2021-12-16 08:30Financial Performance - For the fiscal year 2021/22, the company reported a revenue of approximately RMB 5,389.5 million, representing a year-on-year increase of 15.6%[9] - The gross profit for the same period was RMB 2,720.8 million, with a gross margin of 50.5%, up from 47.8% in the previous year, indicating a 2.7 percentage point increase[6] - The operating profit reached RMB 797.0 million, reflecting a growth of 19.6% compared to the previous year, with an operating margin of 14.8%[6] - The profit attributable to equity shareholders was RMB 638.5 million, a significant increase of 31.4% year-on-year, resulting in a profit margin of 11.8%[6] - The overall revenue for the brand down jacket segment rose by 16.2% year-on-year, amounting to approximately RMB 3,473.3 million, with a net promoter score (NPS) of 55[12] - The total revenue for the brand's down jacket business reached RMB 3,473.3 million, representing a year-on-year increase of 16.2%[27] - The revenue from the Bosideng brand accounted for 93.5% of total down jacket sales, with a revenue of RMB 3,246.3 million, up 19.1% year-on-year[27] - The group reported a member repurchase amount accounting for 38.8% of total member purchases, indicating significant growth compared to the same period last year[20] - The group reported a total comprehensive income of RMB 743,555 thousand for the period, compared to RMB 522,318 thousand in the previous year, marking a growth of 42.3%[95] - The company’s total revenue for the period was RMB 8,938,646 thousand, showing a strong performance compared to the previous year[99] Business Segments - The brand down jacket business generated revenue of approximately RMB 3,473.3 million, accounting for 64.5% of total revenue, with a year-on-year growth of 16.2%[9] - The OEM management business recorded revenue of about RMB 1,428.0 million, representing 26.5% of total revenue, also growing by 16.2% year-on-year[9] - The women's wear business achieved revenue of RMB 416.4 million, which is 7.7% of total revenue, with a modest growth of 1.0%[9] - The diversified clothing business saw a remarkable increase in revenue to RMB 71.8 million, accounting for 1.3% of total revenue, with a year-on-year growth of 129.2%[9] - The group's OEM management business revenue for the first half of the 2021/22 fiscal year was approximately RMB 1,428 million, accounting for 26.5% of total revenue, representing a 16.2% increase year-on-year[39] - The women's fashion business generated revenue of approximately RMB 416.4 million, a slight increase of 1.0% compared to the same period last year, accounting for 7.7% of total revenue[40] - The diversified clothing segment reported revenue of RMB 77,664 thousand, compared to RMB 37,237 thousand in the same period last year, showing a substantial increase of 108.5%[110] Inventory and Supply Chain Management - The inventory turnover days increased by 12 days year-on-year to 212 days, primarily due to earlier procurement and production arrangements in response to the 2022 Chinese New Year[15] - The total amount of raw materials increased by 90.9% year-on-year by the end of September 2021, reflecting proactive inventory management[15] - The company maintained a low initial order ratio with distributors, allowing for flexible replenishment based on market feedback during peak seasons[15] - The supply chain management system was upgraded to enhance resource integration and rapid response capabilities, reducing order cycles from 2 weeks to 1 week[16] - The total inventory as of September 30, 2021, was RMB 3,544,078,000, compared to RMB 2,645,940,000 as of March 31, 2021, indicating a significant increase in inventory levels[137] Digital Transformation and Innovation - The group has established a digital operation strategy focusing on user engagement, retail, and product innovation as key points for future digital transformation[19] - The group has implemented a digital content strategy to reach consumers through high-quality data-driven marketing initiatives[20] - The company is implementing a digital retail operation to improve customer targeting and sales efficiency[91] - Product innovation is centered around customer value, with a focus on integrating global resources for R&D and fashion design[90] - The group emphasizes product innovation by integrating consumer preferences into product design, focusing on various themes such as sports, business, outdoor, and leisure[22] Market Position and Brand Strategy - The company aims to become a "global leader in down jacket expertise," focusing on user-centered and brand-led strategies for sustainable and high-quality growth[9] - The company is committed to enhancing its brand development strategy and upgrading products, channels, and terminals to fulfill its mission of "warming the world" with Bosideng[8] - The company achieved the top position globally in down jacket sales volume and revenue, according to a report by Euromonitor International[12] - The brand's recognition and first mention rate are currently leading in the Chinese apparel market, indicating strong brand health[13] - The company plans to enhance its channel upgrade strategy by focusing on core cities and improving store image and sales capabilities[89] Financial Management and Capital Structure - The group’s financing costs decreased by 15.2% to approximately RMB 103.8 million, primarily due to reduced foreign exchange losses compared to the previous year[67] - The debt-to-equity ratio increased to 23.2% as of September 30, 2021, compared to 20.3% as of March 31, 2021[69] - The company has a prudent financing and treasury policy, focusing on risk prevention and maintaining robust cash management strategies[72] - The company plans to utilize forward foreign exchange contracts and currency swaps to mitigate foreign exchange risks due to currency market volatility[73] - The company issued convertible bonds totaling USD 275 million, with net proceeds of approximately USD 271 million, fully utilized as disclosed in the 2020/21 annual report[83] Employee and Talent Development - The company emphasizes the importance of corporate culture as a foundation for achieving its strategic goals, aiming to become a global leader in down jackets[74] - The group is committed to talent development, focusing on attracting leading external talent while nurturing internal teams to support strategic implementation[77] - The company has upgraded its campus recruitment program to target graduates from top domestic universities, focusing on postgraduate and overseas students[78] - The total number of unexercised share options as of September 30, 2021, was 586,858,000, with 77,840,000 options exercised during the reporting period[81] Shareholder Structure and Corporate Governance - The total number of issued shares as of September 30, 2021, is 10,876,032,385[1] - The company has a significant concentration of ownership, with multiple entities holding over 35% of the equity[187] - The company has maintained compliance with the corporate governance code, except for the separation of roles between the chairman and CEO[193] - The audit committee, established on September 15, 2007, oversees the financial reporting process and risk management[195] - The company established a Compensation Committee on September 15, 2007, responsible for determining the remuneration of individual executive directors and senior management based on company performance and market statistics[196]