Financial Performance - Total revenue for the first half of 2023 reached RMB 6,522.4 million, representing a 14.8% increase compared to RMB 5,683.6 million in the same period of 2022[9]. - Net profit attributable to ordinary shareholders was RMB 665.4 million, up 12.7% from RMB 590.4 million in the first half of 2022[10]. - The gross profit margin improved to 42.9% in 2023 from 42.0% in 2022[14]. - Basic earnings per share increased to RMB 26.36, compared to RMB 23.47 in the previous year[14]. - Operating profit grew by 7.0% to RMB 986.6 million, compared to RMB 921.7 million in the same period last year[21]. - Profit attributable to equity holders increased by 12.7% to RMB 665.4 million, up from RMB 590.4 million in the first half of 2022[21]. - The company reported total revenue of RMB 6,522.4 million for 2023, a 14.8% increase from RMB 5,683.6 million in 2022, driven primarily by the performance of mass sports brands[60][62]. - Revenue from footwear reached RMB 3,889.3 million, accounting for 59.6% of total revenue, with a year-on-year growth of 15.1%[60]. - Total gross profit rose by 17.2% to RMB 2,797.1 million, with an overall gross margin of 42.9%[64]. Assets and Liabilities - Non-current assets rose to RMB 4,648.8 million, up from RMB 3,907.7 million in 2022[15]. - Current assets increased slightly to RMB 11,974.4 million from RMB 11,891.5 million in 2022[15]. - The total assets of the group increased to RMB 16,623.2 million as of June 30, 2023, compared to RMB 16,493.5 million as of December 31, 2022, representing a growth of 0.8%[79]. - The group's total liabilities decreased to RMB 7,825.7 million as of June 30, 2023, from RMB 8,186.8 million as of December 31, 2022, indicating a reduction of 4.4%[79]. - The debt ratio was reported at 19.7%, a slight increase from 18.9% in the previous year[15]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.137 per share, with a payout ratio of 50.0%[9]. - The company declared an interim dividend of HKD 0.137 per share, up from HKD 0.130 in the previous year, with a payout ratio of 50.0%[21]. - The company declared an interim dividend of HKD 0.137 per share, totaling approximately RMB 332,736,000, compared to RMB 297,110,000 for the same period in 2022, marking an increase in shareholder returns[139]. Market and Brand Performance - The company operates over 8,200 stores globally, with a strategic focus on mass sports, fashion sports, and professional sports segments[2]. - The main brand, Xtep, recorded a revenue growth of 10.9% to RMB 5,429.7 million, up from RMB 4,897.6 million in the previous year[21]. - The retail sales of the main brand in Q1 2023 showed a significant growth of approximately 20% year-on-year[20]. - The fashion sports segment reported a revenue increase of 18.9% to RMB 748.6 million, accounting for 11.5% of the group's total revenue in the first half of 2023[50]. - The professional sports segment achieved a revenue growth of 119.9% to RMB 344.2 million, representing 5.3% of the group's total revenue, and recorded a net profit of RMB 9.0 million for the first time[53]. Research and Development - Research and development costs rose to RMB 175.2 million, representing 2.7% of total revenue, up from 1.9%[67]. - The company is investing HKD 100 million in research and development for new technologies aimed at enhancing product performance[198]. Sustainability and Corporate Governance - The company's MSCI ESG rating was upgraded to "BBB" in July, reflecting its strong performance in environmental, social, and governance practices[24]. - The company is committed to enhancing the environmental, social, and governance performance of its suppliers to promote sustainable development in mainland China[24]. - The company launched a sustainable T-shirt series with a carbon footprint of only 7.85 kg CO2 eq per piece, reducing carbon emissions by approximately 47.7% compared to regular cotton T-shirts[48]. - The company has maintained compliance with all provisions of the corporate governance code throughout the reporting period[89]. Employee and Operational Metrics - The company has approximately 9,300 employees as of June 30, 2023, a decrease from 9,800 employees at the end of 2022, with production staff making up 58.2% of the workforce[58]. - The average inventory turnover days increased to 115 days from 106 days in 2022[15]. - Selling and distribution expenses rose to RMB 1,510.3 million, accounting for 23.2% of total revenue, up from 18.4%[66]. Future Outlook - The company remains optimistic about the medium to long-term prospects of the sports goods industry in mainland China[20]. - The company anticipates continued growth in the running sector, supported by the recovery of marathon events post-COVID-19, and aims to strengthen its market share in this area[59]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[115].
特步国际(01368) - 2023 - 中期业绩