Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 113.7 million, a decrease of 6.5% from RMB 121.6 million for the same period in 2022[6]. - Gross profit for the same period was RMB 71.3 million, down 5.9% from RMB 75.8 million in 2022[6]. - Operating loss improved to RMB 49.4 million, a reduction of 13.2% compared to RMB 56.9 million in the previous year[6]. - Loss attributable to equity holders of the parent decreased to RMB 68.1 million, down 7.7% from RMB 73.8 million in 2022[6]. - The company reported a loss before tax of RMB 43.5 million, an improvement from a loss of RMB 54.0 million in the previous period[26]. - The company reported a total comprehensive loss of RMB 56,270,000 for the period, compared to RMB 58,114,000 in the previous year[86]. - The company experienced a loss of RMB 68,080,000 during the period, compared to a loss of RMB 73,772,000 for the same period in 2022, indicating an improvement of about 7.3%[92]. - The cash flow from operating activities showed a pre-tax loss of RMB 43,469,000, which is an improvement from a loss of RMB 54,019,000 in the previous year, representing a reduction of approximately 19.5%[94]. Revenue Sources - Revenue from self-operated retail points was RMB 95.0 million, accounting for approximately 83.6% of total revenue[12]. - Revenue from outlet stores increased by 4.1% to RMB 38.2 million compared to RMB 36.7 million in the previous year[12]. - Revenue from third-party retailers decreased by 34.2% to RMB 5.0 million, representing about 4.4% of total revenue[12]. - Revenue from online sales increased from RMB 13.4 million to RMB 13.7 million, a growth of approximately 2.2%, accounting for about 12.0% of total revenue[13]. - Sales through Tmall and JD.com rose significantly from RMB 2.1 million to RMB 4.1 million, an increase of approximately 95.2%[13]. - Revenue from online discount platforms increased from RMB 2.7 million to RMB 3.6 million, a growth of approximately 33.3%[13]. - Revenue from proprietary brands increased from RMB 64.3 million to RMB 73.1 million, a growth of approximately 13.7%, and accounted for 64.3% of total revenue[15]. Inventory and Assets - The inventory turnover days increased by 147 days, from 599 days to 746 days[6]. - The current ratio remained stable at 5.0 times[6]. - As of June 30, 2023, the current assets net value was approximately RMB 769.0 million, compared to RMB 776.9 million as of December 31, 2022[34]. - Total assets as of June 30, 2023, were RMB 1,416,404,000, down from RMB 1,469,399,000 at the end of 2022[87][88]. - Current assets decreased to RMB 960,080,000 from RMB 970,556,000, with inventory dropping to RMB 165,167,000 from RMB 186,669,000[87]. - The company’s retained earnings as of June 30, 2023, amounted to RMB 688,517,000, down from RMB 755,094,000 at the end of 2022, a decrease of about 8.8%[90]. - The company’s total comprehensive income for the six months ended June 30, 2023, was negatively impacted by a fair value loss of RMB 751,000 on equity investments[90]. Employee and Corporate Governance - As of June 30, 2023, the company had approximately 227 full-time employees, down from 273 as of December 31, 2022[57]. - The board does not recommend any interim dividend for the period, consistent with the previous year[61]. - The company has complied with all corporate governance codes except for the separation of the roles of Chairman and CEO, which are held by the same individual[75]. - The company acknowledges the contributions and support of its employees during challenging times[79]. Share Capital and Options - As of June 30, 2023, the total issued share capital of the company is 3,445,450,000 shares[64]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2023[67]. - A total of 203,500,000 shares have been granted under the share option scheme as of June 30, 2023[68]. - The company has not granted any stock options to employees from November 4, 2014, to June 30, 2023[73]. - The company has 203,500,000 unexercised share options as of June 30, 2023, which represents approximately 5.91% of the total issued shares[191]. Impairment and Losses - The impairment loss for trademarks during the period was approximately RMB 10.9 million, primarily affecting the "Marina Yacht," "London Fog," and "York" brands[55]. - The impairment losses recognized for trademarks during the period included RMB 2,992,000 for "London Fog" and RMB 4,955,000 for "Marina Yachting," among others, totaling RMB 26,000,000 for all trademarks[155]. - The company recorded a total impairment of RMB 10,887,000 for other intangible assets during the period[155]. Future Plans and Strategies - The company plans to explore online sales opportunities through live streaming and major e-commerce platforms to increase online sales proportion[62]. - The company aims to enhance brand exposure on social media platforms such as Xiaohongshu, Douyin, and WeChat[62]. - The company is focused on clearing old inventory and discovering new business opportunities such as brand licensing and group buying[62].
中国服饰控股(01146) - 2023 - 中期财报