Financial Performance - Revenue for 2024 decreased to RMB 1,035,008, down 12.9% from RMB 1,188,648 in 2023[12] - Gross profit for 2024 was RMB 462,314, representing a decline of 9.6% compared to RMB 511,630 in 2023[12] - Profit for the year increased to RMB 28,893, up 5.4% from RMB 27,403 in 2023[12] - EBITDA for 2024 was RMB 148,507, slightly down from RMB 151,286 in 2023[12] - Basic and diluted earnings per share rose to 4.10 RMB cents, an increase from 3.11 RMB cents in 2023[12] - Total dividend per share increased to 1.79 HK cents, compared to 1.40 HK cents in 2023[12] - Gross profit margin improved to 44.7%, up from 43.0% in 2023[12] - Operating margin increased to 8.7%, compared to 7.5% in 2023[12] - The Group's net profit for the year ended December 31, 2024, amounted to RMB 28.9 million, representing an increase of 5.4% compared to the previous year[21] - For the year ended December 31, 2024, the Group's profit amounted to RMB28.9 million, representing an increase of 5.5% from RMB27.4 million in 2023, with a net profit margin of 2.8% compared to 2.3% in 2023[86] Retail and Market Performance - Total retail revenue from all channels decreased by 13.9% for the year ended December 31, 2024, compared to the previous year[38] - Retail sales revenue from physical stores decreased by 11.0% for the year ended December 31, 2024, compared to the previous year[38] - Retail revenue from online platforms decreased by 19.7% for the year ended December 31, 2024, compared to the previous year[38] - The average retail discount at physical stores increased to 27.6% in 2024 from 25.9% in 2023[38] - Online shop revenue for the year ended 31 December 2024 was RMB 545.0 million, accounting for 52.7% of total revenue, compared to RMB 623.0 million (52.4%) in 2023[60] - As of December 31, 2024, the Group operated a total of 650 retail shops in mainland China, an increase from 568 in 2023[31] - The Group plans to expand its physical retail store network, focusing on third- and fourth-tier cities to increase domestic market share[51] Operational Efficiency and Strategy - The Group will focus on improving operational efficiency and enhancing quick response and reorder operations to reduce product turnover days[22] - The Group aims to deepen the development of its online sales platform and promote omni-channel operations to enhance customer engagement with the brand[25] - The Group plans to actively expand its physical retail store network and enhance the image and service quality of physical stores to improve customer experience[25] - The Group's business faced challenges due to weak market expectations, insufficient consumer demand, and rising costs in the Chinese apparel industry[20] - The Group will enhance operational efficiency to control operating costs and expenses[50] - The Group aims to further develop its online sales platform and strengthen the integration of online and offline channels[52] Financial Position and Cash Flow - As of December 31, 2024, the Group held cash and cash equivalents totaling RMB514.5 million, slightly down from RMB516.9 million in 2023[92] - The Group achieved a net operating cash inflow of RMB154.4 million for the year ended December 31, 2024, compared to RMB95.9 million in 2023, reflecting a significant increase of 61.1%[93] - Net cash generated from investing activities was RMB43.4 million for the year ended December 31, 2024, a turnaround from a net cash outflow of RMB121.3 million in 2023[94] - Net cash used in financing activities was RMB159.4 million for the year ended December 31, 2024, compared to a net cash inflow of RMB12.6 million in 2023, indicating a shift in financing strategy[95] - The Group's liquidity position remains healthy, with sufficient cash and available banking facilities to meet commitments and working capital requirements[119] Shareholder Returns and Dividends - The final dividend recommended by the Board is HK$0.86 per ordinary share for the financial year ended December 31, 2024, compared to HK$0.70 per share in 2023, resulting in a total dividend payout of approximately HK$12.0 million (around RMB 11.0 million) for the year[149][151] - The dividend payout ratio remains at 40% for both 2024 and 2023, indicating a consistent approach to shareholder returns[149][151] - The total dividend payout for 2023 was HK$9.4 million (approximately RMB 8.6 million), highlighting an increase in shareholder returns in 2024[149][151] Corporate Governance and Management - The Board is committed to high standards of corporate governance and regularly reviews its practices to meet stakeholder expectations and regulatory requirements[157][158] - The Board currently comprises two executive Directors and three independent non-executive Directors, ensuring a balanced leadership structure[160][163] - The Audit Committee held two meetings during the year ended December 31, 2024, completing significant work including reviewing the Group's annual report and financial statements[183] - The Audit Committee reviewed the effectiveness of the internal audit function and the Group's risk management and internal control systems annually[183] - The Remuneration Committee, established on October 8, 2013, comprises two independent non-executive Directors and one executive Director, focusing on the overall remuneration structure for Directors and senior management[185] - The remuneration policy considers market rates, workload, performance, responsibility, job complexity, and the Group's performance[187] - The Group's objective for its remuneration policy is to maintain fair and competitive packages based on business requirements and industry practices[186] Workforce and Employment - As of December 31, 2024, the Group had 126 employees, a decrease from 225 employees in 2023, with total staff costs amounting to approximately RMB 77.1 million, down from RMB 89.5 million in 2023[142][144] - The decrease in workforce was primarily due to the optimization of the Group's organizational structure and subcontracting of certain non-core tasks[142][144] - The remuneration of senior management for the year ended December 31, 2024, includes one individual earning between HK$1,000,001 and HK$1,500,000[192] Design and Product Strategy - The Group had a design team of 19 designers as of December 31, 2024, down from 27 in 2023, indicating a potential shift in design strategy[32] - The Group offered over 2,000 new stock-keeping units (SKUs) for the 2024 product collections, maintaining the same level as in 2023[32] - The Group's business philosophy emphasizes crafting high-quality clothing while adapting to evolving consumer trends[22]
卡宾(02030) - 2024 - 年度财报