FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Yue Yuen Industrial (Holdings) Limited 裕元工業(集團)有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00551 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.25 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][14]. Core Insights - The company's manufacturing business has shown resilience, with a revenue of $660 million in June 2025, reflecting a year-on-year increase of 1.5%. The manufacturing segment grew by 9.4%, while the retail segment is awaiting recovery [1]. - The U.S.-Vietnam trade agreement has been established, imposing a 20% tariff on goods exported from Vietnam to the U.S., which enhances the stability of export orders for the company, as the U.S. is its second-largest market [2]. - The company is focusing on diversifying its manufacturing capacity by investing in Indonesia and India, aiming to enhance operational agility and flexibility in response to global supply chain fluctuations [3]. - The retail subsidiary, Bao Sheng, is expanding its omnichannel retail strategy, enhancing product offerings and operational efficiency to improve profitability and shareholder returns [4]. - Revenue forecasts for 2025-2027 are projected at $8.4 billion, $8.9 billion, and $9.5 billion, with net profits of $400 million, $430 million, and $480 million respectively, indicating a stable growth trajectory [5]. Summary by Sections Revenue Performance - In the first half of 2025, the cumulative revenue reached $4.06 billion, with a year-on-year increase of 1.1%. The manufacturing segment contributed a 6.2% growth, while Bao Sheng's revenue declined by 8.3% [1]. Trade Agreements - The trade agreement between the U.S. and Vietnam is expected to provide more certainty regarding tariff burdens for apparel brands and manufacturers, benefiting the company's operations in Vietnam [2]. Manufacturing Strategy - The company is accelerating its long-term capacity layout strategy, focusing on regions with abundant labor supply and sustainable growth potential, while also enhancing digital transformation to improve operational performance [3]. Retail Strategy - Bao Sheng is committed to refining its retail strategy by dynamically managing inventory and expanding partnerships to strengthen profit margins [4]. Financial Projections - The report maintains its earnings forecasts, with expected earnings per share (EPS) of $0.25, $0.27, and $0.30 for 2025, 2026, and 2027 respectively, reflecting a stable outlook for the company's financial health [5].

Group 1 - The core viewpoint is that Nike's management expects a narrowing of revenue decline to a mid-single-digit percentage in Q1 of FY2026, following an 11% year-over-year decline in Q4 of FY2025 [1] - Nike's revenue for Q4 FY2025 decreased by 11% year-over-year, exceeding FactSet's expectation by 3.4%, with regional revenue declines in North America, EMEA, Greater China, and Asia-Pacific-Latin America [1][2] - Inventory levels remained high, with a year-over-year change of 0% in Q4 FY2025, and Nike plans to continue reducing inventory over the next two quarters [1] Group 2 - Management anticipates a year-over-year revenue decline of mid-single digits for Q1 FY2026, with gross margin expected to decrease by 350-425 basis points, including a 100 basis point negative impact from tariffs [2] - The increase in wholesale holiday orders is offset by declines in the Greater China region, with apparel and footwear categories showing year-over-year declines of 9% and 12%, respectively [2] - Macquarie believes that approximately $1 billion in incremental tariff costs will be alleviated through optimizing sourcing and production distribution, reducing the import share from China, and phased price increases starting in Fall 2025 [2] Group 3 - In the Greater China region, Nike's direct business revenue declined by 15% year-over-year, with digital and store sales down 31% and 6%, respectively [3] - The decline in wholesale revenue by 24% year-over-year is expected to relieve pressure on retailers like Tmall [3] - Efforts to revitalize the Chinese market will take time, with deeper resets leading to increased discounts and reduced supply, as evidenced by an 11% year-over-year decline in inventory [3] Group 4 - The report maintains an underperform rating for Yue Yuen Industrial Holdings and Kwan Hung Holdings, despite ongoing revenue challenges for Nike in China [4] - Tmall is rated outperform with a target price of HKD 3.70, as competition from domestic and emerging international brands may lead to more discounts [4] - Yue Yuen is rated underperform with a target price of HKD 9.60, facing slow recovery in brand client orders and adverse impacts from raw material costs and foreign exchange [4]

Group Financial Performance - Yue Yuen Group's revenue increased by 1.3% YoY to $2,029.5 million in 1Q25 [12, 48] - Profit attributable to owners decreased by 24.2% YoY to $75.8 million [37, 48] - Gross profit margin decreased by 2.2 percentage points to 22.9% [37, 48] Manufacturing Business - Manufacturing revenue increased by 5.9% YoY to $1,328.3 million in 1Q25 [37, 42, 61] - Shoe volume increased by 5.3% YoY to 61.9 million pairs [36, 44] - Average selling price (ASP) increased by 2.5% YoY to $20.04 per pair [36] - Manufacturing gross profit margin decreased by 2.6 percentage points to 17.7% [36, 37, 61] - Capital expenditure increased significantly by 239.2% YoY to $67.5 million [49, 83] Retail Business - Pou Sheng - Pou Sheng's revenue decreased by 5.4% YoY in RMB terms [37, 41] - Pou Sheng's online contribution reached a historical high, accounting for 32% of total sales, up 20% YoY [40, 93] - Profit attributable to owners of Pou Sheng decreased by 20.7% YoY [37, 94] - Same Store Sales Growth increased 13.9% YoY [93]

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]