Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 505,549,000, a decrease of 14.1% from RMB 588,681,000 in 2023[9]. - Gross profit for the same period was RMB 237,582,000, down from RMB 279,688,000, reflecting a gross profit margin of 47.0% compared to 47.5% in 2023[9]. - Profit from operations increased to RMB 42,931,000, up from RMB 38,801,000, indicating an operating margin improvement to 8.5% from 6.6%[9]. - Profit for the period was RMB 16,993,000, slightly up from RMB 16,437,000, resulting in a net profit margin of 3.4%, compared to 2.8% in the previous year[9]. - EBITDA for the first half of 2024 was RMB 73,211,000, an increase from RMB 66,393,000 in 2023[9]. - Basic and diluted earnings per share were both RMB 2.14, compared to RMB 1.56 in the same period last year[9]. - Other net income increased by RMB 4.4 million to RMB 19.0 million for the six months ended June 30, 2024, primarily due to higher government grant income[31]. - Profit before taxation rose to RMB 31,221,000, up from RMB 28,935,000, representing an increase of 7.5%[83]. - Total comprehensive income for the period is RMB 15,699,000, compared to RMB 15,398,000, showing an increase of 1.95%[83]. Dividends and Shareholder Returns - The interim dividend declared was HKD 0.93, an increase from HKD 0.70 in 2023[9]. - The Group declared an interim dividend of HK$0.93 cents per ordinary share for the six months ended June 30, 2024, compared to HK$0.7 cents for the same period in 2023[72]. - The directors proposed an interim dividend of HK$0.93 per ordinary share, an increase from HK$0.7 in 2023[155]. Retail Performance - Total retail revenue from all retail channels for the six months ended 30 June 2024 decreased by 12.6% compared to the same period in 2023[14]. - Retail sales revenue from physical retail stores for the six months ended 30 June 2024 decreased by 11.2% compared to the same period in 2023[17]. - Retail revenue from online platforms decreased by 15.5% for the six months ended 30 June 2024 compared to the same period in 2023[17]. - The average retail discount at physical stores for the six months ended 30 June 2024 was approximately 25.7%[17]. - As of June 30, 2024, the sell-through rate of the Group's 2023 collections was approximately 81.3% and for the 2024 spring/summer collections was approximately 57.7%[17]. Inventory and Receivables Management - Average inventory turnover days improved to 183 days from 199 days in 2023[9]. - The Group recorded a decrease in inventory write-downs to RMB 46.7 million from RMB 67.7 million in the same period of 2023, contributing to lower administrative expenses[36]. - Total inventories decreased from RMB 293,778,000 as of December 31, 2023, to RMB 245,723,000 as of June 30, 2024, representing a decline of approximately 16.4%[125]. - The ageing analysis of trade receivables showed a significant increase in amounts overdue for more than one year, rising from RMB 123,626,000 as of December 31, 2023, to RMB 191,971,000 as of June 30, 2024, an increase of approximately 55.3%[130]. Cost Management - Selling and distribution expenses decreased by 7.4% for the six months ended June 30, 2024, attributed to lower staff costs and advertising expenses[32]. - Administrative and other operating expenses amounted to RMB 106.6 million, a decrease of RMB 33.3 million or 23.8% from RMB 139.9 million in the same period of 2023, mainly due to lower inventory write-downs and other expenses[35][36]. - Staff costs decreased to RMB 33,645,000 from RMB 40,516,000, reflecting a reduction of 17.0%[103]. Debt and Liquidity - The net debt to equity ratio increased to 5.0% from 3.4% in the previous year, while the gearing ratio decreased to 16.5% from 22.7%[9]. - The Group's net debt position improved to RMB 66.7 million as of June 30, 2024, compared to RMB 136.4 million as of December 31, 2023[45]. - The Group had total banking facilities of RMB 483.0 million as of June 30, 2024, down from RMB 638.9 million as of December 31, 2023[53]. - The Group's banking facilities are subject to covenants related to certain financial ratios, with no breaches reported as of June 30, 2024[146]. Market Outlook and Strategy - The Group plans to expand its physical retail store network, focusing on third and fourth-tier cities to increase market share in lower-tier domestic markets[25]. - The Group will continue to optimize marketing strategies and enhance the visual appearance of physical stores to improve consumer experience and brand image[24]. - The Group adopts a cautious outlook on the apparel market, focusing on improving product quality and value-for-money to increase customer satisfaction[24]. - Consumer confidence remains undermined by macroeconomic uncertainties, impacting the consumption of non-essential goods and mid-end fashion products[23]. Corporate Governance - The Company complied with the Corporate Governance Code provisions for the six months period ended June 30, 2024, except for the deviation regarding the roles of chairman and chief executive officer being held by the same individual[192][196]. - The Board believes that having Mr. Ziming Yang serve as both chairman and chief executive officer provides strong leadership and enhances decision-making efficiency[196][199]. - The Company has maintained a commitment to high standards of corporate governance and business ethics to enhance investor confidence and maximize shareholder returns[192][195].
卡宾(02030) - 2024 - 中期财报