Financial Performance - The company reported an unaudited consolidated profit attributable to shareholders of approximately $75.8 million for the three months ended March 31, 2025, down from $99.965 million in the same period last year, representing a decrease of 24.2%[4] - The overall gross profit for the three months ended March 31, 2025, was $464.3 million, down from $503.1 million in the previous year, indicating a decline of 7.7%[4] - The company's attributable profit was $75.8 million, a decrease of 24.2% compared to $100.0 million in the same period last year[14] - The company recorded a profit of $15.8 million from joint ventures and associates, slightly down from $16.2 million in the previous year[13] - The company’s total comprehensive income for the period was $91.9 million, compared to $80.6 million in the same period last year, an increase of 14.5%[5] - The company reported a non-recurring loss of $0.5 million, compared to a non-recurring profit of $0.4 million in the same period last year[14] Revenue and Sales - Revenue for the three months ended March 31, 2025, was $2,029.5 million, an increase of 1.3% compared to $2,003.6 million in the same period last year[8] - The total revenue from manufacturing activities, including footwear, soles, accessories, and others, was $1,328.3 million, reflecting a 5.9% increase year-on-year[9] - Revenue from the retail subsidiary, BaoSheng International, decreased by 6.5% to $701.2 million, compared to $749.7 million in the same period last year[9] - Total revenue for the three months ended March 31, 2025, was $2,029.5 million, a 1.3% increase from $2,003.6 million in the same period last year[10] Cost and Expenses - Gross profit decreased by 7.7% to $464.3 million, with a gross margin decline of 2.2 percentage points to 22.9%[11] - Sales and distribution expenses fell by 4.3% to $206.7 million, accounting for approximately 10.2% of total revenue[12] - The company experienced a 7.5% year-on-year increase in workforce, contributing to higher labor costs amid rising wages[7] - Other income decreased by 15.9% to $31.2 million, representing about 1.5% of total revenue[12] - The company’s financing costs decreased to $13.3 million from $17.1 million, a reduction of 22.1%[4] Market and Strategic Outlook - The company noted that the competitive e-commerce environment in mainland China continues to impact retail performance, with fluctuating customer traffic affecting sales conversion rates[7] - The company remains optimistic about the long-term prospects of the sports industry despite short-term economic uncertainties affecting order visibility for the second half of 2025[15] - The company plans to diversify its manufacturing capacity in Indonesia and India to support sustainable growth[15] - The company aims to enhance operational resilience and maintain healthy cash flow through rigorous cost control and long-term digital transformation strategies[16] Footwear Manufacturing - The footwear manufacturing revenue increased by 7.8% to $1,239.5 million, with a shipment volume rise of 5.3% to 61.9 million pairs, and an average selling price increase of 2.5% to $20.04 per pair[9]

Financial Performance - Revenue rose by 3.7% to $8,182.2 million compared to $7,890.2 million in 2023[10] - Profit attributable to owners increased by 42.8% to $392.4 million, up from $274.7 million in the previous year[10] - Basic earnings per share rose by 42.9% to 24.37 cents, compared to 17.05 cents in 2023[10] - The company reported a significant increase in orders, contributing to improved production efficiency and capacity utilization[30] - The company's overall revenue increased by 3.7% to approximately $8.2 billion, driven by strong performance in the manufacturing business[31] - The company reported a 42.8% increase in profit attributable to shareholders, reaching approximately $392.4 million[32] - The manufacturing business's total revenue was $5,620.8 million, reflecting an 11.1% increase from the previous year[49] - Gross profit rose by 3.5% to $1,992.7 million, with an overall gross margin of 24.4%[57] - The group achieved a gross profit margin of 24.4% for the fiscal year 2024, maintaining the same level as in 2023, while the operating profit margin increased to 6.7% from 5.1% in 2023[181] - The net profit margin improved to 5.2% in 2024, up from 3.9% in 2023, indicating a positive trend in profitability[181] Cash Flow and Dividends - Free cash flow decreased by 56.2% to $325.8 million, down from $744.1 million in 2023[10] - Cash flow from operating activities was $537.1 million, down from $944.7 million in 2023[66] - The company declared a total annual dividend of 1.30 HKD per share, a 44.4% increase from 0.90 HKD in 2023[10] - The board has declared a final dividend of HK$0.90 per share for 2025, up from HK$0.70 per share in 2023, resulting in a total annual dividend of HK$1.30 per share[81] - The company declared an interim dividend of HKD 0.40 per share for the six months ending June 30, 2024, and proposed a final dividend of HKD 0.90 per share, totaling approximately HKD 1,444,094,000, subject to shareholder approval[111] Operational Efficiency - The gross profit margin for the manufacturing business improved by 0.7 percentage points to 19.9%, achieving the highest operating profit margin since 2010[31] - Retail sales in the Greater China region decreased by 8.0% year-on-year in RMB terms, reflecting weak consumer confidence[30] - The company aims to fully implement the SAP ERP system and integrated operation platform by 2025 to enhance production efficiency[33] - The company is focusing on digital transformation and smart manufacturing to enhance short-term and long-term profitability[33] - The company plans to focus on optimizing store efficiency and selectively adjusting or renovating stores as part of its refined retail strategy[51] Market Trends and Demand - Total footwear shipments increased by 16.9% year-on-year to 255.3 million pairs in 2024[10] - Global footwear demand showed a significant recovery, with Vietnam's footwear exports rising by 13.0% to $22.9 billion in 2024[30] - The company’s sports/outdoor footwear accounted for 53.8% of total revenue, while casual shoes and sports sandals made up 9.4%[52] Sustainability