凯知乐国际(02122) - 2025 - 中期财报

Company Information Board of Directors The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Li Ching Yiu serving as Chairman and CEO; audit, remuneration, and nomination committees are established to ensure corporate governance - Mr. Li Ching Yiu serves as Executive Director, Chairman, and Chief Executive Officer[3] - The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee to enhance corporate governance[3] Company Secretary and Authorized Representatives Ms. Tung Wing Yee serves as Company Secretary, with Mr. Li Ching Yiu and Ms. Tung Wing Yee as authorized representatives - The Company Secretary is Ms. Tung Wing Yee[3] - The authorized representatives are Mr. Li Ching Yiu and Ms. Tung Wing Yee[3] Independent Auditor UHY Mac & Co. Certified Public Accountants is the company's independent auditor - The independent auditor is UHY Mac & Co. Certified Public Accountants[3] Registered Office and Principal Place of Business The company's registered office is in the Cayman Islands, its China headquarters in Beijing, and its principal place of business in Hong Kong is in Wan Chai - The registered office is located in the Cayman Islands[3] - The China headquarters and principal place of business are located in Chaoyang District, Beijing[4] - The principal place of business in Hong Kong is located on Jaffe Road, Wan Chai[4] Share Registrar The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited, and the Hong Kong branch share registrar is Tricor Investor Services Limited - The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited[4] - The Hong Kong branch share registrar is Tricor Investor Services Limited[4] Principal Bankers The company's principal bankers in Hong Kong include Bank of China (Hong Kong) and OCBC Bank (Hong Kong), and in China, China Construction Bank, China Minsheng Bank, DBS Bank, and Industrial and Commercial Bank of China - Principal bankers in Hong Kong: Bank of China (Hong Kong) Limited, OCBC Bank (Hong Kong) Limited[4] - Principal bankers in China: China Construction Bank, China Minsheng Bank, DBS Bank, Industrial and Commercial Bank of China[4] Listing Information The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2122 and board lot size of 2,000 shares - Listing place: Main Board of The Stock Exchange of Hong Kong Limited[4] - Stock code: 2122[4] - Board lot size: 2,000 shares[4] Management Discussion and Analysis Overview The Group actively responded to market changes in the first half of 2025, implementing cost reductions and business transformation, including exploring the 'kidult' market, testing IP pop-up stores, opening a Tomica flagship store, and leveraging AI tools for efficiency, transitioning from a traditional retailer to an integrated business model encompassing IP incubation, product R&D, and proprietary retail stores - The Group implemented a comprehensive transformation in the first half of 2025, aiming to restore operational resilience, efficiency, and ensure sustainable growth[5] - A robust cost reduction plan was implemented, with selling, distribution, general and administrative expenses decreasing by 17.1%, and employee benefit expenses decreasing by 21.7%[5] - A new business unit was established to explore the 'kidult' market, and IP pop-up stores were tested in collaboration with IP owners[5] - The first Tomica flagship store opened at F.A.O. Schwarz in Beijing, achieving record sales[6] - Gross profit margin improved from 29.3% for the year ended December 31, 2024, to 29.9% for the reporting period, with plans to launch proprietary products[6] - Internal adoption of AI tools streamlined processes, promoting a "less, better, faster" approach[7] - The company is transforming from a traditional toy retailer to an integrated business model encompassing IP incubation, product R&D, and a portfolio of proprietary retail stores[7] Retail and Wholesale Business The Group's distribution network includes self-operated retail and wholesale channels; during the reporting period, the number of retail stores and consignment counters decreased, while online stores increased, and wholesale distributors decreased, though retail points in chain hypermarkets and supermarkets slightly increased - As of June 30, 2025, there were 470 self-operated retail points (June 30, 2024: 535), and 39 online stores (June 30, 2024: 34)[10] - As of June 30, 2025, there were 253 distributors (June 30, 2024: 304), and 9 chain hypermarkets and supermarkets (with 420 retail points)[10] Retail Store Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 140 | 155 | | New retail stores | 2 | 7 | | Closed retail stores | (25) | (17) | | End of period | 117 | 145 | Consignment Counter Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 378 | 404 | | New consignment counters | 9 | 18 | | Closed consignment counters | (34) | (32) | | End of period | 353 | 390 | Distributor Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 270 | 306 | | New distributors | 38 | 47 | | Distribution agreements expired and not renewed | (55) | (49) | | End of period | 253 | 304 | - The number of online stores increased from 34 as of June 30, 2024, to 39 as of June 30, 2025, primarily through brand flagship stores on third-party platforms like Tmall and JD.com[13] Financial Review During the reporting period, the Group's revenue decreased by 14.4% year-on-year to RMB422.5 million, primarily due to lower self-operated retail channel revenue; despite a weak market, wholesale channel revenue slightly increased, gross profit margin declined but improved from the previous year, and loss for the period narrowed by 15.7% due to distribution network and product portfolio optimization and expense management Revenue Overview | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 422,478 | 493,652 | -14.4% | | Self-operated retail channel revenue | 332,759 | 404,381 | -17.7% | | Wholesale channel revenue | 89,719 | 89,271 | +0.5% | Gross Profit and Gross Profit Margin | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 295,951 | 325,742 | -9.1% | | Gross profit | 126,527 | 167,910 | -24.6% | | Gross profit margin | 29.9% | 34.0% | -4.1pp | | Gross profit margin for the year ended December 31, 2024 | 29.3% | - | +0.6pp (compared to prior year) | Key Expense Changes | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 182,497 | 216,466 | -15.7% | | General and administrative expenses | 15,692 | 22,496 | -30.2% | | Finance costs | 5,031 | 5,690 | -11.6% | Operating Efficiency Metrics | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory turnover days | 123 days | 159 days | -36 days | | Trade receivables turnover days | 17 days | 20 days | -3 days | | Trade payables turnover days | 70 days | 62 days | +8 days | | Cash conversion cycle