滔搏(06110) - 2023 - 中期财报

Financial Performance - Revenue for the six months ended August 31, 2022, was RMB 13,218.0 million, a decrease of 15.2% from RMB 15,573.4 million in 2021[5] - Gross profit was RMB 6,030.7 million, down from RMB 6,923.5 million, resulting in a gross margin of 45.6%, compared to 44.5% in the previous year[5] - Operating profit decreased to RMB 1,580.5 million, with an operating margin of 12.0%, down from 13.2% in the prior year[5] - Profit attributable to equity holders was RMB 1,145.4 million, a decline from RMB 1,430.8 million, leading to a profit margin of 8.7% compared to 9.2%[5] - Basic and diluted earnings per share were RMB 18.47, down from RMB 23.07 in the previous year[5] - Total revenue for the first half of the fiscal year ending February 28, 2023, decreased by 15.1% year-on-year to RMB 13,218.0 million[11] - Profit attributable to equity holders decreased by 19.9% to RMB 1,145.4 million for the six months ended August 31, 2022, down from RMB 1,432.0 million in the same period last year[27] - Basic earnings per share fell by 19.9% to RMB 18.47 from RMB 23.07 in the same period last year[33] - The total comprehensive income for the period was RMB 1,174.5 million, with a profit of RMB 1,145.4 million contributing to this figure[56] Operational Efficiency - The average trade receivables turnover period improved to 16.4 days from 19.4 days, while the average payables turnover period also improved to 16.4 days from 21.2 days[5] - The average inventory turnover period increased to 167.6 days, compared to 147.8 days in the previous year[5] - Inventory as of August 31, 2022, decreased by 16.6% compared to August 31, 2021, and by 4.2% compared to February 28, 2022, indicating effective inventory management[11] - Selling and distribution expenses were RMB 4,090.8 million, accounting for 30.9% of revenue, up from 29.2% in the prior year[30] - General and administrative expenses decreased to RMB 574.3 million, representing 4.3% of revenue, compared to 4.1% in the previous year[30] Market Environment - The retail environment remains challenging, with a 0.7% year-on-year decline in total retail sales of consumer goods, contrasting with a 23.0% increase in the previous year[8] - The national fitness plan (2021-2025) is expected to generate RMB 5 trillion in revenue for the sports goods industry, supported by various government policies[8] - The company continues to see an increase in public health awareness, leading to a growing participation in sports and fitness activities despite the challenging consumption environment[8] Digital and Online Sales - Online sales in the retail business saw significant growth, particularly community-driven private domain sales, which doubled their contribution to total sales compared to the previous year[12] - The contribution of online private domain sales to total sales doubled year-on-year, effectively compensating for the decline in offline foot traffic due to the pandemic[16] - The company continues to enhance its digital tools for better consumer interaction and operational efficiency, adapting to changing retail environments[12] Store Operations - The number of direct-operated stores decreased by 767 compared to February 28, 2022, totaling 6,928 stores as of August 31, 2022, with a gross sales area reduction of 5.1%[12] - The proportion of large stores (over 300 square meters) increased to 14.9% as of August 31, 2022, up 2.0 percentage points from February 28, 2022[13] Membership and Community Engagement - Cumulative registered members reached 60.2 million as of August 31, 2022, representing a 28% year-on-year increase, while community friends exceeded 9 million, nearly doubling year-on-year[15] - Cumulative registered members increased from 50.9 million in November 2021 to 60.2 million by August 31, 2022, with member sales contributing 93.6% of total in-store retail sales[17] Dividend and Shareholder Returns - The interim dividend declared for the fiscal year ending February 28, 2023, is RMB 0.13 per share, with a payout ratio of 70.4%[11] - The company declared an interim dividend of RMB 0.13 per share, totaling RMB 806.2 million, to be paid around December 15, 2022[41] Financial Position - Total assets as of August 31, 2022, amounted to RMB 17,688.9 million, a slight decrease from RMB 17,796.3 million as of February 28, 2022[51] - Total liabilities increased to RMB 7,793.3 million from RMB 7,214.8 million, with current liabilities rising significantly due to short-term borrowings of RMB 2,028.0 million[51] - Net assets decreased to RMB 9,895.6 million from RMB 10,581.5 million, reflecting a decline in retained earnings[53] - Cash and cash equivalents at the end of the period stood at RMB 1,676.6 million, a decrease from RMB 1,752.6 million at the beginning of the period[58] Employee and Operational Costs - The group employed a total of 32,745 employees as of August 31, 2022, down from 40,913 employees as of February 28, 2022[38] - Total employee costs for the six months ended August 31, 2022, amounted to RMB 1,488.0 million, representing 11.3% of the group's revenue, compared to 10.4% for the same period in 2021[38] Risk Management and Governance - The group has not reported any significant changes in its risk management policies since February 28, 2022[64] - The company has adopted the corporate governance code as its own governance code and has complied with all applicable provisions[109] - The audit committee consists of three independent non-executive directors and has reviewed the financial information for the six months ended August 31, 2022[111]