and ESG - The company received a "BB" rating from MSCI ESG and improved its scores in various sustainability assessments, outperforming 87% of companies in the textile, apparel, and luxury goods sector[35] - The company’s ESG score improved to 48 in 2024 from 41 in 2023, outperforming 87% of companies in the textile, apparel, and luxury goods sector[45] - The company aims to achieve a 46.2% reduction in absolute greenhouse gas emissions by 2030, using 2019 as the baseline year[184] - The group plans to achieve carbon neutrality by 2025 through the procurement of renewable energy and enhancing energy efficiency[184] Employee and Governance - The group employed approximately 285,500 employees as of December 31, 2024, a 7.9% increase from 264,700 employees in 2023[83] - The board of directors includes a mix of executive and independent non-executive members, ensuring a diverse governance structure[121] - The company emphasizes the importance of employee development and communication channels, including internal websites and surveys, to enhance talent capital and sustainable competitiveness[189] Risk Management - The company has established a risk management framework to address various operational risks, including labor law compliance and data security, by hiring local experts and implementing high-security communication systems[195][197] - The company is focused on diversifying its revenue sources by continuously analyzing brand client orders and exploring new brands and profit sources to mitigate operational risks[198] - The company is prepared to activate contingency plans in response to significant events or abnormal price fluctuations affecting operational costs[200] Capital Expenditure and Investments - The group’s total capital expenditure for 2024 is $211.3 million, an increase from $200.6 million in 2023, with manufacturing capital expenditure at $159.8 million, up from $152.0 million[72] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in Tamil Nadu, India, with the project already underway[73] - The company invested $142.2 million in product development, focusing on innovation and sustainable materials[62] Shareholder Relations - The total number of issued shares is 1,604,556,486 shares[135] - The company has adopted stock option and share award plans to incentivize directors and eligible employees, aligning their interests with the company's performance[127] - The company confirmed a net expense of $2,766,000 related to the Yu Yuan Share Incentive Plan for the year ending December 31, 2024, as equity-settled share-based payments[147]

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue increased to $8,182,161 thousand, representing a growth of 3.7% compared to $7,890,168 thousand in 2023[2] - The recurring profit attributable to the company's owners rose significantly by 43.7% to $378,627 thousand from $263,399 thousand in the previous year[2] - The total profit attributable to the company's owners increased by 42.8% to $392,415 thousand, up from $274,710 thousand in 2023[2] - Basic earnings per share improved by 42.9% to 24.37 cents, compared to 17.05 cents in the prior year[2] - Total comprehensive income for the year reached $457,103 thousand, a significant increase from $255,111 thousand in 2023[5] - The company reported a total tax expense of $147,444 thousand for 2024, significantly higher than $80,992 thousand in 2023[20] - The company’s profit for the year 2024 was $392,415,000, an increase from $274,710,000 in 2023, representing a growth of approximately 43.0%[27] - Profit attributable to the company's owners was $392.4 million, representing a 42.8% increase from $274.7 million in the previous year[38] Dividends - The interim dividend was doubled to HKD 0.40 from HKD 0.20, while the proposed final dividend increased by 28.6% to HKD 0.90 from HKD 0.70[2] - The company declared a final dividend of HK$0.90 per share for the year ending December 31, 2024, up from HK$0.70 per share in 2023, which translates to a total of approximately $1,444,094,000[25][26] - The board declared a final dividend of HK$0.90 per share for 2025, up from HK$0.70 per share in 2023, resulting in a total annual dividend of HK$1.30 per share[71] Revenue Breakdown - Revenue from the manufacturing business reached $5,620,753 thousand, up 11.1% from $5,059,438 thousand in the previous year[12] - Retail business revenue decreased to $2,561,408 thousand, down 9.5% from $2,830,730 thousand in 2023[12] - Revenue from sports/outdoor shoes was $4,403,600 thousand, an increase of 8.9% compared to $4,041,081 thousand in 2023[14] - Revenue from the United States was $1,542,031 thousand, up 9.5% from $1,408,248 thousand in 2023[15] - Revenue from Europe increased to $1,429,624 thousand, a rise of 11.1% from $1,286,960 thousand in the previous year[15] - The footwear segment's revenue increased by 11.0% to $5,169.0 million, with a shipment volume rise of 16.9% to 255.3 million pairs[39] - The group’s manufacturing revenue from footwear, soles, accessories, and others totaled $5,620.8 million, an increase of 11.1%[39] - The group’s revenue from sports/outdoor shoes accounted for 53.8% of total revenue, while casual shoes and sports sandals contributed 9.4%[42] Assets and Liabilities - Non-current assets totaled $3,530,430 thousand, slightly down from $3,574,374 thousand in the previous year[6] - Current assets increased to $3,844,924 thousand from $3,783,858 thousand, driven by higher inventory and receivables[6] - The net asset value rose to $4,914,354 thousand, compared to $4,710,028 thousand in 2023, reflecting a solid financial position[8] - Accounts receivable increased to $938,499,000 in 2024 from $885,145,000 in 2023, marking a rise of about 6.0%[28] - The company’s accounts payable rose to $500,454,000 in 2024 from $475,505,000 in 2023, an increase of about 5.2%[29] Costs and Expenses - The company reported a decrease in financing costs to $63,339 thousand from $85,039 thousand, indicating improved financial management[4] - Employee benefits expenses totaled $2,025,704,000 in 2024, compared to $1,990,412,000 in 2023, reflecting an increase of about 1.8%[23] - The total cost of sales for the manufacturing business was $4,503.7 million, an increase of 10.2% from $4,087.3 million in 2023[48] - The gross profit for the group rose by 3.5% to $1,992.7 million, with an overall gross margin of 24.4%[47] - The manufacturing segment's gross profit increased by 14.9% to $1,117.0 million, with a gross margin of 19.9%, up 0.7 percentage points year-on-year[47] - Total selling and distribution expenses decreased by 6.3% to $838.2 million, accounting for approximately 10.2% of revenue[50] - Administrative expenses rose by 1.2% to $553.4 million, representing about 6.8% of revenue[50] Cash Flow and Capital Expenditure - The net cash flow from operating activities was $537.1 million, down from $944.7 million in 2023[56] - As of December 31, 2024, the group had cash and cash equivalents of $943.2 million, down from $1,142.1 million in 2023[57] - The group’s total capital expenditure for 2024 was $211.3 million, up from $200.6 million in 2023[61] - Capital expenditure for the manufacturing business was $159.8 million, an increase from $152.0 million in 2023, focusing on strategic expansion and digital transformation[61] - Retail business capital expenditure slightly increased to $51.5 million from $48.6 million in 2023, continuing a refined retail strategy[63] Strategic Initiatives - The company is focusing on digital smart manufacturing management to enhance overall profitability and efficiency[32] - The group aims to enhance operational resilience and maintain a healthy cash flow while pursuing digital transformation and automation technologies[79] - The group aims to fully launch its SAP ERP system and integrated operation platform (OCP) by 2025, focusing on decision-making and operational management applications[80] - The retail subsidiary, Bao Sheng, will continue to implement a refined retail strategy, dynamically expanding its physical and omnichannel retail presence, and enhancing product category offerings[80] - The company is committed to enhancing its operational capabilities and ESG-oriented management to adapt to rapidly changing market demands[80] Employee and Governance - The group employed approximately 285,500 employees as of December 31, 2024, a 7.9% increase from 264,700 employees in 2023[73] - The company has complied with all applicable corporate governance code provisions during the year[84] - The annual general meeting will be held on May 23, 2025, at the company's headquarters in Hong Kong[90] - The company expresses gratitude to customers, suppliers, and shareholders for their support and acknowledges the contributions of its directors and employees[95] Market Outlook - The global sports goods industry is expected to grow at a CAGR of 6% from 2024 to 2029, with a market size projected to reach $548 billion by 2029[77] - The company anticipates a lengthy appeal process regarding tax disputes in Indonesia, which may take one to two years[21] Share Repurchase - The company repurchased a total of 7,627,500 shares at a total cost of approximately HKD 116,856,528 (equivalent to about USD 15,009,000) during the year[82] - The share repurchase included transactions at prices ranging from HKD 12.94 to HKD 17.42 per share, with the highest repurchase price being HKD 17.40[82] - The company’s employee stock incentive plan trustee purchased a total of 1,350,000 shares at a total cost of approximately HKD 15,368,000 (equivalent to about USD 1,965,000)[82] Joint Ventures and Associates - The group recorded a profit of $78.4 million from joint ventures and associates in 2024, compared to $62.2 million in the previous year[70]

Financial Performance - For the nine months ended September 30, 2024, the company reported an unaudited consolidated profit attributable to shareholders of approximately $331.7 million[1]. - The company's revenue for the same period was $6,075.3 million, representing a 1.5% increase from $5,986.6 million in the previous year[7]. - The company achieved a pre-tax profit of $438.5 million, significantly up from $218.0 million in the previous year[2]. - The total comprehensive income for the period was $381.9 million, compared to $78.6 million in the previous year[3]. - The company reported a profit attributable to owners of $331.7 million, a 140.9% increase compared to $137.7 million in the previous year[14]. Revenue Breakdown - The footwear manufacturing revenue increased by 8.2% to $3,782.7 million, with shipment volume rising 16.2% to 186.9 million pairs[7]. - The total revenue from manufacturing operations, including footwear, soles, accessories, and others, was $4,135.5 million, up 9.0% year-on-year[8]. - Revenue from the retail subsidiary, Pou Sheng International (Holdings) Limited, decreased by 11.6% to $1,939.8 million, impacted by weak store traffic in mainland China[8]. - Total revenue for the period reached $6,075.3 million, a 1.5% increase from $5,986.6 million in the same period last year[9]. Cost and Efficiency - The company continues to focus on cost control measures to enhance operational efficiency and profitability[6]. - Total selling and distribution expenses decreased by 8.3% to $624.2 million, representing approximately 10.3% of total revenue[12]. - The average selling price of footwear decreased by 6.8% to $20.24 per pair due to changes in product mix and high base effects[7]. Profitability Metrics - Gross profit rose by 4.5% to $1,472.3 million, with an overall gross margin increase of 0.7 percentage points to 24.2%[10]. - The gross margin for the footwear segment improved to 34.0%, up 0.9 percentage points due to effective discount control and inventory management[11]. Strategic Focus - The company is committed to digital transformation strategies to improve sales conversion rates in its retail operations[6]. - The company anticipates stable demand for quality suppliers in the global footwear industry, despite uncertainties in the macroeconomic environment[15]. - The company plans to enhance operational resilience and production efficiency while managing costs and maintaining healthy cash flow[15]. - The long-term outlook for the sports industry remains optimistic, with a focus on diversifying manufacturing capacity in Indonesia and India[15]. - The company aims to integrate automation technology and R&D capabilities to strengthen its competitive edge in the industry[16].

