欢迎评审的就不用播报了 上网上也有新的评论那我们今天的交流就到这感谢大家对这个团队的关注然后后续如果有新的交流需求可以随时联系与评审群众 谢谢大家的时间好 谢谢感谢大家感谢大家参加本期直播会议会到此结束 祝大家生活愉快 再见 作为投资者朋友大家早上好欢迎参加科普国际控股有限公司2024年第三季度最新业务发展的投资者电话会议我是国盛证券的杨云今天和我一起在线的还有公司的三位管理层 他们是集团首席财务官杨璐冰先生以及集团副总裁丁丽芝女士Donna和投资者关系总监华婉宜女士Sophia那今天的电话会议呢管理层会先为大家讲解今年第三季度的最新业务发展情况然后我们会开放问答环节下面我先把时间交给管理层 这些人民跟国争争争的一个安排,大家上午好,我是托夫亚,那我先为大家总结一下二十年三七度的一个流水表现,公告上面有写着三七度我们特步主品牌那边的流水,全渠道自律的一个中单位数的同比增长。 从月份中渠道的一个表现来看呢整个季度基本上红光的环境还是充满挑战的那7到9月份基本上趋势是差不多天下的门边呢无论是人流啊年代率这些呢都会比黄底或是上半年也是会比较弱那整个三季度呢天下的流水是维持一个很轻微的增长 在电商的那个部分我们是维持 ...

ffer fr 特步國際控股有限公司 (於開曼群島註冊成立的有限公司) 聯交所股份代號：1368 2024 中期報告 關於我們 特 步 國 際 控 股 有 限 公 司（香 港 聯 交 所 股 份 代 號： 1368）為一家領先的多品牌體育用品公司，於2008年在 香港聯合交易所主板上市。集團主要從事體育用品（涵蓋成 人及兒童鞋履、服裝和配飾）的設計、研發、製造、銷售、營 銷及品牌管理。憑藉多元化的品牌組合，包括特步主品牌、 K·SWISS、帕拉丁、索康尼及邁樂，集團戰略性地瞄準大眾運動、 時尚運動和專業運動分部，擁有龐大的全球分銷網絡，在亞太地 區、北美洲以及歐洲、中東和非洲擁有超過8,600家門店。 国人竞速 Stara 中期業績概覽 2 目錄 | --- | --- | |--------------------------|-------| | 里程碑 | 3 | | 五年財務摘要 | 4 | | 公司資料 | 5 | | 主席報告書 | 6 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 39 | | 獨立審閱報告 | 45 | | 中期簡明綜合收益表 | 46 | | 中期簡明綜合 ...

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 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 無 發 表 聲 明，並 表 明 不 會 就 本 公 佈 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。 Xtep International Holdings Limited （於開曼群島註冊成立的有限公司） 特步國際控股有限公司 （股份代號：1368） 二 零 二 四 年 度 中 期 業 績 公 佈 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - The company's total sales increased by 10.4% to RMB 7.203 billion, with gross profit up 18.5% to RMB 3.314 billion, resulting in a gross margin increase of 3.1 percentage points to 46% [8][11][9] - Net profit rose by 13% to RMB 752 million, with a net profit margin slightly increasing by 0.2 percentage points to 10.4% [9][12] - Operating cash inflow was RMB 826 million, exceeding net profit, indicating healthy cash flow [9] Business Line Data and Key Metrics Changes - Sales of the core brand (XTAP) increased by 6.6% to RMB 5.789 billion, while the professional sports segment (Saucony and Merrell) saw sales growth exceeding 72% to RMB 593 million [8][17] - The athleisure segment (K Swiss and Palladium) reported a sales increase of 9.7%, primarily driven by growth in China [20][21] Market Data and Key Metrics Changes - The macroeconomic environment remains challenging, with weak consumer sentiment impacting brand development [7][26] - Consumer demand for sports goods has remained stable, outperforming the overall consumer industry [26] - The number of marathon participants and events has recovered to approximately 85% of pre-pandemic levels, indicating a growing interest in running [28][29] Company Strategy and Development Direction - The company announced a strategic disposal of K Swiss and Palladium to focus resources on high-profit brands like XTAP, Saucony, and Merrell, emphasizing running as a core strategy [4][30] - The multi-brand strategy aims to cater to various customer segments in different sports scenarios, enhancing market position [5][30] - The company aims to maximize shareholder value and create good returns for investors despite economic uncertainties [6][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term development of the group, citing a unique competitive advantage in the running market [6][43] - The company anticipates some growth driven by running products and kids' offerings, although it will adopt a more conservative target to avoid excessive inventory [18][24] - The focus will be on controlling expenses and inventory management in the second half of the year [24][25] Other Important Information - The company achieved an upgrade to A level in the Morgan Stanley ESG rating, becoming the first A-grade company in China's sports goods industry [6][10] - The interim dividend recommended is HKD 15.6 per share, with a total expected dividend of HKD 60.3 if approved [9][10] Q&A Session Summary - Questions regarding the impact of the macroeconomic environment on sales and strategies to mitigate risks were addressed, with management emphasizing a focus on running and cost-effective products [18][24] - Inquiries about the performance of new brands and their contribution to overall growth were met with positive feedback on Saucony's rapid expansion and profitability [36][37] - Concerns about inventory management and future sales targets were acknowledged, with management indicating a cautious approach to avoid excess stock [24][25]

