[8 -> 27] 欢迎参加波士顿国际控股有限公司2223年度业绩发布会那今年呢是继20年以来的我们再次在香港根据惯例召开集团的年度业绩发布会所以呢我们也是特别和欣喜的看到 [27 -> 55] 在场这么多投资者朋友和分析师朋友那么欢迎大家到来同时为方便全球广大投资者及时和我们进行信息同频本次会议我们也通过路眼中和万德3C等线上很多平台进行同步的直播我是集团的董事会办公室主任兼投资者关系总监陈昊大家可以叫我Hattie那么今天出席本次会议集团的高管依然是波斯登品牌创始人集团董事局主席兼总裁高德康高总 [59 -> 61] 集團CFO兼副總裁朱高峰 朱總 [65 -> 92] 众所周知2022年是非常不平凡的我想在座的和屏幕前的各位其实一定对不平凡这三个字有着非常深刻的解读在这样一个不平凡的年度中我们集团总裁高总时刻提醒我们要注重模式转型要注重思维创新要关注临门一脚靠门店同时也要时刻明确服务顾客最重要 [92 -> 117] 那在面对诸多不确定因素的过程中其实我们每一个波斯登人都会积极乐观地去面对环境市场所带给我们的各种影响那我觉得我们能够去坚守初心我们能够聚焦核心主业同时我们也能够坚持品牌引领从结果上我们也确 ...

Financial Performance - Revenue increased by 3.5% year-on-year to approximately RMB 16,774.2 million[2] - Gross profit margin slightly decreased by 0.6 percentage points to approximately 59.5%[2] - Operating profit rose by 10.0% year-on-year to approximately RMB 2,826.4 million[2] - Profit attributable to equity shareholders increased by 3.7% year-on-year to approximately RMB 2,138.6 million[2] - Total comprehensive income for the year amounted to RMB 2,032.8 million, compared to RMB 2,177.9 million in the previous year[6] - Basic earnings per share increased to RMB 19.75 from RMB 19.14[6] - The company reported a pre-tax profit of RMB 2,887,313,000 for the year ended March 31, 2023, compared to RMB 2,672,148,000 in the previous year, marking an increase of 8.0%[20] - The gross profit for the 2022/23 fiscal year increased by 2.5% to approximately RMB 9,975.9 million, with a gross profit margin of 59.5%, a slight decrease of 0.6 percentage points from the previous year[111][112] - The operating profit rose by 10.0% to approximately RMB 2,826.4 million, with an operating profit margin of 16.8%[113] Dividends - The board proposed a final dividend of 13.5 HK cents per share[2] - The proposed final dividend per ordinary share is 13.5 HK cents, totaling RMB 1,354,379,000, consistent with the previous year's proposal[56] - The total dividends declared and paid for the year amounted to RMB 1,784,412,000, compared to RMB 1,654,232,000 for the previous year[56] Assets and Liabilities - Non-current assets decreased from RMB 6,546.999 million to RMB 6,220.645 million[7] - Current assets remained relatively stable at RMB 14,722.039 million compared to RMB 14,736.717 million[7] - Total equity attributable to equity shareholders increased to RMB 12,547.111 million from RMB 12,193.103 million[10] - The total financial assets decreased to RMB 4,238,757,000 as of March 31, 2023, from RMB 6,695,097,000 in 2022, reflecting a reduction of approximately 37%[45] - The company's debt-to-equity ratio was 18.9% as of March 31, 2023, down from 20.8% a year earlier[122] Revenue Breakdown - Revenue from clothing sales reached RMB 16,603,642,000, up from RMB 16,049,321,000, reflecting a growth of 3.4%[16] - The segment profit for the down jacket division was RMB 2,688,571,000, compared to RMB 2,348,089,000 in the previous year, indicating a year-on-year increase of 14.5%[19] - The total revenue from the brand down jacket business for the fiscal year 2022/23 was RMB 13,574.5 million, representing a 2.7% increase from RMB 13,223.0 million in the previous year[86] - The women's wear business generated revenue of approximately RMB 703.0 million, a year-on-year decrease of approximately 22.2%[60] - The diversified apparel business segment generated revenue of approximately RMB 202.6 million for the fiscal year 2022/23, representing a 9.2% increase year-over-year[104] Expenses and Costs - Distribution expenses amounted to approximately RMB 6,124.7 million, a slight decrease of 0.8% from the previous year, and accounted for 36.5% of total revenue[114] - The financing income decreased by 7.2% to approximately RMB 293.2 million due to a decline in interest income from financial products and other financial assets[116] - The financing costs increased by 5.7% to approximately RMB 210.0 million, primarily due to higher bank fees and interest on loans[117] - The income tax expense rose to approximately RMB 730.9 million, with an effective tax rate of approximately 25.3%[118] Operational Efficiency - The inventory turnover days as of March 31, 2023, were 144 days, a decrease of 6 days compared to the same period in 2022, indicating improved operational efficiency[66] - The company implemented a pull replenishment mechanism, maintaining a low initial order ratio of 40%, which supports faster turnover cycles and efficiency[69] - The company aims to achieve a 99% replenishment availability rate for top-selling items, enhancing sales performance[69] Market Strategy and Brand Development - The company aims to become the most respected global fashion functional apparel group, focusing on brand leadership and sustainable high-quality development[59] - The company continues to enhance its brand through innovative product development and improved consumer experience[63] - The company is focusing on a multi-brand strategy, enhancing the positioning of the Bosideng brand as a mid-to-high-end fashion functional brand while developing the Snow Flying brand in the mid-range market[83] - The company is actively recruiting top talent from universities to build a strong internal talent pipeline, ensuring a sustainable workforce for future growth[130] Employee and Corporate Governance - As of March 31, 2023, the company employed 12,183 full-time employees, an increase of 2,065 from the previous year[129] - The total employee costs for the fiscal year were approximately RMB 1,839.8 million, compared to RMB 1,715.7 million in the previous fiscal year[129] - The chairman and CEO roles are held by the same individual, Gao Dekang, due to his experience and reputation in the industry, which the board believes is crucial for effective business planning and decision-making[136] Research and Development - The group has a strong commitment to research and development, with a dedicated research center exceeding 10,000 square meters and advanced testing facilities for new materials[74] - The group filed 246 patents and received authorization for 254 patents in the 2022/23 fiscal year, bringing the total to 606 patents as of March 31, 2023[74] Digital Transformation and E-commerce - The group has focused on digital transformation, establishing a digital operation framework that enhances online business and decision-making capabilities[72] - The online sales revenue for all brands reached approximately RMB 4,929.3 million in the 2022/23 fiscal year, representing a year-on-year increase of 22.5%[110]