Financial Performance - Total footwear shipments reached 120.7 million pairs, a 9.9% increase from 109.8 million pairs in the same period last year[6] - Revenue for the period was $4,015.4 million, a 3.4% decrease compared to $4,155.0 million in the previous year[6] - Gross profit was $975.1 million, with a gross margin of 24.3%, up from 23.5% in the prior year[6] - Operating profit increased significantly to $259.3 million, a 67.9% rise from $154.4 million in 2023[6] - Net profit attributable to shareholders was $184.4 million, more than double the $83.6 million reported in the previous year[6] - Basic earnings per share rose to 11.44 cents, up from 5.19 cents in 2023[6] - Revenue for the six months ended June 30, 2024, was $4,015.407 million, a decrease of 3.4% compared to $4,154.968 million in the same period in 2023[12] - Gross profit for the six months ended June 30, 2024, was $975.087 million, slightly down from $977.710 million in 2023[12] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was $184.401 million, a significant increase from $83.601 million in 2023[12] - Basic earnings per share for the six months ended June 30, 2024, were 11.44 cents, up from 5.19 cents in 2023[12] - Total comprehensive income for the six months ended June 30, 2024, was $170.546 million, compared to $29.330 million in 2023[13] - Revenue for the period decreased by 3.4% to $4,015.4 million, while net profit attributable to shareholders increased by 120.6% to $184.4 million[57] - Manufacturing business net profit attributable to shareholders surged by 177.5% to $155.4 million[57] - Footwear shipment volume increased by 9.9% to 120.7 million pairs, with average selling price decreasing by 7.8% to $19.98 per pair[58] - Total operating revenue decreased by 3.4% to $4,015.4 million, with sports/outdoor footwear contributing 51.7% of revenue at $2,074.6 million[59] - The company's manufacturing business shipped 120.7 million pairs of shoes, a 9.9% increase YoY, with an average selling price of $19.98 per pair, down 7.8% YoY[61] - Gross profit for the manufacturing business increased by 12.1% to $502.6 million, with a gross margin improvement of 1.7 percentage points to 19.1%[62] - The company's attributable recurring profit surged by 123.8% to $178.9 million, driven by operational improvements and cost efficiencies[65] - Product development expenses decreased to $68.8 million, focusing on digital prototyping, process reengineering, and sustainable materials[66] - Net cash from operating activities decreased to $173.7 million, with free cash flow at $79.9 million, while cash and equivalents decreased by $223.9 million[67] - The company's bank balance and cash stood at $922.8 million as of June 30, 2024, compared to $1,142.1 million on December 31, 2023[68] - The company's net cash decreased to $65.8 million as of June 30, 2024, from $169.4 million on December 31, 2023[68] - The company's leverage ratio improved to 18.1% as of June 30, 2024, down from 20.7% on December 31, 2023[68] - The company's total capital expenditure reached $93.8 million in the first half of 2024, up from $84.5 million in the same period of 2023[70] - Manufacturing business capital expenditure was $67.4 million in the first half of 2024, compared to $59.9 million in the same period of 2023[70] - Retail business capital expenditure increased to $26.4 million in the first half of 2024, up from $24.6 million in the same period of 2023[70] - The company's share of profits from associates and joint ventures totaled $32.9 million in the first half of 2024, up from $29.1 million in the same period of 2023[74] - The company's current ratio improved to 2.2 as of June 30, 2024, compared to 1.9 on December 31, 2023[68] - The company declared an interim dividend of HKD 0.40 per share, doubling from HKD 0.20 in 2023[78] Assets and Liabilities - Non-current assets as of June 30, 2024, were $3,510.754 million, a slight decrease from $3,574.374 million as of December 31, 2023[14] - Current assets as of June 30, 2024, were $3,694.760 million, down from $3,783.858 million as of December 31, 2023[14] - Cash and cash equivalents as of June 30, 2024, were $699.313 million, a decrease from $923.217 million as of December 31, 2023[14] - Current liabilities decreased from $1,984,674 thousand to $1,657,874 thousand, a reduction of 16.5%[15] - Net current assets increased from $1,799,184 thousand to $2,036,886 thousand, a growth of 13.2%[15] - Total assets minus current liabilities rose from $5,373,558 thousand to $5,547,640 thousand, an increase of 3.2%[15] - Non-current liabilities grew from $663,530 thousand to $814,359 thousand, up 22.7%[15] - Bank borrowings under current liabilities decreased from $643,159 thousand to $357,391 thousand, a drop of 44.4%[15] - Contract liabilities increased from $45,021 thousand to $68,291 thousand, up 51.7%[15] - Equity attributable to the company's owners rose slightly from $4,240,268 thousand to $4,258,443 thousand, a 0.4% increase[15] - Non-controlling interests increased from $469,760 thousand to $474,838 thousand, up 1.1%[15] - Total equity grew marginally from $4,710,028 thousand to $4,733,281 thousand, a 0.5% increase[15] - Deferred tax liabilities increased from $54,604 thousand to $56,579 thousand, up 3.6%[15] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners as of January 1, 2024, was $4.710 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.529 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.642 billion[16] - The company's equity attributable to owners as of June 30, 2023, was $4.077 billion[16] - The company's equity attributable to owners as of January 1, 2023, was $4.189 billion[16] - The company's total comprehensive income for the period was $29.330 million, with a profit of $105.011 million[16] - The company's total comprehensive income for the period was $2.754 million, with a profit of $83.601 million[16] - The company's profit for the period was $184.401 million, with a total comprehensive income of $161.887 million[16] - The company's total comprehensive income for the period was $170.546 million, with a profit of $203.971 million[16] - The company's equity attributable to owners as of June 30, 2024, was $4.733 billion[16] - The company's equity attributable to owners