投资策略会上市公司交流专场我是本场会议的主持人安信国际分析师杨玉然那么本场会议呢我们非常荣幸的邀请到了特步国际的IR高级经理Clara来跟我们进行交流以帮助我们进一步了解公司的企业文化和核心价值那么在交流过程中投资者如果有任何问题可以随时在录影中参会页面的问答区域内输入文字进行提问我们会代为念出那接下来就先把时间交给Clara 好的 大家好首先我觉得大家比较关注的话也是我们最近的一些更新的情况那我就跟大家讲一下最新比如说我们618还有6月份的一些情况目前我们的618其实整个集团的GMV也有一个超过50%的增长那特步主品牌其实也是有一个超过40%的增长那最近我们的新品牌的一些增长 618的GMB也是增长比较高速的我们的专业运动板块包括索卡尼还有Miner其实都有超过80%的增长那在整个618的活动里面其实我们也是看到整个的折扣会比较有一个改善另外就算去到6月份的话其实也是看到我们线上的 看到六月份的一个流血也是比五月份好那折扣也是有所改善那我们估计去到二季度结束之后呢我们的库存也可以去到四个月的一个正常非常健康的一个水平第三个想跟大家更新一下的话就是AP玻璃这个进度这个情况那我们会在八月或者是九月份左右我们就会 ...

特步国际交流纪要 20240624 一、销售与库存情况 线上线下销售均实现增长，6 月份的流水超过 5 月份。 折扣情况有所改善，预计二季度结束后库存将达到正常价值的 4 个月，处于健 康水平。 公司保持健康发展，不会积压大量库存。 二、项目进展及财务预期 预计 8 月或 9 月完成玻璃项目进度，剥离后将对预算产生正面影响，净利润预 计将明显改善。 预计今年公司将亏损约两亿美元，但由于仅需入账 8 至 9 个月的亏损，净利润 部分将有明显改善。 玻璃剥离价格为 1.5 亿美金，买方为丁总及其家族。 LED f86 评估已于 3 月份通过，预计 9 月完成剥离，由于亏损等因素，价值会 减少。 预计全年集团收入增长 10%，净利润明显改善，增长超过 10%，2024 年全年 预计增长超过 25%。 三、产品与市场表现 跑鞋产品近期表现良好，去年销售 5500 万双鞋中 60%为功能性产品，跑步相 关产品占大多数。 公司每年更新产品，推出不同系列以提升性价比，如 3 月份推出的 360x 销售 强劲。 公司产品线涵盖精英系列、专业系列及大众系列，通过产品架构提升价格毛利率 和销售量。 四、门店拓展与上游表现 公司计 ...

