Financial Performance - The group's revenue for the fiscal year 2021 was approximately RMB 136.7 million, representing an 18.0% increase from RMB 115.8 million in 2020[8]. - The group's net loss before tax for 2021 was approximately RMB 25.0 million, compared to a net loss of RMB 78.2 million in 2020[8]. - In the fiscal year 2021, total revenue increased by 18.0% to approximately RMB 136.7 million, compared to RMB 115.8 million in 2020[17]. - Revenue from clothing accounted for 97.8% of total revenue, rising by 16.0% to RMB 133.7 million, while footwear and accessories revenue surged by 446.1% to RMB 3.0 million[17]. - The company recorded a pre-tax loss of approximately RMB 25.0 million in 2021, an improvement from a loss of RMB 78.2 million in 2020[28]. Sales and Distribution - Sales to distributors accounted for approximately 95.1% of total revenue in 2021, amounting to RMB 130.1 million, up from 88.3% or RMB 102.2 million in 2020[13]. - Revenue from self-operated stores decreased to approximately RMB 6.6 million in 2021, representing 4.9% of total revenue, down from 11.7% or RMB 13.6 million in 2020[14]. - The sales volume for 2021 was 3.8 million units, a 5.6% increase from 3.6 million units in 2020[16]. - The average wholesale price increased by 12.5% to RMB 36 in 2021, up from RMB 32 in 2020[16]. Expenses and Profitability - Gross profit rose by approximately 264.5% to RMB 31.5 million, with gross margin increasing from 7.5% in 2020 to 23.0% in 2021[20]. - Selling and distribution expenses decreased by 25.6% to approximately RMB 25.3 million, representing 18.5% of total revenue, down from 29.4% in 2020[23]. - Administrative and other operating expenses fell by 34.9% to approximately RMB 19.8 million, accounting for 14.5% of total revenue, down from 26.3% in 2020[24]. Cash Flow and Financial Position - Cash and cash equivalents totaled approximately RMB 19.7 million as of December 31, 2021, down from RMB 39.2 million in 2020, representing over 16.1% of total current assets[29]. - The total cash and cash equivalents decreased to RMB 19,738 thousand as of December 31, 2021, down from RMB 39,169 thousand in 2020, reflecting a net decrease of RMB 19,377 thousand[34]. - The debt-to-asset ratio improved to 31.2% as of December 31, 2021, compared to 38.2% in the previous year, indicating a stronger financial position[34]. - The company maintained a net cash position as of December 31, 2021, with no significant foreign currency investments or exposure to currency risk[44]. Employee and Labor Practices - The total employee costs for the fiscal year 2021 amounted to approximately RMB 29.1 million, an increase from RMB 26.1 million in 2020, reflecting a growth of about 11.5%[45]. - The company reported a total of 308 full-time employees as of December 31, 2021, with no part-time employees hired[84]. - The employee gender distribution was 50.61% male and 49.39% female in 2021, consistent with the previous year[85]. - The employee turnover rate for the year was 9.12% overall, with 29 employees voluntarily leaving for career development reasons[92]. - The company is committed to providing a safe and comfortable working environment, adhering to local labor laws and regulations[83]. Environmental and Social Responsibility - The company aims to operate in an environmentally friendly manner and reduce the use of non-renewable resources[52]. - The company has set goals to minimize harmful emissions and wastewater discharge[52]. - The company has identified key areas of focus including emissions, resource usage, and community investment[55]. - The company aims to reduce its carbon dioxide emissions by 2% in the coming year through continued implementation of emission control measures[61]. - The company has not received any complaints or warnings regarding emissions from local communities or relevant environmental agencies in the past three years[61]. Corporate Governance - The board of directors consists of three executive directors and three independent non-executive directors, adhering to corporate governance standards[125]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee various aspects of the group's affairs[128]. - The board meets quarterly and may hold additional meetings as needed to discuss overall strategy, operations, financial performance, and approve interim and annual results[144]. - The company emphasizes the importance of training and continuous professional development for its directors and senior management[142]. - The company has a clear procedure for shareholders to propose candidates for director positions, ensuring transparency in the nomination process[159]. Market and Competitive Landscape - The company faces risks from fashion trends, which can impact sales and inventory levels if consumer preferences are not accurately predicted[183]. - The competitive landscape includes both local Chinese brands and international apparel brands, affecting product design, production costs, and marketing strategies[184]. - The company relies heavily on independent manufacturers for all products and materials, with no long-term contracts in place, which may lead to supply chain disruptions[186]. - The financial status of distributors is assessed based on their payment records and retail performance, with economic slowdowns negatively impacting their financial health and, consequently, the company's performance[187]. Customer Relations and Product Quality - The company has a customer service department that analyzes return cases and provides feedback for improvement, maintaining high customer satisfaction[116]. - The company has not experienced any major product recalls or complaints related to quality or safety issues in the past three years, including 2021[115]. - The company emphasizes the use of natural and safe materials in its products, ensuring they pose no risk to end users[110].
米格国际控股(01247) - 2021 - 年度财报