Financial Performance - The company's revenue increased by 14.1% to approximately RMB 6,180.5 million, with a gross profit margin of 50.0%[13] - The overall profit attributable to equity shareholders rose by 15.0% to approximately RMB 734.3 million, with a profit margin of 11.9%[13] - The operating profit increased by 18.9% to approximately RMB 945.2 million, with an operating profit margin of 15.3%[13] - The gross profit for the same period was RMB 3,089,113 thousand, compared to RMB 2,748,222 thousand in the previous year, indicating a gross margin improvement[125] - Operating profit increased to RMB 945,157 thousand, up from RMB 794,606 thousand year-on-year, reflecting a growth of about 19%[125] - Basic earnings per share rose to RMB 6.79, up from RMB 5.95 in the same period last year, showing a growth of about 14%[126] Revenue Sources - The brand down jacket business remains the largest revenue source, generating approximately RMB 3,857.1 million, accounting for 62.4% of total revenue, up 10.2% year-on-year[16] - The OEM management business recorded revenue of approximately RMB 1,895.4 million, representing 30.7% of total revenue, with a significant increase of 32.7% year-on-year[16] - The women's wear business saw a decline in revenue, totaling approximately RMB 340.2 million, which is a decrease of 18.3% year-on-year[16] - The revenue for the Xuezhongfei brand reached approximately RMB 174.4 million, representing a year-on-year increase of 29.4%[44] - The Bingjie brand generated revenue of approximately RMB 36.8 million, with a year-on-year growth of 11.0%[46] Inventory and Supply Chain Management - The inventory turnover days for the group decreased to 181 days as of September 30, 2022, a reduction of 31 days compared to the same period in 2021, indicating improved inventory management[24] - The group maintained a low initial order ratio of 40% for the first orders, with the remaining orders adjusted based on market feedback, enhancing the flexibility of inventory management[27] - The group achieved a high replenishment availability rate for top-selling items, aiming for a target of 99% to maximize sales potential[27] - The group’s logistics efficiency has been enhanced through the use of advanced algorithms in its ICC and OPC systems, ensuring rapid order processing and delivery to consumers[29] - The group has implemented a pull replenishment mechanism that significantly aids in managing channel inventory and product structure during peak sales seasons[24] Digital Transformation and Innovation - The company has focused on digital transformation, achieving significant results in smart manufacturing, logistics, and product operations, which are crucial for adapting to uncertain market conditions[30] - The company emphasizes digital transformation, having launched a core business operation platform between May and September 2022, aimed at achieving mobile office, online business, and intelligent decision-making[32] - The company has established a user segmentation model and predictive model using Alibaba's data platform, enhancing customer engagement through targeted communication and personalized shopping experiences[33] - The company’s digital innovation strategy includes leveraging customer data to enhance member engagement and drive sales growth through tailored marketing efforts[33] - The company launched a new generation of lightweight down jackets, enhancing product innovation and expanding seasonal offerings[20] Market Strategy and Brand Development - The company aims to enhance its operational efficiency and store management capabilities to drive sustainable growth[21] - The company is focusing on online channel expansion and has integrated the Xuezhongfei and Bingjie brand divisions to enhance operational efficiency while maintaining brand differentiation[46] - The company is enhancing its multi-brand strategy, focusing on the Bosideng brand's development while positioning Xuezhongfei in the mid-range market[44] - The company is actively expanding its online presence through live streaming and short video platforms to maximize brand exposure and sales[47] - The company aims to redefine lightweight down jackets by integrating traditional Chinese craftsmanship with modern design elements, resulting in innovative and stylish products[37] Awards and Recognition - The company was recognized in the Brand Finance "Top 50 Most Valuable Apparel Brands" list, ranking 48th globally[20] - The group’s upgraded eco-friendly down jackets have won the Red Dot Design Award and the IDEA Award in the U.S., highlighting its commitment to innovation and sustainability[27] - The company’s new generation lightweight down jacket was recognized with multiple international design awards, including the ISPO Award and the Red Dot Design Award, showcasing its commitment to product innovation[36] Financial Management and Expenses - Distribution expenses