欢迎大家来参加我们Turbo国际2024年中期策略会的线上交流今天呢我们非常荣幸的邀请到了Turbo国际的Aya Clara来跟我们进行一个分享那么相信大家的话对于Turbo也都比较了解了然后我们今天的话就直接开始这个问答环节 在那个等待投资者提问期间我先抛真一语请教您几个问题首先的话还是想请教一下就是我们五六月包括这个618也刚刚这个接近尾声就这个期间我们整个的这个流失表现不知道怎么样目前其实我们四五月份吧就是电商还有电价都是有增长的 那现在目前看到线上的增长还是比较强劲那我相信这个趋势跟其他的公司也是差不多了今年我们其实本来也觉得线上的一个贡献会比较多增长也是比较快速那主要也是因为天气有其中一个原因另外就是技术的问题 去年我们的电商的基数确实是比较低因为去年主要的增长都是线下那边所以今年如果说一切返回正常的话那基数的话肯定就是也会有一个贡献去年基数比较低也会有对今年有个贡献那天气其实大家也是应该挺有感受的如果住在比较南方那边下雨水灾那些其实还是一直都有存在 那目前我们就像说6月份看到的那些线上的表现还是不错的那我们电商那边也是做的挺不错今年一般整体其实也是看到折扣会有一个改善就是说同比会有一个改善因为我们 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 14,346 million, representing a 10.9% increase from RMB 12,930 million in 2022[11] - Net profit attributable to ordinary shareholders for the same period was RMB 1,030 million, up from RMB 921.7 million in 2022, reflecting a growth of 11.8%[11] - The gross profit margin improved to 42.2% in 2023, compared to 40.9% in 2022[14] - Operating profit for 2023 was RMB 1,579.9 million, an increase from RMB 1,464.3 million in 2022, indicating a growth of 7.9%[14] - The company reported a net profit margin of 7.2% for 2023, compared to 7.1% in 2022, showing slight improvement[14] - The overall gross profit increased by 14.3% to RMB 6,049.7 million, with a gross margin of 42.2%, up 1.3 percentage points from 40.9% in 2022[118] - The professional sports segment saw a remarkable revenue increase of 98.9%, reaching RMB 795.5 million, driven by strong demand for Saucony products[115] - Footwear revenue contributed RMB 8,171.9 million, accounting for 57.0% of total revenue, with a year-on-year increase of 5.3%[114] - Apparel revenue rose to RMB 5,903.5 million, representing 41.1% of total revenue, showing a significant growth of 20.6%[114] Strategic Initiatives - The company plans to acquire the remaining 40% intellectual property rights of Saucony in China, transitioning the joint venture into a wholly-owned subsidiary by January 2024[13] - The company acquired 40% of Saucony's intellectual property in China and the remaining stake in the joint venture with Wolverine, enhancing its strategic position in the market[68] - The company aims to strengthen its R&D capabilities and launch running shoes specifically designed for Chinese runners, enhancing its competitive edge in the market[113] - The company is strategically integrating the equity of its joint ventures with Saucony and Merrell to maximize synergies in product innovation and marketing[113] Market Position and Brand Development - The brand achieved a leading market position in China, with a wearing rate of 41.8% among all marathon participants and 43.8% among sub-three runners in the 2024 Xiamen Marathon[72] - The number of marathon events in China rebounded to 580 in 2023, with total participants reaching 5.5 million, indicating a strong recovery in the running market[69] - The company achieved a 36% market share among all runners in Shanghai[73] - The company is the only domestic brand in the top ten of the women's marathon at the World Championships in 2023[75] Product Innovation - The "260X" carbon plate running shoes launched in December 2023 improve propulsion by 14.5% compared to the previous model[78] - The "360X" carbon plate running shoes, set to launch in March 2024, enhance stability by 4.2% compared to the "360" series[79] - The company continues to innovate in footwear technology, introducing the "XTEP ACE" cushioning technology in its 160X and 260X series, enhancing rebound and comfort[87] - The introduction of the "PISA" supercritical foaming technology in footwear aims to significantly improve energy return and reduce energy loss[87] Corporate Social Responsibility - The company donated RMB 20 million worth of sportswear for disaster relief in response to severe flooding in the Beijing-Tianjin-Hebei region[104] - The company provided RMB 20 million in warm supplies to earthquake-affected areas in Gansu and Qinghai provinces[104] - The company is promoting environmental sustainability by providing 30,000 official T-shirts made from recycled fibers for the 2024 Xiamen Marathon[105] Retail Expansion - As of December 31, 2023, the total number of issued shares is 2,641,457,207, with a market capitalization of HKD 11,648,826,283[155] - As of December 31, 2023, the number of adult brand stores operated by the group in mainland China and overseas reached 6,571, an increase from 6,313 stores as of December 31, 2022[93] - The children's division continued to be a growth driver for the main brand, with 1,703 stores in mainland China as of December 31, 2023, up from 1,520 stores a year earlier[94] - The group expanded its retail network, opening new stores in first-tier cities and high-end shopping centers in second-tier cities, following the successful launch of the third-generation store in Shanghai[97] Governance and Management - The company is committed to establishing good corporate governance practices to enhance transparency and accountability to shareholders[168] - The board of directors emphasizes internal controls and fair disclosure to ensure operational transparency and accountability[168] - The company has received annual independence confirmations from all current independent non-executive directors, affirming their independence[182] - The company has established specific committees, including the audit committee, remuneration committee, nomination committee, and sustainability committee, to enhance governance[185] Investor Relations - The company engaged in various investor relations activities, including 29 reverse roadshows to enhance understanding of its operations and new retail experiences[151] - The management team actively communicated with investors through online and offline channels, aiming to strengthen stakeholder relationships and maintain investor confidence[143] - The company celebrated its 15th anniversary with an event in June 2023, sharing future development strategies with investors[143] Sustainability Efforts - The company emphasizes eco-friendly materials in its apparel line, utilizing biodegradable modal fibers and recycled plastics[88] - The company’s commitment to sustainability is reflected in its use of organic cotton and recycled materials in its clothing lines[88] - The introduction of the "New D Ball" eco-friendly series and "Half Sugar" women's series aimed to attract younger consumers and promote sustainability[92]

