed tax matters of the group during the year[65] - The company has a formal and transparent director remuneration policy, with no director involved in determining their own remuneration[68] - The Remuneration Committee reviewed the group's human resources and remuneration strategy, as well as the remuneration policy for executive directors during the year[68] Share Options and Incentive Plans - The company granted a total of 19,760,000 share options to 56 grantees, including 1,500,000 to CEO Qi Leren, 450,000 to Gillman Charles Christopher, and 1,200,000 to Jiang Yimin, with the remaining 16,610,000 granted to 53 other employees[69] - The share options are intended to incentivize grantees to execute the company's strategic plan over the next three years, with vesting conditions spread over three years from the grant date[69] - The company has issued a total of 27,970,000 share options to 107 eligible participants, with each option priced at HKD 11.48 per share[105] - The share options are valid for six years from the grant date and will vest in five tranches, each tied to the company's financial performance and individual performance evaluations[106] - 3,417,500 share options were granted to the company's executive director Qi Leren, and 270,000 share options were granted to current executive director Jiang Yimin[107] - The vesting of share options is contingent on the company achieving both net profit margin and revenue growth targets set by the board for the relevant fiscal year[106] - If the company fails to meet either the net profit margin or revenue growth target, only 50% of the share options expected to vest will be granted[106] - If both the net profit margin and revenue growth targets are met, 100% of the share options expected to vest will be granted[106] - If both the net profit margin and revenue growth targets are not met, all share options expected to vest will automatically lapse[106] - The 2007 Long-Term Incentive Plan, which aimed to attract and retain talent, expired on July 5, 2017[105] - A total of 8,967,750 share options under the 2007 Plan lapsed during the review period[108] - The trustee held 1,778,000 shares in trust as of December 31, 2023, unchanged from December 31, 2022[109] - No share options were granted under the 2007 Plan during the review year, and no options remained unexercised as of the annual report date[109] - The 2017 Plan was approved by shareholders on May 19, 2017, and aligns with Chapter 17 of the applicable listing rules[110] - The 2017 Plan aims to reward selected participants, including employees and directors, for their contributions to the group[111] - From January 1, 2023, the company can only grant share options under the 2017 Plan to "qualified participants" as defined by Chapter 17 of the listing rules[112] - The 2017 Plan allows the board to set performance targets and minimum holding periods for share options, with exercise prices not lower than the listing rules' requirements[111] - Participants eligible for share options under the 2017 Plan include employees, directors, suppliers, customers, and consultants contributing to the group's development[112] - The total number of shares that may be issued upon the exercise of all options granted under the 2017 Plan and any other share option schemes of the Group shall not exceed 79,437,950 shares, equivalent to 10% of the issued shares as of the effective date of the 2017 Plan[113] - As of January 1, 2023, December 31, 2023, and the date of this annual report, the total number of shares that could be allotted and issued upon the exercise of options under the general plan limit were 79,437,950 shares[114] - The number of options that could still be granted under the general plan limit as of January 1, 2023, December 31, 2023, and the date of this annual report were 27,957,950, 9,133,450, and 9,193,450 shares respectively[114] - The total number of shares that may be issued and to be issued upon the exercise of options granted to each participant under the 2017 Plan and any other share option schemes of the Group within any 12-month period shall not exceed 1% of the issued shares at that time[115] - Any grant of options to a director, chief executive, or substantial shareholder of the company or their associates must be approved by the independent non-executive directors of the company[116] - Participants may accept the option offer within 21 days from the date of the option offer[117] - The subscription price for shares under the 2017 Plan shall not be less than the highest of (i) the closing price of the shares on the offer date, (ii) the average closing price of the shares over the five trading days immediately preceding the offer date, and (iii) the nominal value of the shares[118] - The 2017 Plan will remain in effect for a period of 10 years from May 19, 2027, and will expire on May 18, 2027[119] - During the

