滔搏(06110) - 2023 - 年度财报

Financial Performance - Revenue for the year ended February 28, 2023, was RMB 27,073.2 million, a decrease of 15.5% from RMB 31,876.5 million in 2022[6] - Gross profit for the same period was RMB 11,284.2 million, down 18.4% from RMB 13,824.4 million, resulting in a gross margin of 41.7% compared to 43.4% in the previous year[6] - Operating profit decreased to RMB 2,430.9 million, a decline of 29.2% from RMB 3,430.1 million, leading to an operating profit margin of 9.0%[6] - Profit attributable to equity holders was RMB 1,836.6 million, down 25.0% from RMB 2,446.5 million, with a profit margin of 6.8%[6] - Basic and diluted earnings per share were RMB 29.62, down from RMB 39.45 in the previous year[6] - Total revenue decreased by 15.1% year-on-year to RMB 27,073.2 million[11] - The group’s revenue decreased by 15.1% from RMB 31,876.5 million for the year ended February 28, 2022, to RMB 27,073.2 million for the year ended February 28, 2023[38] - Revenue from the main brands (Nike and Adidas) was RMB 23,324.0 million, accounting for 86.2% of total revenue, down 15.4% from RMB 27,569.3 million in the previous year[38] - The group's operating profit fell by 29.1% to RMB 2,430.9 million for the year ended February 28, 2023, while profit attributable to equity holders decreased by 24.9% to RMB 1,836.6 million[42] - Gross profit declined by 18.4% to RMB 11,284.2 million, with a gross margin of 41.7%, down from 43.4% in the previous year[43][44] Cash Flow and Liquidity - Free cash flow reached RMB 3,995.5 million, demonstrating strong cash generation capabilities[12] - The company generated a net cash inflow from operating activities of RMB 4,350.7 million, with free cash flow reaching RMB 3,995.5 million[30] - As of February 28, 2023, the company's bank balance and cash amounted to RMB 2,357.4 million, a year-on-year increase of 34.5%[30] - The net cash generated from operations decreased from RMB 6,592.3 million for the year ended February 28, 2022, to RMB 5,241.5 million for the year ended February 28, 2023, a reduction of RMB 1,350.8 million[52] - The net cash used in investing activities was RMB 305.6 million for the year ended February 28, 2023, compared to RMB 671.3 million in the previous year[52] - The net cash used in financing activities was RMB 3,440.3 million for the year ended February 28, 2023, down from RMB 4,494.4 million in 2022[53] Inventory and Receivables Management - The average trade receivables turnover period improved to 14.6 days from 18.8 days, while the average inventory turnover period increased to 149.5 days from 130.4 days[6] - Inventory amount decreased by 6.6% year-on-year, and cash and bank balances increased by 34.5% to RMB 2,357.4 million[12] - The company aims to optimize inventory structure and maintain inventory efficiency as a top priority[11] - Inventory value decreased by 6.6% compared to February 28, 2022, and by 2.4% compared to August 31, 2022, aligning with changes in total sales area[24] Store Operations and Network - As of February 28, 2023, the company operated 6,565 directly operated stores, a year-on-year decrease of 14.7%, with total sales area down 6.8%[22] - The average sales area per store increased by 9.2% year-on-year, indicating improved efficiency in store operations despite a reduction in total store count[22] - The company closed 1,559 stores during the fiscal year, while opening only 429 new stores, resulting in a net decrease of 1,130 stores[24] - The company focused on optimizing its store network, leading to a significant advantage in store efficiency metrics for newly opened stores compared to closed ones[22] Strategic Initiatives and Future Outlook - The company plans to optimize its physical store network and enhance online presence to adapt to changing consumer behaviors[8][9] - The company remains confident in the long-term growth potential of the sports footwear and apparel industry despite current market challenges[9] - The company aims to improve operational efficiency by refining its retail capabilities and optimizing organizational structure[9] - The company is optimistic about the recovery of the sports footwear and apparel industry, citing strong demand potential[13] - Future strategies include refining user operations and transitioning from traffic-focused to user value-oriented thinking[36] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[135] Shareholder and Corporate Governance - The board proposed a total dividend of RMB 0.33 per share, with a payout ratio of 111.4%[12] - The board consists of two executive directors, four non-executive directors, and three independent non-executive directors as of February 28, 2023[145] - The company has adopted the corporate governance code as its own governance code, ensuring compliance with the updated regulations effective from January 1, 2022[144] - The company has established three board committees: audit committee, remuneration committee, and nomination committee to oversee various aspects of governance[145] - The company has mechanisms in place to ensure the board receives independent opinions and advice[155] - The company has implemented a shareholder communication policy to facilitate active engagement and ensure shareholders can exercise their rights with full information[196] Employee and Social Responsibility - The total employee cost for the year ended February 28, 2023, was RMB 2,890.5 million, accounting for 10.7% of the group's revenue, compared to 10.9% in the previous year[61] - The company employed a total of 30,978 staff as of February 28, 2023, down from 40,913 in the previous year[61] - The company is committed to actively practicing corporate social responsibility and building long-term sustainable development[36] - The board of directors emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2030[134] Risk Management and Compliance - The board is responsible for establishing and reviewing the effectiveness of the risk management and internal control systems[178] - The group has identified significant risks affecting its strategic objectives, considering environmental, social, and governance (ESG) factors in its annual risk assessment[179] - The internal audit department has been established to review operational, financial, compliance, and risk management controls, identifying deficiencies and suggesting improvements[180] - The board conducted a comprehensive review of the risk management and internal control systems for the fiscal year ending February 28, 2023, and deemed them effective and sufficient[182]