Financial Performance - Revenue for the six months ended June 30, 2024, was $4,015,407 thousand, a decrease of 3.4% compared to $4,154,968 thousand in the same period of 2023[2] - Profit attributable to owners of the company for the six months ended June 30, 2024, was $184,401 thousand, representing an increase of 120.6% from $83,601 thousand in the same period of 2023[2] - Basic earnings per share for the six months ended June 30, 2024, was 11.44 cents, up 120.4% from 5.19 cents in the same period of 2023[2] - Total comprehensive income for the six months ended June 30, 2024, was $170,546 thousand, compared to $29,330 thousand in the same period of 2023[6] - The company reported a net profit of $5,514 thousand for the six months ended June 30, 2024, compared to $3,660 thousand in the same period of 2023[15] - The company reported a significant increase in non-recurring profit attributable to owners, which rose to $178,887 thousand from $79,941 thousand, marking a 123.8% increase[2] - The company's recurring profit attributable to owners increased by 123.8% to $178.9 million, compared to $79.9 million in the same period last year[38] Dividends - The interim dividend declared was HK$0.40 per share, a 100% increase from HK$0.20 per share in the previous year[2] - The company declared an interim dividend of HKD 0.40 per share for the six months ending June 30, 2024, compared to HKD 0.20 per share in the same period of 2023, amounting to approximately HKD 644,851,000[18] - The board declared an interim dividend of HK$0.40 per share, up from HK$0.20 per share in 2023[49] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled $3,510,754 thousand, a decrease from $3,574,374 thousand as of December 31, 2023[7] - Current assets as of June 30, 2024, were $3,694,760 thousand, down from $3,783,858 thousand as of December 31, 2023[7] - Inventory as of June 30, 2024, was $1,256,245 thousand, an increase from $1,247,003 thousand as of December 31, 2023[7] - Cash and cash equivalents as of June 30, 2024, were $699,313 thousand, a decrease from $923,217 thousand as of December 31, 2023[7] - Net current assets increased to $2,036,886 thousand, compared to $1,799,184 thousand as of December 31, 2023, reflecting a growth of 13.23%[8] - Total assets less current liabilities rose to $5,547,640 thousand, an increase of 3.25% from $5,373,558 thousand[8] - The total equity attributable to owners of the company increased to $4,258,443 thousand from $4,240,268 thousand, reflecting a growth of 0.43%[8] - The company incurred a tax expense of $61,229 thousand for the current period, compared to $38,216 thousand in the previous year, representing an increase of 60.25%[16] Revenue Breakdown - Manufacturing business revenue increased to $2,634,404 thousand, up 2.98% from $2,573,895 thousand year-over-year[14] - Retail business revenue decreased to $1,381,003 thousand, down 12.66% from $1,581,073 thousand in the previous year[14] - Revenue from the footwear manufacturing segment increased by 2.4% to $2,634.4 million[30] - Retail revenue from the group's subsidiary, BaoSheng, decreased by 12.7% to $1,381.0 million, with a decline of 8.9% in RMB terms[31] Operational Metrics - The group shipped 120.7 million pairs of shoes, a 9.9% increase from 109.8 million pairs in the same period last year[34] - The average selling price per pair of shoes decreased by 7.8% to $19.98, down from $21.67[34] - Employee costs totaled $993,374 thousand, a decrease of 6.86% from $1,066,381 thousand in the previous year[17] - Total sales and distribution expenses decreased by 10.4% to $424.2 million, accounting for approximately 10.6% of operating revenue[37] Investments and Expenditures - The group's total capital expenditure reached $93.8 million, up from $84.5 million in the first half of 2023[43] - Capital expenditure for manufacturing operations was $67.4 million, compared to $59.9 million in the first half of 2023[43] - Capital expenditure for the retail business increased to $26.4 million, from $24.6 million in the first half of 2023, aligning with its refined retail strategy[44] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India[45] Market Outlook and Strategy - Global footwear demand showed signs of recovery in the first half of 2024, with Vietnam's footwear exports increasing by 8.8% year-on-year to USD 10.7 billion[26] - The company maintained an optimistic outlook on its manufacturing business and will continue to focus on long-term capacity planning in Indonesia and India, targeting sustainable growth[53] - The group aims to enhance operational resilience and agility while maintaining healthy cash flow and financial stability[52] - The group plans to enhance its digital transformation strategy through lean management and smart automation investments, integrating manufacturing management systems into an operational platform (OCP) to improve efficiency[53] - The group aims to implement a refined retail strategy in response to the increasingly dynamic retail environment in mainland China, enhancing its physical and omnichannel retail presence[53] Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, ensuring adherence to standards for securities trading by directors[55] - The external auditor has reviewed the interim financial data without reservation, confirming compliance with the relevant accounting standards[56] - The company will suspend shareholder registration from September 11 to September 13, 2024, for processing dividend eligibility[57]

