Financial Performance - For the fiscal year ending June 30, 2024, the total revenue of JNBY Design Limited was RMB 5,238.1 million, an increase of 17.3% or RMB 773.0 million compared to RMB 4,465.1 million for the fiscal year ending June 30, 2023[2]. - The gross profit for the fiscal year 2024 was RMB 3,470.5 million, up 19.0% or RMB 553.5 million from RMB 2,917.0 million in the previous fiscal year, with a gross margin increase from 65.3% to 66.3%[2]. - The net profit for the fiscal year 2024 reached RMB 848.1 million, representing a 36.5% increase or RMB 226.9 million compared to RMB 621.3 million in fiscal year 2023[2]. - The operating profit for the fiscal year ending June 30, 2024, was RMB 1,194,266,000, compared to RMB 857,898,000 for the previous year, indicating a significant increase of about 39.4%[20]. - The company reported a profit attributable to shareholders of RMB 849,087,000 for the year ended June 30, 2024, up from RMB 621,292,000 in 2023, representing a growth of 36.6%[28]. - The net cash inflow from operating activities for fiscal year 2024 was RMB 1,603.0 million, a significant increase of 70.7% or RMB 663.9 million from RMB 939.1 million in fiscal year 2023[2]. - The total comprehensive income for the fiscal year 2024 was RMB 869.2 million, compared to RMB 642.4 million in the previous year, indicating a growth of 35.3%[5]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.86 per share, totaling approximately RMB 824.8 million, which accounts for 97% of the company's net profit for fiscal year 2024[2]. - The total dividends declared and paid for the year ended June 30, 2024, amounted to RMB 726,533,000, significantly higher than RMB 391,864,000 in 2023, showing an increase of 85.5%[31]. - The company has adopted a general annual dividend policy to distribute 75% of the net profit available for distribution each fiscal year[26]. Assets and Liabilities - The total assets of the company as of June 30, 2024, were RMB 4,372.3 million, an increase from RMB 4,065.8 million in the previous year[8]. - The total liabilities decreased slightly to RMB 2,160.8 million from RMB 2,084.3 million in the previous year, reflecting improved financial stability[9]. - The company's equity attributable to shareholders increased to RMB 2,169.2 million from RMB 1,981.5 million, showing a growth of 9.5%[9]. - The company's total liabilities increased to RMB 780,935,000 in 2024 from RMB 640,322,000 in 2023, marking a rise of 22%[47]. Revenue Breakdown - Revenue from mature brands in mainland China was RMB 2,919,867,000, while growth brands generated RMB 2,176,553,000, and emerging brands contributed RMB 109,619,000 for the fiscal year ending June 30, 2024[19]. - Revenue from the geographical segment of mainland China accounted for 99.4% of total revenue, increasing by 17.7% to RMB 5,206.0 million[67]. - Revenue from the mature brand JNBY increased by 17.1% to RMB 2,944.2 million, while the growth brand segment saw a 17.0% increase to RMB 2,184.1 million[63]. - Online sales channel revenue grew by 18.4% to RMB 1,008.4 million, while offline sales channels increased by 17.1%[66]. Operational Highlights - The number of independent retail stores globally increased from 1,990 to 2,024, with a presence in all provinces and regions of mainland China and nine other countries[56]. - Comparable store sales growth for physical retail stores was recorded at 10.7% in fiscal year 2024, driven by strategic investments in store image upgrades and the successful launch of "Jiangnan Buyi+" multi-brand stores[60]. - Active member accounts exceeded 550,000, a significant increase from nearly 510,000 in fiscal year 2023, contributing over 80% of total retail sales[61]. - The company operates 514 self-operated stores and 1,488 distributor stores in mainland China as of June 30, 2024[58]. Expenses and Costs - Employee benefits expenses increased to RMB 486,503,000 for the fiscal year ending June 30, 2024, compared to RMB 434,792,000 in the previous year, marking an increase of about 11.9%[21]. - Selling and marketing expenses for fiscal year 2024 were RMB 1,827.1 million, accounting for 34.9% of total revenue, down from 38.0% in the previous year[70]. - The cost of goods sold for the fiscal year ending June 30, 2024, was RMB 1,620,362,000, up from RMB 1,374,982,000 in the previous year, indicating an increase of approximately 17.8%[21]. Investments and Acquisitions - The company acquired a 51% stake in Huiju for approximately RMB 96,441,000, gaining effective control with three out of five board seats[49]. - The fair value of identifiable net assets acquired from Huiju was RMB 88,410,000, with goodwill recognized at RMB 51,352,000 due to expected high growth and synergies[50]. - The company's cash outflow for the acquisition of Huiju, net of cash acquired, was RMB 39,121,000[51]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the fiscal year 2024[85]. - The audit committee reviewed the accounting principles and practices adopted by the group for the fiscal year 2024[88]. - The auditors confirmed that the figures in the performance announcement align with the audited consolidated financial statements for the fiscal year 2024[89].
江南布衣(03306) - 2024 - 年度业绩