2023-06-28 12:52Financial Performance - Revenue increased by 3.5% year-on-year to approximately RMB 16,774.2 million[2] - Gross profit margin slightly decreased by 0.6 percentage points to approximately 59.5%[2] - Operating profit rose by 10.0% year-on-year to approximately RMB 2,826.4 million[2] - Profit attributable to equity shareholders increased by 3.7% year-on-year to approximately RMB 2,138.6 million[2] - Total comprehensive income for the year amounted to RMB 2,032.8 million, compared to RMB 2,177.9 million in the previous year[6] - Basic earnings per share increased to RMB 19.75 from RMB 19.14[6] - The company reported a pre-tax profit of RMB 2,887,313,000 for the year ended March 31, 2023, compared to RMB 2,672,148,000 in the previous year, marking an increase of 8.0%[20] - The gross profit for the 2022/23 fiscal year increased by 2.5% to approximately RMB 9,975.9 million, with a gross profit margin of 59.5%, a slight decrease of 0.6 percentage points from the previous year[111][112] - The operating profit rose by 10.0% to approximately RMB 2,826.4 million, with an operating profit margin of 16.8%[113] Dividends - The board proposed a final dividend of 13.5 HK cents per share[2] - The proposed final dividend per ordinary share is 13.5 HK cents, totaling RMB 1,354,379,000, consistent with the previous year's proposal[56] - The total dividends declared and paid for the year amounted to RMB 1,784,412,000, compared to RMB 1,654,232,000 for the previous year[56] Assets and Liabilities - Non-current assets decreased from RMB 6,546.999 million to RMB 6,220.645 million[7] - Current assets remained relatively stable at RMB 14,722.039 million compared to RMB 14,736.717 million[7] - Total equity attributable to equity shareholders increased to RMB 12,547.111 million from RMB 12,193.103 million[10] - The total financial assets decreased to RMB 4,238,757,000 as of March 31, 2023, from RMB 6,695,097,000 in 2022, reflecting a reduction of approximately 37%[45] - The company's debt-to-equity ratio was 18.9% as of March 31, 2023, down from 20.8% a year earlier[122] Revenue Breakdown - Revenue from clothing sales reached RMB 16,603,642,000, up from RMB 16,049,321,000, reflecting a growth of 3.4%[16] - The segment profit for the down jacket division was RMB 2,688,571,000, compared to RMB 2,348,089,000 in the previous year, indicating a year-on-year increase of 14.5%[19] - The total revenue from the brand down jacket business for the fiscal year 2022/23 was RMB 13,574.5 million, representing a 2.7% increase from RMB 13,223.0 million in the previous year[86] - The women's wear business generated revenue of approximately RMB 703.0 million, a year-on-year decrease of approximately 22.2%[60] - The diversified apparel business segment generated revenue of approximately RMB 202.6 million for the fiscal year 2022/23, representing a 9.2% increase year-over-year[104] Expenses and Costs - Distribution expenses amounted to approximately RMB 6,124.7 million, a slight decrease of 0.8% from the previous year, and accounted for 36.5% of total revenue[114] - The financing income decreased by 7.2% to approximately RMB 293.2 million due to a decline in interest income from financial products and other financial assets[116] - The financing costs increased by 5.7% to approximately RMB 210.0 million, primarily due to higher bank fees and interest on loans[117] - The income tax expense rose to approximately RMB 730.9 million, with an effective tax rate of approximately 25.3%[118] Operational Efficiency - The inventory turnover days as of March 31, 2023, were 144 days, a decrease of 6 days compared to the same period in 2022, indicating improved operational efficiency[66] - The company implemented a pull replenishment mechanism, maintaining a low initial order ratio of 40%, which supports faster turnover cycles and efficiency[69] - The company aims to achieve a 99% replenishment availability rate for top-selling items, enhancing sales performance[69] Market Strategy and Brand Development - The company aims to become the most respected global fashion functional apparel group, focusing on brand leadership and sustainable high-quality development[59] - The company continues to enhance its brand through innovative product development and improved consumer experience[63] - The company is focusing on a multi-brand strategy, enhancing the positioning of the Bosideng brand as a mid-to-high-end fashion functional brand while developing the Snow Flying brand in the mid-range market[83] - The company is actively recruiting top talent from universities to build a strong internal talent pipeline, ensuring a sustainable workforce for future growth[130] Employee and Corporate Governance - As of March 31, 2023, the company employed 12,183 full-time employees, an increase of 2,065 from the previous year[129] - The total employee costs for the fiscal year were approximately RMB 1,839.8 million, compared to RMB 1,715.7 million in the previous fiscal year[129] - The chairman and CEO roles are held by the same individual, Gao Dekang, due to his experience and reputation in the industry, which the board believes is crucial for effective business planning and decision-making[136] Research and Development - The group has a strong commitment to research and development, with a dedicated research center exceeding 10,000 square meters and advanced testing facilities for new materials[74] - The group filed 246 patents and received authorization for 254 patents in the 2022/23 fiscal year, bringing the total to 606 patents as of March 31, 2023[74] Digital Transformation and E-commerce - The group has focused on digital transformation, establishing a digital operation framework that enhances online business and decision-making capabilities[72] - The online sales revenue for all brands reached approximately RMB 4,929.3 million in the 2022/23 fiscal year, representing a year-on-year increase of 22.5%[110]