Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 588,681,000, a decrease of 1.2% from RMB 598,412,000 in the same period of 2022[16]. - Gross profit increased to RMB 279,688,000, up 3.1% from RMB 270,301,000 year-on-year[16]. - Profit for the period was RMB 16,437,000, down 19.5% compared to RMB 20,465,000 in the previous year[16]. - Earnings per share for the period was RMB 1.56, a decrease from RMB 2.04 in the same period last year[16]. - Total comprehensive income for the period was RMB 15,398,000, down from RMB 21,125,000 in 2022, reflecting a decline of 27.1%[16]. - Profit from operations decreased by 14.9% to RMB 38,801,000, compared to RMB 45,598,000 in 2022[117]. - Basic and diluted earnings per share decreased by 23.5% to RMB 1.56, down from RMB 2.04[117]. - The gross profit margin improved to 47.5%, compared to 45.2% in 2022[117]. - The operating margin decreased to 6.6%, down from 7.6% in the previous year[117]. - The net profit margin was 2.8%, compared to 3.4% in 2022[117]. Assets and Liabilities - Current assets amounted to RMB 1,571,601,000, an increase from RMB 1,538,436,000 at the end of 2022[19]. - Non-current assets totaled RMB 644,855,000, slightly down from RMB 659,574,000 at the end of 2022[19]. - The total bank borrowings as of June 30, 2023, were RMB 303,134,000, with RMB 229,182,000 secured and denominated in RMB[42]. - The bank borrowings repayable within one year included RMB 73,952,000 that was unsecured and denominated in Hong Kong Dollar[42]. - As of June 30, 2023, the Group's bank borrowings amounted to RMB 617,446,000, an increase from RMB 360,558,000 as of December 31, 2022[14]. - The Group's other payables and accruals decreased to RMB 76,934,000 as of June 30, 2023, from RMB 130,453,000 as of December 31, 2022[48]. - The ageing analysis of trade payables showed an increase in amounts due within 3 months to RMB 193,538,000 as of June 30, 2023, from RMB 186,202,000 as of December 31, 2022[51]. Trade Receivables and Inventory - Inventories decreased significantly to RMB 296,256,000 from RMB 381,575,000, indicating improved inventory management[19]. - Trade and other receivables increased to RMB 762,783,000 from RMB 727,067,000, suggesting a growing customer base[19]. - The total gross carrying amount of trade receivables as of June 30, 2023, was RMB 715,631,000, with a total loss allowance of RMB 100,469,000[28]. - Current (not past due) trade receivables amounted to RMB 307,775,000 with a loss allowance of RMB 16,879,000, resulting in an expected loss rate of 5.48%[32]. - The gross carrying amount of accounts receivable tested for loss allowances on a collective basis was RMB 589,085,000 with a loss allowance of RMB 71,417,000, resulting in an expected loss rate of 12.12%[28]. Customer Concentration - As of June 30, 2023, 18% of total trade receivables were due from the largest customer, compared to 16% as of December 31, 2022[24]. - The second largest customer accounted for 9% of total trade receivables as of June 30, 2023, down from 12% at the end of 2022[24]. - The five largest customers represented 49% of total trade receivables as of June 30, 2023, a decrease from 51% as of December 31, 2022[24]. Share Capital and Dividends - An interim dividend of HK0.7 cent per ordinary share was proposed after June 30, 2023, down from HK1 cent in 2022[52]. - The total number of issued and fully paid ordinary shares remained at 668,593,000 as of June 30, 2023[57]. - The total number of shares available for issue under the Pre-IPO Share Option Scheme is 2,550,000, representing approximately 0.38% of the total number of issued shares as of June 30, 2023[139]. Retail Performance - The number of physical retail stores decreased from 765 as of June 30, 2022, to 589 as of June 30, 2023[130]. - Total retail revenue for the six months ended June 30, 2023, decreased by 5.2% compared to the same period in 2022[130]. - Retail sales revenue from physical retail stores for the six months ended 30 June 2023 decreased by 6.1% compared to the same period in 2022[168]. - Retail revenue from online shops slightly decreased by 3.1% from RMB 402.4 million for the six months ended 30 June 2022 to RMB 389.9 million for the six months ended 30 June 2023[168]. - The average retail discount at physical stores for the six months ended 30 June 2023 was approximately 25.4%, down from 28.0% for the same period in 2022[168]. Market Conditions and Outlook - The economic recovery in mainland China has stalled, impacting consumer confidence and discretionary spending, particularly in the fashion sector[177]. - The company anticipates a cautious medium-term market outlook due to intense competition and a lack of market expansion[179]. - The company plans to continue focusing on cost control and efficiency while investing in brand building and new brand developments[178]. Management and Personnel - Total remuneration for key management personnel for the six months ended June 30, 2023, was RMB 2,281,000, an increase from RMB 2,060,000 in 2022, reflecting a growth of approximately 10.7%[76].
卡宾(02030) - 2023 - 中期财报