Financial Performance - Revenue for 2022 was RMB 1,185,049, a decrease of 13.6% from RMB 1,372,662 in 2021[13] - Gross profit for 2022 was RMB 506,994, down 19.4% from RMB 628,837 in 2021[13] - The company reported a loss from operations of RMB 56,072 compared to a profit of RMB 255,300 in 2021[13] - Net loss for the year was RMB 75,235, a significant decline from a profit of RMB 168,641 in 2021[13] - EBITDA for 2022 was RMB 6,054, a decrease of 98% from RMB 296,499 in 2021[13] - Basic and diluted loss per share for 2022 was RMB (12.73) compared to earnings of RMB 24.56 in 2021[13] - Total dividend for 2022 was HKD 1.0 per share, down from HKD 11.9 in 2021[13] - Gross profit margin decreased to 42.8% in 2022 from 45.8% in 2021[13] - The Group experienced a net loss of RMB 75.2 million for the year ended 31 December 2022[24] - Total retail revenue from all channels decreased by 15.9% for the year ended 31 December 2022 compared to the previous year[42] Sales and Revenue Breakdown - Retail sales revenue from physical stores decreased by 21.6% for the year ended 31 December 2022 compared to the previous year[42] - Retail revenue from online platforms decreased by approximately 3.4% for the year ended 31 December 2022 compared to the previous year[42] - Online sales accounted for 56.1% of total revenue in 2022, while offline sales contributed 43.9%, down from 51.3% in 2021[68] - The brand Cabbeen generated RMB 822,561,000 in revenue, representing 69.4% of total revenue, while Cabbeen Urban contributed RMB 305,847,000, or 25.8%[70] - The Group's revenue from wholesale decreased to RMB 185,842,000, accounting for 15.7% of total revenue, down from 20.3% in 2021[68] Operational Challenges - The Group's logistics and retail operations faced temporary closures due to COVID-19 restrictions, significantly impacting sales and customer access[57] - The Group has implemented cost-cutting measures, including reducing purchase orders and laying off employees, to manage cash flow during the challenging environment[61] - The apparel industry is expected to face ongoing downward pressure due to bloated inventories and aggressive discounting practices[53] - Consumption sentiment for non-essential items, particularly fashion apparel, reached recent lows in 2022 due to negative wealth effects from the property market downturn[58] Inventory and Cash Flow - Average inventory turnover days increased to 246 days in 2022 from 226 days in 2021, reflecting a significant drop in sales revenue[97] - The Group recorded a net operating cash outflow of RMB 90.0 million for the year ended December 31, 2022, compared to an outflow of RMB 3.7 million in 2021[115] - Net cash generated from investing activities was RMB 110.3 million in 2022, a turnaround from a net cash outflow of RMB 84.7 million in 2021[115] - Net cash used in financing activities was RMB 59.9 million in 2022, down from RMB 188.5 million in 2021, primarily due to dividend payments of RMB 25.0 million[118] Governance and Management - The Board comprises three executive Directors and three independent non-executive Directors, ensuring a balanced governance structure[151] - The Audit Committee, established on October 8, 2013, consists of three independent non-executive Directors, enhancing oversight of financial reporting and risk management[167] - The Board is responsible for setting the Group's overall objectives and strategies, monitoring financial performance, and reviewing corporate governance standards[159] - All Board members have independent access to senior management and can seek independent professional advice at the Group's expense[161] - The Company has complied with the corporate governance code as of December 31, 2022, except for a deviation mentioned in the report[152] Employee and Workforce Changes - The Group's workforce decreased significantly to 333 employees in 2022 from 545 employees in 2021, primarily due to layoffs and cost-cutting measures during COVID[137] - Total staff costs for the period were approximately RMB 129.2 million, slightly up from RMB 129.0 million in 2021[137] Future Outlook - The Group is cautiously optimistic about market recovery following the full reopening of mainland China in December 2022 and plans to enhance R&D and supply chain management[62] - The Group is investing in new fashion brands targeting younger demographics to diversify its offerings and improve brand image[62]
卡宾(02030) - 2022 - 年度财报