amounted to approximately RMB 1,623.1 million, a slight increase of 0.6% from RMB 1,614.2 million in the previous year, while the ratio of distribution expenses to total revenue decreased by 3.5 percentage points to 26.3%[94] - Administrative expenses increased by 16.0% to approximately RMB 525.1 million, primarily due to enhanced employee assessment and incentive management[95] - Financing income rose by 38.4% to approximately RMB 184.2 million, driven by increased interest income from bank deposits and foreign exchange gains[96] - Financing costs slightly increased to approximately RMB 115.0 million, up 10.9% from the previous year, mainly due to higher bank fees and lease liabilities interest expenses[97] - Income tax expenses increased to approximately RMB 282.7 million, with an effective tax rate of 28.1%[98] Cash Flow and Liquidity - The net cash used in operating activities for the first half of the fiscal year 2022/23 was approximately RMB 1,665.3 million, while cash generated from investing activities was about RMB 1,817.6 million[100] - As of September 30, 2022, the total cash and cash equivalents amounted to approximately RMB 1,766.9 million, with RMB 1,291.34 million in RMB, RMB 381.76 million in USD, and RMB 81.28 million in HKD[101] - The company’s cash and cash equivalents decreased to RMB 1,766,901 thousand from RMB 2,502,563 thousand as of March 31, 2022, a decline of approximately 29.3%[127] - The company reported a total of RMB 569,500,000 in fixed deposits as of September 30, 2022, an increase from RMB 324,300,000 as of March 31, 2022[187] Talent Management and Corporate Culture - The company emphasizes the importance of corporate culture as a core driver for achieving its development goals[113] - The company has established a scientific talent cultivation system to support strategic implementation, focusing on both external recruitment and internal development[114] - The company aims to create a leading advantage by attracting top talent to adapt to market changes and lead industry development[114] - The company has invested resources to enhance the operational capabilities of retail management employees, ensuring a continuous supply of retail talent[115] - The company has established a complete development system for reserve management personnel, covering strategic capability transfer, talent selection, training, and development[115]

[30 -> 59] I am Chen Hao, the Director of the Board of Directors and the Director of Investment Relations of the Group. [59 -> 88] Today's group leaders are the founder of Boston Brand Group Chairman and CEO Gao Dekang Group Executive Director and CEO Mei Dong Group Executive Director and Senior Vice President Boston Business Department General Manager Rui Jingsong Group CFO and Vice President Zhu Gaofeng [90 -> 118] Director of the Group Financial Management Center, Mr. Huang Chengjuan. Mr. Huang. In 2023, ...

Financial Performance - Bosideng's revenue for the fiscal year 2021/22 reached approximately RMB 16.21 billion, representing a year-on-year growth of 20.0%[21]. - The profit attributable to shareholders was approximately RMB 2.06 billion, an increase of 20.6% compared to the previous year[21]. - The gross profit margin improved to 60.1%, up from 58.6% in the previous year[21]. - The company declared a final dividend of HKD 13.5 cents per share, in addition to an interim dividend of HKD 4.5 cents, resulting in a total dividend payout ratio of 80.2%[21]. - The company achieved a net current asset of RMB 8.13 billion, an increase from RMB 7.43 billion in the previous year[21]. - The company's revenue for the fiscal year 2021/22 was approximately RMB 16,213.6 million, representing a year-on-year increase of about 20.0%[35]. - The brand down jacket business generated revenue of approximately RMB 13,223.0 million, accounting for 81.6% of total revenue, with a year-on-year growth of 21.4%[35]. - The OEM management business recorded revenue of RMB 1,901.3 million, making up 11.7% of total revenue, and saw a year-on-year increase of 23.8%[35]. - The women's wear business reported revenue of RMB 903.7 million, which accounted for 5.6% of total revenue, experiencing a year-on-year decline of 4.5%[35]. - The diversified clothing business achieved revenue of RMB 185.6 million, representing 1.1% of total revenue, with a year-on-year increase of 28.3%[35]. Market Position and Brand Recognition - Bosideng was ranked 48th in the Brand Finance "2022 Global Most Valuable Apparel Brands" list, showcasing its strong market presence[13]. - The company has been recognized as a leading brand in the down jacket sector, maintaining the highest national sales for 27 consecutive years from 1995 to 2021[8]. - The company ranked first in global sales and volume in the down jacket market, according to Euromonitor International[22]. - Bosideng's brand down jacket business revenue increased by 16.3% year-on-year, reaching approximately RMB 11,617.7 million, while the overall brand down jacket segment revenue rose by 21.4% to about RMB 13,223.0 million[38]. - Bosideng's brand awareness and net promoter score (NPS) reached 56, with brand favorability at 9.11, making it the preferred down jacket expert for over 71% of Chinese consumers[38]. Innovation and Product Development - Bosideng's revenue for the fiscal year 2021/22 was significantly driven by its innovative integration of classic trench coat designs with down jacket features, creating a new category for business wear[2]. - The company launched innovative products, including the first-ever trench coat down jacket, and received international design awards for its products[25]. - The company introduced the "Dengfeng 2.0" high-end down jacket, reinforcing its leading position in consumer perception and showcasing original Chinese design and craftsmanship[41]. - The company has focused on product innovation by integrating consumer preferences and conducting precise development across different product series[52]. - The company has received multiple awards, including the Red Dot Design Award for its eco-friendly down jackets, highlighting its commitment to innovation and design excellence[13]. Sustainability and Corporate Social Responsibility - The company is committed to sustainability, actively exploring green products and sustainable fashion practices as part of its corporate social responsibility initiatives[7]. - The company is committed to sustainable fashion development and has donated approximately RMB 50 million in materials and cash for disaster relief in Shanxi during the 2021/22 fiscal year[28]. - The MSCI ESG rating for the company has improved from B to BBB, reflecting advancements in corporate governance, employee management, and product carbon footprint[114]. - The company has established a three-tier ESG management framework to ensure effective implementation of ESG goals and timely performance oversight[114]. - The company has established and continuously optimized its environmental management system to enhance environmental protection efforts[174]. Strategic Initiatives and Future Plans - Bosideng's new three-year strategic plan emphasizes professional leadership and brand comprehensiveness, aiming to transition from single sales to a global brand leader[4]. - The company aims to enhance its brand development strategy, focusing on product, channel, and terminal upgrades to become a globally respected fashion functional apparel group[8]. - The company plans to leverage the "post-Winter Olympics" economic development trend in ice and snow sports to expand its market presence in outdoor functional apparel[31]. - The company aims to strengthen its brand recognition among younger consumers, particularly targeting Generation Z[30]. - The company plans to enhance channel quality and efficiency by focusing on high-quality store openings in key urban areas[73]. Digital Transformation and E-commerce - The company is focusing on digital transformation, emphasizing "user, retail, and product" as three core business scenarios to enhance operational efficiency[27]. - The company expanded its online presence, with 6.1 million new members added through WeChat and over 6.3 million followers on its WeChat public account[26]. - The company's online flagship store on Tmall achieved approximately 6.6 million members and over 16.9 million fans as of March 31, 2022, with an increase of over 3.7 million new members on JD and Douyin platforms[98]. - Online sales revenue reached RMB 4,024.8 million, up 12.3% year-on-year, with the down jacket business contributing RMB 3,931.0 million, accounting for 29.7% of its total revenue[99]. - The proportion of online sales for down jackets priced over RMB 1,800 increased significantly from 31.8% to 46.9% year-on-year[98]. Corporate Governance and Management - The board of directors consists of eight members, with five executive directors and three independent non-executive directors, ensuring compliance with listing rules[132]. - The company has implemented measures to ensure that all directors are kept informed of the group's development progress and can make timely decisions[133]. - The board is committed to reviewing and monitoring the company's practices to maintain high standards of corporate governance[138]. - The company has adopted a board diversity policy, emphasizing the importance of diverse skills, experiences, and backgrounds in board member selection[145]. - The company has a structured approach to risk management, including risk identification, assessment, response, and monitoring[148]. Employee and Workforce Development - The company has increased its workforce to 10,118 full-time employees as of March 31, 2022, up from 9,028 the previous year, reflecting a year-on-year increase of 1,090 employees[121]. - The company's employee costs for the year were approximately RMB 1,715.7 million, compared to RMB 1,613.7 million in the previous fiscal year[121]. - The company has established a talent cultivation system that includes strategic interpretation, business path analysis, and organizational structure assessment, resulting in the output of 357 outstanding university graduates, 46 reserve managers, 28 reserve directors, and 16 outstanding retail general managers[125]. - The company has continuously updated its talent evaluation standards and processes to align with strategic implementation, ensuring a robust talent development framework[125]. - The company has implemented major human resources transformation projects to support brand and business strategy upgrades[169]. Shareholder Relations and Transparency - The management believes effective communication with investors is crucial since the company's listing in October 2007, engaging in regular briefings and investor forums[155]. - The company aims to ensure all shareholders receive the same information, reinforcing transparency and trust[155]. - Shareholders have the right to request special meetings if they hold at least 10% of the paid-up capital, with meetings to be held within two months of the request[156]. - The company has adhered to the disclosure requirements for related party transactions, ensuring transparency in its dealings with major shareholders[197]. - The company emphasizes strict adherence to disclosure regulations, ensuring timely and accurate information for shareholders[155].