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

Financial Data and Key Metrics Changes - In 2023, total revenue grew by 10.9% to JPY 14.346 billion, marking a historical high [11] - Core Xtep brand revenue increased by 7.4% to JPY 11.947 billion, while new brands, including Saucony and Merrell, saw revenue growth of nearly 100% at almost JPY 800 million [12] - The group's profit reached a historical high of JPY 1.03 billion, up 11.8% year on year, with a net profit margin of 7.2% [13][17] - Inventory decreased significantly by 21.6% to JPY 1.794 billion, indicating improved inventory management [14][21] Business Line Data and Key Metrics Changes - The core Xtep brand achieved a retail sell-through growth of 20% year on year, with inventory turnover days at a healthy level of 4 to 4.5 months [6][10] - The Professional Sports segment, including Saucony and Merrell, reported nearly 100% revenue growth, with Saucony becoming the first profitable brand among the four brands [12][26] - The Athletia segment experienced a revenue growth of 14.3% [12] Market Data and Key Metrics Changes - In the China region, Saucony's revenue growth exceeded 200%, reaching JPY 465 million [12] - The athleisure segment, including K Swiss and Palladium, saw a revenue growth of 14.3%, primarily driven by the Chinese market [27] - The gross margin for the athleisure segment improved from 37.6% to 44.8% due to increased direct-to-consumer (DTC) sales [28] Company Strategy and Development Direction - The company aims to maintain its position as the number one running brand in China, focusing on product innovation and expanding its market segment [35][50] - The strategy includes leveraging synergies between core and new brands, with a focus on high-end markets for new brands [8][51] - The company plans to continue enhancing its offline store experience while expanding its online presence [50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2023 was a challenging year but expressed confidence in achieving considerable growth despite a difficult economic environment in 2024 [17][24] - The target for 2024 is a revenue growth of no less than 10%, with a focus on maintaining healthy inventory levels [18][24] - Management noted that the consumption situation remains uncertain, but they are prepared to react quickly to market changes [24] Other Important Information - The company has maintained a consistent dividend payout ratio of 50% since its listing in 2008 [15] - Operating cash net inflow grew by 1.2 times to JPY 1.255 billion, exceeding net profit [15] - The company has successfully remitted JPY 1 billion to Hong Kong for dividend payouts and debt repayment [20] Q&A Session Summary Question: What are the growth prospects for Saucony and Merrell? - Management indicated that Saucony and Merrell are expected to achieve significant growth in 2024, with sales targets set at 30% to 40% growth [26] Question: How does the company plan to manage inventory levels? - The company emphasized the importance of maintaining healthy inventory levels and has successfully reduced inventory by 21.6% [14][21] Question: What are the expectations for the athleisure segment in 2024? - Management stated that while the athleisure segment will continue to incur losses, they will control the amount of loss to ensure it does not exceed previous years [30]