Revenue and Profit Growth - Total revenue for the first half of fiscal year 2024 reached RMB 2,975.5 million, a 26.1% increase compared to RMB 2,360.0 million in the same period of fiscal year 2023[2] - Net profit for the first half of fiscal year 2024 was RMB 574.1 million, a 54.5% increase compared to RMB 371.7 million in the same period of fiscal year 2023[2] - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, a 26.1% increase compared to the same period in 2022[43] - Total revenue increased by 27.6% to RMB 1,947.7 million in the first half of 2024 compared to RMB 1,526.2 million in the same period of 2023[57] - Net profit grew by 54.5% to RMB 574.1 million in the first half of 2024, with a net profit margin increasing from 15.8% to 19.3%[60] - Profit for the period rose to RMB 574,121 thousand in the first half of 2023, compared to RMB 371,716 thousand in the first half of 2022[11] - Net profit attributable to shareholders rose to RMB 574,121 thousand, compared to RMB 371,716 thousand in the prior year[30] Gross Profit and Margin - Gross profit for the first half of fiscal year 2024 was RMB 1,947.7 million, up 27.6% from RMB 1,526.2 million in the first half of fiscal year 2023, with the gross profit margin increasing by 0.8 percentage points to 65.5%[2] - Gross profit increased by 27.6% to RMB 1,947.7 million, with the gross margin rising from 64.7% to 65.5% due to enhanced brand strength[56] Cash Flow and Financial Position - Net cash inflow from operating activities for the first half of fiscal year 2024 was RMB 1,059.7 million, a 173.5% increase compared to RMB 387.4 million in the same period of fiscal year 2023[2] - Net cash generated from operating activities increased to RMB 1,187,793 thousand in the first half of 2023, up from RMB 566,525 thousand in the same period of 2022[12] - Cash and cash equivalents at the end of the period stood at RMB 1,093,255 thousand, compared to RMB 657,787 thousand at the end of the same period in 2022[13] - Net cash used in financing activities was RMB 541,644 thousand in the first half of 2023, higher than RMB 338,227 thousand in the same period of 2022[13] - Net cash generated from investing activities was RMB 49,992 thousand in the first half of 2023, compared to RMB 13,124 thousand in the same period of 2022[12] - Cash and cash equivalents increased to RMB 1,093.3 million as of December 31, 2023, up from RMB 525.1 million as of June 30, 2023[63] Dividends and Shareholder Returns - The Board declared an interim dividend of HK$0.46 per ordinary share and a special interim dividend of HK$0.39 per ordinary share, totaling HK$0.85 per ordinary share, amounting to HK$440.9 million in total[2] - The company declared an interim dividend of HKD 0.46 per ordinary share (approximately RMB 0.42 per share) for the six months ended December 31, 2023, payable on April 19, 2024[71] - A special interim dividend of HKD 0.39 per ordinary share (approximately RMB 0.36 per share) was declared to celebrate the company's 30th anniversary, payable on April 19, 2024[72] - Dividends paid amounted to RMB 322,591 thousand in the first half of 2023, up from RMB 259,004 thousand in the same period of 2022[11][10] - The company paid a final dividend of RMB 322,591,350, up from RMB 259,004,000 in the previous year[31] Earnings Per Share (EPS) - Earnings per share (EPS) for the first half of fiscal year 2024 were RMB 1.14 (basic) and RMB 1.11 (diluted), compared to RMB 0.74 in the same period of fiscal year 2023[6] - The group's basic earnings per share were RMB 1.14, calculated based on a profit attributable to shareholders of RMB 574,121 thousand and a weighted average number of ordinary shares of 505,179 thousand[28] - Diluted earnings per share increased to RMB 1.11, up from RMB 0.74 in the previous year[30] - The weighted average number of ordinary shares for diluted EPS calculation increased to 515,700 thousand from 504,383 thousand[30] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 4,529.4 million, an increase from RMB 4,065.8 million as of June 30, 2023[7] - Total liabilities as of December 31, 2023, were RMB 2,257.5 million, compared to RMB 2,084.3 million as of June 30, 2023[8] - Net assets as of December 31, 2023, were RMB 2,271.9 million, up from RMB 1,981.5 million as of June 30, 2023[8] - Total equity increased to RMB 2,271,928 thousand as of December 31, 2023, from RMB 1,826,644 thousand as of December 31, 2022[10][11] Expenses and Costs - Sales and marketing expenses accounted for 31.1% of revenue in the first half of 2024, down from 34.6% in the same period of 2023 due to improved operational efficiency[59] - Administrative expenses decreased to 8.3% of revenue in the first half of 2024 from 9.0% in the same period of 2023[59] - Unallocated sales and marketing expenses, administrative expenses, and net impairment losses on financial assets amounted to RMB (324,757) thousand[19] - Employee headcount increased to 1,551 as of December 31, 2023, with total employee costs accounting for 7.8% of revenue[67] Brand and Revenue Breakdown - Total revenue for the group reached RMB 2,975,542 thousand, with mature brands contributing RMB 1,699,763 thousand, growth brands contributing RMB 1,227,805 thousand, and emerging brands contributing RMB 47,974 thousand[19] - The group's operating profit totaled RMB 803,080 thousand, with mature brands contributing RMB 716,858 thousand, growth brands contributing RMB 376,487 thousand, and emerging brands contributing RMB 2,885 