Financial Performance - For the fiscal year 2021/22, the company reported a revenue of approximately RMB 5,389.5 million, representing a year-on-year increase of 15.6%[9] - The gross profit for the same period was RMB 2,720.8 million, with a gross margin of 50.5%, up from 47.8% in the previous year, indicating a 2.7 percentage point increase[6] - The operating profit reached RMB 797.0 million, reflecting a growth of 19.6% compared to the previous year, with an operating margin of 14.8%[6] - The profit attributable to equity shareholders was RMB 638.5 million, a significant increase of 31.4% year-on-year, resulting in a profit margin of 11.8%[6] - The overall revenue for the brand down jacket segment rose by 16.2% year-on-year, amounting to approximately RMB 3,473.3 million, with a net promoter score (NPS) of 55[12] - The total revenue for the brand's down jacket business reached RMB 3,473.3 million, representing a year-on-year increase of 16.2%[27] - The revenue from the Bosideng brand accounted for 93.5% of total down jacket sales, with a revenue of RMB 3,246.3 million, up 19.1% year-on-year[27] - The group reported a member repurchase amount accounting for 38.8% of total member purchases, indicating significant growth compared to the same period last year[20] - The group reported a total comprehensive income of RMB 743,555 thousand for the period, compared to RMB 522,318 thousand in the previous year, marking a growth of 42.3%[95] - The company’s total revenue for the period was RMB 8,938,646 thousand, showing a strong performance compared to the previous year[99] Business Segments - The brand down jacket business generated revenue of approximately RMB 3,473.3 million, accounting for 64.5% of total revenue, with a year-on-year growth of 16.2%[9] - The OEM management business recorded revenue of about RMB 1,428.0 million, representing 26.5% of total revenue, also growing by 16.2% year-on-year[9] - The women's wear business achieved revenue of RMB 416.4 million, which is 7.7% of total revenue, with a modest growth of 1.0%[9] - The diversified clothing business saw a remarkable increase in revenue to RMB 71.8 million, accounting for 1.3% of total revenue, with a year-on-year growth of 129.2%[9] - The group's OEM management business revenue for the first half of the 2021/22 fiscal year was approximately RMB 1,428 million, accounting for 26.5% of total revenue, representing a 16.2% increase year-on-year[39] - The women's fashion business generated revenue of approximately RMB 416.4 million, a slight increase of 1.0% compared to the same period last year, accounting for 7.7% of total revenue[40] - The diversified clothing segment reported revenue of RMB 77,664 thousand, compared to RMB 37,237 thousand in the same period last year, showing a substantial increase of 108.5%[110] Inventory and Supply Chain Management - The inventory turnover days increased by 12 days year-on-year to 212 days, primarily due to earlier procurement and production arrangements in response to the 2022 Chinese New Year[15] - The total amount of raw materials increased by 90.9% year-on-year by the end of September 2021, reflecting proactive inventory management[15] - The company maintained a low initial order ratio with distributors, allowing for flexible replenishment based on market feedback during peak seasons[15] - The supply chain management system was upgraded to enhance resource integration and rapid response capabilities, reducing order cycles from 2 weeks to 1 week[16] - The total inventory as of September 30, 2021, was RMB 3,544,078,000, compared to RMB 2,645,940,000 as of March 31, 2021, indicating a significant increase in inventory levels[137] Digital Transformation and Innovation - The group has established a digital operation strategy focusing on user engagement, retail, and product innovation as key points for future digital transformation[19] - The group has implemented a digital content strategy to reach consumers through high-quality data-driven marketing initiatives[20] - The company is implementing a digital retail operation to improve customer targeting and sales efficiency[91] - Product innovation is centered around customer value, with a focus on integrating global resources for R&D and fashion design[90] - The group emphasizes product innovation by integrating consumer preferences into product design, focusing on various themes such as sports, business, outdoor, and leisure[22] Market Position and Brand Strategy - The company aims to become a "global leader in down jacket expertise," focusing on user-centered and brand-led strategies for sustainable and high-quality growth[9] - The company is committed to enhancing its brand development strategy and upgrading products, channels, and terminals to fulfill its mission of "warming the world" with Bosideng[8] - The company achieved the top position globally in down jacket sales volume and revenue, according to a report by Euromonitor International[12] - The brand's recognition and first mention rate are currently leading in the Chinese apparel market, indicating strong brand health[13] - The company plans to enhance its channel upgrade strategy by focusing on core cities and improving store image and sales capabilities[89] Financial Management and Capital Structure - The group’s financing costs decreased by 15.2% to approximately RMB 103.8 million, primarily due to reduced foreign exchange losses compared to the previous year[67] - The debt-to-equity ratio increased to 23.2% as of September 30, 2021, compared to 20.3% as of March 31, 2021[69] - The company has a prudent financing and treasury policy, focusing on risk prevention and maintaining robust cash management strategies[72] - The company plans to utilize forward foreign exchange contracts and currency swaps to mitigate foreign exchange risks due to currency market volatility[73] - The company issued convertible bonds totaling USD 275 million, with net proceeds of approximately USD 271 million, fully utilized as disclosed in the 2020/21 annual report[83] Employee and Talent Development - The company emphasizes the importance of corporate culture as a foundation for achieving its strategic goals, aiming to become a global leader in down jackets[74] - The group is committed to talent development, focusing on attracting leading external talent while nurturing internal teams to support strategic implementation[77] - The company has upgraded its campus recruitment program to target graduates from top domestic universities, focusing on postgraduate and overseas students[78] - The total number of unexercised share options as of September 30, 2021, was 586,858,000, with 77,840,000 options exercised during the reporting period[81] Shareholder Structure and Corporate Governance - The total number of issued shares as of September 30, 2021, is 10,876,032,385[1] - The company has a significant concentration of ownership, with multiple entities holding over 35% of the equity[187] - The company has maintained compliance with the corporate governance code, except for the separation of roles between the chairman and CEO[193] - The audit committee, established on September 15, 2007, oversees the financial reporting process and risk management[195] - The company established a Compensation Committee on September 15, 2007, responsible for determining the remuneration of individual executive directors and senior management based on company performance and market statistics[196]

