Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 422,292,000, a decrease of 16.4% compared to RMB 505,549,000 in 2024[15] - Gross profit for the same period was RMB 185,113,000, resulting in a gross profit margin of 43.8%, down from 47.0% in 2024[15] - Operating profit increased to RMB 51,255,000, representing an operating margin of 12.1%, up from 8.5% in the previous year[15] - Profit for the period rose to RMB 18,391,000, with a net profit margin of 4.4%, compared to 3.4% in 2024[15] - EBITDA for the six months was RMB 74,344,000, slightly up from RMB 73,211,000 in 2024[15] - Basic and diluted earnings per share increased to 2.48 RMB cents, compared to 2.14 RMB cents in the previous year[15] - The interim dividend declared was 1.08 HK cents, an increase from 0.93 HK cents in 2024[15] Revenue Breakdown - Total retail revenue from all retail channels decreased by 8.2% for the six months ended 30 June 2025 compared to the same period in 2024[24] - Retail sales revenue from physical retail stores decreased by 0.7% for the six months ended 30 June 2025 compared to the same period in 2024[27] - Retail revenue from online platforms decreased by 24.7% for the six months ended 30 June 2025 compared to the same period in 2024[27] - The average retail discount at physical stores was approximately 27.4% for the six months ended 30 June 2025, up from 25.7% in the same period in 2024[27] - The sell-through rate of the Group's 2024 collections was approximately 78.3% and 55.2% for the 2025 spring/summer collections as of 30 June 2025[27] Operational Efficiency - Average inventory turnover days increased to 208 days from 183 days in 2024[15] - Interest coverage ratio improved to 8.9, up from 5.7 in the previous year[15] - Net debt to equity ratio significantly decreased to 0.1% from 5.0% in 2024, indicating improved financial stability[15] - Selling and distribution expenses decreased by 32.9% to RMB 71.8 million, attributed to reduced operating costs for e-commerce channels and logistics expenses[51] - Administrative and other operating expenses rose by RMB 14.1 million or 13.2% to RMB 120.7 million, mainly due to increased inventory write-downs[55] Taxation and Finance Costs - Income tax expenses increased to RMB 22.3 million, with an effective tax rate of 54.7%, up from 45.6% in 2024[62] - Finance costs amounted to RMB 5.2 million, representing 1.2% of revenue, a slight decrease from 1.3% in the previous year[60] - The financing cost for the six months ended June 30, 2025, was RMB 5.2 million, accounting for 1.2% of the Group's revenue, compared to RMB 6.7 million or 1.3% for the same period in 2024[65] Cash Flow and Liquidity - As of June 30, 2025, the Group held cash and cash equivalents totaling RMB 464.3 million, down from RMB 514.5 million as of December 31, 2024[69] - The Group recorded a net operating cash outflow of RMB 37.2 million for the six months ended June 30, 2025, a significant decrease from a net inflow of RMB 65.9 million for the same period in 2024[71] - Net cash generated from investing activities for the six months ended June 30, 2025, was RMB 48.5 million, an increase from RMB 30.9 million in the same period in 2024[72] - The Group's liquidity position remains healthy, with sufficient cash and available banking facilities to meet commitments and working capital requirements[94] Employee and Workforce Changes - Total staff costs for the six months ended June 30, 2025, amounted to approximately RMB 27.7 million, down from RMB 33.6 million in the same period of 2024, reflecting a decrease in workforce from 163 to 108 employees[110] - As of June 30, 2025, the company had 108 employees, a decrease from 163 employees as of June 30, 2024, primarily due to organizational restructuring and outsourcing of non-core functions[114] Future Outlook and Strategy - The Group will enhance brand promotion through annual brand launch events and omnichannel marketing campaigns in the second half of the year[37] - The Group plans to optimize its operational structure and deepen the integration of online and offline sales platforms[41] - The apparel industry continues to face operational pressures, including sluggish domestic demand and rising costs, leading to a cautious outlook on the prospects of China's apparel market[35]
卡宾(02030) - 2025 - 中期财报