Financial Performance - For the three months ended March 31, 2024, the company reported unaudited consolidated profit attributable to owners of $100.0 million[2] - Revenue for the same period was $2,003.6 million, a decrease of 4.9% compared to $2,107.4 million in the previous year[7] - Gross profit increased to $503.1 million, compared to $497.6 million in the prior year, reflecting improved production efficiency[3] - Total comprehensive income for the period was $80.6 million, compared to $74.4 million in the previous year[4] - The profit attributable to the company's owners was $100.0 million, a 96.9% increase from $50.8 million in the same period last year[13] - The company's recurring profit attributable to owners increased by 107.1% to $99.6 million, compared to $48.1 million in the previous year[13] Operating Income and Expenses - The company's operating income from footwear activities decreased by 0.9% to $1,149.5 million, with a 9.1% increase in shipment volume to 58.8 million pairs[7] - Total sales and distribution expenses decreased by 10.6% to $216.1 million, accounting for approximately 10.8% of operating revenue[11] - Administrative expenses decreased by 2.7% to $138.9 million, representing about 6.9% of operating revenue[11] - Other income rose by 2.8% to $37.1 million, equivalent to approximately 1.9% of operating revenue[12] Tax and Financing - The company’s effective tax rate for the period was approximately 23.7%, compared to 17.4% in the previous year[3] - The company’s financing costs decreased to $17.1 million from $22.7 million in the previous year, contributing to improved profitability[3] Market and Retail Performance - The retail subsidiary, Pou Chen, reported a revenue decline of 12.0% to $749.7 million, impacted by weak foot traffic in mainland China[8] - The average selling price per pair of footwear decreased by 9.2% to $19.55 due to changes in product mix[7] Strategic Initiatives - The company continues to pursue a digital transformation strategy to enhance its retail performance amid a challenging environment[6] - The group maintains an optimistic long-term outlook for its manufacturing business, with improved order visibility and demand normalization expected[14] - The company will continue to focus on long-term capacity planning strategies, targeting sustainable growth in Indonesia and India[15] - The group aims to enhance operational resilience and agility while managing costs to solidify profitability and maintain healthy cash flow[14] - The company plans to leverage automation technology and R&D capabilities to seek higher value-added orders and strengthen its product portfolio[15]

Financial Performance - Total footwear shipment decreased by 19.9% to 218.3 million pairs in 2023 compared to 272.7 million pairs in 2022[5] - Revenue declined by 12.0% to $7,890.2 million in 2023 from $8,970.2 million in 2022[5] - Profit attributable to owners decreased by 7.3% to $274.7 million in 2023 from $296.3 million in 2022[5] - Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 13.1% to $777.5 million in 2023 from $894.4 million in 2022[5] - Basic earnings per share decreased by 7.4% to 17.05 cents in 2023 from 18.41 cents in 2022[5] - The overall revenue of the group decreased by 12.0% to approximately $7.9 billion, with footwear revenue declining by 18.4%[26] - The footwear shipment volume decreased by 19.9% to 218.3 million pairs, with revenue in the US and Europe dropping by 31.1% and 22.6% respectively[28] - The group recorded a revenue of $7,890.2 million for the year, a decrease of 12.0% compared to the previous year, primarily due to weak global footwear demand and an industry destocking cycle[47] - The profit attributable to the company's owners was $274.7 million, down 7.3% from $296.3 million in the previous year, with manufacturing profit decreasing by 19.7% to $231.4 million[47] - The group's footwear manufacturing revenue decreased by 18.4% to $4,657.5 million, with footwear shipments down 19.9% to 218.3 million pairs[48] - Gross profit decreased by 9.9% to $1,925.3 million, while the overall gross margin increased by 0.6 percentage points to 24.4%[56] - The return on equity for 2023 was 6.5%, down from 7.1% in 2022[193] - The asset return rate improved to 4.2% in 2023, compared to 3.7% in 2022[193] Cash Flow and Capital Expenditure - Free cash flow increased by 6.4% to $748.8 million in 2023 compared to $703.6 million in 2022[5] - Capital expenditure decreased by 4.1% to $195.9 million in 2023 from $204.3 million in 2022[5] - Cash flow from operating activities reached $944.7 million, up from $907.9 million in the previous year[65] - As of December 31, 