Financial Performance - For the fiscal year 2020/21, the company reported revenue of RMB 13,516.5 million, a 10.9% increase from RMB 12,190.5 million in the previous year[30]. - The gross profit for the same period was RMB 7,924.3 million, reflecting a gross margin of 58.6%, up from 55.0% in the prior year[30]. - Operating profit increased to RMB 2,224.6 million, representing an operating margin of 16.5%, compared to 13.1% in the previous year[30]. - The net profit attributable to equity shareholders was RMB 1,709.6 million, with a net profit margin of 12.6%, up from 9.9% in the previous year[30]. - The company achieved a current ratio of 2.4 and a debt ratio of 20.3%, indicating strong liquidity and financial stability[30]. - Operating cash flow for the fiscal year was RMB 3.13 billion, a significant increase of 155.8% compared to the previous year[37]. - The company maintained a dividend payout ratio of 70.8%, with a final dividend of HKD 0.10 per share and an interim dividend of HKD 0.035 per share[37]. - The company reported that the repurchase sales amount from members accounted for 26.9% of total offline sales[69]. - The group’s cash and cash equivalents totaled approximately RMB 1,771.3 million as of March 31, 2021, with a significant portion in RMB and USD[137]. - The group’s bank borrowings were approximately RMB 670.9 million, down from RMB 817.8 million the previous year, resulting in a debt-to-equity ratio of 20.3%[138]. Product Development and Innovation - The company holds a total of 231 patents, including 17 new patents filed during the fiscal year[4]. - The company emphasized product innovation, with the "Extreme Cold" series being one of its most recognized products, featuring high-quality down and various styles to meet consumer needs[74]. - The company applied for 17 patents in the 2020/21 fiscal year, bringing the total to 231 patents, with a significant reduction of over 80% in product odor complaints due to the development of odor-free down technology[70]. - The company continues to collaborate with international designers and well-known IPs to introduce new ideas and concepts for product development[72]. - The company is committed to product development centered around user value, integrating global resources to focus on innovation and fashion design[149]. Market Strategy and Expansion - The company aims to become a global leader in the down jacket market, with a strategic plan for the next three years focusing on customer value and digital management[45]. - The company has established a strategic focus on its core brand and product innovation, enhancing its market position as a leading down jacket expert[39]. - The company plans to enhance channel efficiency by targeting core cities and mainstream business districts, focusing on core stores to improve channel quality and efficiency[149]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $50 million set aside for potential deals[184]. - The company has a strong emphasis on supply chain management, with a dedicated team responsible for strategic and operational aspects, including technology, quality, resources, procurement, production, and cost management[186]. Social Responsibility and Sustainability - The company received multiple awards, including the "2020 Annual Sustainable Fashion Practitioner" title, highlighting its commitment to social responsibility[27]. - The company has actively engaged in social responsibility initiatives, contributing RMB 300 million in high-quality down jackets to support frontline pandemic efforts[44]. - The management team emphasized the importance of sustainability in future operations, aiming for a 20% reduction in carbon footprint by 2025[183]. - The company has established and continuously optimized its environmental management system to enhance environmental protection efforts[192]. Retail and E-commerce - The company has entered key commercial hubs in major cities, enhancing its retail presence and optimizing consumer experience through new retail transformations[43]. - The company added over 9.3 million new friends on WeChat and accumulated over 6.7 million followers on its WeChat public account, with registered members on Tmall exceeding 4.76 million, a growth of over 160% year-on-year[69]. - Online retail sales for the Snow Flying brand increased by over 100% year-on-year, driven by innovative online distribution models[91]. - The company expanded its online sales channels through strategic partnerships with Alibaba, enhancing data support and marketing tools[130]. - The group aims to enhance retail operations through digital transformation and precision marketing, achieving breakthroughs in integrated operations[97]. Corporate Governance - The board of directors is composed of eight members, with five executive directors and three independent non-executive directors, ensuring accountability and transparency in governance[155]. - The company has adhered to corporate governance codes, emphasizing accountability and transparency to meet shareholder expectations[154]. - The audit committee is composed of three independent non-executive directors, ensuring independence and oversight of financial reporting[162]. - The company has confirmed the independence of its independent non-executive directors in accordance with listing rules[199]. - The company emphasizes strict compliance with listing rules, ensuring timely and accurate disclosure of information to shareholders[174]. Human Resources and Talent Management - The group has experienced significant organizational transformation in human resources, enhancing talent structure and incentive mechanisms to support brand and strategic upgrades[187]. - The group is committed to nurturing talent through both external recruitment and internal development of a skilled workforce[145]. - The average age of store managers has been gradually decreasing, indicating a focus on a younger and more dynamic retail team[146]. - The company has a structured management framework that mitigates reliance on specific employees for its success[193]. Financial Transparency and Risk Management - The financial performance and significant factors affecting the group's business are discussed in detail in the annual report, highlighting the importance of financial transparency[191]. - The group aims to mitigate business risks and uncertainties through comprehensive financial risk management policies outlined in the financial statements[191]. - The company has complied with all relevant laws and regulations in all material aspects during the fiscal year[193].

