滔搏(06110) - 2020 - 中期财报

Financial Performance - Revenue for the six months ended August 31, 2019, was RMB 16,957.6 million, an increase of 12.4% from RMB 15,092.8 million in 2018[7]. - Gross profit for the same period was RMB 7,409.7 million, representing a gross margin of 43.7%, up from 42.8% in the previous year[7]. - Operating profit increased to RMB 2,092.2 million, with an operating margin of 12.3%, compared to 11.8% in 2018[7]. - Profit attributable to equity holders was RMB 1,470.9 million, reflecting a profit margin of 8.7%, up from 8.0% in the prior year[7]. - Adjusted operating profit was RMB 2,160.7 million, with an adjusted operating margin of 12.7%, compared to 11.9% in 2018[7]. - Basic and diluted earnings per share were RMB 27.91, an increase from RMB 23.03 in the previous year[7]. - Operating profit rose by 17.7% year-on-year to RMB 2,092.2 million, with adjusted operating profit increasing by 20.3%[12]. - Profit attributable to equity holders increased by 21.2% year-on-year to RMB 1,470.9 million, with adjusted profit up by 25.1%[12]. - Adjusted profit attributable to equity holders rose to RMB 1,535.0 million, up from RMB 1,227.5 million, representing a growth of 25.1%[38]. - Basic and diluted earnings per share increased by 21.2% to RMB 27.91 from RMB 23.03 in the same period last year[40]. Cash Flow and Investments - Net cash generated from operating activities increased by RMB 666.4 million to RMB 2,490.8 million compared to RMB 1,824.4 million for the six months ended August 31, 2018[42]. - Net cash used in investing activities was RMB 256.4 million, a decrease from RMB 750.2 million in the prior year[42]. - Net cash used in financing activities surged to RMB 3,056.0 million from RMB 594.1 million year-over-year, primarily due to repayment of borrowings and dividend payments[42]. - The company's cash and cash equivalents decreased by RMB 651.0 million as of August 31, 2019, compared to a decrease of RMB 182.1 million in the previous year, indicating a worsening cash flow situation[68]. - The net cash generated from operating activities after tax payments was RMB 2,210.9 million in 2019, compared to RMB 1,098.6 million in 2018, indicating a significant increase of about 101.0%[191]. Operational Metrics - The company reported an average trade receivables turnover period of 25.1 days, improved from 29.3 days in 2018[7]. - The average inventory turnover period was 122.7 days, compared to 112.1 days in the previous year[7]. - Cumulative registered members reached 21.2 million, with active shopping members increasing to 5.9 million by August 31, 2019[18]. - The retail network saw a net increase of 22 stores compared to February 28, 2019, with a gross sales area growth of 5.2%[15]. - The retail business revenue accounted for 86.6% of total revenue, amounting to RMB 14,684.5 million, with a growth rate of 11.7%[28]. Financial Position - Total assets as of August 31, 2019, amounted to RMB 16,452.4 million, up from RMB 16,216.4 million as of February 28, 2019[62]. - Total liabilities decreased to RMB 13,029.4 million from RMB 14,267.6 million, improving the company's financial position[62]. - The company's total equity attributable to the equity holders as of August 31, 2019, is RMB 3,423.0 million, an increase from RMB 1,948.8 million as of February 28, 2019, representing a growth of approximately 75.7%[64]. - The company's leverage ratio increased to 28.3% from 25.0% as short-term bank borrowings rose by 52.5% to RMB 1,982.5 million[45]. - The company has a current liability exceeding its current assets by RMB 261.4 million, which includes a dividend payable of RMB 1,902.0 million, raising concerns about liquidity[70]. Strategic Initiatives - The company aims to enhance consumer engagement and strengthen partnerships with brand partners to deliver better products and services[10]. - The company is focused on accelerating digital transformation and enhancing the integration of digital and physical consumer interactions[21]. - The company plans to expand and continuously upgrade its store network while deepening partnerships with brand suppliers[21]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[53]. - The company is committed to enhancing its membership program to better serve consumers and understand their needs[141]. Dividends and Shareholder Returns - The board declared an interim dividend of RMB 0.12 per ordinary share for the fiscal year ending February 29, 2020[12]. - The board declared an interim dividend of RMB 0.12 per share, totaling RMB 744.1 million, to be paid on or around December 10, 2019[51]. - The company reported a total of RMB 1,598.0 million in dividends paid, which was not present in the previous year's report, indicating a new strategy in shareholder returns[68]. Risks and Governance - The company is exposed to various financial risks, including foreign exchange risk and liquidity risk, and has a risk management plan in place[196]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[119]. - The remuneration committee evaluates the compensation policies for directors and senior management, comprising three members, two of whom are independent non-executive directors[120]. - The nomination committee is responsible for identifying and recommending suitable candidates for the board, also consisting of three members, two of whom are independent non-executive directors[122].