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company achieved a net profit margin of 9.5% in 2023, an increase of 2.2 percentage points year-on-year, despite a revenue decline of 8.5% to $1.493 billion [4][5] - The gross profit margin improved to 24.6%, up 3 percentage points year-on-year, indicating better profitability management [4][5] - The company has maintained a dividend payout ratio of approximately 70%, with a dividend yield of 8.3% based on the closing price on March 29 [4][5] Financial Performance Summary - In 2023, the company reported total revenue of $1.493 billion, a decrease of 8% year-on-year, with manufacturing revenue at $1.445 billion, down 8.9% [5][7] - The operating profit margin reached 10.7%, an increase of 2.4 percentage points year-on-year, reflecting improved operational efficiency [4][5] - The company plans to continue its capacity expansion, with production distribution in China, Vietnam, and other Asian regions at 26%, 51%, and 23% respectively [6][7] Earnings Forecast and Valuation - The company is expected to achieve net profits of $161 million, $180 million, and $199 million for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 13.8%, 11.9%, and 10.5% [4][5][7] - The average selling price (ASP) for products reached $29.7 in 2023, the highest since 2009, driven by a shift towards higher-end products [4][5] - The estimated price-to-earnings (P/E) ratio for 2024 is projected to be between 10-11 times, with a corresponding fair value range of HKD 15.75 to 17.33 per share [4][5]

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 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二三年十二月三十一日止年度的全年業績 | --- | --- | |--------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要： | | | － | 平均售價（「平均售價」）增長 4.2% | | － | 進一步提升客戶組合，尤其在奢華及高端時尚類別 | | － | 精簡本集團在中國大陸的零售業務，並已結束所有其他位於世界各地的實體銷 售點 | | － | 毛利率增長 3.0 個百分點 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司研究报告 2024年03月12日 [Table_InvestInfo] 首次 低估值+高股息+稳增长顶尖时尚与休闲鞋类 投资评级 优于大市 覆盖 制造企业 股票数据 [Table_Summary] 3[T月ab11le日_S收t盘oc价kI（nf港o元] ） 11.00 投资要点： 52周股价波动（港元） 6.46-11.00 总股本（百万股） 797 总市值（百万港元） 8768  全球顶尖时尚与休闲鞋履制造企业。公司从事鞋履及皮具产品的开发及制造， 市场表现 品类涵盖奢华、运动及休闲品类，产能分布于国内、越南及印尼。公司拥有 [Table_QuoteInfo] 全球众多全球知名品牌客户，包括①运动品牌：Nike、Saucony、Under Armour 等，②时尚鞋履品牌：Cole Haan、Kate Spade、Michael Kors、Tory Burch 等，③高端时尚品牌：Amiri、Ambush、Alexander Wang、Balenciaga、 Balmain、Chloe、Jimmy ...

Financial Performance - Total revenue for the six months ended June 30, 2023, decreased by 13.4% to $716.1 million, down from $827.2 million in the same period last year[10]. - Gross profit increased by 1.2% to $165.8 million, with a gross margin of 23.1%, compared to 19.8% in the previous year[10]. - Operating profit decreased by 5.5% to $64.8 million, impacted by a provision for uncollectible receivables of $216 million related to The Rockport Company[10]. - Net profit for the period was $55.2 million, down from $60.2 million year-on-year, with adjusted net profit at $360.3 million, compared to $60.2 million in the previous year[10]. - Profit before tax for the period was $63,453 thousand, compared to $68,440 thousand in the previous year, representing a decline of 7.2%[22]. - Basic earnings per share for the six months ended June 30, 2023, were $0.0703, down from $0.0763 for the same period in 2022[45][46]. Dividends and Payouts - The company announced an interim dividend of HKD 0.42 per share, maintaining a long-term payout ratio of 70%[3]. - The board declared an interim dividend of HKD 0.42 per share, maintaining a payout ratio of approximately 70% based on adjusted net profit of USD 360.3 million, excluding a fair value loss of USD 5.1 million related to the Lanvin Group investment[13]. Market and Product Strategy - The three-year plan (2023-2025) focuses on strengthening customer categories, particularly with luxury and high-end fashion brands, to enhance product offerings[5]. - The demand for high-quality and complex products from luxury and high-end fashion brands has outperformed the general footwear market[3]. - The company is leveraging its product development capabilities to support major sports brands in expanding their athletic and luxury-priced footwear categories[5]. Operational Efficiency and Capacity Expansion - The company is enhancing operational efficiency through organizational restructuring and improved customer management[6]. - The company is expanding production capacity in Solo, Indonesia, and plans to enhance capacity in Bangladesh starting in 2023[6]. - The company is focusing on long-term capacity expansion and diversification, with a new factory in Solo, Indonesia, while delaying some planned capacity expansion projects due to weak macroeconomic conditions[11]. Cash Flow and Financial Position - The net cash position as of June 30, 2023, was $162.5 million, significantly up from $69 million a year earlier, with a net capital debt ratio of -15.9%[11]. - As of June 30, 2023, the group's cash and cash equivalents were approximately USD 173.5 million, an increase of 127% compared to USD 76.4 million on June 30, 