Financial Performance - Revenue for the six months ended June 30, 2024, was $4,015,407 thousand, a decrease of 3.4% compared to $4,154,968 thousand in the same period of 2023[2] - Profit attributable to owners of the company for the six months ended June 30, 2024, was $184,401 thousand, representing an increase of 120.6% from $83,601 thousand in the same period of 2023[2] - Basic earnings per share for the six months ended June 30, 2024, was 11.44 cents, up 120.4% from 5.19 cents in the same period of 2023[2] - Total comprehensive income for the six months ended June 30, 2024, was $170,546 thousand, compared to $29,330 thousand in the same period of 2023[6] - The company reported a net profit of $5,514 thousand for the six months ended June 30, 2024, compared to $3,660 thousand in the same period of 2023[15] - The company reported a significant increase in non-recurring profit attributable to owners, which rose to $178,887 thousand from $79,941 thousand, marking a 123.8% increase[2] - The company's recurring profit attributable to owners increased by 123.8% to $178.9 million, compared to $79.9 million in the same period last year[38] Dividends - The interim dividend declared was HK$0.40 per share, a 100% increase from HK$0.20 per share in the previous year[2] - The company declared an interim dividend of HKD 0.40 per share for the six months ending June 30, 2024, compared to HKD 0.20 per share in the same period of 2023, amounting to approximately HKD 644,851,000[18] - The board declared an interim dividend of HK$0.40 per share, up from HK$0.20 per share in 2023[49] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled $3,510,754 thousand, a decrease from $3,574,374 thousand as of December 31, 2023[7] - Current assets as of June 30, 2024, were $3,694,760 thousand, down from $3,783,858 thousand as of December 31, 2023[7] - Inventory as of June 30, 2024, was $1,256,245 thousand, an increase from $1,247,003 thousand as of December 31, 2023[7] - Cash and cash equivalents as of June 30, 2024, were $699,313 thousand, a decrease from $923,217 thousand as of December 31, 2023[7] - Net current assets increased to $2,036,886 thousand, compared to $1,799,184 thousand as of December 31, 2023, reflecting a growth of 13.23%[8] - Total assets less current liabilities rose to $5,547,640 thousand, an increase of 3.25% from $5,373,558 thousand[8] - The total equity attributable to owners of the company increased to $4,258,443 thousand from $4,240,268 thousand, reflecting a growth of 0.43%[8] - The company incurred a tax expense of $61,229 thousand for the current period, compared to $38,216 thousand in the previous year, representing an increase of 60.25%[16] Revenue Breakdown - Manufacturing business revenue increased to $2,634,404 thousand, up 2.98% from $2,573,895 thousand year-over-year[14] - Retail business revenue decreased to $1,381,003 thousand, down 12.66% from $1,581,073 thousand in the previous year[14] - Revenue from the footwear manufacturing segment increased by 2.4% to $2,634.4 million[30] - Retail revenue from the group's subsidiary, BaoSheng, decreased by 12.7% to $1,381.0 million, with a decline of 8.9% in RMB terms[31] Operational Metrics - The group shipped 120.7 million pairs of shoes, a 9.9% increase from 109.8 million pairs in the same period last year[34] - The average selling price per pair of shoes decreased by 7.8% to $19.98, down from $21.67[34] - Employee costs totaled $993,374 thousand, a decrease of 6.86% from $1,066,381 thousand in the previous year[17] - Total sales and distribution expenses decreased by 10.4% to $424.2 million, accounting for approximately 10.6% of operating revenue[37] Investments and Expenditures - The group's total capital expenditure reached $93.8 million, up from $84.5 million in the first half of 2023[43] - Capital expenditure for manufacturing operations was $67.4 million, compared to $59.9 million in the first half of 2023[43] - Capital expenditure for the retail business increased to $26.4 million, from $24.6 million in the first half of 2023, aligning with its refined retail strategy[44] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in India[45] Market Outlook and Strategy - Global footwear demand showed signs of recovery in the first half of 2024, with Vietnam's footwear exports increasing by 8.8% year-on-year to USD 10.7 billion[26] - The company maintained an optimistic outlook on its manufacturing business and will continue to focus on long-term capacity planning in Indonesia and India, targeting sustainable growth[53] - The group aims to enhance operational resilience and agility while maintaining healthy cash flow and financial stability[52] - The group plans to enhance its digital transformation strategy through lean management and smart automation investments, integrating manufacturing management systems into an operational platform (OCP) to improve efficiency[53] - The group aims to implement a refined retail strategy in response to the increasingly dynamic retail environment in mainland China, enhancing its physical and omnichannel retail presence[53] Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, ensuring adherence to standards for securities trading by directors[55] - The external auditor has reviewed the interim financial data without reservation, confirming compliance with the relevant accounting standards[56] - The company will suspend shareholder registration from September 11 to September 13, 2024, for processing dividend eligibility[57]
裕元集团(00551) - 2024 - 中期业绩