Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,435,894,000, a decrease of 5.2% compared to RMB 1,514,450,000 in 2024[11] - Profit attributable to owners for the same period was RMB 57,796,000, down 30% from RMB 82,398,000 in 2024[11] - Basic earnings per share decreased to RMB 2.7 from RMB 3.8, representing a decline of 28.9%[11] - Gross profit for the same period was RMB 665,764,000, down 7.4% from RMB 718,899,000 year-over-year[52] - Operating profit decreased significantly to RMB 65,448,000, a decline of 47.3% from RMB 123,833,000 in the previous year[52] - Net profit for the period was RMB 53,447,000, representing a decrease of 30.8% compared to RMB 77,346,000 in 2024[52] - The adjusted profit before tax for the six months ended June 30, 2025, was RMB 55,389,000, a decrease from RMB 115,311,000 in the same period of 2024[75] - The company reported a total comprehensive income of RMB 76,784,000 for the six months ended June 30, 2025, compared to RMB 82,398,000 for the same period in 2024, reflecting a decrease of approximately 6.5%[57] Revenue Breakdown - Revenue from intimate apparel products was RMB 1,288.5 million, accounting for 89.7% of total revenue, while logistics revenue increased to RMB 64.4 million, representing 4.5% of total revenue[25] - Revenue from the intimate apparel segment for the six months ended June 30, 2025, was RMB 1,288,540,000, slightly down from RMB 1,295,054,000 in the same period of 2024[75] - Revenue from the industrial projects and logistics segment decreased to RMB 147,354,000 for the six months ended June 30, 2025, from RMB 219,396,000 in the same period of 2024[75] - Retail revenue for the six months ended June 30, 2025, increased to RMB 662,627,000 from RMB 643,711,000 in the same period of 2024[76] - Revenue from logistics services increased to RMB 64,445,000 for the six months ended June 30, 2025, compared to RMB 47,521,000 in the same period of 2024[76] Expenses and Costs - Selling and marketing expenses increased by approximately 2% to RMB 523.9 million, driven by enhanced brand marketing efforts[30] - General and administrative expenses decreased by approximately 5% to RMB 79.7 million due to effective cost control measures[31] - The cost of goods sold for the six months ended June 30, 2025, was RMB 648,935,000, slightly lower than RMB 658,921,000 in 2024, a decrease of about 1.3%[80] - The financial expenses for the six months ended June 30, 2025, totaled RMB 12,454,000, slightly lower than RMB 12,715,000 in 2024, indicating a decrease of about 2.1%[82] - The impairment loss on financial assets for the six months ended June 30, 2025, was RMB 4,223,000, compared to RMB 2,722,000 in 2024, representing an increase of approximately 55.2%[81] Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2025, was a net outflow of RMB 20,561,000, compared to a net inflow of RMB 68,315,000 in the same period of 2024, indicating a significant decline in cash generation[58] - The company raised RMB 359,999,000 from bank loans during the six months ended June 30, 2025, compared to RMB 200,000,000 in the same period of 2024, showing an 80% increase in financing activities[58] - Cash and cash equivalents at the end of June 30, 2025, amounted to RMB 520,349,000, down from RMB 572,174,000 at the end of June 30, 2024, representing a decrease of approximately 9.1%[58] - The company incurred a loss of RMB 20,561,000 from operating activities for the six months ended June 30, 2025, compared to a profit of RMB 68,348,000 in the same period of 2024, indicating a substantial decline in operational performance[58] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 3,603,808,000, down from RMB 3,696,808,000 at the end of 2024[54] - Current liabilities decreased to RMB 1,070,864,000 from RMB 1,465,386,000 at the end of 2024, indicating improved liquidity[54] - Total equity increased to RMB 2,064,809,000 as of June 30, 2025, compared to RMB 2,021,363,000 at the end of 2024[54] - The company’s total liabilities increased significantly, with bank loan repayments of RMB 288,124,000 during the six months ended June 30, 2025, compared to RMB 130,286,000 in the same period of 2024, indicating increased leverage[58] - As of June 30, 2025, total bank loans amounted to RMB 571,663,000, an increase from RMB 395,630,000 as of December 31, 2024, resulting in a debt ratio of 28%, up from 20%[67] Shareholder Information - The company’s issued ordinary shares totaled 2,249,457,213 as of June 30, 2025, with significant shareholdings by key directors, including 35.67% held by Zheng Yao Nan and Wu Xiao Li[108] - As of June 30, 2025, TMF (Cayman) Limited holds 1,079,778,852 shares, representing 48.00% of the company's total issued shares[110] - Da Cheng Investment Limited and Yao Li Investment Holdings Limited each hold 750,863,402 shares, accounting for 33.38% of the total issued shares[110] - The shareholding structure indicates a high concentration of ownership among a few major shareholders[110] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which has been deviated since November 30, 2021[120] - All directors confirmed compliance with the Standard Code for securities transactions during the six months ending June 30, 2025[122] - The Audit Committee, composed of three independent non-executive directors, reviewed the interim financial information for the six months ending June 30, 2025, and raised no objections to the accounting policies adopted by the company[123]
都市丽人(02298) - 2025 - 中期财报