Financial Performance - The company's revenue for the first half of the 2020/21 fiscal year was approximately RMB 4,661.1 million, representing a year-on-year increase of 5.1%[22]. - Profit attributable to equity shareholders rose by 41.8% to approximately RMB 486.0 million, with a profit margin of 10.4%[18]. - The gross profit margin improved to 47.8%, up 4.3 percentage points from the previous year[18]. - The total comprehensive income for the period was RMB 522,318 thousand, up from RMB 280,406 thousand in the prior year, indicating an increase of 86.4%[125]. - The net profit for the period was RMB 491,355 thousand, compared to RMB 360,469 thousand in the previous year, reflecting a year-on-year increase of 36.3%[125]. - Basic earnings per share increased to RMB 4.54 from RMB 3.23, marking a growth of 40.5%[125]. - The operating profit rose by 39.5% to approximately RMB 666.4 million, with an operating profit margin of 14.3%, an increase of 3.5 percentage points year-on-year[93]. - The group reported a profit before tax of RMB 647,716,000 for the six months ended September 30, 2020, up 33.1% from RMB 486,241,000 in the same period of 2019[144]. Revenue Breakdown - The brand down jacket business generated revenue of approximately RMB 2,988.7 million, accounting for 64.1% of total revenue, with a year-on-year increase of 18.0%[22]. - The revenue for the Bosideng brand reached RMB 2,725.8 million, accounting for 91.2% of the total down jacket business, with a year-on-year increase of 19.7%[46]. - The women's wear business recorded revenue of approximately RMB 412.4 million, down 18.5% year-on-year, while the diversified clothing business saw a revenue decline of 35.6%[22]. - The OEM management business generated approximately RMB 1,228.7 million in revenue for the first half of the 2020/21 fiscal year, accounting for 26.4% of total revenue, a decrease of 8.9% year-on-year[58]. - The diversified clothing business generated revenue of approximately RMB 31.3 million, a decrease of 35.6% compared to the same period last year, accounting for 0.7% of the total revenue[79]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.035 per share[18]. - The group declared an interim dividend of HKD 0.035 per share, totaling RMB 320,169,000, compared to RMB 292,151,000 for the same period in 2019[185]. Inventory and Supply Chain Management - The company maintained a healthy inventory level through strict production and product planning, optimizing overall inventory management by analyzing real-time retail data[30]. - The supply chain management strategy emphasized rapid response capabilities, with rolling orders during peak sales seasons to ensure quick turnover and meet consumer demand[31]. - The company implemented a strict order management strategy, with the first order proportion for winter down jackets decreasing to no more than 30%, allowing for over 70% of products to be replenished based on actual market demand during peak seasons[30]. - The company established a smart distribution center (CDC) to facilitate direct distribution to all stores, improving market response speed and reducing inventory storage costs[33]. Digital Transformation and Customer Engagement - The management emphasized a focus on brand development and digital transformation to enhance customer value and operational efficiency[20]. - The company added 8 million new corporate WeChat friends, with total registered members reaching 19.65 million, a growth of over 30% compared to the end of the previous fiscal year[36]. - The sales amount from registered members accounted for approximately 63.9% of total offline sales, indicating strong customer loyalty and engagement[36]. - The company leveraged digital tools to enhance customer interaction and sales efficiency, utilizing data-driven strategies to improve product matching and sales performance[35]. Operational Efficiency and Cost Management - The group’s distribution expenses amounted to approximately RMB 1,209.0 million, an increase of 8.0% compared to the previous year, accounting for 25.9% of total revenue[95]. - Administrative expenses for the first half of the fiscal year were approximately RMB 390.3 million, up 16.2% year-on-year, representing 8.4% of total revenue[95]. - Financing costs increased by approximately 21.4% to RMB 122.3 million, primarily due to foreign exchange losses and increased interest expenses from leases[96]. - The company reported a significant increase in trade receivables, which rose to RMB 3,816,916 thousand from RMB 1,196,743 thousand, indicating a growth of 218.5%[126]. Market Position and Brand Strategy - The company aims to continue its core business in down jackets while upgrading products, channels, and terminals[20]. - The brand's recognition as a down jacket expert has been continuously upgraded, gaining acceptance among mainstream consumers[27]. - The company focused on product innovation, with new product development categorized into four themes: sports fashion, business quality, outdoor professionalism, and leisure trends[37]. - The company is actively seeking new design inspirations and has introduced a new design director to improve product competitiveness in the women's apparel segment[67]. Challenges and Strategic Responses - The women's wear business is leveraging digital marketing strategies, including collaborations with influencers and multi-channel promotions, to enhance brand engagement[65]. - The company is expanding production capacity in Southeast Asia, particularly in Vietnam, to meet customer demands and mitigate uncertainties from policy changes[59]. - The overall decline in the OEM management business was less severe than the industry average, indicating effective management strategies during the pandemic[59]. - The retail sales of clothing in China saw a cumulative year-on-year decline of 16.9% from January to August 2020, highlighting the challenging market environment[118]. Financial Position and Assets - As of September 30, 2020, the group's cash and cash equivalents were approximately RMB 1,717.6 million[99]. - The company's total liabilities were RMB 5,938,265 thousand, compared to RMB 4,690,139 thousand in the previous period, reflecting an increase of 26.6%[127]. - The net asset value was RMB 10,367,741 thousand as of September 30, 2020, slightly down from RMB 10,402,625 thousand as of March 31, 2020[127]. - The total number of retail outlets for the women's wear business decreased by 30 to 469 as of September 30, 2020, with self-operated outlets down by 24 to 349[69]. Stock Options and Incentives - A total of 180,900,000 restricted shares were granted to 66 eligible personnel at a purchase price of HKD 0.33 per share, with a vesting schedule of 40%, 30%, and 30% over three years[189]. - As of September 30, 2020, 165,700,000 restricted shares had vested, while 15,200,000 shares were forfeited due to performance issues or resignation[189]. - The company granted 330,000,000 stock options on April 23, 2020, with an exercise price of HKD 1.94 per share, vesting conditions based on employee performance and group performance[194].