2022[14]. - The net cash inflow from operating activities for the six months ended June 30, 2023, was USD 28.2 million, down from USD 33.5 million in the same period of 2022[14]. - The net cash outflow for investing activities was USD 22.4 million, a decrease of 29.1% from USD 31.6 million for the same period in 2022[14]. Employee and Management Information - The group employed approximately 39,200 employees as of June 30, 2023, down from approximately 42,500 employees at the end of 2022[18]. - The total remuneration paid to key management personnel was $1,066,000 for the six months ended June 30, 2023, compared to $1,217,000 in the same period of 2022[94]. Stock Options and Incentive Plans - The company has a total of 70,173,000 unexercised stock options under the 2017 plan, representing approximately 8.79% of the company's issued shares[90]. - The total number of options available for exercise at the end of the reporting period is 8,967,750 shares, with a weighted average exercise price of HKD 11.48 per share[67]. - The company recognized stock option expenses of $221,000 for the six months ended June 30, 2023, compared to $549,000 for the same period in 2022[75]. Corporate Governance and Compliance - The company has adhered to the corporate governance code and principles as outlined in the listing rules, ensuring high standards of transparency and accountability[111]. - The governance model combines corporate governance with business governance to enhance accountability and shareholder assurance[112]. Future Outlook - The company aims for a low double-digit percentage annualized growth rate in post-tax profit[6]. - The company anticipates maintaining strong gross and operating margins, supported by orders from new luxury and high-end fashion clients[12].

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 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二三年六月三十日止六個月的中期業績 | --- | --- | |--------|-----------------------------------------------------------------------| | | | | 摘要： | | | － | 奢華、時尚及運動品類顧客對高端產品款式的需求旺盛 | | － | 平均售價上漲 6.5% ，毛利率上升 3.3 個百分點至 23.1% | | － | 生產效率增加，使經營利潤 1 率上升至 9.0% （二零二二年上半年： 8.3% ） | | － | 經調整純利 2 率增加至 8.4% ，而二零二二年上半年為 7.3% | | － | 產能的擴張充分由穩健的淨現金 ...

Financial Performance - Revenue in 2022 increased to $1,630.77 million, up from $1,540.61 million in 2021[11] - Net profit attributable to shareholders in 2022 was $118.03 million, compared to $89.69 million in 2021[12] - Revenue increased by 5.9% to $1.6308 billion in 2022, with shipment volume rising by 0.4% to 56 million pairs[20] - Average selling price of footwear increased by 5.2% to $28.5 per pair in 2022, driven by changes in customer and product mix[20] - Revenue for 2022 increased to $1,630.77 million, up from $1,540.61 million in 2021, representing a growth of 5.85%[133] - Gross profit rose to $352.13 million in 2022, compared to $316.85 million in 2021, an increase of 11.14%[133] - Net profit attributable to owners of the parent company increased to $118.03 million in 2022, up from $89.69 million in 2021, a growth of 31.61%[134] - Total comprehensive income for 2022 was $92.54 million, slightly higher than $92.24 million in 2021[134] - Earnings per share (basic) increased to $0.1490 in 2022, up from $0.1133 in 2021, a rise of 31.51%[134] - The company reported a net profit of $117.2 million for the year ended December 31, 2022, compared to $90.8 million in 2021[22] - Net profit for the year was $89,694 thousand, contributing to a total comprehensive income of $91,314 thousand[138] - Operating cash flow from activities increased to $240,076 thousand, up from $120,256 thousand in the previous year[140] - Cash and cash equivalents at the end of the year stood at $213,303 thousand, compared to $135,170 thousand at the beginning of the year[141] - The company's total equity increased to $1,016,721 thousand from $923,839 thousand at the beginning of the year[138] - The company's cash flow from financing activities was a net outflow of $106,412 thousand, compared to $22,622 thousand in the previous year[141] Revenue Distribution and Market Performance - The company's revenue distribution was 51.3% from North America and 49.7% from other regions[10] - The company's revenue from China (including Hong Kong) accounted for 24.1% of total revenue[14] - North America and Europe remained the company's largest markets, accounting for 51.3% and 24.1% of total revenue, respectively[22] - Total revenue for 2022 reached $1,630.77 million, with manufacturing contributing $1,620.05 million and retail & wholesale contributing $10.73 million[194] - North America accounted for the largest share of external customer revenue at $836.05 million, followed by Europe at $393.77 million and China at $220.88 million[191] - Revenue from footwear and handbag sales increased to $1,630.77 million in 2022, up from $1,540.61 million in 2021[194][196] - Customer A contributed $563.62 million in revenue from the manufacturing segment, representing