thousand[19] - Total revenue for the first half of fiscal year 2024 increased by 26.1% to RMB 2,975.5 million, with mature brand JNBY growing by 24.0% and growth brands collectively increasing by 29.7%[50][51] - Revenue from mainland China accounted for 99.4% of total revenue, growing by 26.5%, while non-mainland revenue decreased by 23.4%[55] Retail and Channel Performance - Offline channel revenue grew by 26.5%, with self-operated stores increasing by 36.7% and distributor stores by 18.2%, while online channel revenue rose by 24.2%[53][54] - Offline channel revenue increased by 27.8% to RMB 1,615.7 million, with self-operated stores growing by 37.5% and distributor stores by 18.0%[58] - Online channel revenue rose by 27.0% to RMB 332.0 million in the first half of 2024[58] - Comparable same-store sales for offline retail stores increased by 23.9% in the first half of fiscal year 2024, driven by store image upgrades and the success of multi-brand collection stores[48] - The inventory sharing and allocation system contributed an incremental retail sales of RMB 596.8 million, a 48.7% increase compared to the first half of fiscal year 2023[48] Membership and Customer Engagement - The company's membership accounts exceeded 7.4 million as of December 31, 2023, with members contributing over 80% of total retail sales[49] - The number of active members increased to over 550,000 in 2023, up from 420,000 in 2022, with members spending over RMB 5,000 contributing RMB 4.33 billion in retail sales[49] Store and Geographic Expansion - The number of independent physical retail stores globally increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[43] - JNBY brand stores increased from 921 to 935, while CROQUIS (速写) stores increased from 300 to 311 during the same period[44] - In mainland China, self-operated stores decreased from 564 to 549, while franchised stores increased from 1,402 to 1,464 as of December 31, 2023[46] - Over 50% of retail sales in mainland China were concentrated in first- and second-tier cities[46] Inventory and Accounts Receivable - The company's inventory of finished goods increased to RMB 1,204,721 thousand from RMB 1,179,752 thousand[34] - Inventory provision increased by RMB 28,569 thousand in the first half of 2023, compared to RMB 37,547 thousand in the same period of 2022[35] - Accounts receivable increased to RMB 242,521 thousand as of December 31, 2023, from RMB 144,721 thousand as of June 30, 2023[35] - 91.1% of accounts receivable were within 3 months as of December 31, 2023, compared to 85.0% as of June 30, 2023[36] - Accounts payable increased to RMB 334,611 thousand as of December 31, 2023, from RMB 232,094 thousand as of June 30, 2023[38] - Sales return provision increased to RMB 245,663 thousand as of December 31, 2023, from RMB 166,891 thousand as of June 30, 2023[41] Capital Expenditures and Investments - Capital expenditures decreased to RMB 48.0 million in the first half of 2024 from RMB 69.0 million in the same period of 2023[61] - The company invested RMB 6.0 million in a venture capital fund as of December 31, 2023[65] ESG and Corporate Governance - The company is building an ESG governance framework to promote ESG practices and achieve its 2025 ESG commitments[70] - The company has adopted the Corporate Governance Code under Appendix C1 of the Listing Rules and has complied with all applicable code provisions during the six months ended December 31, 2023[74] - The company has adopted the Model Code for Securities Transactions by Directors under Appendix C3 of the Listing Rules, and all directors confirmed compliance during the six months ended December 31, 2023[75] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended December 31, 2023[76] Future Plans and Strategies - The company plans to optimize its designer brand and product portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities[70] - The company aims to strengthen its domestic and international retail networks using internet thinking and technology, focusing on visual and image development for stores[70] - The company is committed to data-driven operations, technology as a carrier, and fan economy as the core, aiming to enhance the fan experience across its retail network[70] Other Financial Metrics - Total comprehensive income for the period increased to RMB 577,126 thousand in the first half of 2023, up from RMB 375,802 thousand in the first half of 2022[11][10] - Other income and gains net amounted to RMB 31,607 thousand, including government subsidies of RMB 28,227 thousand[23] - The group's financial income net amounted to RMB 24,951 thousand, with interest income from cash and cash equivalents and time deposits with initial terms exceeding three months contributing RMB 21,835 thousand[24] - The group's current income tax expense was RMB 217,507 thousand, with deferred income tax expense of RMB 16,194 thousand, totaling RMB 233,701 thousand[26] - Total property, plant, and equipment decreased to RMB 448,859 thousand from RMB 455,588 thousand[32] - Right-of-use assets decreased to RMB 698,749 thousand from RMB 797,254 thousand, with an increase of RMB 81,748 thousand in retail lease properties[33] - Intangible assets increased to RMB 21,552 thousand from RMB 19,307 thousand, with an addition of RMB 2,645 thousand in computer software[34] - Accumulated depreciation for property, plant, and equipment increased to RMB 309,888 thousand from RMB 254,678 thousand[32]
江南布衣(03306) - 2024 - 中期业绩