Financial Performance - For the fiscal year 2019/20, Bosideng reported a revenue of RMB 12.19 billion, representing a year-on-year growth of 17.4%[25] - The net profit attributable to shareholders was approximately RMB 1.20 billion, an increase of 22.6% compared to the previous year[25] - The gross profit margin improved to 55.0%, up from 53.1% in the previous year[20] - Operating profit for the year reached RMB 1.60 billion, with an operating profit margin of 13.1%[20] - Bosideng's total assets increased to RMB 17.38 billion, up from RMB 15.08 billion in the previous year[20] - For the fiscal year 2019/20, the company's revenue reached RMB 12,190.5 million, an increase of approximately 17.4% year-on-year, setting a new historical high[35] - The total revenue for the down jacket business was RMB 9,512.7 million, a 24.2% increase from RMB 7,657.5 million in the previous year[66] - The group reported a significant increase in revenue, achieving a total of 1.2 billion in the last fiscal year, representing a year-over-year growth of 15%[168] Business Segments - The main business achieved a stable growth with revenue reaching approximately RMB 9.51 billion, a year-on-year increase of 24.2%[27] - The OEM processing management business recorded revenue of RMB 1.61 billion, up 17.8% year-on-year, demonstrating resilience amid export challenges[27] - The brand down jacket business generated revenue of approximately RMB 9,512.7 million, accounting for 78.0% of total revenue, with a year-on-year increase of 24.2%[35] - The OEM management business recorded revenue of approximately RMB 1,611.3 million, representing 13.2% of total revenue, with a year-on-year increase of 17.8%[35] - The women's wear business generated revenue of approximately RMB 982.7 million, accounting for 8.1% of total revenue, showing a year-on-year decline of 18.2%[35] - The diversified clothing business recorded revenue of approximately RMB 83.8 million, representing 0.7% of total revenue, with a year-on-year decline of 46.2%[35] Brand Strategy and Recognition - Bosideng's brand strategy focuses on core down apparel, aiming to enhance product quality and expand market presence[24] - Brand recognition reached 97% among consumers, establishing the company as the leading down jacket brand in China[28] - The net promoter score (NPS) for the Bosideng brand reached 52, indicating strong consumer recommendation and brand reputation[39] - Bosideng's brand recognition and first mention rate are leading in the Chinese apparel industry, with a brand favorability score of 8.84[39] - The company has engaged in high-profile brand activities, including participation in Milan and London Fashion Weeks, enhancing brand visibility and consumer engagement[38] Corporate Governance - The board of directors consists of eight members, with five executive directors and three independent non-executive directors, ensuring compliance with listing rules[134] - The board held five meetings during the year to discuss corporate governance policies, training for directors, and compliance with legal and regulatory requirements[135] - All independent non-executive directors confirmed their independence in accordance with listing rules, contributing diverse experience and expertise to the company[137] - The company is committed to maintaining high standards of corporate governance and will continue to review its practices to align with regulations[141] Operational Efficiency and Strategy - The company is focused on digital transformation and enhancing supply chain capabilities through the upgrade of smart manufacturing bases[30] - The company aims to enhance market quality and efficiency, positioning 2020 as an "efficiency year" to better meet consumer demand[32] - The company implemented a direct-to-store distribution model through its intelligent central distribution center (CDC), achieving nearly 80% of orders delivered the next day during peak sales[49] - The average replenishment cycle for orders during the winter season was approximately 7-12 days, with the company completing six replenishment orders during the peak season[46] Social Responsibility - The company donated over 151,000 high-quality down jackets valued at over RMB 300 million to support frontline pandemic efforts[30] - The group’s charitable donations for the year amounted to approximately RMB 69.215 million, compared to RMB 21.635 million in the previous year[175] Future Outlook and Growth Plans - The company has set a future revenue target of $1 billion for the next fiscal year, representing a 20% increase from the current year[164] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative designs and sustainable materials[165] - The company plans to expand its market presence in Europe and North America, targeting a 30% increase in market share over the next three years[162] - Ongoing research and development efforts are aimed at enhancing product technology, with a budget allocation of $50 million for the upcoming year[163] Financial Position - The company maintained a strong liquidity position with a current ratio of 2.7, compared to 2.3 in the previous year[20] - As of March 31, 2020, the group had cash and cash equivalents of approximately RMB 4,206.6 million[121] - The group’s bank borrowings amounted to approximately RMB 817.8 million, down from RMB 1,627.7 million a year earlier, with a debt-to-equity ratio of 24.0%[126] Marketing and Sales Strategy - The company implemented various marketing strategies, including live streaming and short videos, to increase product exposure and attract new customers during the COVID-19 pandemic[90] - The online sales proportion for the BUOU BUOU brand increased from 9.3% to 15.7% due to enhanced interaction between online and offline sales[90] - The group has focused on developing online platforms, particularly through collaboration with the Japanese brand Petit main, which has gained significant industry attention since its launch on Tmall[107] Employee and Management Information - The total number of full-time employees increased to 7,801 as of March 31, 2020, up from 6,409 as of March 31, 2019, reflecting a year-on-year growth of 1,392 employees[128] - The management team has extensive industry experience, with key executives holding over 20 years of expertise in the apparel sector[163]