a significant portion of the company's total income[193] Production and Capacity Expansion - In 2022, the company expanded its production capacity by building a third factory in Indonesia[9] - The company is expanding its manufacturing capacity, including a new factory in Solo, Indonesia, and increasing capacity in Bangladesh[17] - The company plans to expand production capacity in Indonesia and Bangladesh, with significant capital expenditure expected in 2023[24] - Capital expenditures for the year totaled $55.88 million, primarily driven by the manufacturing segment[190] Product Portfolio and Market Entry - The company's product portfolio includes fashion, luxury, sports, and casual footwear for global brands such as Nike, Under Armour, and Prada[5] - Stella Luna brand successfully entered the Hong Kong and US markets through renowned department stores like Lane Crawford[8] - The company operates over 220 Stella Luna retail outlets globally[8] - The company's luxury and high-end fashion customers achieved sales growth despite a challenging macroeconomic environment in Western markets[15] - Revenue from the sports shoe category increased by 14.7% year-on-year, accounting for 42.6% of total manufacturing revenue (2021: 39.4%)[21] - Revenue from the luxury category decreased by 14.4% year-on-year, accounting for 8.3% of total manufacturing revenue (2021: 10.2%)[21] - Revenue from the fashion category increased by 50.3% year-on-year, accounting for 25.5% of total manufacturing revenue (2021: 18%)[22] - Revenue from the leisure category decreased by 22.9% year-on-year, accounting for 23.6% of total manufacturing revenue (2021: 32.4%)[22] Corporate Governance and Board Structure - The company focuses on corporate governance through compliance, risk management, investor relations, and corporate social responsibility (4 Rs)[32] - The Corporate Governance Committee reviewed annual reports, ESG reports, and governance frameworks during the year[33] - The company fully complied with the Corporate Governance Code throughout 2022[33] - The board of directors consists mostly of independent non-executive directors, ensuring strong independent elements and diverse backgrounds[34] - The nomination committee is responsible for reviewing the board's structure, size, and composition, and recommending suitable candidates[35] - Measurable goals for the board diversity policy include increasing functional experience diversity and understanding of target markets and customer groups[36] - Gender diversity on the board is achieved with two female independent non-executive directors, and the company aims to maintain this diversity[36] - The board evaluation process includes reviewing current practices, assessing directors' business knowledge, and identifying areas for improvement[37] - A third-party consultant is engaged to ensure independence and effectiveness in the board evaluation process[38] - The company maintains a formal and transparent process for appointing new directors, with a focus on industry knowledge and established track records[39] - The nomination committee has five members, all of whom are independent non-executive directors[40] - The Nomination Committee reviewed the board's structure, size, and composition, as well as the board diversity policy and succession planning[41] - Newly appointed directors received tailored induction training, including an overview of the company's business and statutory responsibilities[41] - Directors received monthly updates on financial data and business performance, along with market intelligence reports[41] - The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as per Appendix 10 of the Listing Rules[41] - Directors participated in training courses covering legal, business, and financial topics to stay updated on industry and regulatory changes[43] - The Chairman is responsible for setting broad strategic direction and ensuring effective communication between the board, management, and shareholders[45] - The CEO is responsible for leading management, overseeing the achievement of board-set objectives, and maintaining relationships with stakeholders[45] - The board retains authority over key decisions, including strategy, budget approval, major investments, and significant contracts[46] - The board has established four governance-related committees: Audit, Corporate Governance, Remuneration, and Nomination Committees[47] - The Board of Directors held a total of 8 meetings, with attendance rates for executive directors ranging from 7/8 to 8/8, and independent non-executive directors maintaining high attendance rates of 7/8 to 8/8[48] - The Chairman maintained open dialogue and interaction with independent non-executive directors outside formal board meetings[49] - The company's financial reporting process includes monthly updates to the Board, providing detailed internal financial data, peer comparisons, and market intelligence[51] - The Board ensures compliance with