2023, the company's cash and cash equivalents totaled $1,142.1 million, an increase from $1,018.3 million in 2022[66] - The group's total capital expenditure for 2023 was $195.9 million, a decrease from $204.3 million in 2022, with manufacturing capital expenditure at $152.0 million[72] Market and Strategic Initiatives - The company plans to enhance strategic partnerships and expand its retail presence in Greater China[3] - The group is implementing a digital transformation strategy, integrating various digital tools to enhance inventory management and store efficiency[32] - The global sports goods market is expected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2027[34] - The group aims to leverage long-term trends in sports and leisure to create value and long-term returns for stakeholders[36] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India, as per a memorandum of understanding signed on April 17, 2023[73] - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 25% by 2025[99] Operational Efficiency - The group continues to focus on enhancing sales conversion rates and operational efficiency amid a changing market and promotional environment[42] - The group maintained a stable profit margin despite a revenue decline, with attributable profit decreasing by only 7.3% to approximately $270 million[26] - The contribution of the omnichannel sales to the overall sales of the group increased to 27%[32] - The average selling price of footwear increased by 2.0% to $21.34 per pair, reaching a historical high[28] - The average selling price of high-end footwear increased by 2.0% to $21.34 per pair, partially offsetting the decline in shipments[48] Corporate Governance and Management - The board of directors includes experienced professionals with extensive backgrounds in finance, accounting, and legal affairs, enhancing corporate governance[128] - The company has a strong focus on investor relations, with a dedicated director overseeing strategic planning and coordination of investor activities[113] - The company has undergone changes in its board composition, with several directors up for re-election at the upcoming annual general meeting[128] - The remuneration policy for directors is based on a written policy that aligns with business strategy and shareholder interests, ensuring fairness and performance-based compensation[134] Employee and Shareholder Engagement - The total number of employees decreased by 14.6% to approximately 264,700 as of December 31, 2023, compared to about 310,000 in the previous year[83] - The group maintains a stable dividend policy, with a total dividend for the year of HK$0.90 per share, down from HK$1.10 in 2022[79] - The board has proposed a final dividend of HK$0.70 per share, totaling approximately HK$1,129 million (about $145 million), consistent with the previous year's final dividend[79] - The company emphasizes the importance of performance-based compensation for employees, linking it to individual responsibilities and market salary levels[134] Risk Management and Future Outlook - Despite improved order visibility, ongoing inflation and high interest rates create macroeconomic uncertainties, leading to a conservative outlook for the global footwear industry in the short term[86] - The group plans to enhance operational resilience and agility, focusing on cost control to solidify profitability while maintaining healthy cash flow and financial stability[86] - The company is committed to a long-term capacity layout strategy, targeting sustainable growth in Indonesia and India through diversified manufacturing capacity[86] - Future outlook indicates a projected revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[99]

Financial Performance - Total revenue for the year ended December 31, 2023, was $7,890,168 thousand, a decrease of 12.0% compared to $8,970,228 thousand in 2022[2] - The recurring profit attributable to the company's owners was $263,399 thousand, down 9.8% from $291,874 thousand in the previous year[2] - Non-recurring profit increased significantly by 152.9% to $11,311 thousand from $4,473 thousand in 2022[2] - Basic earnings per share decreased by 7.4% to 17.05 cents from 18.41 cents in the prior year[2] - The company's profit for the year 2023 was $274,710,000, a decrease of 7.3% compared to $296,347,000 in 2022[27] - The profit attributable to the company's owners was $274.7 million, down 7.3% from $296.3 million in the previous year, with manufacturing profits decreasing by 19.7% to $231.4 million[36] Dividends - The interim dividend was reduced by 50.0% to HK$0.20 from HK$0.40, while the proposed final dividend remained at HK$0.70[2] - The company declared a final dividend of HKD 0.70 per share for the year ended December 31, 2023, consistent with the previous year's dividend[26] - The total dividend for the year will be HKD 0.90 per share, amounting to approximately HKD 1,451 million (about $186 million), down from HKD 1.10 per share in 2022[55] Revenue Breakdown - Revenue from the manufacturing segment was $5,059,438 thousand in 2023, down from $6,203,137 thousand in 2022, representing a decline of 18.4%[15] - Retail segment revenue increased slightly to $2,830,730 thousand in 2023 from $2,767,091 thousand in 2022, marking a growth of 2.3%[15] - Revenue from sports/outdoor shoes was $4,041,081 thousand in 2023, down from $4,890,553 thousand in 2022, a decrease of 17.3%[16] - Revenue from the United States was $1,408,248 thousand