Revenue Performance - For the six months ended June 30, 2025, the consolidated revenue of the Group was HK$4,810.5 million, a decrease of 5.7% from HK$5,099.9 million in the same period of 2024[5]. - Clarks business contributed 86.3% of the overall revenue, with a revenue decrease of 5.3% to HK$4,148.5 million compared to HK$4,378.5 million in 2024[6]. - Bossini business accounted for 2.9% of total revenue, experiencing a significant decline of 47.5% to HK$140.3 million from HK$267.2 million in the previous year[7]. - Revenue from the multi-brand apparel and footwear segment totaled HK$4,553.6 million, a decrease of HK$288.7 million from HK$4,842.3 million in 2024, attributed to declines in Clark and Bossini businesses[40]. - The multi-brand apparel and footwear segment generated revenue of HK$4,553.6 million, a decrease of HK$288.7 million compared to HK$4,842.3 million in the same period last year[42]. - The sports experience segment reported revenue of HK$256.9 million, down HK$0.7 million from HK$257.6 million in the prior year[46]. - For the six months ended June 30, 2025, total revenue decreased to HK$4,810,470, down 5.7% from HK$5,099,917 in the same period of 2024[139]. - Sales of goods amounted to HK$4,520,126, a decline of 6.1% compared to HK$4,812,220 in 2024[139]. Profitability and Expenses - The Group's overall gross profit for the six months ended June 30, 2025, was HK$2,206.0 million, down 7.0% from HK$2,372.1 million in 2024[11]. - The overall gross profit margin decreased by 0.6% from 46.5% to 45.9%, primarily due to declines in Bossini and other consumable businesses[12]. - Clarks' gross profit margin increased by 0.1 percentage points to 48.7%, attributed to effective cost control[13]. - Selling and distribution expenses decreased by HK$251.4 million to HK$1,543.5 million, mainly due to better cost management and closure of inefficient retail stores[17]. - Administrative expenses decreased to HK$664.9 million from HK$791.7 million, reflecting improved cost management and absence of one-off restructuring expenses[18]. - Net profit attributable to equity holders was HK$181.5 million, up from HK$112.8 million in 2024, reflecting a HK$68.7 million increase primarily due to reduced operating expenses[26]. - Adjusted EBITDA increased by HK$73.2 million or 13.6% to HK$610.1 million, mainly due to lower operating expenses, partially offset by reduced gross profit[36]. - The income tax expense for the six months ended June 30, 2025, was HK$59,874,000, compared to a credit of HK$34,846,000 in 2024, indicating a significant shift in tax position[160]. Cash Flow and Financing - The Group's net cash inflow from operating activities was HK$276.5 million, a significant improvement from a net cash outflow of HK$78.7 million in the same period last year[54]. - The Group's banking facilities increased to approximately HK$7,216.9 million, with HK$1,340.2 million utilized as of June 30, 2025[56]. - The Group's net cash generated from operating activities was HK$276,466,000, a significant improvement from a net cash used of HK$78,700,000 in the prior year[115]. - Net cash flows used in investing activities amounted to HK$286,682,000, compared to HK$164,886,000 in the previous year, indicating increased investment outflows[117]. - Proceeds from new bank borrowings were HK$2,311,791,000, slightly down from HK$2,360,423,000 in the prior period[117]. - Net cash flows generated from financing activities were HK$320,542,000, down from HK$373,503,000 year-over-year[117]. - The net increase in cash and cash equivalents for the period was HK$310,326,000, compared to HK$129,917,000 in the same period last year[117]. - Cash and cash equivalents at the end of the period stood at HK$1,110,808,000, down from HK$1,420,975,000 at the end of the previous period[117]. Assets and Liabilities - As of June 30, 2025, the Group's net assets increased to HK$8,590.1 million from HK$8,197.2 million as of December 31, 2024[49]. - Total non-current assets rose to HK$9,514.3 million from HK$8,651.8 million, primarily due to increased interests in associates and joint ventures[50]. - Current assets rose to HK$5,739,960,000 as of June 30, 2025, compared to HK$5,003,258,000 at the end of 2024, marking an increase of 14.7%[105]. - Total current liabilities increased to HK$4,182,779,000 as of June 30, 2025, from HK$3,476,423,000 at the end of 2024, indicating a rise of 20.2%[105]. - Total non-current liabilities increased to HK$4,182,779,000 as of June 30, 2025, from HK$3,476,423,000 at the end of 2024, indicating a rise of 20.2%[105]. - Total trade payables rose to HK$1,934.4 million as of June 30, 2025, up from HK$1,461.7 million as of December 31, 2024, reflecting a significant increase of 32.3%[199]. Strategic Developments - The Group obtained exclusive operating rights for the "China Pickleball Circuit," expected to create growth opportunities for the sports experience business[45]. - The Group is in the process of privatizing Bossini International Holdings Limited through a scheme of arrangement[67]. - The Group plans to open approximately 20 offline stores for Haglöfs in Mainland China within the year to expand market share[91]. - The Group appointed Mr. Victor Herrero as Co-Chief Executive Officer, expected to lead the business towards profitability[87]. - Testoni opened its global flagship store in Milan and appointed Son Ye-jin as its global brand ambassador to enhance brand influence in the Asia-Pacific region[91]. Market and Economic Context - The US consumer confidence index recorded a continuous decline for the first five months of 2025, reflecting concerns about economic slowdown and inflation[81]. - The World Bank forecasts global economic growth to slow to 2.3% in 2025, the slowest since 2008, with high interest rates continuing to suppress global consumption recovery[93]. - The Group will maintain a prudent approach, closely monitoring global economic fluctuations and adjusting business strategies to ensure cash flow stability[94].
非凡领越(00933) - 2025 - 中期财报