corporate governance codes and facilitates director attendance by scheduling regular meetings in advance[50] - The company secretary plays a crucial role in supporting the Board by ensuring effective information exchange and compliance with policies and procedures[51] - Directors have the right to seek independent legal advice at the company's expense and must declare any conflicts of interest before Board meetings[50] - The Board is responsible for preparing financial statements that fairly reflect the company's affairs, in accordance with relevant laws and accounting standards[51] - Management presents business reviews and financial analyses to the Board for approval of financial performance, with annual business plans and budgets submitted before the new fiscal year[51] - The company's risk management and internal control systems are reviewed annually to ensure effectiveness, covering financial, operational, and compliance controls[52] - The company has a process for handling significant control failures or weaknesses, with monthly reporting to senior management and the audit committee[52] - No significant control failures or weaknesses were identified during the year[52] - The company's internal control system is based on the COSO framework, including five elements: control environment, risk assessment, control activities, information and communication, and monitoring[53] - The internal audit team reports directly to the audit committee and the CEO, with external auditor EY providing a report on internal control matters for the year ended December 31, 2022[54] - The company has established a whistleblowing policy and system for employees and key stakeholders to report concerns anonymously[54] - The audit committee reviewed the financial reporting system, risk management, and internal control systems during the year[55] - The company paid $607,000 for audit services and $120,000 for non-audit services to the external auditor for the year ended December 31, 2022[56] Shareholder Relations and Dividends - The company declared a final dividend of HK$0.45 per share, bringing the total annual dividend to HK$0.87 per share, with a payout ratio of approximately 75%[15] - The company declared a final dividend of 45 HK cents per share, bringing the total dividend for the year to 87 HK cents per share, with a payout ratio of approximately 75%[24] - The Board proposes a final dividend of 45 HK cents per ordinary share for the year ended December 31, 2022, amounting to approximately $45.5 million[77] - The company aims to provide a 70% cash return to shareholders through dividends and share buybacks[76] - The final dividend, if approved, will be paid on or around June 9, 2023[77] - Shareholders must submit transfer documents and related shares by 4:30 PM on May 18, 2023, to be eligible for the proposed final dividend[77] - The company will suspend share transfer registration from May 8, 2023, to May 11, 2023, inclusive, during which no share transfers will be registered[78] - The distributable reserves available to shareholders as of December 31, 2022, were $440.7 million, compared to $449.2 million in 2021[79] - The company declared a final dividend for 2021 of $56.65 million and an interim dividend for 2022 of $42.48 million[137] - The company paid dividends totaling $99,130 thousand, a significant increase from $21,409 thousand in the previous year[141] Share Options and Incentive Plans - The company granted a total of 19,740,000 share options to 72 grantees, including 1,500,000 to the CEO and 18,195,000 to 70 other employees[58] - The share options granted to the CEO and employees are part of the 2017 Share Option Plan, with no performance targets attached[58] - A total of 27,970,000 share options were granted to 107 eligible participants on March 17, 2017, with an exercise price of HKD 11.48 per share[94] - The share options have a validity period of six years from the grant date, with specific vesting dates tied to the company's fiscal year-end performance announcements[94] - Each vesting date allows for the exercise of up to 5,594,000 share options, contingent on achieving the company's net profit margin and revenue growth targets[95] - If either the net profit margin or revenue growth target is not met, only 50% of the share options scheduled to vest on that date will be granted[95] - If both targets are not met, all share options scheduled to vest on that date will automatically lapse[95] - 3,417,500 share options were granted to the company's executive director, Qi Leren, while 24,552,500 share options were granted to other employees and eligible participants[96] - During the review year, 989,500 share options lapsed under the 2007 Plan[97] - As of December 31, 2022, 8,967,750 share options remained unexercised[97] - 8,967,750 share options under the 2007 plan remained unexercised as of the annual report date, representing approximately 1.1% of the issued shares[99] - A total of 8,967,750 unexercised