in 2023, a decline of 31.0% from $2,043,360 thousand in 2022[18] - Revenue from Europe decreased to $1,286,960 thousand in 2023 from $1,663,528 thousand in 2022, a drop of 22.6%[18] - Revenue from China was $3,703,793 thousand in 2023, slightly up from $3,646,284 thousand in 2022, an increase of 1.6%[18] Assets and Liabilities - Current assets decreased to $3,783,858 thousand from $4,143,525 thousand, primarily due to a reduction in inventory and cash[6][7] - Total liabilities decreased to $1,984,674 thousand from $2,003,292 thousand, reflecting improved financial management[7] - The net asset value increased to $4,710,028 thousand from $4,642,325 thousand, indicating a strengthening of the company's financial position[7] Operational Efficiency - The total employee benefits expense, including director remuneration, was $1,990,412,000 in 2023, down from $2,262,412,000 in 2022, reflecting a reduction of 12%[24] - The company reported a net change in inventory provisions of $(11,796,000) in 2023, compared to $25,943,000 in 2022, indicating a significant improvement in inventory management[24] - The company experienced a foreign exchange gain of $4,878,000 in 2023, compared to a loss of $(3,182,000) in 2022, marking a significant turnaround[24] - The company's operational efficiency improved significantly, with capacity utilization and profit margins showing quarterly improvements despite external challenges[33] Capital Expenditure and Investments - Total capital expenditure for 2023 was $195.9 million, slightly down from $204.3 million in 2022, with manufacturing capital expenditure at $152.0 million compared to $158.0 million in the prior year[51] - The company plans to invest approximately ₹23 billion (around $276 million) in a production base in an economic zone in Tamil Nadu, India, as part of a memorandum of understanding signed in April 2023[52] Corporate Governance and Future Plans - The company has complied with all applicable corporate governance codes and standards throughout the year[60] - The company aims to enhance operational resilience and flexibility to improve production efficiency and maintain profitability amid macroeconomic uncertainties[57] - The company plans to continue its digital transformation strategy to achieve operational excellence through integrated management systems[57] Shareholder Information - The board declared a final dividend of HKD 0.70 per share, totaling approximately HKD 1,129 million (about $145 million), maintaining the same level as the previous year's final dividend[55] - The company will hold its 2024 Annual General Meeting on May 24, 2024, at the International Building, Kowloon, Hong Kong[63]

Financial Performance - For the nine months ended September 30, 2023, the company reported an unaudited consolidated profit attributable to owners of approximately $137.7 million[2]. - The company's revenue for the same period was $5,986.6 million, a decrease of 14.1% compared to $6,971.8 million in the previous year[7]. - Gross profit for the nine months was $1,409.6 million, down from $1,657.9 million year-on-year[3]. - The company reported a pre-tax profit of $217.99 million, down from $353.42 million in the previous year[3]. - The total comprehensive income for the period was $78.63 million, compared to $88.66 million in the previous year[4]. - The company's attributable profit was $137.7 million, a decrease of 49.0% from $270.1 million in the same period last year[12]. Revenue Breakdown - The company experienced a 20.4% decline in revenue from footwear activities, totaling $3,494.5 million, with a 24.5% decrease in footwear shipments to 160.9 million pairs[7]. - The revenue from sports/outdoor footwear accounted for 50.6% of total revenue, while casual shoes and sports sandals contributed 7.8%[9]. - The group's total revenue from manufacturing (including footwear, soles, accessories, and others) was $3,792.8 million, a decrease of 20.9% compared to the same period last year[8]. - The total revenue for the group was $5,986.6 million, down 14.1% from $6,971.8 million in the previous year[9]. Cost and Profitability - The gross profit decreased by 15.0% to $1,409.6 million, with the manufacturing segment's gross profit down 21.6% to $683.9 million[10]. - The gross margin for the group was 33.1%, a decline of 2.9 percentage points compared to the same period last year[11]. - Total sales and distribution expenses were $680.4 million, representing approximately 11.4% of revenue[11]. - The financing costs for the nine months were $64.97 million, compared to $45.76 million in the previous year[3]. Operational Strategies - The company implemented cost control measures and efficiency improvements to mitigate operational leverage effects, showing resilience in its manufacturing business[6]. - The retail subsidiary, Pou Chen International, faced fluctuations in customer traffic in mainland China, impacting sales trends[6]. - The company remains optimistic about the long-term outlook for its manufacturing business despite uncertainties in the macroeconomic environment[13]. - The company plans to continue focusing on cost control and cash flow management to ensure financial stability[13]. - The company aims to diversify its manufacturing capacity in regions like Indonesia and India to support sustainable growth[13]. Pricing Trends - The average selling price of footwear increased by 5.3% to $21.71 per pair, helping to offset the impact of the decline in shipments[7].