share options under the 2007 plan expired on March 16, 2023[99] - The 2007 plan expired on July 5, 2017, and no further share options, awards, or restricted unit awards could be granted under it after that date[99] - The 2017 plan was approved by shareholders on May 19, 2017, and its terms comply with Chapter 17 of the applicable listing rules[100] - The 2017 plan aims to reward selected participants for their contributions to the group, with performance targets and minimum holding periods determined by the board[101] - The 2017 plan allows the board to grant share options to a broad range of participants, including employees, directors, suppliers, customers, and consultants[102] - From January 1, 2023, the company can only grant share options under the 2017 plan to "qualified participants" as defined by Chapter 17 of the listing rules[102] - The trustee held 1,778,000 shares in trust as of December 31, 2022, unchanged from the previous year[99] - The trustee is authorized to transfer, assign, or otherwise deal with the trust shares as directed by the company[99] - The 2017 plan includes provisions for granting share options to participants who contribute to the group's development and growth through joint ventures or business alliances[102] - The total number of shares that may be issued upon the exercise of all options granted under the 2017 Plan and any other share option schemes of the Group shall not exceed 79,437,950 shares, equivalent to 10% of the issued shares as of the effective date of the 2017 Plan[103] - As of December 31, 2022, the number of options granted was 59,298,000, and the number of options that could still be granted under the existing general plan limit was 27,957,950[104] - The maximum number of shares that may be issued and to be issued upon the exercise of options granted to each participant under the 2017 Plan and any other share option schemes of the Group within any 12-month period shall not exceed 1% of the issued shares at that time[104] - During the year, a total of 19,740,000 options were granted and 5,409,000 options lapsed under the 2017 Plan, with 50,580,000 options remaining unexercised as of December 31, 2022[108] - The exercise price of the options granted under the 2017 Plan shall not be less than the highest of: (i) the closing price of the shares on the day of the grant, (ii) the average closing price of the shares over the five trading days immediately preceding the grant date, and (iii) the par value of the shares[107] - 2020 November stock options were granted at an exercise price of HKD 9.15 per share, with a total of 2,308,500 options unexercised as of December 31, 2022[111] - Employee stock options granted in November 2020 saw 1,869,000 options expire during the year, leaving 11,386,500 options unexercised as of December 31, 2022[111] - 2021 March stock options were granted at an exercise price of HKD 9.46 per share, with a total of 3,150,000 options unexercised as of December 31, 2022[113] - Employee stock options granted in March 2021 saw 1,875,000 options expire during the year, leaving 13,860,000 options unexercised as of December 31, 2022[113] - 1,500,000 share options granted to Executive Director Mr. Qi Leren[117] - 450,000 share options granted to Executive Director Mr. Gillman Charles Christopher[117] - 1,200,000 share options granted to Executive Director Mr. Jiang Yimin[117] - 16,610,000 share options granted to 53 other employees of the group[118] - Total of 19,760,000 share options granted to 56 eligible employees in March 2023[117] - Total share options granted in 2022 amounted to 19,740,000 shares, representing approximately 2.49% of the issued shares during the year[116] - The maximum number of shares that can be issued under the 2017 plan is 79,437,950 shares, representing 10% of the issued shares as of May 19, 2017[118] - As of the annual report date, 78,537,950 shares are available for issuance under the 2017 plan, representing approximately 9.9% of the issued shares[118] - The share incentive plan adopted on March 16, 2017, will remain effective for ten years until March 15, 2027[119] - The share options granted in January 2022 have an exercise price of HK$9.10 per share[114] Financial Statements and Auditing - The company's financial statements for the year ended December 31, 2022, were audited by Ernst & Young[122] - The company's financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and comply with the disclosure requirements of the Hong Kong Companies Ordinance[124] - Trade receivables and other receivables amounted to $317.5 million, representing 25.2% of total assets, with an expected credit loss provision of $26 million[127] - Inventory stood at $188.8 million, accounting for 15.0% of total assets, with an inventory provision of $12.1 million[128] - The company's audit procedures included evaluating the effectiveness of key controls and assumptions used in the expected credit loss model[129] - The audit assessed the company